Document:

Continuing Guaranty among Elandia, Inc. and ANZ Finance American Samoa, Inc.

 Exhibit 10.49 

 CONTINUING GUARANTY 
 among 

ELANDIA, INC. 
 ELANDIA SOUTH
PACIFIC HOLDINGS, INC. 
 ELANDIA DATEC ACQUISITION LTD. 
 as Guarantors 
 ANZ FINANCE AMERICAN SAMOA, INC. 
 ANZ AMERIKA SAMOA BANK 
 as Lenders

 and 
 ANZ FINANCE AMERICAN
SAMOA, INC. 
 as Agent 
 October 30, 2006 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1 DEFINITIONS AND INTERPRETIVE PROVISIONS
	  	1
	 Section 1.1
	  	Certain Defined Terms	  	1
	 Section 1.2
	  	Interpretive Provisions	  	5
	 Section 1.3
	  	Accounting Terms	  	5
		
	 ARTICLE 2 GUARANTY
	  	6
	 Section 2.1
	  	Guaranteed Obligations	  	6
	 Section 2.2
	  	Guarantors’ Consent	  	7
	 Section 2.3
	  	Guarantors’ Waiver	  	7
	 Section 2.4
	  	Guaranty Survives Foreclosure	  	8
	 Section 2.5
	  	Guarantors’ Knowledge of Borrower’s Economic Conditions	  	8
	 Section 2.6
	  	Unconditional Guaranty	  	9
	 Section 2.7
	  	Continuing Guaranty	  	9
	 Section 2.8
	  	No Reliance	  	10
	 Section 2.9
	  	Borrower Indebtedness to Guarantors	  	10
	 Section 2.10
	  	Limitations on Guarantors’ Rights	  	11
		
	 ARTICLE 3 REPRESENTATIONS AND WARRANTIES
	  	11
	 Section 3.1
	  	Existence and Power	  	11
	 Section 3.2
	  	Authorization	  	11
	 Section 3.3
	  	Government Approvals, Etc.	  	11
	 Section 3.4
	  	Binding Obligations, Etc.	  	12
	 Section 3.5
	  	Litigation	  	12
	 Section 3.6
	  	Financial Condition	  	12
	 (a)
	  	Pro forma Financial Information	  	12
	 (b)
	  	Financial Statements	  	12
	 Section 3.7
	  	Solvency	  	13
	 Section 3.8
	  	Title and Liens	  	13
	 Section 3.9
	  	Taxes	  	13
	 Section 3.10
	  	Other Agreements	  	13
	 Section 3.11
	  	Subsidiaries	  	13
	 Section 3.12
	  	Representations as a Whole	  	13
		
	 ARTICLE 4 AFFIRMATIVE COVENANTS
	  	14
	 Section 4.1
	  	Preservation of Corporate Existence, Etc.	  	14
	 Section 4.2
	  	Visitation Rights	  	14
	 Section 4.3
	  	Keeping of Books and Records	  	14
	 Section 4.4
	  	Maintenance of Property, Etc.	  	14
	 Section 4.5
	  	Compliance With Laws, Etc.	  	14
	 Section 4.6
	  	Other Obligations	  	15
	 Section 4.7
	  	Insurance	  	15
	 Section 4.8
	  	Financial Information	  	15
	 (a)
	  	Annual Elandia Financial Statements	  	15

  

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	 (b)
	  	Quarterly Elandia Financial Statements	  	15
	 (c)
	  	Annual Affiliate Guarantor Financial Statements	  	16
	 (d)
	  	Quarterly Affiliate Guarantor Financial Statements	  	16
	 (e)
	  	Annual Budgets	  	16
	 (f)
	  	Other	  	17
	 Section 4.9
	  	Financial Covenants.	  	17
	 (a)
	  	Interest Coverage Ratio	  	17
	 (b)
	  	Debt Service Coverage Ratio	  	17
	 (c)
	  	Current Ratio	  	17
	 Section 4.10
	  	Notification	  	17
	 Section 4.11
	  	Additional Payments; Additional Acts	  	18
		
	 ARTICLE 5 NEGATIVE COVENANTS
	  	18
	 Section 5.1
	  	Dividends, Management Fees, Etc.	  	19
	 Section 5.2
	  	Transactions With Affiliates	  	19
	 Section 5.3
	  	Consolidations and Mergers	  	19
	 Section 5.4
	  	Dispositions of Assets	  	20
	 Section 5.5
	  	Indebtedness	  	20
	 Section 5.6
	  	Guaranties, Etc.	  	20
	 Section 5.7
	  	Liens	  	20
	 Section 5.8
	  	Investments	  	20
	 Section 5.9
	  	Operations	  	21
	 Section 5.10
	  	Securities	  	21
	 Section 5.11
	  	Accounting Change	  	21
		
	 ARTICLE 6 MISCELLANEOUS
	  	21
	 Section 6.1
	  	No Waiver; Cumulative Remedies	  	21
	 Section 6.2
	  	Expenses; Default Interest	  	22
	 Section 6.3
	  	Notices	  	22
	 Section 6.4
	  	Assignment	  	22
	 Section 6.5
	  	Governing Law	  	23
	 Section 6.6
	  	Waiver of Right to Trial by Jury	  	23
	 Section 6.7
	  	Consent to Jurisdiction	  	23
	 Section 6.8
	  	Entire Agreement; Amendment, Etc.	  	23
	 Section 6.9
	  	USA Patriot Act Notice	  	23
	 Section 6.10
	  	Set-Off	  	24
	 Section 6.11
	  	Judgment Currency	  	24
	 Section 6.12
	  	Executed in Counterparts	  	24
	 Section 6.13
	  	Severability	  	24

 Schedules 
 Schedule 1 – Litigation 
 Schedule 2 – Liens 
 Schedule 3 – Subsidiaries 
  

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 CONTINUING GUARANTY 
 THIS CONTINUING GUARANTY (the “Guaranty”) is made as of the 30th day of October, 2006, by and among ELANDIA, INC., a Delaware corporation (“Elandia”), ELANDIA SOUTH PACIFIC HOLDINGS,
INC., a Delaware corporation (“Holdings”), ELANDIA DATEC ACQUISITION LTD., a British Virgin Islands corporation (“Solutions” and together with Elandia and Holdings, the “Guarantors” and each a
“Guarantor”), for the benefit of ANZ FINANCE AMERICAN SAMOA, INC., an American Samoa corporation (“ANZ Finance”), ANZ AMERIKA SAMOA BANK, an American Samoa corporation (“ANZ Bank” and together with
ANZ Finance, the “Lenders” and each a “Lender”), and ANZ FINANCE AMERICAN SAMOA, INC., an American Samoa corporation, as agent for the Lenders (in such capacity, the “Agent”). 
 RECITALS 
 A. AST Telecom, LLC, a
Delaware limited liability company (the “Borrower”), the Lenders and the Agent are parties to that certain Loan Agreement dated as of October 30, 2006 (as amended, restated, supplemented or otherwise modified, the “Loan
Agreement”), pursuant to which ANZ Finance has agreed to make revolving loans to the Borrower in an aggregate maximum principal amount not to exceed Five Million Dollars ($5,000,000) and ANZ Bank has agreed to make a term loan to the
Borrower in an aggregate maximum principal amount not to exceed Eight Hundred Thousand Dollars ($800,000). 
 B. It is a material condition
precedent to the ANZ Finance’s obligation to make revolving loans and ANZ Bank’s obligation to make the term loan to the Borrower under the Loan Agreement, that the Guarantors enter into this Guaranty. 
 C. Solutions is the sole shareholder of the Borrower, Elandia is the sole shareholder of Holdings, Elandia and Holdings are the sole shareholders of
Solutions, and the proceeds of the loans to be made by the Lenders under the Loan Agreement will result in a direct or indirect material economic benefit to each Guarantor. 
 NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration receipt of which is hereby acknowledged, each Guarantor
hereby agrees as follows: 
 ARTICLE 1 
 DEFINITIONS AND INTERPRETIVE PROVISIONS 
 Section 1.1 Certain Defined Terms. As used in this
Guaranty, the following terms have the following meanings: 
 “Affiliate” means any Person who, directly or indirectly,
controls or is controlled by or is under common control with such Person. 
  

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 “Affiliate Guarantors” means, collectively, Generic Technology Limited, a Fiji
corporation, Datec (Fiji) Limited, a Fiji corporation, Network Services Limited, a Fiji corporation, Brocker Technology Group (NZ) Limited, a New Zealand corporation, Datec Investments Limited, a New Zealand corporation, Mobile Technology Solutions
Limited, a New Zealand corporation, Datec (Samoa) Ltd., a Samoa corporation, and Datec (Tonga) Limited, a Tonga corporation, and “Affiliate Guarantor” means any of them. 
 “Agent” means ANZ Finance American Samoa, Inc., an American Samoa corporation, and any Successor thereto or successor agent selected
pursuant to Section 10.8 of the Loan Agreement. 
 “AICPA” means the American Institute of Certified Public
Accountants. 
 “ANZ Bank” means ANZ Amerika Samoa Bank, an American Samoa corporation, and any Successor. 
 “ANZ Finance” means ANZ Finance American Samoa, Inc., an American Samoa corporation, and any Successor. 
 “Business Day” means any day other than Saturday, Sunday or other day on which banks are authorized or obligated to close in Pago Pago,
American Samoa. 
 “Business Unit” means (i) a corporation, partnership or limited liability company, business,
business unit, division or product or service line, or (ii) the assets that constitute all or substantially all of the assets of any of the entities or business units described in the preceding clause (i). 
 “Capital Leases” means for any Person, all obligations of such Person under leases which shall have been, or in accordance with GAAP,
should be recorded as capital leases. 
 “Capital Stock” means all shares of capital stock of or in a Person which is a
corporation, whether voting or non-voting, and including common stock and preferred stock, all membership or other equity interests of or in a Person which is a limited liability company, all partnership and other equity interests of or in a Person
which is a partnership, and all similar equity and other interests of or in any other Person. 
 “Collateral” means the
property in which any of the Security Documents creates or purports to create a security interest or other lien in favor of the Agent for the ratable benefit of the Lenders and the Agent. 
 “Commitment” means (i) with respect to ANZ Finance, its obligation to make Revolving Loans under the Loan Agreement and
(ii) with respect to ANZ Bank, its obligation to make the Term Loan under the Loan Agreement. 
 “Default Rate” means a
per annum rate equal to five percent (5%) above the Prime Rate (changing as such Prime Rate changes). 
 “Dollar” and
“$” mean lawful money of the United States. 
  

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 “EBIT” means, for any period, an amount equal to Net Income for such period plus,
the following to the extent deducted in calculating such Net Income, (i) Interest Expense for such period and (ii) all Federal, state, local and foreign income tax expense of Elandia and its Subsidiaries on a consolidated basis for such
period. 
 “EBITDA” means, for any period, an amount equal to EBIT for such period plus, to the extent deducted in
calculating Net Income included in calculating such EBIT, all depreciation and amortization expense of Elandia and its Subsidiaries on a consolidated basis for such period. 
 “Fraudulent Transfer Law” means Section 548 of the Bankruptcy Code of the United States, the Uniform Fraudulent Transfer Act, or
any applicable provisions of comparable international, foreign, Federal, state or local law. 
 “GAAP” has the meaning given
in Section 1.3. 
 “Government Approval” means an approval, permit, license, authorization, certificate, or
consent of any Governmental Authority. 
 “Governmental Authority” means the government of the United States or any State or
any foreign country or any political subdivision of any thereof or any branch, department, agency, instrumentality, court, tribunal or regulatory authority which constitutes a part or exercises any sovereign power of any of the foregoing.

 “Interest Expense” means, for any period, the sum (without duplication) of (i) all interest, premium payments, debt
discount, fees, charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP and
(ii) the portion of rent expense with respect to such period under Capital Leases that is treated as interest in accordance with GAAP, in each case, of or by Elandia and its Subsidiaries on a consolidated basis for such period. 
 “Lenders” means ANZ Finance, ANZ Bank and any Successors thereto or permitted assigns thereof. 
 “Lien” means, for any Person, any security interest, pledge, mortgage, charge, assignment, hypothecation, encumbrance, attachment,
garnishment, execution or other voluntary or involuntary lien upon or affecting the revenues of such Person or any real or personal property in which such Person has or hereafter acquires any interest. 
 “Net Income” means, for any period, an amount equal to the net income of Elandia and its Subsidiaries on a consolidated basis for such
period. 
 “Officer’s Certificate” means for any Guarantor or Affiliate Guarantor, a certificate executed and delivered
on behalf of such Guarantor or Affiliate Guarantor by a Responsible Officer of such Guarantor or Affiliate Guarantor. 
  

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 “Permitted Liens” means: (i) Liens securing Taxes which are not delinquent or which
remain payable without penalty (excluding any Liens imposed pursuant to any of the provisions 
 of ERISA) or the validity or amount of which
is being contested in good faith by appropriate proceedings, which shall have the effect of staying execution if execution is threatened or possible; (ii) Liens imposed by law (such as mechanics’, processor’s, materialmen’s,
carriers’, warehousemen’s and landlord’s liens) incurred in good faith in the ordinary course of business which are not delinquent or which remain payable without penalty or the validity or amount of which is being contested in good
faith by appropriate proceedings, which shall have the effect of staying execution if execution is threatened or possible; (iii) Liens arising in connection with worker’s compensation, unemployment insurance and social security benefits
which are not delinquent or which remain payable without penalty or the validity or amount of which is being contested in good faith by appropriate proceedings, which shall have the effect of staying execution if execution is threatened or possible;
(iv) Liens incurred or deposits made in the ordinary course of business to secure the performance of bids tenders, statutory obligations, fee and expense arrangements with trustees and fiscal agents (exclusive of obligations incurred in
connection with the borrowing of money) and customary deposits granted in the ordinary course of business under operating leases; (v) Liens securing surety, indemnity, performance, appeal and release bonds; (vi) customary rights of set
off, revocation, refund or chargeback under deposit agreements or under the UCC in favor of banks where the Guarantors or their respective Subsidiaries maintain deposits in the ordinary course of business; and (vii) Liens constituting
encumbrances in the nature of zoning restrictions, condemnations, easements, encroachments, covenants, rights of way, minor defects, irregularities and rights or restrictions of record on the title or use of real property, which, in the reasonable
judgment of the Lender, do not materially detract from the value of such property or materially impair the use thereof in the business and operations of the Guarantors or their respective Subsidiaries. 
 “Person” means any natural person, corporation, unincorporated organization, trust, joint stock company, joint venture, association,
company, limited liability company, partnership or government, or any agency or political subdivision of any government. 
 “Prime
Rate” means the base rate on corporate loans posted by at least 75% of the United States’ 30 largest banks, commonly known as the U.S. Prime Rate of Interest as published from time to time in the Wall Street Journal. 

“Responsible Officer” means, as to any Guarantor or Affiliate Guarantor, any of the President, the Director, the Vice President, or
the Secretary of such Guarantor or Affiliate Guarantor. 
 “Solvent” means, as to any Person at a particular time, if, at
such time both (a) (i) the then fair saleable value of the property of such Person on a going concern basis is (A) greater than the total amount of liabilities (including contingent liabilities) of such Person as they mature in the
ordinary course and (B) not less than the amount that will be required to pay the probable liabilities on such Person’s then existing debts as they become absolute and matured considering all financing alternatives and potential asset
sales reasonably available to such Person; (ii) such Person’s capital is not unreasonably small in relation to its business or any contemplated or undertaken transaction; and (iii) such Person does not intend to incur, or believe (nor
should it reasonably believe) that it will incur, debts beyond its ability to pay such debts as they become due; and (b) such Person is “solvent” within the meaning given that term and similar terms under applicable laws relating to
fraudulent transfers and conveyances. For purposes of this definition, 

  

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the debts and liabilities of a Person, contingent or otherwise, shall include the amount of all debts and liabilities that are relevant under applicable
Fraudulent Transfer Laws, and the assets of a Person shall give effect to the value (as determined under the applicable provisions of the Fraudulent Transfer Laws) of any rights to subrogation, reimbursement, indemnification or contribution of such
Person pursuant to applicable Law or pursuant to the terms of any agreement (including the Contribution Agreement). 
 “Subsidiary” means, for any Person, each business entity directly or indirectly controlled by such Person. For the purposes of this definition, “controlled by” shall mean the possession, directly or indirectly of
the power to direct or cause the direction of the management or policies of such Subsidiary, whether through the ownership of partnership or limited liability company interest, voting securities, by contract, or otherwise. 
 “Tax” means, for any Person, any tax, assessment, duty, levy, impost or other charge imposed by any Governmental Authority on such
Person or on any property, revenue, income, or franchise of such Person and any interest or penalty with respect to any of the foregoing. 
 “Total Current Assets” means, for any Person, all assets of such Person that, in accordance with GAAP, would be classified as current assets on the balance sheet of a company conducting a business the same as or similar to
that of such Person. 
 “Total Current Liabilities” means, for any Person, all liabilities that, in accordance with GAAP,
would be classified as current liabilities on the balance sheet of a company conducting a business the same as or similar to that of such Person. 
 “Total Debt” means, for any Person, all liabilities that, in accordance with GAAP, would be classified as liabilities on the balance sheet of such Person. 
 “Treasury Management Contract” means any agreement among the Borrower and its Affiliates governing the provision of treasury or cash
management services, including, without limitation, deposit accounts, funds transfers, automated clearing house (ACH) transactions, zero balance accounts, concentration accounts, controlled disbursement services and lockbox accounts. 
 “United States” and “U.S.” each means the United States of America. 
 Section 1.2 Interpretive Provisions. The rules of construction and interpretation specified in Section 1.2 of the Loan Agreement also
apply to this Guaranty and are incorporated herein by this reference. All capitalized terms used in this Guaranty and not otherwise defined herein have the meanings specified in the Loan Agreement. 
 Section 1.3 Accounting Terms. Except as otherwise provided herein, accounting terms not specifically defined shall be construed, and all
accounting procedures shall be performed, in accordance with generally accepted United States accounting principles consistently applied from and after the date hereof (“GAAP”) and as in effect on the date of application.

  

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 ARTICLE 2 
 GUARANTY 
 Section 2.1 Guaranteed Obligations. Each Guarantor hereby irrevocably, absolutely
and unconditionally guarantees, jointly with the other Guarantors and severally, as a primary obligor and not merely as a surety, the full and punctual payment to the Lenders and the Agent (or any of them) when due (whether by scheduled maturity,
required prepayment, acceleration, demand or otherwise), and at all times thereafter, without set off, counterclaim, recoupment or deduction of any amounts owing or alleged to be owing by the Lenders and the Agent (or any of them) to the Borrower,
all of the following debts, liabilities, obligations, covenants and duties (collectively, the “Guaranteed Obligations”): 
 (a) all debts, liabilities, obligations, covenants and duties of the Borrower owing to the Lenders and the Agent (or any of them) now or hereafter existing, whether joint or several, direct or indirect, absolute or
contingent or due or to become due, arising under or in connection with the Loan Agreement or any other Loan Document or any of the transactions contemplated thereby and including, without limitation, any interest due thereon, all fees, costs, and
expenses incurred by the Lenders and the Agent (or any of them) in connection therewith; 
 (b) all debts, liabilities,
obligations, covenants and duties of the Borrower owing to the Lenders and the Agent (or any of them) now or hereafter existing, whether joint or several, direct or indirect, absolute or contingent or due or to become due, arising under or in
connection with any agreement (including any master agreement and any agreement relating to any single transaction) that is an interest rate swap agreement, credit derivative agreement, forward rate contract, commodity swap, commodity option,
forward commodity contract, interest rate option, forward foreign exchange contract, cap, floor or collar agreement, currency swap contract, cross-currency rate swap contract, currency option, spot contract, or any other similar agreement, contract,
transaction or any combination of any of the foregoing, including all schedules thereto, confirmations of transactions thereunder, and documents, definitions, and agreements incorporated therein by reference or relating thereto and including,
without limitation, any interest due thereon, all fees, costs, and expenses incurred by the Lenders and the Agent (or any of them) in connection therewith, and termination payments and indemnifications relating thereto; 
 (c) all debts, liabilities, obligations, covenants and duties of the Borrower owing to the Lenders and the Agent (or any of them) now or
hereafter existing, whether joint or several, direct or indirect, absolute or contingent or due or to become due, arising under or in connection with any agreement (including all schedules thereto, confirmations of transactions thereunder, and
documents, definitions, and agreements incorporated therein by reference or relating thereto) pursuant to which any Lender or the Agent has agreed to permit daylight overdrafts to occur on accounts maintained by the Borrower with such Lender or the
Agent, provide remote disbursement services for the Borrower, process automated clearing house (ACH) transactions for the account of the Borrower or extend credit to the Borrower, in the form of credit card accounts, including, without limitation,
any interest due thereon, all fees, costs, and expenses incurred by the Lenders and the Agent (or any of them) in connection therewith, and termination payments and indemnifications relating thereto; 
  

 6 

 (d) all debts, liabilities, obligations, covenants and duties of the Borrower to pay or
reimburse the Lenders and the Agent (or any of them) for all expenses including, without limitation, attorneys’ fees (including allocated charges of internal legal counsel), incurred by the Lenders and the Agent (or any of them) in connection
with the enforcement, attempted enforcement, or preservation of any rights or remedies under any of the documents, instruments and agreements referred to in subsections (a) through (c) above, including, without limitation, all such costs
and expenses incurred during any “workout” or restructuring in respect of the loans made under the Loan Agreement and during any legal proceeding, including, without limitation, any proceeding under any applicable international, foreign,
Federal, state or local bankruptcy, insolvency or other similar debtor relief laws; and 
 (e) all interest and fees on any of
the foregoing, whether accruing prior to or after the commencement by or against the Borrower of any proceeding under any applicable bankruptcy, insolvency or other similar debtor relief laws naming the Borrower as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding. 
 Without limiting the foregoing, each Guarantor specifically guarantees
payment of any judgment entered against the Borrower and any damages that may be awarded in any action brought against the Borrower by the Lenders or the Agent (or any of them). This Guaranty is a guaranty of payment and not merely of collection.
Each Guarantor agrees that its obligations hereunder are, and shall be absolute, independent and unconditional under any and all circumstances. 
 Section 2.2 Guarantors’ Consent. Each Guarantor hereby consents to all terms and conditions of agreements heretofore or hereafter made between the Lenders and the Agent (or any of them) and the Borrower (including without
limitation the Loan Agreement and the other Loan Documents) and further consents that the Lenders and the Agent (or any of them) may without further consent or disclosure and without affecting or releasing the obligations of any Guarantor hereunder:
(a) surrender, exchange, release, assign, or sell any collateral or waive, release, assign, sell, or subordinate any security interest, in whole or in part; (b) waive or delay the exercise of any rights or remedies of the Lenders and the
Agent (or any of them) against the Borrower; (c) waive or delay the exercise of any rights or remedies of the Lender against any surety or guarantor (including, without limitation, rights or remedies of the Lenders and the Agent (or any of
them) against any Guarantor under this Guaranty); (d) waive or delay the exercise of any rights or remedies of the Lenders and the Agent (or any of them) in respect of any collateral or security interest now or hereafter held; (e) release
any surety or guarantor; (f) renew, extend, waive or modify the terms of any Guaranteed Obligation or the obligations of any surety or guarantor, or any instrument or agreement evidencing the same; (g) renew, extend, waive or modify the
terms of any Loan Document or any other security agreement, pledge, assignment, deed of trust, mortgage or other security document; (h) apply payments received from the Borrower or any surety or guarantor or from any collateral, to any
indebtedness, liability, or obligations of the Borrower or such sureties or guarantors whether or not a Guaranteed Obligation hereunder; and (i) realize on any security interest, judicially or nonjudicially, with or without preservation of a
deficiency judgment. 
  

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 Section 2.3 Guarantors’ Waiver. Each Guarantor waives any action on delinquency in respect of
the Guaranteed Obligations or any part thereof, including any requirement, substantive or procedural, that (a) the Lenders and the Agent (or any of them) pursue any foreclosure action, realize or attempt to realize on any security or preserve
or enforce any deficiency claim against the Borrower or any surety or guarantor or any other Person after any realization; (b) a judgment first be sought or rendered against the Borrower or any surety or guarantor or any other Person;
(c) the Borrower or any surety or guarantor or any other Person be joined in any action; or (d) a separate action be brought against the Borrower under the Loan Agreement or any other Loan Document. Each Guarantor waives and releases all
right to require marshaling of assets and liabilities or sale in inverse order of alienation of any security for the Guaranteed Obligations. Each Guarantor further waives notice of (a) the Lenders’ or the Agent’s (or any of their)
acceptance of this Guaranty or its or their intention to act or its or their actions in reliance hereon; (b) the present existence or future incurring of any Guaranteed Obligations or any terms or amounts thereof or any change therein;
(c) any default by the Borrower or any surety or guarantor; (d) the obtaining of any guaranty or surety agreement (in addition to this Guaranty); (e) the obtaining of any pledge, assignment or other security for any Guaranteed
Obligations; (f) the release of any surety or guarantor; (g) the release of any collateral; (h) any change in the Borrower’s business, operations, properties, financial condition or prospects; (i) any renewal, extension or
modification of the terms of any Guaranteed Obligation or of the obligations or liabilities of any surety or guarantor or any instruments or agreements evidencing the same; (j) any acts or omissions of the Lenders or the Agent (or any of them)
consented to in Section 2.2 hereof; and (k) any other demands or notices whatsoever with respect to the Guaranteed Obligations or this Guaranty. Each Guarantor further waives notice of presentment, demand, protest, notice of
nonpayment and notice of protest in relation to any instrument or agreement evidencing any Guaranteed Obligation. 
 Section 2.4 Guaranty
Survives Foreclosure. The Lenders or the Agent (or any of them), at its or their option and in its or their sole discretion, may proceed against any collateral securing any of the Guaranteed Obligations by way of foreclosure or any other lawful
remedy for the enforcement of its or their rights, and the obligations of each Guarantor under this Guaranty shall survive the Lenders’ or the Agent’s (or any of their) exercise of any such right or remedy, and shall not be extinguished or
impaired thereby. Each Guarantor hereby waives and relinquishes any claim or defense based upon the exercise by the Lenders or the Agent (or any of them) of any lawful remedy, election of remedies, or discharge of the Borrower’s obligation to
pay and perform the Guaranteed Obligations. 
 Section 2.5 Guarantors’ Knowledge of Borrower’s Economic Conditions. Each
Guarantor represents and warrants to the Lenders and the Agent (and each of them) that it has reviewed such documents and other information as it has deemed appropriate in order to permit it to be fully apprised of the Borrower’s business,
operations, properties, financial condition and prospects and has, in entering into this Guaranty made its own credit analysis independently and without reliance upon any information communicated to it by the Lenders or the Agent (or any of them).
Each Guarantor covenants for the benefit of the Lenders and the Agent (and each of them) to remain apprised of all material economic or other developments relating to or affecting the Borrower, its business, operations, properties, financial
condition and prospects. Without limiting the foregoing, each Guarantor agrees to enter into such agreements and arrangements with the Borrower as may be necessary to ensure its receipt of notice of such material changes and of periodic financial
statements. Each Guarantor expressly waives any requirement that the Lenders and the Agent (or any of them) advise, disclose, discuss or deliver notice to any 

  

 8 

 
Guarantor regarding the Borrower’s business, operations, properties, financial condition or prospects or with respect to any default by the Borrower in
its performance of the Guaranteed Obligations whether or not knowledge of such condition, operations or default is or reasonably could be in the possession of such Guarantor and whether or not such knowledge is in the possession of the Lenders and
the Agent (or any of them) before or after the extension of any credit giving rise to Guaranteed Obligations by the Borrower. 
 Section
2.6 Unconditional Guaranty. The obligations of the Guarantor under this Guaranty are absolute and unconditional without regard to the obligations of any other Person. The obligations of the Guarantor hereunder shall not be in any way limited or
effected by any circumstance whatsoever including, without limitation, (a) any act or omission of the Lenders or the Agent (or any of them) consented to in Section 2.2 hereof; (b) the failure to receive any notice, demand,
presentment or protest waived in Sections 2.4 and 2.6 hereof; (c) any failure by the Borrower or any surety or guarantor or any other Person to perform or comply with the Guaranteed Obligations or the terms of any instrument
or agreement relating thereto; (d) any change in the name, purpose, membership units or organization of the Borrower or any surety or guarantor or any other Person; (e) any irregularity, defect or unauthorized action by the Lenders or the
Agent (or any of them), the Borrower or any surety or guarantor or any other Person or any of their respective officers, directors members, managers or other agents in executing and delivering any instrument or agreements relating to the Guaranteed
Obligations or in carrying out or attempting to carry out the terms of any such agreements; (f) any insolvency, bankruptcy, reorganization or similar proceeding by or against the Borrower, any Lender, the Agent, any Guarantor or any other
surety or guarantor or other Person; (g) any setoff, counterclaim, recoupment, deduction, any defense or other right which any Guarantor may have against the Lenders or the Agent (or any of them), the Borrower or any surety or guarantor or any
other Person for any reason whatsoever whether related to the Guaranteed Obligations or otherwise; or (h) any other circumstance which might constitute a legal or equitable discharge or defense, in whole or in part, of a surety or guarantor. By
signing this Guaranty, each Guarantor hereby waives all defenses of a surety to which it may be entitled by statute or otherwise. 
 Section 2.7 Continuing Guaranty. This Guaranty is a continuing guaranty and shall be binding upon each Guarantor regardless of how long before or after the date hereof any Guaranteed Obligation was or is incurred. Credit may be
granted or continued from time to time by the Lenders or the Agent (or any of them) to the Borrower without notice to or authorization from any Guarantor regardless of the Borrower’s then-existing financial or other condition. Notwithstanding
the foregoing, however, any Guarantor may limit its obligations hereunder by delivery of written notice to such effect to the Lenders and the Agent. Such notice will limit such Guarantor’s obligations hereunder to (a) Guaranteed
Obligations incurred by the Borrower, or arising out of acts or omissions of the Borrower occurring, on or prior to a date five (5) Business Days after such notice is received by each Lender and the Agent; (b) any extensions, renewals, or
modifications of such Guaranteed Obligations; and (c) any additional fees and expenses incurred by the Lenders or the Agent (or any of them) (including, without limitation, attorney’s fees and costs) in seeking to enforce or collect such
Guaranteed Obligations. Each Guarantor agrees that this Guaranty shall continue to be effective or shall be reinstated as the case may be if at any time any payment to the Lenders or the Agent (or any of them) of any of the Guaranteed Obligations is
rescinded or must be restored or returned by the Lenders or the Agent (or any of them) upon the insolvency, bankruptcy or reorganization of the Borrower, all as 

  

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though such payment had not been made. In the event this Guaranty is preceded or followed by any other agreement of suretyship or guaranty by any Guarantor
or others, all shall be deemed to be cumulative, and the obligations of such Guarantor hereunder shall be in addition to those stated in any other suretyship or guaranty agreement. 
 Section 2.8 No Reliance. Each Guarantor acknowledges that the Lenders and the Agent (and each of them) intends to obtain collateral and other
guaranties to secure the repayment of the Guaranteed Obligations. Each Guarantor represents and warrants to the Lenders and the Agent (and each of them), however, that in making this Guaranty it is not relying upon the Lenders or the Agent (or any
of them) obtaining any guaranty agreements (other than this Guaranty) or any collateral pledged or assigned to secure repayment of the Guaranteed Obligations. Each Guarantor specifically acknowledges that the Lenders’ and the Agent’s (or
any of them) obtaining any such collateral or guaranty agreements is not a condition to the enforcement of this Guaranty. If the Lenders or the Agent (or any of them) should simultaneously or hereafter elect to attempt to take collateral or
additional guaranty agreements to secure repayment of the Guaranteed Obligation and if its or their efforts to do so should fail in any respect including, without limitation, a determination that the agreement purporting to provide such additional
guaranty or security interest is invalid or unenforceable for any reason, this Guaranty shall, nonetheless, remain in full force and effect. 
 Section 2.9 Borrower Indebtedness to Guarantors. Each Guarantor agrees that if, for any reason whatsoever, the Borrower now or hereafter becomes indebted, liable or obligated to such Guarantor, all debts, liabilities and obligations,
together with all interest thereon and fees and other charges in connection therewith, and all liens, security interests, charges and other security devices, shall at all times, be second, subordinate and inferior in right of payment, in lien
priority and in all other respects to the Guaranteed Obligations, and all liens, collateral assignments, security interests and other security devices securing the Guaranteed Obligations. Without the prior written consent of the Lenders and the
Agent, subordinated debts, liabilities and obligations shall not be paid in whole or in part nor will any Guarantor cause or permit any Person owned in whole or in part by such Guarantor to accept any payment of or on account of any debts,
liabilities and obligations while this Guaranty is in effect. Payments made by the Borrower to any Guarantor or for any Guarantor’s account in violation of this Section shall be received by the Person to whom paid in trust for the Lenders and
the Agent, and such Guarantor, to the extent necessary to pay and discharge the Guaranteed Obligations in full, shall cause the same to be paid to the Agent (for the account of the Lenders and the Agent) immediately on account of the Guaranteed
Obligations. To the extent necessary to pay and discharge the Guaranteed Obligations in full, each Guarantor shall file, in any bankruptcy or other proceeding in which the filing of claims is required by law, all claims that such Guarantor may have
against the Borrower relating to any debts, liabilities and obligations of the Borrower to such Guarantor and will assign to the Agent (for the benefit of the Lenders and the Agent) all rights of such Guarantor thereunder. If any Guarantor does not
file any such claim, the Agent, as attorney in fact for such Guarantor, is hereby authorized to do so in the name of such Guarantor or, in the Agent’s sole discretion, to assign the claim to a nominee and to cause a proof of claim to be filed
in the name of the Agent’s nominee, authorization to be coupled with an interest. To the extent necessary to pay and discharge the Guaranteed Obligations in full, in all cases, whether in administration, bankruptcy or otherwise, the Person
authorized to pay claim shall pay to the Agent (for the account of the Lenders and the Agent) the full amount thereof and, to the full extent necessary for that purpose, each Guarantor hereby assigns to the Agent all of such Guarantor’s rights
to any payments or distributions to which such Guarantor would otherwise be entitled. 
  

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 Section 2.10 Limitations on Guarantors’ Rights. Each Guarantor hereby agrees that it will not
exercise any rights of subrogation which it may acquire by payment or performance of the Guaranteed Obligations until all of the Guaranteed Obligations shall have been finally and indefeasibly paid in full (other than contingent indemnification
obligations) and neither the Lenders nor the Agent (or any of them) shall have any commitment to make loans or otherwise extend credit to the Borrower under the Loan Agreement. In the event that the Lenders or the Agent (or any of them) or any
Guarantor shall receive any payment on account of such rights of subrogation while any Guaranteed Obligations remain outstanding or while the Lenders or the Agent (or any of them) remains committed to make loans or otherwise extend credit to the
Borrower under the Loan Agreement, such Guarantor agrees to pay such amounts so received to the Agent (for the account of the Lenders and the Agent) for immediate application to the outstanding Guaranteed Obligations or, in the Agent’s sole
discretion, to be held as cash collateral by the Agent to secure repayment of the Guaranteed Obligations. 
 ARTICLE 3 
 REPRESENTATIONS AND WARRANTIES 
 Each
Guarantor represents and warrants to the each Lender and the Agent as follows: 
 Section 3.1 Existence and Power. Each Guarantor is a
corporation, validly existing and in good standing under the laws of the jurisdiction of its incorporation. Each Guarantor is duly qualified to do business in each jurisdiction where the failure to so qualify would be likely to have a material
adverse effect on the business, operations, properties or financial condition of such Guarantor. Each Guarantor has full corporate power, authority and legal right to carry on its business and operations as presently conducted, to own and operate
its properties and assets, and to execute, deliver and perform this Guaranty and the other Guarantor Documents to which it is a party. 
 Section 3.2 Authorization. The execution, delivery and performance by each Guarantor of this Guaranty and the other Guarantor Documents to which such Guarantor is a party, have been duly authorized by all necessary corporate action
of such Guarantor, do not require any shareholder approval or the approval or consent of any trustee or the holders of any Indebtedness of such Guarantor, except such as have been obtained (certified copies thereof having been delivered to the
Agent), do not contravene any law, regulation, rule or order binding on it or its certificate or articles of incorporation and bylaws and do not contravene the provisions of or constitute a default under any material indenture, mortgage, contract or
other agreement or instrument to which such Guarantor is a party or by which such Guarantor or any of its properties may be bound or affected. 
 Section 3.3 Government Approvals, Etc. No Government Approval or filing or registration with any Governmental Authority is required for the making and performance by any Guarantor of this Guaranty or any other Guarantor Documents to
which such Guarantor is a party, or in connection with any of the transactions contemplated hereby or thereby, except such as have been heretofore obtained and are in full force and effect (certified copies thereof having been delivered to the
Agent). 
  

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 Section 3.4 Binding Obligations, Etc. This Guaranty has been duly executed and delivered by each
Guarantor and constitutes, and the other Guarantor Documents when duly executed and delivered will constitute, the legal, valid and binding obligations of each Guarantor enforceable against each Guarantor in accordance with their respective terms,
except as enforceability may be limited by bankruptcy, insolvency, reorganization, similar laws affecting creditors’ rights generally or general principles of equity. 
 Section 3.5 Litigation. Except as specifically disclosed in Schedule 1 attached hereto, there are no actions, proceedings,
investigations, or claims against or affecting any Guarantor now pending before any court, arbitrator, or Governmental Authority (nor to any Guarantor’s knowledge has any thereof been threatened nor does any basis exist therefor) which if
determined adversely to any Guarantor would (a) have a material adverse effect on the business, operations, properties or financial condition of such Guarantor or the Guarantors and their Subsidiaries taken as a whole, (b) impair or defeat
the Lien of the Agent or any Lender on any of the Collateral or any rights of any Guarantor therein, or (c result in a judgment or order against any Guarantor (in excess of insurance coverage) for more than Fifty Thousand Dollars ($50,000) in
any one case or One Hundred Fifty Thousand Dollars ($150,000) in the aggregate. 
 Section 3.6 Financial Condition. 
 (a) Pro forma Financial Information. The pro forma financial information, statements and projections furnished to the Lender
by or on behalf of the Guarantors in connection with this Guaranty and the transactions contemplated hereby and thereby, were prepared and furnished to each Lender in good faith and were based on estimates and assumptions that were believed by the
management of each Guarantor to be reasonable in light of then current and foreseeable business conditions of the Guarantors and represented each Guarantor’s management’s good faith estimate of the projected financial performance of the
Guarantors and their Subsidiaries based on the information available to the Responsible Officers of the Guarantors at the time so furnished. 
 (b) Financial Statements. The most recent consolidated balance sheet of Elandia and its Subsidiaries furnished to each Lender pursuant to Sections 4.8(a) or (b) and (the “Current
Balance Sheet”), and the related statements of income and retained earnings of the Elandia and its Subsidiaries for the fiscal year then ended, copies of which have been furnished to each Lender, fairly present the consolidated financial
condition of Elandia as at such date, all determined in accordance with GAAP. Elandia did not have on such date any material contingent liabilities for Taxes, unusual forward or long-term commitments or material unrealized or anticipated losses from
any unfavorable commitments, except as referred to or reflected or provided for in such balance sheet and in the related notes. Since the date of the Current Balance Sheet there has been no material adverse change in the business, operations,
properties or financial condition of the Elandia or Elandia and its Subsidiaries taken as a whole. 
  

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 Section 3.7 Solvency. Each Guarantor is Solvent and each shall be Solvent immediately after the
consummation of the transactions contemplated by this Guaranty and the other Loan Documents. 
 Section 3.8 Title and Liens. Elandia
and its Subsidiaries have good and marketable title to each of the properties and assets reflected in the Current Balance Sheet, except such as have been since sold or otherwise disposed of in the ordinary course of business. No assets or revenues
of any Guarantor are subject to any Lien. 
 Section 3.9 Taxes. Each Guarantor has filed all tax returns and reports required of it,
has paid all Taxes which are due and payable and before they have become delinquent, except for Taxes (a) whose amount is not individually or in the aggregate a Material Amount, or (b) whose amount, applicability or validity is currently
being contested in good faith by appropriate proceedings where reserves or other appropriate provisions required by GAAP shall have established therefor. The charges, accruals and reserves on the books of Elandia and its Subsidiaries in respect of
Taxes for all fiscal periods to date are accurate. There are no questions or disputes between any Guarantor and any Governmental Authority with respect to any Taxes. As used in this Section 3.9, “Material Amount” shall mean an
amount of Fifty Thousand Dollars ($50,000) or more or an amount otherwise material to the business, operations, properties or financial condition of any Guarantor or the Guarantors and their Subsidiaries taken as a whole. 
 Section 3.10 Other Agreements. No Guarantor is in breach of or default in any material respect under any material agreement to which it is a party
or which is binding on it or any of its assets. 
 Section 3.11 Subsidiaries. Except as specifically disclosed in
Schedule 3 attached hereto, no Guarantor owns any Subsidiaries. Schedule 3 attached hereto accurately sets forth the jurisdictions of incorporation or organization of each Subsidiary of each Guarantor, and (a) in the
case of a Subsidiary that is a corporation, the authorized capitalization of each Subsidiary, the number of shares of each class of capital stock issued and outstanding of each Subsidiary and the number and percentage of outstanding shares of each
such class of capital stock owned by such Guarantor, or (b) in the case of a Subsidiary that is a limited liability company or partnership, the number of partnership or membership units of each Subsidiary and the number and percentage of
partnership or membership units owned by such Guarantor. 
 Section 3.12 Representations as a Whole. This Guaranty, the other Loan
Documents, the financial statements referred to in Section 3.6, and all other instruments, documents, certificates and statements furnished to the Agent or any Lender by or on behalf of the Borrower or any Guarantor, taken as a whole, do
not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements contained herein or therein, in light of the circumstances under which they were made, not misleading. Each Guarantor
has disclosed to the Agent and each Lender in writing any and all facts which could reasonably be expected to have a material adverse effect on the business, operations, properties, financial condition or prospects of the Borrower, any Guarantor or
the ability of the Borrower or any Guarantor to perform its obligations under the Loan Documents. 
  

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 ARTICLE 4 
 AFFIRMATIVE COVENANTS 
 So long as any Lender shall have any Commitment under the Loan Agreement or
there shall be any outstanding Loans and until payment in full of each Loan and performance of all other obligations of the Borrower and the Guarantors under the other Loan Documents, each Guarantor agrees that it will do all of the following unless
each Lender and the Agent shall otherwise consent in writing. 
 Section 4.1 Preservation of Corporate Existence, Etc. Each Guarantor
will, and will cause their respective Subsidiaries to, preserve and maintain their existence, rights, franchises and privileges in the jurisdictions of their organization and will, and will cause their respective Subsidiaries to, qualify and remain
qualified as foreign corporations, companies or entities in each jurisdiction where qualification is necessary or advisable in view of their business and operations or the ownership of their properties. 
 Section 4.2 Visitation Rights. Each Guarantor will permit the Agent, each Lender and such Persons as the Agent or any Lender may designate, at any
reasonable time, and from time to time, to examine and make copies of and abstracts from the records and books of account of and to visit the properties of such Guarantor and its Subsidiaries and to discuss the affairs, finances and accounts of
Borrower, such Guarantor and its Subsidiaries with any of such Guarantor’s officers or directors. Without limiting the generality of the foregoing, the Borrower agrees to permit Persons retained by the Agent or any Lender at any reasonable
time, and from time to time, to conduct field audits of the Collateral, to examine and make copies of and abstracts from the records and books of account of and to visit the properties of such Guarantor and its Subsidiaries. 
 Section 4.3 Keeping of Books and Records. Each Guarantor will, and will cause their respective Subsidiaries to, keep adequate records and books of
account in which complete entries will be made, in accordance with GAAP, reflecting all financial transactions of such Guarantor and its Subsidiaries. 
 Section 4.4 Maintenance of Property, Etc. Each Guarantor will, and will cause their respective Subsidiaries to, maintain and preserve all of its material properties in good working order and condition, ordinary
wear and tear excepted, and will from time to time make all needed repairs, renewals, or replacements so that the efficiency of such properties shall be fully maintained and preserved. No Guarantor will take or fail to take any action, or permit any
action to be taken by others that are subject to such Guarantor’s control which would affect the validity and enforcement of its or its Subsidiaries’ Intellectual Property, or impair the value of such Intellectual Property. 
 Section 4.5 Compliance With Laws, Etc. Each Guarantor will, and will cause their respective Subsidiaries to, comply in all material respects with
all laws, regulations, rules, and orders of Governmental Authorities applicable to such Guarantor, such Subsidiary or to its or their business, operations or properties, except any thereof whose validity is being contested in good faith by
appropriate proceedings upon stay of execution of the enforcement thereof and with provision having been made to the satisfaction of the Lenders for the payment of any fines, charges, penalties or other costs in respect thereof in the event the
contest is determined adversely to such Guarantor or Subsidiary. 
  

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 Section 4.6 Other Obligations. Each Guarantor will, and will cause their respective Subsidiaries
to, pay and discharge before the same shall become delinquent all Indebtedness, Taxes, and other obligations for which such Guarantor or Subsidiary is liable or to which its income or property is subject and all claims for labor and materials or
supplies which, if unpaid, might become by law a lien upon assets of such Guarantor or Subsidiary, except any thereof whose validity, applicability or amount is being contested in good faith by such Guarantor or Subsidiary in appropriate proceedings
with provision having been made to the satisfaction of the Lenders for the payment thereof in the event the contest is determined adversely to such Guarantor or Subsidiary. 
 Section 4.7 Insurance. Each Guarantor will, and will cause their respective Subsidiaries to, keep in force upon all of its and their business,
operations and properties, policies of insurance carried with responsible companies in such amounts and covering all such risks as shall be customary in the industry and as shall be reasonably satisfactory to the Lenders. Without limiting the
generality of the foregoing, each Guarantor will, and will cause their respective Subsidiaries to maintain or cause to be maintained all insurance required under the terms of any Security Document. Each such policy of insurance shall (a) name
the Agent and each Lender as an additional insured thereunder as its interests may appear and (b) in the case of each business interruption and casualty insurance policy, contain a loss payable clause or endorsement, satisfactory in form and
substance to the Agent that names the Agent as the loss payee thereunder and provides for at least forty-five (45) days prior written notice to the Agent of the cancellation of such policy. Each Guarantor will provide the Agent and each Lender
with at least forty-five (45) days prior written notice of any modification of any policies of insurance required to be maintained by such Guarantor and its Subsidiaries under this Section, and will from time to time, on request, furnish to the
Agent and each Lender certificates of insurance or, at the Agent’s or any Lender’s request, duplicate policies evidencing such coverage. 
 Section 4.8 Financial Information. The Guarantors will deliver to the Lender: 
 (a) Annual Elandia
Financial Statements. As soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year of Elandia, the consolidated balance sheet of Elandia and its Subsidiaries as of the end of such fiscal year
and the related consolidated statements of revenue and expenses, shareholder’s equity and cash flows for such year, prepared by independent certified public accountants selected by Elandia and approved by the Lenders (which approval shall not
be unreasonably withheld) and accompanied by a review report thereon by such independent certified public accountants which report shall be prepared in accordance with GAAP and the standards of the AICPA and shall not be qualified by reason of
restricted or limited examination of any material portion of the records of the Elandia or its Subsidiaries; 
 (b)
Quarterly Elandia Financial Statements. As soon as available and in any event within thirty (30) days after the end of each fiscal quarter of Elandia, the consolidated balance sheet of Elandia and its Subsidiaries as of the end of such
fiscal quarter and the related consolidated statements of profits and losses, revenue and expenses, shareholder’s equity and 

  

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cash flows for such fiscal quarter, prepared by Elandia and accompanied by an Officer’s Certificate with calculations measuring actual performance
against budget on a monthly basis and management commentary describing any variances greater than ten percent (10%) or Ten Thousand Dollars ($10,000) per line item, and certifying that such financial statements have been prepared in conformity
with GAAP and the standards of the AICPA (subject to year-end audit adjustments and the absence of footnote disclosures) and, in all material respects, present fairly the financial position and the results of operations of Elandia and its
Subsidiaries as at the end of and for such fiscal quarter; 
 (c) Annual Affiliate Guarantor Financial Statements. As
soon as available and in any event within one hundred twenty (120) days after the end of each fiscal year of the applicable Affiliate Guarantor, the consolidated balance sheet of each Affiliate Guarantor and its Subsidiaries of the end of such
fiscal year and the related consolidated statements of revenue and expenses, shareholder’s equity and cash flows for such year, prepared by independent certified public accountants selected by such Affiliate Guarantor and approved by the
Lenders (which approval shall not be unreasonably withheld) and accompanied by a review report thereon by such independent certified or charted public accountants which report shall be prepared in accordance with the generally accepted accounting
principles of the country in which such Affiliate Guarantor is organized and shall not be qualified by reason of restricted or limited examination of any material portion of the records of such Affiliate Guarantor or its Subsidiaries; 
 (d) Quarterly Affiliate Guarantor Financial Statements. As soon as available and in any event within thirty (30) days after
the end of each fiscal quarter of the applicable Affiliate Guarantor, the consolidated balance sheet of each Affiliate Guarantor and its Subsidiaries as of the end of such fiscal quarter and the related consolidated statements of profits and losses,
revenue and expenses, shareholder’s equity and cash flows for such fiscal quarter, prepared by such Affiliate Guarantor and accompanied by an Officer’s Certificate with calculations measuring actual performance against budget on a monthly
basis and management commentary describing any variances greater than ten percent (10%) or Ten Thousand Dollars ($10,000) per line item, and certifying that such financial statements have been prepared in conformity with the generally accepted
accounting principles of the country in which such Affiliate Guarantor is organized (subject to year-end audit adjustments and the absence of footnote disclosures) and, in all material respects, present fairly the financial position and the results
of operations of such Affiliate Guarantor and its Subsidiaries as at the end of and for such fiscal quarter; 
 (e) Annual
Budgets. As soon as available and in any event within thirty (30) days after the end of each fiscal year of Elandia, a budget for Elandia, prepared on a monthly basis, for the next succeeding fiscal year setting forth the projected
revenues, expenses and cash flows and the underlying assumptions therefore, all in reasonable detail and certified by a Responsible Officer of Elandia as having been prepared and furnished to the Lenders in good faith and based on estimates and
assumptions that were believed by the management of Elandia to be reasonable in light of the then current and foreseeable business conditions of Elandia and its Subsidiaries; and 
  

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 (f) Other. All other statements, reports and other information as the Agent or any
Lender may reasonably request concerning the Collateral or the financial condition and business affairs of the Borrower or any of its Subsidiaries. 
 Section 4.9 Financial Covenants. 
 (a) Interest Coverage Ratio. Elandia will maintain on a
consolidated basis, as of the end of its second fiscal quarter and as of its fiscal year end, an Interest Coverage Ratio equal to or greater than (i) 1.50 to 1 for its second fiscal quarters and fiscal years ended June 30, 2006 through
June 30, 2007 and (ii) 2.50 to 1 for its second fiscal quarters and fiscal years ended December 31, 2007 and thereafter. As used herein, “Interest Coverage Ratio” shall mean, as of any date of determination, the ratio
of (i) EBIT of Elandia and its Subsidiaries to (ii) Interest Expense of Elandia and its Subsidiaries, in each case for the four (4) fiscal quarters ended at such date. 
 (b) Debt Service Coverage Ratio. Elandia will maintain on a consolidated basis, as of the end of its second fiscal quarter and as
of its fiscal year end, a Debt Service Coverage Ratio equal to or less than 2.50 to 1. As used herein, “Debt Service Coverage Ratio” shall mean, as of any date of determination, the ratio of (i) Total Debt of Elandia and its
Subsidiaries at such date to (ii) EBITDA of Elandia and its Subsidiaries for the four (4) fiscal quarters ended at such date. 
 (c) Current Ratio. Elandia will maintain on a consolidated basis, as of the end of its second fiscal quarter and as of its fiscal year end, a Current Ratio equal to or less than (i) 1.00 to 1 for its
second fiscal quarters and fiscal years ended June 30, 2006 through June 30, 2007 and (ii) 1.50 to 1 for its second fiscal quarters and fiscal years ended December 31, 2007 and thereafter. As used herein, “Current
Ratio” shall mean, as of any date of determination, the ratio of (i) Total Current Assets of Elandia and its Subsidiaries at such date to (ii) Total Current Liabilities of Elandia and its Subsidiaries at such date. 
 Section 4.10 Notification. Promptly after learning thereof, the Guarantors will notify the Agent and each Lender of (a) any action,
proceeding, investigation or claim against or affecting such Guarantor or any of its Subsidiaries instituted before any court, arbitrator or Governmental Authority or, to such Guarantor’s knowledge threatened to be instituted, which if
determined adversely to such Guarantor or any of its Subsidiaries would be likely to have a material adverse effect on the business, operations, properties, financial condition or prospects of such Guarantor, such Subsidiary or the Guarantors and
their Subsidiaries taken as a whole, or to impair or defeat the Lien of the Agent or any Lender on any Collateral or the rights of any Guarantor or any Subsidiary of any Guarantor therein, or to result in a judgment or order against any Guarantor or
any Subsidiary of any Guarantor (in excess of insurance coverage) for more than One Hundred Thousand Dollars ($100,000) or, when combined with all other pending or threatened claims, more than Two Hundred Fifty Thousand Dollars ($250,000);
(b) any substantial dispute between any Guarantor or any Subsidiary of any Guarantor and any Governmental Authority; (c) any labor controversy which has resulted in or, to the Borrower’s knowledge, threatens to result in a strike
which would materially affect the business or operations of any Guarantor or any Subsidiary of any Guarantor; (d) if any Guarantor or any member of a Controlled Group gives or is required to give notice to the PBGC of any “reportable

  

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event” (as defined in subsections (b)(1), (2), (5) or (6) of Section 4043 of ERISA) with respect to any Plan (or the Internal Revenue
Service gives notice to the PBGC of any “reportable event” as defined in subsection (c)(2) of Section 4043 of ERISA and any Guarantor obtains knowledge thereof) which might constitute grounds for a termination of such Plan under Title
IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (e) the occurrence of
any Event of Default or Default; and (f) the occurrence of an event which results in a material adverse change the business, operations, properties, financial condition or prospects of any Guarantor or the Guarantors and their Subsidiaries
taken as a whole. In the case of the occurrence of an Event of Default or Default or the occurrence of an event which results in a material adverse change in the business, operations, properties or financial condition of any Guarantor or the
Guarantors and their Subsidiaries taken as a whole, the Guarantors will deliver to the Agent and each Lender an Officer’s Certificate specifying the nature thereof, the period of existence thereof, if applicable, and what action the Guarantors
propose to take with respect thereto. 
 Section 4.11 Additional Payments; Additional Acts. From time to time, the Guarantors will
(a) pay or reimburse the Agent and each Lender on request for all Taxes (other than Taxes imposed on the net income of the Agent or such Lender) imposed on this Guaranty and the other Guarantor Documents to which any Guarantor is a party;
(b) pay or reimburse the Agent and each Lender on request for all costs, expenses and fees, including, without limitation, attorneys’ fees (including allocated costs of in-house counsel), incurred by the Agent or such Lender in connection
with the negotiation, preparation and execution of this Guaranty and the other Guarantor Documents to which any Guarantor is a party and any and all amendments, waivers, consents and similar documents pertaining hereto and thereto; (c) if
requested by the Agent or any Lender, obtain and promptly furnish to the Agent or such Lender evidence of all such Government Approvals as may be required to enable each Guarantor to comply with its obligations hereunder and under the other
Guarantor Documents to which any Guarantor is a party and to continue its business and operations as conducted on the date hereof without material interruption or interference; and (d) execute and deliver all such instruments and to perform all
such other acts as the Agent or any Lender may request to carry out the transactions contemplated by this Guaranty and the other Guarantor Documents to which any Guarantor is a party and to maintain the continuous perfection and priority of the
Agent’s or any Lender’s Lien on all Collateral. If any Guarantor shall default in its obligations to reimburse the Agent or any Lender, interest shall accrue on the unpaid amount thereof at the Default Rate from the date the Agent or such
Lender makes demand therefor until repaid in full by the Guarantors; provided, however, that interest shall not accrue at a rate in excess of the maximum rate permitted by applicable law. The obligations of each Guarantor under this
Section 4.11 shall survive the payment of the Loans and the termination of this Guaranty. 
 ARTICLE 5 
 NEGATIVE COVENANTS 
 So long as any
Lender shall have any Commitment under the Loan Agreement or there shall be any outstanding Loans and until payment in full of each Loan and performance of all other obligations of the Borrower and the Guarantors under the other Loan Documents, each
Guarantor agrees that it will not do any of the following unless each Lender and the Agent shall otherwise consent in writing. 
  

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 Section 5.1 Dividends, Management Fees, Etc. Each Guarantor shall not, and shall cause their
respective Subsidiaries to not (a) declare or pay any dividend or distribution (except dividends or distributions payable in its Capital Stock) on any shares or units of any class of the Borrower’s or any Subsidiary’s Capital Stock or
apply any assets to the purchase, redemption or other retirement of, or set aside any sum for the payment of any dividends on or for the purchase, redemption or other retirement of, or make any other distribution by reduction of capital or otherwise
in respect of, any shares of any class of Capital Stock of the Borrower or any Subsidiary, except for (i) dividends declared and paid by any Guarantor to any other Guarantor, (ii) dividends and distributions declared and paid by any
Subsidiary to the Borrower, (iii) dividends declared and paid by Datec (PNG) Pty Ltd., a Papua New Guinea corporation; provided such dividends are paid ratably among its shareholders and (iv) the purchase, redemption or other
retirement by the Borrower of its Capital Stock pursuant to employee benefit and incentive plans and agreements with employees; provided that the aggregate amount of all such purchases, redemptions or other retirement of Capital Stock does
not exceed the amount of Fifty Thousand Dollars ($50,000) in any fiscal year of the Borrower or (b) make any other distribution or transfer to such Guarantor’s or any of its Subsidiary’s members or stockholders, whether in the form of
distributions, salaries, bonuses, management fees or otherwise, except for the payment of salaries, benefits and bonuses to members or stockholders employed by such Guarantor or any of its Subsidiaries; provided that the aggregate amount of
all such salaries, benefits and bonuses does not exceed the amount of Two Million Dollars ($2,000,000) in any fiscal year of Elandia, increased annually by the percentage that the United States Department of Labor, Bureau of Labor Statistics,
Consumer Price Index for All Urban Consumers (CPI-U) for Honolulu, Hawaii (Index 1982-84=100) has increased between the end of the 2005 calendar year and the end of the calendar year preceding the calendar year in which the salaries, benefits
and bonuses are paid to such members or stockholders. 
 Section 5.2 Transactions With Affiliates. Each Guarantor shall not, and shall
cause their respective Subsidiaries to not, enter into any transaction with any Affiliate of the Borrower, except upon fair and reasonable terms no less favorable to such Guarantor or such Subsidiary than it would obtain in a comparable
arm’s-length transaction with a Person not an Affiliate of such Guarantor or such Subsidiary; provided, however, that such Guarantor and any of its Subsidiaries may enter into Treasury Management Contracts with Affiliates of such
Guarantor under terms that such Guarantor deems reasonable under the circumstances. 
 Section 5.3 Consolidations and Mergers. Each
Guarantor shall not, and shall cause their respective Subsidiaries to not, liquidate, dissolve or enter into any merger or consolidation with or into, or sell, transfer, lease or otherwise dispose of (whether in one transaction or in a series of
transactions) all or substantially all of its assets to or in favor of, any Person, except: (b) any Subsidiary may liquidate, dissolve, merge, consolidate with or into, or transfer any of its assets to any Guarantor or any direct or indirect
wholly-owned Subsidiary of any Guarantor; provided that such Guarantor or such wholly-owned Subsidiary shall be the continuing or surviving corporation or company; and (b) any Guarantor or any of their Subsidiaries may sell, transfer,
lease or otherwise dispose of its assets as permitted under Section 5.4. 
  

 19 

 Section 5.4 Dispositions of Assets. Each Guarantor shall not, and shall cause their respective
Subsidiaries to not, sell, transfer, lease or otherwise dispose of (whether in one or a series of transactions) all or any substantial portion of its businesses or assets or of any Collateral (including accounts and notes receivable, with or without
recourse) or enter into any agreement to do any of the foregoing, except: (a) sales of inventory in the ordinary course of business; (b) any Subsidiary may sell, lease or otherwise transfer any of its assets to any Guarantor or any direct
or indirect wholly-owned Subsidiary of any Guarantor; provided that such Guarantor or such wholly-owned Subsidiary shall be the continuing or surviving corporation or company; and (c) such Guarantor or any Subsidiary may sell obsolete
assets or assets no longer used or useful in the business of such Guarantor and its Subsidiaries; provided that the net proceeds from the sale of such assets are paid to the Agent and applied by the Agent first against principal on the Term
Loan until the Term Loan is paid in full and second held by the Agent as cash collateral to secure the performance of all obligations of the Borrower owing to the Agent and the Lenders under the Loan Documents, the Swap Contracts and the Financial
Transaction Contracts. 
 Section 5.5 Indebtedness. Each Guarantor shall not, and shall cause their respective Subsidiaries to not,
create, incur or become liable for any Indebtedness except: (a) the Loans; (b) Indebtedness existing as of the date of this Guaranty and reflected on the pro forma balance sheet referred to in Section 3.6(a);
(c) current accounts payable or accrued expenses incurred by any Guarantor or any of their Subsidiaries in the ordinary course of business; (d) Indebtedness permitted under Section 5.6; (e) intercompany Indebtedness owing
by any Guarantor or any of their Subsidiaries to any other Guarantor or any other Subsidiary permitted under Section 5.8; and (f) Indebtedness arising under Swap Contracts between any Guarantor or any of their Subsidiaries and the
Lender or any Affiliate of the Lender. 
 Section 5.6 Guaranties, Etc. Each Guarantor shall not, and shall cause their respective
Subsidiaries to not, assume, guaranty, endorse or otherwise become directly or contingently liable for, nor obligated to purchase, pay or provide funds for payment of, any obligation or Indebtedness of any other Person, except: (a) guaranties
of any Indebtedness permitted under Section 5.5; (b) by endorsement of negotiable instruments for deposit or collection or by similar transactions in the ordinary course of business; (c) with respect to customary
indemnification obligations incurred in connection title insurance agreements; (d) with respect to performance, surety, bid, appeal or similar bonds incurred in the ordinary course of business; and (e) obligations existing as of the date
of this Guaranty, reflected on the pro forma balance sheet referred to in Section 3.6(a) and in amounts not greater than the amounts referred to therein. 
 Section 5.7 Liens. Each Guarantor shall not, and shall cause their respective Subsidiaries to not, create, assume or suffer to exist any Lien on
any of its assets except: (a) Liens in favor of the Lender arising pursuant to the Security Documents or as otherwise permitted or required under this Guaranty; (b) Liens securing Indebtedness permitted under Section 5.5;
(c) Permitted Liens; and (d) Liens specifically disclosed in Schedule 2 attached hereto. 
 Section 5.8
Investments. Each Guarantor shall not, and shall cause their respective Subsidiaries to not, make any loan or advance to any Person or purchase or otherwise acquire the Capital Stock or obligations of, or any other equity or interest in, any
Person, or all or 

  

 20 

 
substantially all of the assets of any Business Unit or any Person (collectively, “Investments”) or enter into any agreement to do any of
the foregoing, except: (a) Investments held in the form of Cash Equivalents; (b) receivables owing to any Guarantor or any of their Subsidiaries arising in the ordinary course of business; (c) Investments existing as of the date of
this Guaranty, reflected on the pro forma balance sheet referred to in Section 3.6(a) and in amounts not greater than the amounts referred to therein; (d) Investments made by any Guarantor to or in any other Guarantor, the
Borrower or any Affiliate Guarantor; (e) Investments made by any Subsidiary of any Guarantor to or in the Borrower, any Guarantor or any Affiliate Guarantor; and (f) Investments made by the Borrower in the form of loans and advances to
Affiliates of the Borrower under or in connection with Treasury Management Contracts the ordinary course of business; provided that the aggregate principal amount of all such loans and advances does not exceed One Hundred Thousand Dollars
($100,000) at any one time outstanding. 
 Section 5.9 Operations. Each Guarantor shall not, and shall cause their respective
Subsidiaries to not, engage in any activity which is substantially different from or unrelated to the present business activities of the Guarantors and their Subsidiaries nor discontinue any portion of the Guarantors’ or their
Subsidiaries’ present business activities taken as a whole which constitutes a substantial portion thereof. 
 Section 5.10
Securities. Each Guarantor shall not, and shall cause their respective Subsidiaries to not, issue, sell, or otherwise distribute any Capital Stock, bond, note, debenture or other security of such Guarantor or its Subsidiaries, except
(a) such Guarantor or its Subsidiaries may issue notes (including the Notes) or other debt instruments evidencing Indebtedness permitted by this Guaranty; and (b) the Borrower may issue Capital Stock to its employees pursuant to and in
accordance with employee benefit and incentive plans and agreements with employees. 
 Section 5.11 Accounting Change. Each Guarantor
shall not, and shall cause their respective Subsidiaries to not, change its fiscal year end from December 31st and shall not make any significant change in accounting policies or reporting practices other than changes required by GAAP or
otherwise required by law. 
 ARTICLE 6 
 MISCELLANEOUS 
 Section 6.1 No Waiver; Cumulative Remedies. No failure by the Lenders or the
Agent (or any of them) to exercise, and no delay in exercising, any right, power or remedy under this Guaranty shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy hereunder preclude any other or
further exercise thereof or the exercise of any other right, power, or remedy. No failure by any Guarantor to validly execute and deliver this Guaranty shall prejudice the Lender’s or the Agent’s (or any of their) right to enforce this
Guaranty against any Guarantor. The exercise of any right, power, or remedy shall in no event constitute a cure or waiver of any Event of Default or prejudice the rights of the Lenders or the Agent (or any of them) in the exercise of any right
hereunder. The rights and remedies provided herein are cumulative and not exclusive of any right or remedy provided by law. 
  

 21 

 Section 6.2 Expenses; Default Interest. The Guarantors jointly and severally agree to pay or
reimburse the Lenders and the Agent (and each of them) for all expenses, including, without limitation, attorneys’ fees, incurred by the Lenders and the Agent (or any of them) in connection with the preparation, execution and delivery of this
Guaranty and the other Guarantor Documents to which any Guarantor is a party and of the Lenders and the Agent (and each of them) in connection with its enforcement, attempted enforcement, or preservation of any rights or remedies under this Guaranty
and the other Guarantor Documents to which any Guarantor is a party (including, without limitation, all such costs and expenses incurred during any “workout” or restructuring in respect of the loans made under the Loan Agreement and during
any legal proceeding, including, without limitation, any proceeding under any applicable international, foreign, Federal, state or local bankruptcy, insolvency or other similar debtor relief laws). If any Guarantor shall fail to pay any amount when
due hereunder, interest shall accrue on the unpaid amount thereof at the Default Rate from the date the Lenders or the Agent (or any of them) makes demand therefor until repaid in full by the Guarantors; provided, however, that
interest shall not accrue at a rate in excess of the maximum rate permitted by applicable law. 
 Section 6.3 Notices. All notices and
other communications provided for in this Guaranty shall be in writing or (unless otherwise specified) and shall be mailed (with first class postage prepaid) or sent or delivered to each party by facsimile or courier service at the address or
facsimile number set forth below, or at such other address as shall be designated by such party in a written notice to the other parties. 
  

			
	 If to Guarantors:
	  	c/o AST Telecom, LLC
		  	 P.O. Box 478

		  	 Pago Pago, American Samoa 96799

		  	 Attn: Barry I. Rose

		  	 Facimile: 684-699-2105

		
	 If to Lenders
	  	 ANZ Finance American Samoa, Inc.

	 or Agent:
	  	 P.O. Box 3790

		  	 Pago Pago, American Samoa 96799

		  	 Attn: Gary A. Ayre, President

		  	 Facsimile: 684-633-5057

 All notices sent by mail, if duly given, shall be effective three (3) Business Days after deposit into the
mails, all notices sent by a nationally recognized courier service, if duly given, shall be effective one Business Day after delivery to such courier service, and all other notices and communications if duly given or made shall be effective upon
receipt. Subject to applicable laws, any notice given by the Lender to any Guarantor shall be deemed to be notice given to each Guarantor. In the event the Agent or any Lender in its sole discretion elects to give notice of any action with respect
to the sale of collateral, if any, securing the Guaranteed Obligations or any part thereof, each Guarantor hereby agrees that ten (10) days prior written notice shall be deemed reasonable notice of any matters contained in such notice.

 Section 6.4 Assignment. This Guaranty shall inure to the benefit of the Lenders and the Agent (and each of them) and their
successors and assigns. The Lenders and the Agent (and each of them) may at any time assign or otherwise transfer all or any part of its interest under this 

  

 22 

 
Guaranty and to the extent of such assignment, the assignee shall have the same rights and benefits against each Guarantor and otherwise under this Guaranty
(including, without limitation, the right of setoff) as if such assignee were a Lender or the Agent (as applicable). The Lenders and the Agent (and each of them) may assign any or all of the Guaranteed Obligations (including assignments for security
and sales of participations) and such assignment shall be deemed to include a corresponding assignment of all or a corresponding part of this Guaranty. This Guaranty shall be binding upon each Guarantor and no Guarantor may assign or otherwise
transfer all or any part of its rights or obligations hereunder without the prior written consent of the Lenders and the Agent (and each of them), and any such assignment or transfer purported to be made without such consent shall be ineffective.

 Section 6.5 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the Territory of
American Samoa, excluding its conflicts of laws rules. 
 Section 6.6 Waiver of Right to Trial by Jury. EACH GUARANTOR WAIVES ANY
RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER OR RELATING TO THIS GUARANTY, OR ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR
THEREWITH OR ARISING FROM ANY RELATIONSHIP EXISTING IN CONNECTION WITH THIS GUARANTY, AND AGREES THAT (A) ANY SUCH ACTION OR PROCEEDING SHALL NOT BE TRIED BEFORE A JURY AND (B) THE LENDERS OR THE AGENT (OR ANY OF THEM) MAY FILE AN ORIGINAL
COUNTERPART OR COPY OF THIS GUARANTY WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH GUARANTOR TO THE WAIVER OF ITS RIGHT TO A TRIAL BY JURY. 
 Section 6.7 Consent to Jurisdiction. Each Guarantor irrevocably submits to the nonexclusive jurisdiction of the High Court of American Samoa in any action or proceeding brought to enforce or otherwise arising
out of or relating to this Guaranty or any other Loan Document, hereby waives any objection to venue in any such court and any claim that such forum is an inconvenient forum and agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in any other jurisdiction by suit on the judgment or in any other manner provided by law. Nothing in this Section 6.7 shall impair the right of the Lenders and the Agent (or any of them) to bring any action
or proceeding hereunder in the courts of any other jurisdiction. 
 Section 6.8 Entire Agreement; Amendment, Etc. This Guaranty
comprises the complete, final and integrated agreement of the parties hereto on the subject matter hereof and supersedes all prior agreements, written or oral, on such subject matter. This Guaranty may not be amended or modified except by written
agreement of each Lender, the Agent and each Guarantor, and no provision of this Guaranty may be waived except in writing and then only in the specific instance and for the specific purpose for which given. 
 Section 6.9 USA Patriot Act Notice. The Lenders and the Agent (and each of them) hereby notify each Guarantor that pursuant to the requirements of
the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, 

  

 23 

 verify and record information that identifies each Guarantor, which information includes the name and address of the
Borrower and other information that will allow the Lenders and the Agent (and each of them) to identify each Guarantor in accordance with the Patriot Act. 
 Section 6.10 Set-Off. In addition to any rights and remedies of each Lender and the Agent provided by law, if an Event of Default has occurred and is continuing, the Lenders and the Agent (and each of them) are
authorized at any time and from time to time, without prior notice to any Guarantor, any such notice being waived by each Guarantor to the fullest extent permitted by law, to set-off and apply any and all deposits (general or special, time or
demand, provisional or final) at any time held by, and other indebtedness at any time owing by, the Lenders and the Agent (or any of them) to or for the credit or the account of any Guarantor against any and all obligations owing to Lenders and the
Agent (and each of them), now or hereafter existing, irrespective of whether or not any Lender or the Agent shall have made demand under this Guaranty or any other Loan Document and although such obligations may be contingent or unmatured.

 Section 6.11 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due
hereunder or under any other Guarantor Document to which any Guarantor is a party, in one currency into another currency, the rate of exchange used shall be that at which in accordance with normal banking procedures the Agent could purchase the
first currency with such other currency on the Business Day preceding that on which final judgment is given. The obligation of each Guarantor in respect of any such sum due from it to the Lenders and the Agent (and each of them) hereunder or under
the other Guarantor Documents to which any Guarantor is a party shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than that in which such sum is denominated in accordance with the applicable
provisions of this Guaranty (the “Agreement Currency”), be discharged only to the extent that on the Business Day following receipt by the Lenders and the Agent (or any of them), as applicable, of any sum adjudged to be so due in
the Judgment Currency, the Lender may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Lenders
and the Agent (or any of them), as applicable, from any Guarantor in the Agreement Currency, the Guarantors agree, as a separate obligation and notwithstanding any such judgment, to indemnify the Lenders and the Agent (or any of them), as
applicable, or the Person to whom such obligation was owing against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Lenders and the Agent (or any of them), as applicable, in such
currency, the Lenders and the Agent (and each of them) agree to return the amount of any excess to the Guarantors (or to any other Person who may be entitled thereto under applicable laws). 
 Section 6.12 Executed in Counterparts. This Guaranty may be executed in any number of counterparts and by different parties in separate
counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 Section 6.13 Severability. Any provision of this Guaranty which 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 provisions hereof or affecting 

  

 24 

 the validity or enforceability of such provision in any other jurisdiction. To the extent permitted by applicable law,
the parties waive any provision of law which renders any provision hereof prohibited or unenforceable in any respect. 
 IN WITNESS WHEREOF,
each Guarantor has caused this Guaranty to be executed by its officer or agent thereunto duly authorized as of the date first above written. 
  

									
	 GUARANTORS:
	 		 	 ELANDIA, INC., a Delaware corporation

					
		 		 		 	 By
	 	/s/ Harry G. Hobbs
		 		 		 	 Name:
	 	 Harry G. Hobbs

		 		 		 	 Title:
	 	 Chief Executive Officer and President

			
		 		 	 ELANDIA SOUTH PACIFIC HOLDINGS,
 INC., a
Delaware corporation

					
		 		 		 	 By
	 	/s/ Harley L. Rollins, III
		 		 		 	 Name:
	 	 Harley L. Rollins, III

		 		 		 	 Title:
	 	 Secretary and Treasurer

			
		 		 	 ELANDIA DATEC ACQUISITION LTD.,
 a British
Virgin Islands corporation

					
		 		 		 	 By
	 	/s/ Harley L. Rollins, III
		 		 		 	 Name:
	 	 Harley L. Rollins, III

		 		 		 	 Title:
	 	 Secretary and Treasurer

  

			
	 Accepted:

	
	 ANZ FINANCE AMERICAN SAMOA, INC.,
 an American Samoa corporation, as Lender

		
	By	 	/s/ Gary A. Ayre
	 Name:
	 	 Gary A. Ayre

	 Title:
	 	 President

  

 25 

			
	 ANZ AMERIKA SAMOA BANK, an
 American Samoa
corporation, as Lender

		
	By	 	/s/ Gary A. Ayre
	 Name:
	 	 Gary A. Ayre

	 Title:
	 	 President

	
	 ANZ FINANCE AMERICAN SAMOA, INC.,
 an
American Samoa corporation, as Agent

		
	By	 	/s/ Gary A. Ayre
	 Name:
	 	 Gary A. Ayre

	 Title:
	 	 President

  

 26 

 SCHEDULE 1 
 LITIGATION 
  

	1.	Cornerstone Business, Inc. (Florida corporation) vs. Elandia Solutions, Inc., f/k/a Centra Industries, Inc./Midwest Cable Communications of Arkansas, Inc. a foreign corporation.

 On February 6, 2006, Elandia was sued in the Sixth Judicial Circuit Court in Pasco County, Florida by Cornerstone
Businesses, Inc. in a complaint related to a subcontractor agreement between Cornerstone Businesses, Inc. and Midwest Cable Communications of Arkansas, Inc. Cornerstone Businesses, Inc. seeks relief based upon claims of breach of contract, tortious
interference with a contractual right, tortious interference with a business relationship and fraud and negligent misrepresentation. The complaint seeks unspecified monetary damages, including pre-judgment interest and costs. 
  

	2.	There is one case in which a subsidiary of Elandia, Inc. is seeking to recover a receivable for work performed in 2004. 

 SCHEDULE 2 
 LIENS 
  

	1.	The State of California has issued a tax lien against a subsidiary of Elandia, Inc. in the amount of $8,500 plus collection costs. The amount of the lien is in dispute and the
subsidiary in question has no assets in California. 

 SCHEDULE 3 
 SUBSIDIARIES 
  

	Part (a)	Subsidiaries of Elandia, Inc. 

 Elandia
Technologies, Inc. 
 Midwest Cable Communications of Arkansas, Inc. 
 eLandia South Pacific Holdings, Inc. 
 Elandia
Management, Inc. 
 AST Telecom, LLC 
  

	Part (b)	Subsidiaries of eLandia South Pacific Holdings, Inc. 

 eLandia Datec Acquisition Ltd. 
  

	Part (c)	Subsidiaries of eLandia Datec Acquisition Ltd. 

 Datec Pacific Holdings, Ltd.Indenture, dated as of February 14, 2007

 Exhibit 4.1 
 EXECUTION VERSION 
  

 GC IMPSAT HOLDINGS I PLC 
 and, as of the Merger Date (as defined), each of the Note Guarantors
party hereto 
 9.875% SENIOR NOTES DUE 2017 
  

 INDENTURE 
 Dated as of February 14, 2007 
  

 Wells Fargo Bank, National Association 
 Trustee 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
			
		  	 ARTICLE 1
 DEFINITIONS AND INCORPORATION
 BY REFERENCE
	  	
			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Other Definitions	  	25
	Section 1.03	  	Incorporation by Reference of Trust Indenture Act	  	25
	Section 1.04	  	Rules of Construction	  	26
			
		  	ARTICLE 2	  	
		  	THE NOTES	  	
			
	Section 2.01	  	Form and Dating	  	26
	Section 2.02	  	Execution and Authentication	  	27
	Section 2.03	  	Registrar and Paying Agent	  	27
	Section 2.04	  	Paying Agent to Hold Money in Trust	  	27
	Section 2.05	  	Holder Lists	  	28
	Section 2.06	  	Transfer and Exchange	  	28
	Section 2.07	  	Replacement Notes	  	38
	Section 2.08	  	Outstanding Notes	  	38
	Section 2.09	  	Treasury Notes	  	38
	Section 2.10	  	Temporary Notes	  	39
	Section 2.11	  	Cancellation	  	39
	Section 2.12	  	Defaulted Interest	  	39
			
		  	ARTICLE 3	  	
		  	REDEMPTION AND PREPAYMENT	  	
			
	Section 3.01	  	Notices to Trustee	  	39
	Section 3.02	  	Selection of Notes to Be Redeemed or Purchased	  	40
	Section 3.03	  	Notice of Redemption	  	40
	Section 3.04	  	Effect of Notice of Redemption	  	41
	Section 3.05	  	Deposit of Redemption or Purchase Price	  	41
	Section 3.06	  	Notes Redeemed or Purchased in Part	  	41
	Section 3.07	  	Optional Redemption	  	42
	Section 3.08	  	Mandatory Redemption; Escrow of Proceeds; Special Mandatory Redemption	  	43
	Section 3.09	  	Offer to Purchase by Application of Excess Proceeds	  	44
			
		  	ARTICLE 4	  	
		  	COVENANTS	  	
			
	Section 4.01	  	Payment of Notes	  	45
	Section 4.02	  	Maintenance of Office or Agency	  	46
	Section 4.03	  	Reports	  	46
	Section 4.04	  	Compliance Certificate	  	47
	Section 4.05	  	Taxes	  	47
	Section 4.06	  	Stay, Extension and Usury Laws	  	47
	Section 4.07	  	Restricted Payments	  	48
	Section 4.08	  	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	51
	Section 4.09	  	Incurrence of Additional Indebtedness	  	53
	Section 4.10	  	Asset Sales	  	56

					
	 	  	 	  	Page
	Section 4.11	  	Transactions with Affiliates	  	58
	Section 4.12	  	Liens	  	59
	Section 4.13	  	Conduct of Business	  	59
	Section 4.14	  	Corporate Existence	  	59
	Section 4.15	  	Offer to Repurchase Upon Change of Control	  	60
	Section 4.16	  	No Amendment to Subordination Provisions	  	61
	Section 4.17	  	Payments for Consent	  	62
	Section 4.18	  	Note Guarantees	  	62
	Section 4.19	  	Designation of Unrestricted Subsidiaries	  	62
	Section 4.20	  	Additional Amounts	  	63
	Section 4.21	  	Currency Indemnity	  	65
	Section 4.22	  	Listing	  	66
	Section 4.23	  	Notices	  	66
			
		  	ARTICLE 5	  	
		  	SUCCESSORS	  	
			
	Section 5.01	  	Merger, Consolidation, or Sale of Assets	  	67
	Section 5.02	  	Successor Corporation Substituted	  	69
			
		  	ARTICLE 6	  	
		  	DEFAULTS AND REMEDIES	  	
			
	Section 6.01	  	Events of Default	  	69
	Section 6.02	  	Acceleration	  	71
	Section 6.03	  	Other Remedies	  	71
	Section 6.04	  	Waiver of Past Defaults	  	71
	Section 6.05	  	Control by Majority	  	72
	Section 6.06	  	Limitation on Suits	  	72
	Section 6.07	  	Rights of Holders of Notes to Receive Payment	  	72
	Section 6.08	  	Collection Suit by Trustee	  	73
	Section 6.09	  	Trustee May File Proofs of Claim	  	73
	Section 6.10	  	Priorities	  	73
	Section 6.11	  	Undertaking for Costs	  	74
			
		  	ARTICLE 7	  	
		  	TRUSTEE	  	
			
	Section 7.01	  	Duties of Trustee	  	74
	Section 7.02	  	Rights of Trustee	  	75
	Section 7.03	  	Individual Rights of Trustee	  	76
	Section 7.04	  	Trustee’s Disclaimer	  	76
	Section 7.05	  	Notice of Defaults	  	76
	Section 7.06	  	Reports by Trustee to Holders of the Notes	  	76
	Section 7.07	  	Compensation and Indemnity	  	77
	Section 7.08	  	Replacement of Trustee	  	78
	Section 7.09	  	Successor Trustee by Merger, etc.	  	79
	Section 7.10	  	Eligibility; Disqualification	  	79
	Section 7.11	  	Preferential Collection of Claims Against Company	  	79
			
		  	ARTICLE 8	  	
		  	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	
			
	Section 8.01	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	79
	Section 8.02	  	Legal Defeasance and Discharge	  	79

  

 ii 

					
	 	  	 	  	Page
	Section 8.03	  	Covenant Defeasance	  	80
	Section 8.04	  	Conditions to Legal or Covenant Defeasance	  	80
	Section 8.05	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	82
	Section 8.06	  	Repayment to Company	  	82
	Section 8.07	  	Reinstatement	  	82
			
		  	ARTICLE 9	  	
		  	AMENDMENT, SUPPLEMENT AND WAIVER	  	
			
	Section 9.01	  	Without Consent of Holders of Notes	  	83
	Section 9.02	  	With Consent of Holders of Notes	  	83
	Section 9.03	  	Revocation and Effect of Consents	  	85
	Section 9.04	  	Notation on or Exchange of Notes	  	85
	Section 9.05	  	Trustee to Sign Amendments, etc.	  	85
			
		  	ARTICLE 10	  	
		  	COLLATERAL AND SECURITY	  	
			
	Section 10.01	  	Pledge and Security Agreement	  	86
	Section 10.02	  	Trustee Acting as Collateral Agent	  	87
			
		  	ARTICLE 11	  	
		  	NOTE GUARANTEES	  	
			
	Section 11.01	  	Guarantee	  	87
	Section 11.02	  	Limitation on Note Guarantor Liability	  	88
	Section 11.03	  	Execution and Delivery of Note Guarantee	  	89
	Section 11.04	  	Note Guarantors May Consolidate, etc., on Certain Terms	  	89
	Section 11.05	  	Releases	  	90
	Section 11.06	  	Financial Assistance Limitation	  	90
			
		  	ARTICLE 12	  	
		  	SATISFACTION AND DISCHARGE	  	
			
	Section 12.01	  	Satisfaction and Discharge	  	91
	Section 12.02	  	Application of Trust Money	  	91
			
		  	ARTICLE 13	  	
		  	MISCELLANEOUS	  	
			
	Section 13.01	  	Notices	  	92
	Section 13.02	  	Communication by Holders of Notes with Other Holders of Notes	  	93
	Section 13.03	  	Certificate and Opinion as to Conditions Precedent	  	93
	Section 13.04	  	Statements Required in Certificate or Opinion	  	93
	Section 13.05	  	Rules by Trustee and Agents	  	94
	Section 13.06	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	94
	Section 13.07	  	Governing Law	  	94
	Section 13.08	  	No Adverse Interpretation of Other Agreements	  	94
	Section 13.09	  	Successors	  	94
	Section 13.10	  	Severability	  	94
	Section 13.11	  	Counterpart Originals	  	94
	Section 13.12	  	Table of Contents, Headings, etc.	  	95

  

 iii 

					
	 	  	 	  	Page
	EXHIBITS	  	
	Exhibit A	  	FORM OF NOTE	  	
			
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER	  	
			
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE	  	
			
	Exhibit D	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	  	
			
	Exhibit E	  	FORM OF NOTATION OF GUARANTEE	  	
			
	Exhibit F	  	FORM OF SUPPLEMENTAL INDENTURE	  	

  

 iv 

 INDENTURE dated as of February 14, 2007, among GC Impsat Holdings I Plc, a public limited company
organized under the laws of England and Wales, and Wells Fargo Bank, National Association, as trustee, and, as of the Merger Date, the Note Guarantors (as defined). 
 The Company and the Trustee, and, as of the Merger Date, the Note Guarantors, agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 9.875% Senior Notes
due 2017 (the “Notes”): 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
 Section 1.01        Definitions. 
 “144A Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 
 “Acquired
Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or any of its Restricted Subsidiaries or is
assumed in connection with the acquisition of assets from such Person. Such Indebtedness will be deemed to have been Incurred at the time such Person becomes a Restricted Subsidiary or at the time it merges or consolidates with the Company or a
Restricted Subsidiary or at the time such Indebtedness is assumed in connection with the acquisition of assets from such Person. 
 “Acquisition” means the Company’s acquisition of Impsat by way of the merger of GC Crystal Acquisition, Inc., an indirect, wholly-owned subsidiary of the Company, into Impsat with Impsat being the surviving
corporation. 
 “Additional Amounts” has the meaning set forth under Section 4.20 hereto. 
 “Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02
and 4.09 hereof, as part of the same series as the Initial Notes. 
 “Affiliate” means, with respect to any specified
Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; provided, that beneficial ownership of 10% or more of the Voting Stock of a
Person will be deemed to be control. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Antenna Liability” means any and all liabilities related to the taxes of the City of Buenos Aires, Argentina for the use of air space
in the city for antennas and supporting structures by the Company and any other similar taxes imposed by other cities in Argentina, as described in the Offering Circular. 
  

 1 

 “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Asset Acquisition” means: 
 (1) an Investment by the Company or any
Restricted Subsidiary in any other Person pursuant to which such Person will become a Restricted Subsidiary, or will be merged with or into the Company or any Restricted Subsidiary; 
 (2) the acquisition by the Company or any Restricted Subsidiary of the assets of any Person (other than a Subsidiary of the Company) which
constitute all or substantially all of the assets of such Person or comprises any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business; or 
 (3) any Revocation with respect to an Unrestricted Subsidiary. 
 “Asset Sale” means any direct or indirect sale, disposition, issuance, conveyance, transfer, lease (other than operating leases entered
into in the ordinary course of business), assignment or other transfer (other than a Lien incurred in accordance with this Indenture), including a Sale and Leaseback Transaction (other than a Sale and Leaseback Transaction involving the incurrence
of Purchase Money Indebtedness pursuant to the covenant described under Section 4.09 hereof used to finance the assets that are the subject of such transaction) (each, a “disposition”) by the Company or any Restricted
Subsidiary of: 
 (1) any Capital Stock of any Restricted Subsidiary; or 
 (2) any property or assets (other than cash, Cash Equivalents or Capital Stock) of the Company or any Restricted Subsidiary. 

Notwithstanding the preceding, the following items will not be deemed to be Asset Sales: 
 (1) the disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries as permitted under
Section 5.01 hereof or any disposition which constitutes a Change of Control; 
 (2) sales of property or equipment that,
in the reasonable determination of the Company, has become worn out, obsolete or damaged or otherwise unsuitable for use in connection with the business of the Company or any Restricted Subsidiary; 
 (3) any transaction or series of related transactions involving assets with a Fair Market Value not in excess of U.S.$2 million;

 (4) the sale, lease, sublease, license, sublicense, consignment, conveyance or other disposition of equipment, inventory,
indefeasible right of uses, accounts receivable or other assets in the ordinary course of business; 
 (5) the making of a
Restricted Payment permitted under Section 4.07 hereof and any Permitted Investment; 
  

 2 

 (6) a disposition to the Company or a Restricted Subsidiary, including a Person that is
or will become a Restricted Subsidiary immediately after the disposition; 
 (7) the sale or disposition of cash or Cash
Equivalents; and 
 (8) dispositions of receivables and related assets or interests in connection with the compromise,
settlement or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements. 
 “Asset Sale Offer” has the meaning set forth under Section 4.10 hereof. 
 “Asset Sale Transaction” means any Asset Sale and, whether or not constituting an Asset Sale, (1) any sale or other disposition of Capital Stock, (2) any Designation with respect to an Unrestricted Subsidiary and
(3) any sale or other disposition of property or assets excluded from the definition of Asset Sale by clause (6) of that definition. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
 “beneficial owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
 “Board of Directors” means, as to any Person, the board of directors, management committee or similar governing body of such Person or
any duly authorized committee thereof. 
 “Board Resolution” means, with respect to any Person, a copy of a resolution
certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Stock” means: 
 (1) with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person; 
 (2) with respect to any Person that is not a corporation, any and all partnership or other equity or ownership interests of such Person;
and 
 (3) any warrants, rights or options to purchase any of the instruments or interests referred to in clause (1) or
(2) above. 
 “Capitalized Lease Obligations” means, as to any Person, the obligations of such Person under a lease
that are required to be classified and accounted for as capital lease obligations under GAAP, including any Refinancing of such obligations that does not increase the aggregate principal amount 

  

 3 

 
thereof as of the date of Refinancing. For purposes of this definition, the amount of such obligations at any date will be the capitalized amount of such
obligations at such date, determined in accordance with GAAP. 
 “Cash Equivalents” means: 
 (1) marketable direct obligations issued by, or unconditionally guaranteed by: (x) the United States government, (y) Switzerland
or (z) a state that was an EU Country on December 31, 2003 or issued by any agency thereof and backed by the full faith and credit of the United States, Switzerland or such EU Country in each case maturing within one year from the date of
acquisition thereof; 
 (2) marketable direct obligations issued by any state of the United States of America or any political
subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either Standard &
Poor’s Corporation (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”) or any successor thereto; 
 (3) commercial paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of at least A-2 from S&P or at least P-2 from Moody’s; 
 (4) demand deposits, certificates of deposit, time deposits or bankers’ acceptances maturing within one year from the date of
acquisition thereof issued by (a) any bank organized under the laws of the United States of America or any state thereof or the District of Columbia, or (b) any U.S. branch of a non-U.S. bank having at the date of acquisition thereof
combined capital and surplus of not less than U.S.$250 million; 
 (5) repurchase obligations with a term of not more than
seven days for underlying securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above; and 
 (6) investments in money market funds which invest substantially all of their assets in securities of the types described in clauses
(1) through (5) above. 
 “Change of Control” means the occurrence of one or more of the following events:

 (1)(A) any Person or Group is or becomes the beneficial owner (as defined below), directly or indirectly, in the aggregate
of more than 50% of the total voting power of the Voting Stock of the Company (including a Surviving Entity, if applicable), and 
 (B) the
Permitted Holders beneficially own, directly or indirectly, in the aggregate a lesser percentage of the total voting power of the Voting Stock of the Company (including a Surviving Entity, if applicable) than such other Person or Group, 

(2) the Company consolidates with, or merges with or into, another Person, or the Company sells, conveys, assigns, transfers, leases or
otherwise disposes of all or substantially all of the assets of the Company, determined on a consolidated basis, to any Person, other than a transaction where the Person or Persons that, immediately prior to such transaction “beneficially
owned” the outstanding Voting Stock of the Company are, by virtue of such prior ownership, the “beneficial owners” in the aggregate of a majority of the total voting power of the then 

  

 4 

 
outstanding Voting Stock of the surviving or transferee person (or if such surviving or transferee Person is a direct or indirect wholly-owned subsidiary of
another Person, such Person who is the ultimate parent entity), in each case whether or not such transaction is otherwise in compliance with this Indenture; or 
 (3) the approval by the holders of Capital Stock of the Company of any plan or proposal for the liquidation or dissolution of the Company,
whether or not otherwise in compliance with the provisions of this Indenture. 
 For purposes of this definition: 
  

	 	(a)	“beneficial owner” will have the meaning specified in Rules 13d-3 and 13d-5 under the Exchange Act, except that any Person or Group will be deemed to have “beneficial
ownership” of all securities that such Person or Group has the right to acquire, whether such right is exercisable immediately, only after the passage of time or upon the occurrence of a subsequent condition; 

  

	 	(b)	“Person” and “Group” will have the meanings for “person” and “group” as used in Sections 13(d) and 14(d) of the Exchange Act; and

  

	 	(c)	the Permitted Holders or any other Person or Group will be deemed to beneficially own any Voting Stock of a corporation held by any other corporation (the “parent
corporation”) so long as the Permitted Holders or such other Person or Group, as the case may be, beneficially own, directly or indirectly, in the aggregate at least 50% of the voting power of the Voting Stock of the parent corporation and no
other Person or Group beneficially owns an equal or greater amount of the Voting Stock of the parent corporation. 

 “Change of Control Payment” has the meaning set forth under Section 4.15 hereof. 
 “Change of Control
Payment Date” has the meaning set forth under Section 4.15 hereof. 
 “Clearstream” means Clearstream Banking,
S.A. 
 “Collateral” means (A) the Debt Service Reserve Account, any and all amounts from time to time credited to or
carried in the Debt Service Reserve Account, any and all investments carried in or made with funds therein (including without limitation any and all interest and earnings thereon), any and all other financial assets (within the meaning of
Section 8-102(a)(9) of the NYUCC) credited to or carried in the Debt Service Reserve Account, and any and all security entitlements (within the meaning of Section 8-102(a)(17) of the NYUCC) of the Company with respect to such financial
assets; and (B) all Proceeds of any of the Collateral and, to the extent related to any Collateral, all books, correspondence, credit files, records, invoices and other papers (including all tapes, cards, computer runs and other papers and
documents in the possession or under the control of the Company or any computer bureau or service company from time to time acting for the Company). The term “Proceeds” has the meaning set forth in Article 9 of the NYUCC. 
 “Collateral Agent” shall have the meaning set forth in the Pledge and Security Agreement. 
 “Colombian Notes” means the Senior Guaranteed Notes due December 18, 2008 and 2010 of IMPSAT S.A. 
  

 5 

 “Common Stock” of any Person means any and all shares, interests or other participations
in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common equity interests, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and
classes of such common equity interests. 
 “Company” means GC Impsat Holdings I Plc, a public limited company organized
under the laws of England and Wales, and any and all successors thereto. 
 “Comparable Treasury Issue” means the United
States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and
lowest such Reference Treasury Dealer Quotation or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Consolidated EBITDA” means, for any Person for any period, Consolidated Net Income for such Person for such period, plus the following,
without duplication, to the extent deducted or added in calculating such Consolidated Net Income: 
 (1) Consolidated Interest
Expense for such Person for such period; 
 (2) Consolidated Income Tax Expense for such Person for such period; 

(3) Consolidated Non-Cash Charges for such Person for such period to the extent such non-cash charges are not a reserve for anticipated
future cash payments; 
 (4) losses associated with the Antenna Liability in an aggregate amount of up to U.S.$10 million
during the term of the Notes; and 
 (5) non-recurring transaction costs and expenses related to the Acquisition incurred in
the first year after the Merger Date (including, without limitation, those relating to severance, relocation, contract terminations, compensation charges, and warrants or options to purchase Capital Stock of a direct or indirect parent of the
Company); 
 less (x) all non-cash credits and gains increasing Consolidated Net Income for such Person for such period (other than the accrual of
revenue in the ordinary course of business) and (y) all cash payments made by such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) during such period relating to non-cash charges that were added back in
determining Consolidated EBITDA in any prior period. 
 Notwithstanding the foregoing, the items specified in clauses (2) and
(3) above for any Subsidiary (Restricted Subsidiary in the case of the Company) will be added to Consolidated Net Income in calculating Consolidated EBITDA for any period in proportion to the percentage of the total Capital Stock of such
Subsidiary (Restricted Subsidiary in the case of the Company) held directly or indirectly by such Person at the date of determination. 
  

 6 

 “Consolidated Income Tax Expense” means, with respect to any Person for any period, the
provision for taxes based on income or profits of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period as determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Interest Expense” means, for any Person for any period, the sum of, without duplication determined on a consolidated basis
in accordance with GAAP: 
 (1) the aggregate of cash and non-cash interest expense of such Person and its Subsidiaries
(Restricted Subsidiaries in the case of the Company) for such period determined on a consolidated basis in accordance with GAAP, including, without limitation (whether or not interest expense in accordance with GAAP): 
  

	 	(a)	any amortization or accretion of debt discount or any interest paid on Indebtedness of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) in the
form of additional Indebtedness, 

  

	 	(b)	any amortization of deferred financing costs, 

  

	 	(c)	the net costs under Hedging Obligations (including amortization of fees), 

  

	 	(d)	all capitalized interest, 

  

	 	(e)	the interest portion of any deferred payment obligation, 

  

	 	(f)	commissions, discounts and other fees and charges Incurred in respect of letters of credit or bankers’ acceptances, and 

  

	 	(g)	any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Subsidiaries (Restricted Subsidiaries in the case of the Company) or secured
by a Lien on the assets of such Person or one of its Subsidiaries (Restricted Subsidiaries in the case of the Company), whether or not such Guarantee or Lien is called upon; and 

 (2) the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its
Subsidiaries (Restricted Subsidiaries in the case of the Company) during such period. 
 “Consolidated Net Income” means,
with respect to any Person for any period, the aggregate net income (or loss) of such Person and its Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided, that there shall be excluded therefrom to the
extent reflected in such aggregate net income (loss): 
 (1) the net income of any Person that is not a Restricted Subsidiary
or that is accounted for by the equity method of accounting, except to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person (and the Company’s equity in a
net loss of any such Person shall be in included in determining such Consolidated Net Income); 
 (2) solely for the purpose
of determining Operating Cash Flow, the net income of any Subsidiary of such Person (Restricted Subsidiary in the case of the Company) to the extent 

  

 7 

 
that a corresponding amount could not be transferred (including, by way of any one or more of the following: (i) dividend, (ii) loan,
(iii) repayment of intercompany loans or (iv) other conveyance) to such Person at the date of determination as a result of any restriction pursuant to the constituent documents of such Subsidiary (Restricted Subsidiary in the case of the
Company) or any law, regulation, agreement or judgment applicable to any such distribution (and the Company’s equity in a net loss of any such Person shall be in included in determining such Consolidated Net Income); 
 (3) any net after-tax extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto); 

(4) any net after-tax income or loss from disposed or discontinued operations and any net after-tax gains or losses on disposal of
disposed or discontinued operations; 
 (5) any net after-tax gains or losses (less all fees and expenses relating thereto)
attributable to Asset Sale Transactions or the sale or other disposition of any Capital Stock of any Person other than in the ordinary course of business, as determined in good faith by the Company; 
 (6) any increase in amortization or depreciation or other non-cash charges resulting from the application of purchase accounting in
relation to the Transactions or any acquisition that is consummated after the Issue Date, net of taxes; 
 (7) any net
after-tax income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments; 
 (8) any non-cash impairment charges resulting from the application of Statement of Financial Accounting Standards Nos. 142 and 144 and the amortization of intangibles arising pursuant to No. 141; 
 (9) any gain (or loss) from foreign exchange translation or change in net monetary position; and 
 (10) the cumulative effect of changes in accounting principles. 
 “Consolidated Non-Cash Charges” means, for any Person for any period, the aggregate depreciation, amortization, stock compensation and
other non-cash expenses or losses of such Person and its Subsidiaries (Restricted Subsidiaries in the case of the Company) for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charge which constitutes an
accrual of or a reserve for cash charges for any future period or the amortization of a prepaid cash expense paid in a prior period). 
 “Consolidated Total Indebtedness” means, for any Person as of any date of determination, an amount equal to the aggregate amount (without duplication) of all Indebtedness of such Person and its Subsidiaries (Restricted
Subsidiaries in the case of the Company) outstanding at such time, excluding Indebtedness Incurred under clause (e), (f), (g), (l), (m) or (n) of clause (2) of Section 4.09 hereof. 
 “Consolidated Total Indebtedness to Consolidated EBITDA Ratio” means, for any Person as of any date of determination, the ratio of the
aggregate amount of Consolidated Total Indebtedness for such Person as of such date to Consolidated EBITDA for such Person for the four most recent full fiscal quarters for which financial statements are available ending prior to the date of such
determination (the 

  

 8 

 
“Four Quarter Period”). For purposes of this definition, “Consolidated Total Indebtedness” and “Consolidated
EBITDA” will be calculated after giving effect on a pro forma basis (to be determined in good faith by a responsible financial or accounting officer of the Company) for the period of such calculation to: 
 (1) the Incurrence, repayment or redemption of any Indebtedness (including Acquired Indebtedness) of such Person or any of its
Subsidiaries (Restricted Subsidiaries, in the case of the Company), and the application of the proceeds thereof, including the Incurrence of any Indebtedness (including Acquired Indebtedness), and the application of the proceeds thereof, giving rise
to the need to make such determination, occurring during such Four Quarter Period or at any time subsequent to the last day of such Four Quarter Period and on or prior to such date of determination, to the extent, in the case of an Incurrence, such
Indebtedness is outstanding on the date of determination, as if such Incurrence, and the application of the proceeds thereof, repayment or redemption occurred on the first day of such Four Quarter Period; and 
 (2) any Asset Sale Transaction or Asset Acquisition by such Person or any of its Subsidiaries (Restricted Subsidiaries, in the case of the
Company), including any Asset Sale or Asset Acquisition giving rise to the need to make such determination, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to such date of
determination, as if such Asset Sale Transaction or Asset Acquisition occurred on the first day of the Four Quarter Period. 
 Furthermore,
the amount of Indebtedness under any revolving credit facility will be computed based on: 
  

	 	(a)	the average daily balance of such Indebtedness during such Four Quarter Period, or 

  

	 	(b)	if such facility was created after the end of such Four Quarter Period, the average daily balance of such Indebtedness during the period from the date of creation of such facility
to the date of such calculation, 

 in each case giving pro forma effect to any borrowings related to any transaction referred to in clause
(2) above. 
 “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in
Section 13.01 hereof or such other address as to which the Trustee may give notice to the Company. 
 “Covenant
Defeasance” has the meaning set forth under Section 8.03 hereof. 
 “Currency Agreement” means, in respect of
any Person, any foreign exchange contract, currency swap agreement or other similar agreement as to which such Person is a party designed to hedge foreign currency risk of such Person. 
 “Current Assets” means all amounts (other than cash and Cash Equivalents) which would, in conformity with GAAP, be set forth opposite
the caption “total current assets” (or any like caption) on a consolidated balance sheet of the Company. 
 “Current
Liabilities” means all amounts that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the Company. 
  

 9 

 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or
any successor entity thereto. 
 “Debt Service Reserve Account” means a special, segregated and irrevocable trust account
established at the corporate trust office of the Collateral Agent. 
 “Default” means an event or condition the occurrence
of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 
 “Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not
have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having
become such pursuant to the applicable provision of this Indenture. 
 “Designation” and “Designation
Amount” have the meanings set forth under Section 4.19 hereof. 
 “Disqualified Capital Stock” means that
portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof, in any case, on or prior to the 91st day after the final maturity date of the Notes. 
 “Equity Event” means a public offering or private placement of Qualified Capital Stock of (i) the Company or (ii) any direct
or indirect parent company of the Company to the extent that the net proceeds from such offering or private placement are contributed to the Company as equity. A private placement of Qualified Capital Stock will not be deemed to be an Equity Event
unless net proceeds of at least U.S. $30 million (or the equivalent in other currencies) are received. 
 “Escrow Agent”
means Wells Fargo Bank, National Association, as escrow agent under the Escrow Agreement, or any successor thereto. 
 “Escrow
Agreement” means the Escrow and Security Agreement dated as of February 14, 2007, by and among the Issuer, the Trustee and the Escrow Agent. 
 “Escrow Property” has the meaning ascribed in the Escrow Agreement. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 
 “EU Country”
means any member state of the European Union. 
 “Event of Default” has the meaning set forth under Section 6.01
hereof. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes
thereto. 
  

 10 

 “Fair Market Value” means the value that would be paid by a willing buyer to an
unaffiliated willing seller in a transaction not involving distress or necessity of either party, determined in good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture) and evidenced by a Board Resolution;
provided, that with respect to any price less than U.S.$5 million (or the equivalent in other currencies) only a good faith determination by the Company’s senior management will be required. 
 “Four Quarter Period” has the meaning set forth in the definition of Consolidated Total Indebtedness to Consolidated EBITDA Ratio above.

 “Fully Funded” (when used as a verb) means to maintain, at any time, an amount on deposit in the Debt Service Reserve
Account equal to, or in excess of, the Fully Funded Amount. 
 “Fully Funded Amount” shall mean, at any time, an amount
sufficient to provide for the payment in full of the amounts due on the then outstanding Notes on the two subsequent scheduled interest payments (but not any liquidated damages) pursuant to the terms of this Indenture. 
 “GAAP” means at any date of determination, generally accepted accounting principles in effect in the United States from time to time.

 “Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all
Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted
Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the
“Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2) hereof. 
 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for
which the United States pledges its full faith and credit. 
 “Guarantee” means any obligation, contingent or otherwise, of
any Person directly or indirectly guaranteeing any Indebtedness of any other Person: 
 (1) to purchase or pay, or advance or
supply funds for the purchase or payment of, such Indebtedness of such other Person, whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to
maintain financial statement conditions or otherwise, or 
 (2) entered into for purposes of assuring in any other manner the
obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof, in whole or in part, 
 provided, that
“Guarantee” will not include endorsements for collection or deposit in the ordinary course of business. “Guarantee” used as a verb has a corresponding meaning. 
 “Hedging Obligations” means the obligations of any Person pursuant to any Interest Rate Agreement or Currency Agreement. 
 “Holder” means a Person in whose name a Note is registered. 
  

 11 

 “IAI Global Note” means a Global Note substantially in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the
Notes sold to Institutional Accredited Investors. 
 “Impsat” means IMPSAT Fiber Networks, Inc., a Delaware
corporation. 
 “Incur” means, with respect to any Indebtedness or other obligation of any Person, to create, issue, incur
(including by conversion, exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Indebtedness or other obligation on the balance sheet of such Person (and “Incurrence,” “Incurred” and
“Incurring” will have meanings correlative to the preceding). 
 “Indebtedness” means with respect to any Person,
without duplication: 
 (1) the principal amount (or, if less, the accreted value) of all obligations of such Person for
borrowed money; 
 (2) the principal amount (or, if less, the accreted value) of all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments; 
 (3) all Capitalized Lease Obligations of such Person; 
 (4) all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all
obligations under any title retention agreement due more than six months after such property is acquired and excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business that are not overdue by 90 days or
more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; 
 (5) all
letters of credit, banker’s acceptances or similar credit transactions, including reimbursement obligations in respect thereof; 
 (6) Guarantees and other contingent obligations of such Person in respect of Indebtedness referred to in clauses (1) through (5) above and clauses (8) through (10) below; 
 (7) all Indebtedness of any other Person of the type referred to in clauses (1) through (6) which is secured by any Lien on any
property or asset of such Person, the amount of such Indebtedness being deemed to be the lesser of the Fair Market Value of such property or asset or the amount of the Indebtedness so secured; 
 (8) all obligations under Hedging Obligations of such Person; 
 (9) all liabilities recorded on the balance sheet of such Person in connection with a sale or other disposition of accounts receivables
and related assets; and 
 (10) all Disqualified Capital Stock issued by such Person with the amount of Indebtedness
represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided, that: 
  

	 	(a)	if the Disqualified Capital Stock does not have a fixed repurchase price, such maximum fixed repurchase price will be calculated in accordance with the terms of the Disqualified
Capital Stock as if the Disqualified Capital Stock were purchased on any date on which Indebtedness will be required to be determined pursuant to this Indenture, and 

  

 12 

	 	(b)	if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Capital Stock, the fair market value will be the Fair Market Value
thereof. 

 Notwithstanding the foregoing, all liabilities and obligations arising from the Antenna Liability (including any
letters of credit, surety and appeal bonds or other similar instruments issued or incurred in connection thereto) shall not constitute Indebtedness. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Independent Financial Advisor” means an accounting firm, appraisal firm, investment banking firm or consultant that is, in the reasonable judgment of the Company’s Board of Directors, qualified to perform the task for
which it has been engaged and which is independent in connection with the relevant transaction. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company. 
 “Indirect Participant” means a
Person who holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the first U.S.$225.0
million in aggregate principal amount of Notes issued under this Indenture on the date hereof. 
 “Institutional Accredited
Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
 “Intercompany Agreements” means the Insurance Proceeds Agreement, the Corporate Services Agreement, the Voice and Data Termination
Agreement and the Shared Resource Agreement among the Company, Global Crossing Limited and various of its subsidiaries and any other agreement described in the “Certain Relationships and Related Transactions” section of the Offering
Circular. 
 “Interest Rate Agreement” of any Person means any interest rate protection agreement (including, without
limitation, interest rate swaps, caps, floors, collars, derivative instruments and similar agreements) and/or other types of hedging agreements designed to hedge interest rate risk of such Person. 
 “Investment” means, with respect to any Person, any: 
 (1) direct or indirect loan, advance or other extension of credit (including, without limitation, a Guarantee) to any other Person (other
than advances or extensions of credit to customers in the ordinary course of business or any debt or extension of credit by a bank deposit other than a time deposit), 
 (2) capital contribution (by means of any transfer of cash or other property to others or any payment for property or services for the
account or use of others) to any other Person, or 
  

 13 

 (3) any purchase or acquisition by such Person of any Capital Stock, bonds, notes,
debentures or other securities or evidences of Indebtedness issued by, any other Person. 
 “Investment” will exclude (i) accounts receivable
or deposits arising in the ordinary course of business and (ii) extensions of trade credit by the Company and the Restricted Subsidiaries on commercially reasonable terms in accordance with normal trade practices of the Company or such
Restricted Subsidiary, as the case may be. “Invest,” “Investing” and “Invested” will have corresponding meanings. 
 For purposes of Section 4.07 hereof, the Company will be deemed to have made an “Investment” in an Unrestricted Subsidiary at the time of its Designation, which will be valued at the Fair Market Value of the sum of the net
assets of such Unrestricted Subsidiary at the time of its Designation and the amount of any Indebtedness of such Unrestricted Subsidiary or owed to the Company or any Restricted Subsidiary immediately following such Designation. Any property
transferred to or from an Unrestricted Subsidiary will be valued at its Fair Market Value at the time of such transfer. If the Company or any Restricted Subsidiary sells or otherwise disposes of any Capital Stock of a Restricted Subsidiary
(including any issuance and sale of Capital Stock by a Restricted Subsidiary) such that, after giving effect to any such sale or disposition, such Restricted Subsidiary would cease to be a Subsidiary of the Company, the Company will be deemed to
have made an Investment on the date of any such sale or disposition equal to sum of the Fair Market Value of the Capital Stock of such former Restricted Subsidiary held by the Company or any Restricted Subsidiary immediately following such sale or
other disposition and the amount of any Indebtedness of such former Restricted Subsidiary Guaranteed by the Company or any Restricted Subsidiary or owed to the Company or any other Restricted Subsidiary immediately following such sale or other
disposition. 
 “Investment Return” means, in respect of any Investment (other than a Permitted Investment) made after the
Issue Date by the Company or any Restricted Subsidiary: 
 (1) the cash proceeds received by the Company upon the sale,
liquidation or repayment of such Investment or, in the case of a Guarantee, the amount of the Guarantee upon the unconditional release of the Company and its Restricted Subsidiaries in full, less any payments previously made by the Company or any
Restricted subsidiary in respect of such Guarantee; 
 (2) in the case of the Revocation of the Designation of an Unrestricted
Subsidiary, an amount equal to the least of: 
  

	 	(a)	the Company’s Investment in such Unrestricted Subsidiary at the time of such Revocation; 

  

	 	(b)	that portion of the Fair Market Value of the net assets of such Unrestricted Subsidiary at the time of Revocation that is proportionate to the Company’s equity interest in such
Unrestricted Subsidiary at the time of Revocation; and 

  

	 	(c)	the Designation Amount with respect to such Unrestricted Subsidiary upon its Designation which was treated as a Restricted Payment; and 

 (3) in the event the Company or any Restricted Subsidiary makes any Investment in a Person that, as a result of or in connection with such
Investment, becomes a Restricted Subsidiary, the existing Investment of the Company and its Restricted Subsidiaries in such Person, in the case of each of (1), (2) and (3), up to the amount of such Investment that was 

  

 14 

 
treated as a Restricted Payment under Section 4.07 hereof less the amount of any previous Investment Return in respect of such Investment. 

“Issue Date” means the first date of issuance of Notes under this Indenture. 
 “Legal Defeasance” has the meaning set forth under Section 8.02 hereof. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are
authorized by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on
such payment for the intervening period. 
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest,
charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature thereof and any agreement to give any security interest); provided that the lessee in respect of a Capitalized Lease
Obligation or Sale and Leaseback Transaction will be deemed to have Incurred a Lien on the property leased thereunder. 
 “Material
Subsidiary” means any Restricted Subsidiary of the Company that (i) has Incurred in excess of U.S.$1 million of Indebtedness or (ii) would constitute a “Significant Subsidiary” in accordance with Rule 1-02(w) of
Regulation S-X under the Securities Act in effect on the date hereof, except that all references to 10% in Rule 1-02(w) are replaced with 5%. 
 “Merger Agreement” means the Agreement and Plan of Merger, dated October 25, 2006, among Global Crossing Limited, GC Crystal Acquisition, Inc. and Impsat. 
 “Merger Date” means the date on which the Acquisition is consummated. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash Equivalents, including payments in
respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest) received by the Company or any of its Restricted Subsidiaries from such Asset
Sale, net of: 
 (1) reasonable out-of-pocket expenses and fees relating to such Asset Sale (including, without limitation,
legal, accounting and investment banking fees, brokerage commissions, sales commissions and other direct costs); 
 (2) taxes
paid or payable in respect of such Asset Sale after taking into account any reduction in consolidated tax liability due to available tax credits or deductions and any tax sharing arrangements; 
 (3) repayment of Indebtedness including premiums and accrued interest that are either (a) secured by a Lien permitted under this
Indenture that is required to be repaid in connection with such Asset Sale or (b) otherwise required to be repaid in connection with such Asset Sale; and 
 (4) appropriate amounts to be provided by the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with
GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such Asset Sale, including, without limitation, pension and other post- 

  

 15 

 
employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset
Sale, but excluding any reserves with respect to Indebtedness. 
 “Non-U.S. Person” means a Person who is not a U.S. Person.

 “Note Guarantee” means any guarantee of the Company’s Obligations under the Notes and this Indenture provided by a
Restricted Subsidiary pursuant to this Indenture. 
 “Note Guarantor” means each Restricted Subsidiary (other than IMPSAT
Colombia so long as it is prohibited under the Colombian Notes from providing a guarantee of the Notes) of the Company on the Merger Date and all future Material Subsidiaries, until such time as its Note Guarantee is released in accordance with this
Indenture. 
 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional
Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 
 “Obligations” means, with respect to any Indebtedness, any principal, interest (including, without limitation, Post-Petition Interest),
penalties, fees, indemnifications, reimbursements, damages, and other liabilities payable under the documentation governing such Indebtedness, including in the case of the Notes and the Note Guarantees, this Indenture. 
 “Offering Circular” means the offering circular for the Notes dated February 8, 2007. 
 “Officer” means, the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, the Chief Operating
Officer, any Vice President, the Treasurer, any assistant treasurer, the Controller or the Secretary or the Assistant Secretary of the Company. 
 “Officer’s Certificate” means a certificate signed by one Officer which complies with the requirements provided for in Section 13.04. 
 “Operating Cash Flow” means, for any Person for any period, the sum of, without duplication and determined on a consolidated basis in accordance with GAAP: 
 (1) Consolidated Net Income of such Person plus 
 (2) decreases in Working Capital of such Person plus 
 (3) Consolidated Non-Cash Charges of such Person minus 
 (4) capital expenditures (defined as purchases of property, plant and equipment as reported in the Person’s consolidated statement of
cash flows) of such Person minus 
 (5) any mandatory amortization of Indebtedness of such Person and its Subsidiaries
(Restricted Subsidiaries in the case of the Company) minus 
 (6) increases in Working Capital of such Person.

 “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for the Company (except as
otherwise provided in this Indenture) and who shall be reasonably acceptable to the Trustee, in each case, containing customary exceptions and qualifications and which shall include the statements provided in Section 13.04 hereof. 

 

 16 

 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person
who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Permitted Business” means the business or businesses conducted by the Company and its Restricted Subsidiaries as of the Merger Date and any business reasonably ancillary, complementary similar or related thereto.

 “Permitted Holders” means (i) Global Crossing Limited, a Bermuda corporation, (ii) Singapore Technologies
Telemedia Pte Ltd, a company organized under the laws of Singapore, and (iii) each of their respective Subsidiaries. 
 “Permitted Indebtedness” has the meaning set forth under Section 4.09 hereof. 
 “Permitted
Investments” means: 
 (1) Investments by the Company or any Restricted Subsidiary in any Person that is, or that
result in any Person becoming, immediately after such Investment, a Restricted Subsidiary or constituting a merger or consolidation of such Person into the Company or with or into a Restricted Subsidiary, except for a Guarantee of Indebtedness of a
Restricted Subsidiary that is not a Note Guarantor; 
 (2) Investments in the Company; 
 (3) Investments in cash and Cash Equivalents; 
 (4) any extension, modification or renewal of any Investments existing as of the Issue Date (but not Investments involving additional
advances, contributions or other investments of cash or property or other increases thereof, other than as a result of the accrual or accretion of interest or original issue discount or payment-in-kind pursuant to the terms of such Investment as of
the Issue Date); 
 (5) Investments permitted pursuant to clause (2)(c) or (d) of Section 4.11 hereof;

 (6) any Investments received in compromise or resolution of (A) obligations of Persons that were incurred in the
ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any Persons; or (B) litigation, arbitration or other
disputes; 
 (7) Investments by the Company or its Restricted Subsidiaries as a result of non-cash consideration permitted to
be received in connection with an Asset Sale made in compliance with the covenant described under Section 4.10 hereof; 
 (8) Investments in the form of Hedging Obligations permitted under clause 2(d) of Section 4.09 hereof; 
  

 17 

 (9) loans and advances to officers, directors and employees made in the ordinary course
of business of the Company or any Restricted Subsidiary of the Company in an aggregate principal amount not to exceed U.S.$2 million at any one time outstanding; 
 (10) any acquisition of assets or Capital Stock solely in exchange for the issuance of Capital Stock (other than Disqualified Capital
Stock) of the Company; 
 (11) Investments by the Company or any Restricted Subsidiary in any third-party financial
institution in the form of cash deposits, and which an amount equivalent to such investment is lent by such financial institution, including any affiliates thereof, to another Restricted Subsidiary; 
 (12) Investments arising out of the Intercompany Agreements, which investments are made in the ordinary course of business; and

 (13) other Investments in a Person engaged in a Permitted Business not to exceed U.S.$10 million at any one time
outstanding; provided, however, that any such Investment shall be deemed a Permitted Investment only if the Company’s cumulative Operating Cash Flow for the period referred to in clause (3)(A) of Section 4.07 hereof is positive at the
time such Restricted Payment is made. 
 “Permitted Liens” means any of the following: 
 (1) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed
by law (including tax Liens) incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made in
respect thereof; 
 (2) Liens Incurred or deposits made in the ordinary course of business (i) in connection with
workers’ compensation, unemployment insurance and other types of social security (including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith) or (ii) to
secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 

(3) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect
of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 
 (4) Liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other property
relating to such letters of credit and products and proceeds thereof; 
 (5) Liens encumbering deposits made to secure
obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or a Restricted Subsidiary, including rights of offset and set-off; 
  

 18 

 (6) Liens securing Hedging Obligations that relate to Indebtedness that is Incurred in
accordance with Section 4.09 hereof and that are secured by the same assets as secure such Hedging Obligations; 
 (7)
Liens existing on the Merger Date (as described in the Offering Circular) and Liens to secure any Refinancing Indebtedness which is Incurred to Refinance any Indebtedness which has been secured by a Lien permitted under the covenant described under
Section 4.12 hereof and not incurred pursuant to clause (9) or (18) of this definition and which Indebtedness has been Incurred in accordance with Section 4.09 hereof; provided, that such new Liens: 
  

	 	(a)	are no less favorable to the Holders of Notes and are not more favorable, in each case, taken as a whole, to the lienholders with respect to such Liens than the Liens in respect of
the Indebtedness being Refinanced and 

  

	 	(b)	do not extend to any property or assets other than the property or assets securing the Indebtedness Refinanced by such Refinancing Indebtedness; 

 (8) Liens securing Acquired Indebtedness Incurred in accordance with Section 4.09 hereof not incurred in connection with, or in
anticipation or contemplation of, the relevant acquisition, merger or consolidation; provided, that 
  

	 	(a)	such Liens secured such Acquired Indebtedness at the time of and prior to the Incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary and were not granted
in connection with, or in anticipation of the Incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary and 

  

	 	(b)	such Liens do not extend to or cover any property of the Company or any Restricted Subsidiary other than the property that secured the Acquired Indebtedness prior to the time such
Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary and are no more favorable to the lienholders than the Liens securing the Acquired Indebtedness prior to the Incurrence of such Acquired Indebtedness by the Company
or a Restricted Subsidiary; 

 (9) purchase money Liens securing Purchase Money Indebtedness or Capitalized
Lease Obligations Incurred to finance the acquisition or leasing of property of the Company or a Restricted Subsidiary used in a Permitted Business; provided, that: 
  

	 	(a)	the related Purchase Money Indebtedness does not exceed the cost of such property and shall not be secured by any property of the Company or any Restricted Subsidiary other than the
property so acquired, and 

  

	 	(b)	the Lien securing such Indebtedness will be created within 180 days of such acquisition; 

 (10) Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment or which are being contested
in good faith by appropriate proceedings, provided that appropriate reserves required pursuant to GAAP have been made in respect thereof; 
 (11) encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building
codes or other restrictions (including, without limitation, minor 

  

 19 

 
defects or irregularities in title and similar encumbrances) as to the use of real properties or liens incidental to the conduct of the business of such
Person or to the ownership of its properties which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 
 (12) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings
which may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceeding may be initiated has not expired; 
 (13) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Company or another Restricted Subsidiary;

 (14) Liens arising from US Uniform Commercial Code financing statement filings (or similar filings in other applicable
jurisdictions) regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 
 (15) Liens arising out of conditional sale, title retention, hire purchase, consignment or similar arrangement for the sale of goods entered into in the ordinary course of business; 
 (16) Liens constituting any interest of title of a lessor, a licensor or either’s creditors in the Property subject to any lease
(other than a capital lease); 
 (17) Liens securing the loans described in clause (2)(l) of the covenant
Section 4.09 hereof in respect of the amounts deposited with the applicable financial institution pursuant to clause (11) of the definition of Permitted Investment; and 
 (18) Liens securing an amount of Indebtedness outstanding at any one time not to exceed U.S. $15 million. 
 “Person” means an individual, partnership, limited partnership, corporation, company, limited liability company, unincorporated
organization, trust or joint venture, or a governmental agency or political subdivision thereof. 
 “Pledge and Security
Agreement” means the pledge and security agreement dated as of the Merger Date between the Company and the Collateral Agent, as collateral agent thereunder, as amended, modified or supplemented from time to time in accordance with the terms
of this Indenture and the terms thereof. 
 “Post-Petition Interest” means all interest accrued or accruing after the
commencement of any insolvency or liquidation proceeding (and interest that would accrue but for the commencement of any insolvency or liquidation proceeding) in accordance with and at the contract rate (including, without limitation, any rate
applicable upon default) specified in the agreement or instrument creating, evidencing or governing any Indebtedness, whether or not, pursuant to applicable law or otherwise, the claim for such interest is allowed as a claim in such insolvency or
liquidation proceeding. 
 “Preferred Stock” of any Person means any Capital Stock of such Person that has preferential
rights over any other Capital Stock of such Person with respect to dividends, distributions or redemptions or upon liquidation. 
  

 20 

 “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof
to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Purchase Money Indebtedness” means Indebtedness Incurred for the purpose of financing all or any part of the purchase price, or other cost of construction or improvement of any property; provided, that the aggregate
principal amount of such Indebtedness does not exceed the lesser of the Fair Market Value of such property or such purchase price or cost, including any Refinancing of such Indebtedness that does not increase the aggregate principal amount (or
accreted amount, if less) thereof as of the date of Refinancing. 
 “QIB” means a “qualified institutional buyer”
as defined in Rule 144A. 
 “Qualified Capital Stock” means any Capital Stock that is not Disqualified Capital Stock and any
warrants, rights or options to purchase or acquire Capital Stock that is not Disqualified Capital Stock that are not convertible into or exchangeable into Disqualified Capital Stock. 
 “Reference Treasury Dealer” means Credit Suisse Securities (USA) LLC or its affiliates which are primary United States Government
Securities dealers and not less than two other leading primary United States Government Securities dealers in New York City reasonably designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary
United States Government Securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as
determined by the Company, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 3:30 pm New York time on
the third Business Day preceding such redemption date. 
 “Refinance” means, in respect of any Indebtedness, to issue any
Indebtedness in exchange for or to refinance, replace, defease or refund such Indebtedness in whole or in part. “Refinanced” and “Refinancing” will have correlative meanings. 
 “Refinancing Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary issued to Refinance any other Indebtedness of
the Company or a Restricted Subsidiary so long as: 
 (1) the aggregate principal amount (or initial accreted value, if
applicable) of such new Indebtedness as of the date of such proposed Refinancing does not exceed the aggregate principal amount (or initial accreted value, if applicable) of the Indebtedness being Refinanced (plus the amount of any premium required
to be paid under the terms of the instrument governing such Indebtedness and the amount of reasonable fees, expenses and defeasance costs, if any, incurred by the Company in connection with such Refinancing); 
 (2) such new Indebtedness has: 
  

	 	(a)	a Weighted Average Life to Maturity that is equal to or greater than the Weighted Average Life to Maturity of the Indebtedness being Refinanced, and 

  

	 	(b)	a final maturity that is equal to or later than the final maturity of the Indebtedness being Refinanced; 

  

 21 

 (3) if the Indebtedness being Refinanced is: 
  

	 	(a)	Indebtedness of the Company, then such Refinancing Indebtedness will be Indebtedness of the Company, 

  

	 	(b)	Indebtedness of a Note Guarantor, then such Refinancing Indebtedness will be Indebtedness of the Company and/or such Note Guarantor, and 

  

	 	(c)	Subordinated Indebtedness, then such Refinancing Indebtedness shall be subordinate to the Notes or the relevant Note Guarantee, if applicable, at least to the same extent and in the
same manner as the Indebtedness being Refinanced, and 

 (4) if the Indebtedness being Refinanced is the
Colombian Notes, then such Refinancing Indebtedness will: 
  

	 	(a)	be Indebtedness of the Company or a Note Guarantor, 

  

	 	(b)	be unsecured Indebtedness, and 

  

	 	(c)	not contain any restrictions on IMPSAT S.A. from becoming a Note Guarantor on a senior unsecured basis. 

 “Regulation S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Administration
of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
 “Restricted
Global Note” means a Global Note bearing the Private Placement Legend. 
 “Restricted Investment” means an
Investment other than a Permitted Investment. 
 “Restricted Payment”
has the meaning set forth under Section 4.07 hereof. 
 “Restricted Subsidiary” means any Subsidiary of the Company
which at the time of determination is not an Unrestricted Subsidiary. 
 “Revocation” has the meaning set forth under
Section 4.19 hereof. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  

 22 

 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a party
providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the Company or such
Restricted Subsidiary to such Person or to any other Person by whom funds have been or are to be advanced on the security of such Property. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the Securities
Act of 1933, as amended. 
 “Senior Indebtedness” means the Notes and the Note Guarantees and any other Indebtedness of the
Company or any Note Guarantor that ranks equal in right of payment with the Notes or the relevant Note Guarantee, as the case may be. 
 “Significant Subsidiary” means a Subsidiary of the Company constituting a “Significant Subsidiary” of the Company in accordance with Rule 1-02(w) of Regulation S-X under the Securities Act in effect on the date
hereof. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on
which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon
the happening of any contingency unless such contingency has occurred). 
 “Subordinated Indebtedness” means, with respect
to the Company or any Note Guarantor, any Indebtedness of the Company or such Note Guarantor, as the case may be which is expressly subordinated in right of payment to the Notes or the relevant Note Guarantee, as the case may be. 
 “Subordinated Shareholder Funding” means any Indebtedness of the Company (and any security into which such Indebtedness is convertible
or for which it is exchangeable at the option of the holder) issued to and held by a Permitted Holder (other than the Company or its Subsidiaries) that (a) does not mature or require any amortization, redemption or other repayment of principal
or any sinking fund payment prior to the first anniversary of the Stated Maturity of the Notes (other than through conversion or exchange of such Indebtedness into Capital Stock (other than Disqualified Capital Stock) of the Company or such
Permitted Holder or any Indebtedness meeting the requirements of this definition); (b) does not require, prior to the Stated Maturity of the Notes, payment of cash interest; (c) contains no change of control or asset sale provisions and
has no right to declare a default or event of default or take any enforcement action prior to the Stated Maturity of the Notes; (d) is unsecured and (e) is fully subordinated and junior in right of payment to the Notes pursuant to
customary subordination terms for similar Indebtedness. 
 “Subsidiary” means, with respect to any Person, any other Person
of which such Person owns, directly or indirectly, more than 50% of the voting power of the other Person’s outstanding Voting Stock. 
 “Surviving Entity” has the meaning set forth under Section 5.01 hereof. 
  

 23 

 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§ 77aaa-77bbbb). 
 “Transactions” refers to the Acquisition and the related financings and application of
such proceeds as set forth in the Offering Circular. 
 “Treasury Rate” means, with respect to any redemption date, the rate
per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date. 
 “Trustee” means Wells Fargo Bank, National Association,
until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company Designated as such pursuant to Section 4.19 hereof Any such
Designation may be revoked by a Board Resolution of the Company, subject to the provisions of such covenant. 
 “U.S.
Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting Stock” with
respect to any Person, means securities of any class of Capital Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the
election of members of the Board of Directors (or equivalent governing body) of such Person. 
 “Weighted Average Life to
Maturity” means, when applied to any Indebtedness at any date, the number of years (calculated to the nearest one-twelfth) obtained by dividing: 
  

	 	a)	the then outstanding aggregate principal amount or liquidation preference, as the case may be, of such Indebtedness into 

  

	 	b)	the sum of the products obtained by multiplying: 

  

	 	c)	the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal or liquidation preference, as the case may be, including payment
at final maturity, in respect thereof, by 

  

	 	d)	the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the making of such payment. 

 “Wholly Owned Subsidiary” means, for any Person, any Subsidiary (Restricted Subsidiary in the case of the Company) of which all the
outstanding Capital Stock (other than, in the case of a Subsidiary not organized in the United States, directors’ qualifying shares or an immaterial amount of shares required 

  

 24 

 
to be owned by other Persons pursuant to applicable law) is owned by such Person or any other Person that satisfies this definition in respect of such
Person. 
 “Working Capital” means, on any date, the excess of Current Assets on such date less Current Liabilities on such
date. 
 Section 1.02        Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	 “Affiliate Transaction”
	  	  4.11
	 “Asset Sale Offer Amount”
	  	  4.10
	 “Asset Sale Offer Payment Date”
	  	  3.09
	 “Authentication Order”
	  	  2.02
	 “Covenant Defeasance”
	  	  8.03
	 “Definitive Registered Notes”
	  	  4.20
	 “DTC”
	  	  2.03
	 “Event of Default”
	  	  6.01
	 “Excess Proceeds”
	  	  4.10
	 “Judgment Currency”
	  	  7.07
	 “Legal Defeasance”
	  	  8.02
	 “Paying Agent”
	  	  2.03
	 “Payor”
	  	  4.20
	 “Payment Default”
	  	  6.01
	 “Purchase Date”
	  	  3.09
	 “Registrar”
	  	  2.03
	 “Relevant Taxing Jurisdiction”
	  	  4.20
	 “Reserve Collateral”
	  	10.01
	 “Special Mandatory Redemption”
	  	  3.08
	 “Taxes”
	  	  4.20
	 “Transparency Directive”
	  	  4.21

 Section 1.03        Incorporation by Reference of Trust Indenture
Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this
Indenture. 
 The following TIA term used in this Indenture has the following meaning: 
 “obligor” on the Notes and the Note Guarantees means the Company and the Note Guarantors, respectively, and any successor obligor upon
the Notes and the Note Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
  

 25 

 Section 1.04         Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 
 (2) an accounting term not otherwise defined has
the meaning assigned to it in accordance with GAAP; 
 (3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; 
 (5) “will” shall be interpreted to express a command; 
 (6) provisions apply to successive events and transactions; and 
 (7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or
rules adopted by the SEC from time to time. 
 ARTICLE 2 
 THE NOTES 
 Section 2.01 Form and Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may
have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of U.S.$100,000 and integral multiples of U.S.$1,000 in excess
thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the
Company, the Note Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Global Notes. Notes issued in
global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding
Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  

 26 

 (c) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be applicable to
transfers of beneficial interests in the Regulation S Global Note that are held by Participants through Euroclear or Clearstream. 
 Section 2.02        Execution and Authentication. 
 At least one Officer must
sign the Notes for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at
the time a Note is authenticated, the Note will nevertheless be valid. 
 A Note will not be valid until authenticated by the manual
signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee
will, upon receipt of a written order of the Company signed by an Officer (an “Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount of the Initial Notes, plus Additional Notes issued
pursuant to this Section 2.02 and Section 4.09 hereof. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more
Authentication Orders, except as provided in Section 2.07 hereof. 
 The Trustee may appoint an authenticating agent acceptable to the
Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Company. 
 Section 2.03        Registrar
and Paying Agent. 
 The Company will maintain an office or agency where Notes may be presented for registration of transfer or for
exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint
one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or
Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the
Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints The
Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Company initially appoints
the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 
 Section 2.04        Paying Agent to Hold Money in Trust. 
 The Company will
require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on
the Notes, and will notify the Trustee 

  

 27 

 
of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by
it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the
money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the
Company, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05        Holder Lists.

 The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as
the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 
 Section 2.06        Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. The Global Notes shall be exchanged by the
Company for Definitive Notes only in the following limited circumstances: 
 (1) the Company delivers to the Trustee notice
from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act at a time when it is required to be so registered in order to act as depository, and in
each case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in whole
but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
 Upon the occurrence of either
of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of,
and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b)
or (c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to restrictions on transfer
comparable to those set forth herein 

  

 28 

 
to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph
(1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement
Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required
to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
 (2) All Other
Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either: 
 (A) both: 
 (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be
credited with such increase; or 
 (B) both: 
 (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
 (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in
(1) above; 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any
Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar
receives the following: 
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global
Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  

 29 

 (B) if the transferee will take delivery in the form of a beneficial interest in the
Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A
beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 If any such transfer is effected pursuant to the paragraph above at a time when an Unrestricted Global Note has not yet been issued, the
Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to the paragraph above. 
 Beneficial interests in an Unrestricted Global Note cannot be
exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c)
Transfer or Exchange of Beneficial Interests for Definitive Notes. 
 (1) Beneficial Interests in Restricted Global Notes
to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof; 
  

 30 

 (B) if such beneficial interest is being transferred to a QIB in accordance with Rule
144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable; 
 (F) if such beneficial interest is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (3)(c) thereof, 
 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to
Section 2.06(g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for
a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a
beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar
receives the following: 
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial 
 interest for an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (1)(b) thereof; or 
  

 31 

 (2) if the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 and if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a
beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company will
execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3)
will not bear the Private Placement Legend. 
  

	(d)	Transfer and Exchange of Definitive Notes for Beneficial Interests. 

 (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global
Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  

 32 

 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in
subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (G) if such Restricted Definitive
Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause
(A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 
 (2) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar
receives the following: 
 (1) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
 (2) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a
beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

  

 33 

 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of
a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2) or
(3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e)
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e). 
 (1) Restricted Definitive Notes to Restricted Definitive
Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
 (A) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
 (C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
 (2) Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an
Unrestricted Definitive Note if the Registrar receives the following: 
 (1) if the Holder of such Restricted Definitive
Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
  

 34 

 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 (3) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such
Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof. 
 (f) Legends. The following legends will appear on the face of all Global Notes and Definitive Notes issued under
this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private
Placement Legend. 
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note
(and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
 “THE
SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT THE HOLDER OF
THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN
“OFFSHORE TRANSACTION” PURSUANT TO RULE 903 OR 904 OF REGULATION S, (2) AGREES THAT IT WILL NOT OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY, EXCEPT (A) (I) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT ACQUIRING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION COMPLYING WITH RULE 144A, (II) IN AN OFFSHORE TRANSACTION COMPLYING
WITH THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF 

  

 35 

 
AVAILABLE), AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS, AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE
RESPECTIVE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. PRIOR TO EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S (“REGULATION S”) UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”)), THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES (AS DEFINED IN REGULATION S) OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON (AS DEFINED IN REGULATION S), EXCEPT
TO A PERSON REASONABLY BELIEVED TO BE A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A (“RULE 144A”) UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A AND THE INDENTURE REFERRED TO
HEREIN.” 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs
(b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement Legend. 
 (2) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF GC IMPSAT HOLDINGS I PLC. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.” 
  

 36 

 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in
accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly
and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (h) General Provisions Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and
exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (2) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10 and 4.15 hereof). 
 (3) The Registrar will not
be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be
the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) Neither the Registrar nor the Company will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
 (B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is 

  

 37 

 
registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and
none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
 (7) The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
 (8) All
certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07         Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon
receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of
the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge for its expenses in replacing a Note.

 Every replacement Note is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
 Section 2.08         Outstanding Notes.

 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof,
a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(c)
hereof. 
 If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under
Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Company, a
Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue
interest. 
 Section 2.09         Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the
Company or any Note Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any Note Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so owned will be so disregarded. 
  

 38 

 Section 2.10         Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders
of temporary Notes will be entitled to all of the benefits of this Indenture. 
 Section 2.11        
Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to
the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy
canceled Notes (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that
have been delivered to the Trustee for cancellation. 
 Section 2.12         Defaulted Interest.

 If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record
date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the
Company) will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
 ARTICLE 3 
 REDEMPTION AND PREPAYMENT 
 Section 3.01         Notices to Trustee. 
 If the Company
elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth:

 (1) the clause of this Indenture pursuant to which the redemption shall occur; 
 (2) the redemption date; 
 (3) the principal amount of Notes to be redeemed; and 
  

 39 

 (4) the redemption price. 
 Section 3.02         Selection of Notes to Be Redeemed or Purchased. 
 In the event that less than all of the Notes are to be redeemed or purchased at any time, selection of Notes for redemption or purchase shall be made by the Trustee in compliance with the requirements of the principal
national securities exchange, if any, on which the Notes are listed and any applicable depository procedures, or, if there are no such requirements of such exchange or the Notes are not then listed on a national securities exchange, on a pro
rata basis (with such adjustments made so that no Notes will be redeemed in an unauthorized denomination). No Notes of a principal amount of U.S.$100,000 or less may be redeemed in part and Notes of a principal amount in excess of U.S.$100,000
may be redeemed in part in multiples of U.S.$1,000 only; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased. 
 The Trustee shall promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for
partial redemption or purchase, the principal amount thereof to be redeemed or purchased. 
 Section 3.03
        Notice of Redemption. 
 Subject to the provisions of Sections 3.08 and 3.09 hereof, at
least 30 days but not more than 60 days before the redemption date, the Company shall mail or cause to be mailed, by first-class mail, postage prepaid, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 12 hereof. For
so long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and traded on the Euro MTF market of the Luxembourg Stock Exchange, the Company will cause notices of redemption to also be published as provided under
Section 4.21 hereof. 
 The notice will identify the Notes to be redeemed and will state: 
 (1) the redemption date; 
 (2) the redemption price; 
 (3) if any Note is being redeemed in part, the portion of the
principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof (if any) will be issued in the name of the Holder thereof
upon cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate); 
 (4) the name and address of the Paying Agent; 
 (5) that Notes called for redemption must be
surrendered to the Paying Agent to collect the redemption price; 
 (6) that, unless the Company defaults in making such
redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date; 
  

 40 

 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; and 
 (8) that no representation is made as to the correctness or accuracy of
the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Company’s written request, the Trustee will give the
notice of redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, or such shorter period agreed to by the Company and the
Trustee, an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
 Section 3.04         Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price together with accrued and unpaid interest thereon
through the date of redemption. A notice of redemption may not be conditional. 
 Section 3.05        
Deposit of Redemption or Purchase Price. 
 One Business Day prior to the redemption or purchase date, the Company will deposit with the
Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money
deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest on, all Notes to be redeemed or purchased. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on
the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to
the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company to comply
with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate
provided in the Notes and in Section 4.01 hereof. Upon redemption or purchase of any Notes by the Company, such redeemed or purchased Notes will be cancelled. 
 Section 3.06         Notes Redeemed or Purchased in Part. 
 Upon surrender of a
Note that is redeemed or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or
unpurchased portion of the Note surrendered. 
  

 41 

 Section 3.07         Optional Redemption. 
 (a) At any time prior to February 15, 2012, the Company shall have the right, at its option, to redeem any of the Notes, in whole or in part, at any
time and from time to time prior to their maturity at a redemption price equal to the greater of (1) 100% of the principal amount of such Notes and (2) the sum of the present values of each remaining scheduled payment of principal and
interest thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in each
case accrued interest on the principal amount of the Notes to the date of redemption. 
 (b) At any time, or from time to time, after
February 15, 2012, the Company may redeem the Notes, at its option, in whole or in part, at the redemption prices (expressed as percentages of principal amount on the redemption date) set forth below plus any accrued and unpaid interest on the
Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period beginning on February 15 of any year set forth below, subject to the right of Holders of record on the relevant record date to receive interest due on
the relevant interest payment date: 
  

				
	 Year
	  	Percentage	 
	 2012
	  	104.938	%
	 2013
	  	103.292	%
	 2014
	  	101.646	%
	 2015
	  	100.000	%

 (c) At any time, or from time to time, on or prior to February 15, 2010, the Company may, at
its option, use the net cash proceeds of one or more Equity Events to redeem in the aggregate up to 35% of the aggregate principal amount of Notes originally issued (calculated after giving effect to the original issuance of Additional Notes, if
any) at a redemption price in cash equal to 109.875% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption (subject to the right of the Holders of record on the relevant record date to receive
interest due on the relevant interest payment date); provided, however, that at least 65% of the aggregate principal amount of Notes originally issued under this Indenture (calculated after giving effect to the original issuance of Additional
Notes, if any) shall remain outstanding immediately after giving effect to each such redemption (excluding Notes held by the Company or any of its Subsidiaries). Notice of any such redemption shall be given within 120 after the date of the closing
of the relevant Equity Event. 
 (d) If, as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) or
treaties of the United Kingdom or any political subdivision or taxing authority thereof or therein affecting taxation, or any amendment to or change in an official interpretation or application of such laws, rules or regulations, which amendment to
or change of such laws, treaties, rules or regulations becomes effective on or after the date on which the Notes we are offering are issued (which, in the case of a merger, consolidation or other transaction permitted and described under
Section 5.01 hereof, shall be treated for this purpose as the date of such transaction), we would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts (provided that the Company shall not be
required to take any measures that, in its reasonable determination, would result in the imposition on it of any material legal or regulatory burden or the incurrence by it of any material costs, or would otherwise result in any material adverse
consequences), then, at the Company’s option, all, but not less than all, of the Notes may be redeemed at any time on giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the outstanding principal
amount, plus accrued and unpaid interest and any additional amounts due thereon up to but not including the date of redemption; provided, however, that 

 42 

 (1) no notice of redemption for tax reasons may be given earlier than 90 days prior to
the earliest date on which we would be obligated to pay these Additional Amounts if a payment on the Notes or the relevant Note Guarantee were then due, and 
 (2) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect. 
 Prior to the publication of any notice of redemption pursuant to this provision, the Company will deliver to the Trustee: 
 (1) a certificate signed by one of the Company’s duly authorized representatives stating that the Company is entitled to effect the
redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right to redeem have occurred, and 
 (2) an opinion of English legal counsel (which may be the Company’s counsel) of recognized standing to the effect that the Company has or will become obligated to pay such additional amounts as a result of such
change or amendment 
 As long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price
pursuant to this Indenture, interest will cease to accrue on Notes or portions thereof called for redemption on and after the applicable redemption date. 
 (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 Section 3.08         Mandatory Redemption; Escrow of Proceeds; Special Mandatory Redemption. 
 Each Holder, by its acceptance of a Note, authorizes and directs the Trustee to enter into the Escrow Agreement and to perform its respective obligations
and exercise its respective obligations and exercise its respective rights thereunder in accordance therewith. 
 Except as set forth below,
the Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 The Notes will be subject to
a special mandatory redemption (a “Special Mandatory Redemption”) in the event that any of the following occur: 
 (a) the Acquisition is not consummated on or before May 25, 2007; or 
 (b) the Merger Agreement is terminated
prior to May 25, 2007. 
 Notwithstanding any other provision of this Indenture, the Company will cause notice of the Special Mandatory
Redemption to be mailed no later than the next Business Day following May 25, 2007 or the next Business Day following the date on which the Merger Agreement is terminated, as applicable, and will redeem all outstanding principal amount of Notes
not later than five Business Days following the date of the notice of the Special Mandatory Redemption. The redemption price for the Special Mandatory Redemption will be 100% of the principal amount of the Notes, plus accrued and unpaid interest on
the Notes to, but excluding, the redemption date. 

 43 

 Section 3.09         Offer to Purchase by Application of Excess Proceeds.

 In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an Asset Sale Offer, it will follow the
procedures specified below. 
 To the extent there exist Excess Proceeds, pursuant to Section 4.10 hereof, the Company shall purchase
pursuant to an Asset Sale Offer from all tendering Holders on a pro rata basis (with such adjustments made so that no Notes will be purchased in an unauthorized denomination), and, at the Company’s option, on a pro rata basis with
the holders of any other Senior Indebtedness with similar provisions requiring the Company to offer to purchase the other Senior Indebtedness with the proceeds of Asset Sales, that principal amount (or accreted value in the case of Indebtedness
issued with original issue discount) of Notes and the other Senior Indebtedness to be purchased equal to such Excess Proceeds. The purchase date shall be no earlier than 30 days nor later than 60 days from the date notice of such Asset Sale Offer is
mailed, other than as may be required by law (the “Asset Sale Offer Payment Date”). 
 If the Asset Sale Offer Payment Date
is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional
interest will be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 
 Within 20 days following an Asset Sale Offer, the
Company shall send, by first class mail, a notice to the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer, including the
purchase date. The notice, which will govern the terms of the Asset Sale Offer, shall state: 
 (1) that the Asset Sale Offer
is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Excess Proceeds, Asset Sale Offer Amount and the Asset Sale Offer Payment Date; 
 (3)
that any Note not tendered or accepted for payment will continue to accrue interest; 
 (4) that, unless the Company defaults
in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer will cease to accrue interest after the Asset Sale Offer Payment Date; 
 (5) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in whole or in part
in integral multiples of U.S.$1,000 only in exchange for cash, provided that the principal amount of such tendering Holder’s Note shall not be less than U.S.$100,000; 
 (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least
three days before the Purchase Date; 
 (7) that Holders will be entitled to withdraw their election if the Company, the
Depositary or the Paying Agent, as the case may be, receives a telegram, telex, facsimile 

  

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transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such
Holder is withdrawing his election to have such Note purchased; 
 (8) that, if the aggregate principal amount of Notes and
other pari passu Senior Indebtedness surrendered by holders thereof exceeds the amount of Excess Proceeds, the Company will select the Notes and other pari passu Senior Indebtedness to be purchased on a pro rata basis based on
amounts tendered as set forth above (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of U.S.$1,000, or integral multiples thereof, will be purchased, provided that the principal amount of
such tendering Holder’s Note shall not be less than U.S.$100,000); and 
 (9) that Holders whose Notes were purchased
only in part shall be issued new Notes equal in principal amount to the portion thereof not purchased upon cancellation of the original Notes (or appropriate adjustments to the amount and beneficial interests in Global Notes, as appropriate)

 On or before the Asset Sale Offer Payment Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to
the extent necessary, the Asset Sale Offer Amount of Notes or portions thereof properly tendered and not withdrawn pursuant to the Asset Sale Offer, or if less than the Asset Sale Offer Amount has been tendered, all Notes properly tendered and not
withdrawn, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company in
accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Asset Sale Offer Payment Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will
authenticate and mail or deliver (or cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered
by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Asset Sale Offer Payment Date. The Company shall deposit with the Paying Agent funds in an amount equal to the Asset Sale Offer
Amount in respect of all Notes or portions thereof so tendered and not withdrawn. 
 Other than as specifically provided in this
Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
 ARTICLE 4 
 COVENANTS 
 Section 4.01         Payment of Notes. 
 The Company will pay or cause to be
paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company
or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 
  

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 The Company will pay interest (including Post-Petition Interest in any proceeding under any Bankruptcy
Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including Post-Petition Interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.02 Maintenance
of Office or Agency. 
 The Company will maintain an office or agency (which may be an office of the Trustee or an affiliate of the
Trustee, Registrar or co-registrar) required under Section 2.03 hereof, where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture
may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations.
The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof. 
 Section 4.03         Reports. 
 So long as any Notes remain outstanding: 
 (a) The Company shall provide the Trustee with annual
consolidated financial statements audited by an internationally recognized firm of independent public accountants within 135 days after the end of the Company’s fiscal year, and, commencing with the first full quarter after the Issue Date,
unaudited quarterly financial statements (including a balance sheet, income statement and cash flow statement for the fiscal quarter or quarters then ended and the corresponding fiscal quarter or quarters from the prior year, except that the
comparison of the balance sheet will be as of the end of the previous fiscal year) within 75 days of the end of each of the first three fiscal quarters of each fiscal year. Such annual and quarterly financial statements will be prepared in
accordance with GAAP and be accompanied by a “management discussion and analysis” of the results of operations and liquidity and capital resources of the Company and its Subsidiaries on a consolidated basis for the periods presented in a
level of detail comparable to the management discussion and analysis of the results of operations and liquidity and capital resources of the Company and its Subsidiaries contained in the Offering Circular, but excluding any country specific
financial data. English translations will be provided of any of the foregoing documents prepared in another language; 
 (b) The Company will
provide the Trustee copies (including English translations of documents prepared in another language) of all public filings made with any securities exchange or securities regulatory agency or authority within ten (10) Business Days of such
filing; provided, however, that no such filing will be required to be furnished if the Company determines in its good faith judgment that such event is not material to Holders or the business, assets, operations, financial positions or
prospects of the Company and its Restricted Subsidiaries, taken as a whole; and 
  

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 (c) The Company will make available, upon request, to any Holder and any prospective purchaser of Notes
the information required pursuant to Rule 144A(d)(4) under the Securities Act. 
 The Company will conduct a conference call bi-annually for
the Holders of the Notes, any prospective investor or any securities analyst to discuss the information furnished pursuant to clause (1) of the previous paragraph no later than ten days after furnishing any annual or second fiscal quarter
information. 
 So long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and traded on the Euro MTF market of
the Luxembourg Stock Exchange, the Company will make available the information specified in the preceding paragraph at the specified office of the Luxembourg paying agent for the Notes. For the avoidance of doubt, the first audited consolidated
financial statements of the Company to be delivered after the Merger Date shall only be required to include the period from the Merger Date to December 31, 2007. 
 Section 4.04         Compliance Certificate. 
 (a) The
Company shall deliver to the Trustee, within 135 days after the end of each fiscal year, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officer with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to
the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of
this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to
the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and
what action the Company is taking or proposes to take with respect thereto. 
 (b) So long as any of the Notes are outstanding, the Company
shall deliver to the Trustee upon becoming aware of any Default or Event of Default as promptly as practicable written notice of any event that would constitute a Defaults or Events of Default, their status and what action the Company is taking or
proposes to take in respect thereof. 
 Section 4.05         Taxes. 
 The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies
except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
 Section 4.06        Stay, Extension and Usury Laws. 
 The
Company and each of the Note Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law
wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or
advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such
law has been enacted. 
  

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 Section 4.07        Restricted Payments. 
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, take any of the following actions (each,
a “Restricted Payment”): 
 (a) declare or pay any dividend or return of capital or make any distribution on or in respect of
shares of Capital Stock of the Company or any Restricted Subsidiary to holders of such Capital Stock, other than: 
 (1)
dividends or distributions payable in Qualified Capital Stock of the Company, 
 (2) dividends, distributions or returns of
capital payable to the Company and/or a Restricted Subsidiary, or 
 (3) dividends, distributions or returns of capital made
on a pro rata basis to the Company and its Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of a Restricted Subsidiary, on the other hand (or on a less than pro rata basis to any minority holder);

 (b) purchase, redeem or otherwise acquire or retire for value: 
 (1) any Capital Stock of the Company, or 
 (2) any Capital Stock of any Restricted Subsidiary held by an Affiliate of the Company or any Preferred Stock of a Restricted Subsidiary, except for Capital Stock held by the Company or a Restricted Subsidiary or
purchases, redemptions, acquisitions or retirements for value of Capital Stock on a pro rata basis from the Company and/or any Restricted Subsidiaries, on the one hand, and minority holders of Capital Stock of a Restricted Subsidiary, on the
other hand, according to their respective percentage ownership of the Capital Stock of such Restricted Subsidiary; 
 (c) make any principal
payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, as the case may be, any Subordinated Indebtedness; or

 (d) make any Restricted Investment; 
 if at
the time of the Restricted Payment immediately after giving effect thereto: 
 (1) a Default or an Event of Default shall have
occurred and be continuing; 
 (2) the Company is not able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to
clause (1) of Section 4.09 hereof, or 
 (3) the aggregate amount (the amount expended for these purposes, if other
than in cash, being the Fair Market Value of the relevant property) of the proposed Restricted Payment and all other Restricted Payments made subsequent to the Issue Date up to the date thereof shall exceed the sum of: 
 (A) 50% of cumulative Operating Cash Flow of the Company accrued during the period, treated as one accounting period, beginning on the
first day of the first full fiscal quarter commencing after the Merger Date to the end of the most recent fiscal quarter for which consolidated financial information of the Company is available; plus 
  

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 (B) 100% of the aggregate net cash proceeds received by the Company from any Person from
any: 
 (1)(i) contribution to the equity capital of the Company not representing an interest in Disqualified Capital Stock,
(ii) issuance and sale of Qualified Capital Stock of the Company or (iii) Subordinated Shareholder Funding, in each case, subsequent to the Merger Date, or 
 (2) issuance and sale subsequent to the Merger Date (and, in the case of Indebtedness of a Restricted Subsidiary, at such time as it was
a Restricted Subsidiary) of any Indebtedness for borrowed money of the Company or any Restricted Subsidiary that has been converted into or exchanged for Qualified Capital Stock of the Company; 
 excluding, in each case, any net cash proceeds: 
 (w) received from a Restricted Subsidiary of the Company; 
 (x) used to redeem Notes under Section 3.07(c) hereof; 
 (y) used to acquire Capital Stock or other assets from an Affiliate of the Company; or 
 (z) applied in accordance with clause (2), (3) or (4) of the second paragraph of this Section 4.07; plus 
 (C) to the extent that any Restricted Investment that was made after the Issue Date is sold for cash or otherwise liquidated or repaid for
cash, the lesser of (i) the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any) and (ii) the initial amount of such Restricted Investment; plus 
 (D) to the extent that any Unrestricted Subsidiary of the Company designated as such after the Issue Date is redesignated as a Restricted
Subsidiary after the Issue Date, the lesser of (i) the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation or (ii) such Fair Market Value as of the date on which such Subsidiary was
originally designated as an Unrestricted Subsidiary after the Issue Date; plus 
 (E) 50% of any dividends received by the
Company or a Restricted Subsidiary of the Company after the Issue Date from an Unrestricted Subsidiary of the Company, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Company for such period.

 Notwithstanding the preceding paragraph, this Section 4.07 does not prohibit: 
 (4) the payment of any dividend or other distribution or redemption within 60 days after the date of declaration of such dividend or call
for redemption if such payment would have been permitted on the date of declaration or call for redemption pursuant to the preceding paragraph; 
  

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 (5) the purchase, redemption or other acquisition or retirement of Capital Stock of the
Company either (i) in exchange for Qualified Capital Stock of the Company or (ii) through the application of the net cash proceeds received by the Company from (x) a substantially concurrent sale of Qualified Capital Stock of the
Company or (y) a contribution to the Capital Stock of the Company not representing an interest in Disqualified Capital Stock, in each case, not received from a Restricted Subsidiary of the Company; provided that the value of any such Qualified
Capital Stock issued in exchange for such acquired Capital Stock and any such net cash proceeds will be excluded from clause (3)(B) of this Section 4.07 (and were not included therein at any time); 
 (6) the voluntary prepayment, purchase, defeasance, redemption or other acquisition or retirement for value of any Subordinated
Indebtedness solely in exchange for, or through the application of net cash proceeds of a substantially concurrent sale, other than to a Restricted Subsidiary of the Company, of: 
 (x) Qualified Capital Stock of the Company or 
 (y) Refinancing Indebtedness for such Subordinated Indebtedness; 
 provided, that the value of any Qualified Capital Stock issued in exchange for Subordinated Indebtedness and any net cash proceeds referred to
above shall be excluded from clause (3)(B) of this Section 4.07 (and were not included therein at any time); 
 (7)
an Investment either (a) solely in exchange for Qualified Capital Stock of the Company or (b) through the application of the net proceeds of a substantially concurrent sale for cash of Qualified Capital Stock (other than to a Restricted
Subsidiary of the Company); provided that the value of any such Qualified Capital Stock issued and any such net cash proceeds will be excluded from clause (3)(B) of this Section 4.07 (and were not included therein at any time); 

(8) repurchases by the Company of Capital Stock of the Company or options, warrants or other securities exercisable or convertible into
Capital Stock of the Company from employees or directors of the Company or any of its Subsidiaries or their authorized representatives upon the death, disability or termination of employment or directorship of the employees or directors, in an
amount not to exceed U.S.$1.5 million (or the equivalent in other currencies) in any calendar year and U.S.$5 million (or the equivalent in other currencies) in the aggregate; provided that no such Restricted Payment shall be permitted to be
made pursuant to this clause (5) unless the Company’s cumulative Operating Cash Flow for the period referred to in clause (3)(A) of this Section 4.07 is positive at the time such Restricted Payment is made; 
 (9) in the event of a Change of Control, the payment, purchase, redemption, defeasance or other acquisition or retirement of Subordinated
Indebtedness, in each case, at a purchase price not greater than 101% of the principal amount of such Indebtedness (or, if such Indebtedness was issued with original issue discount, 101% of the accreted value), plus any accrued and unpaid interest
thereon; provided, however, that prior to such payment, purchase, redemption, defeasance or other acquisition or retirement, the Company has made a Change of Control Offer with respect to the Notes as a result of such Change of Control and
has repurchased all Notes validly tendered and not withdrawn in connection with such Change of Control Offer; 
  

 50 

 (10) the payment, purchase, redemption, defeasance or other acquisition or retirement of
Subordinated Indebtedness from Net Cash Proceeds to the extent not prohibited under Section 4.10 hereof. 
 (11)
repurchases of Capital Stock deemed to occur upon exercise of stock options, warrants or other similar rights if such Capital Stock represents a portion of the exercise price of such options, warrants or other similar rights; and 
 (12) Restricted Payments in an amount which, when taken together with all Restricted Payments made pursuant to this clause (9), does not
exceed U.S.$5 million (or the equivalent in other currencies); provided that no such Restricted Payment shall be permitted to be made pursuant to this clause (9) unless the Company’s cumulative Operating Cash Flow for the period
referred to in clause (3)(A) of this Section 4.07 is positive at the time such Restricted Payment is made. 
 In determining the
aggregate amount of Restricted Payments made subsequent to the Issue Date, amounts expended pursuant to clauses (1) (without duplication for the declaration of the relevant dividend), (5), (6) and (7) of the immediately preceding
paragraph shall be included in such calculation and amounts expended pursuant to clauses (2), (3), (4), (8) and (9) of the immediately preceding paragraph shall not be included in such calculation. 
 The amount of any Restricted Payments not in cash will be the Fair Market Value on the date of such Restricted Payment of the property, assets or
securities proposed to be paid, transferred or issued by the Company or the relevant Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. For the avoidance of doubt, payments made pursuant to the terms of the Intercompany
Agreements shall not be deemed to constitute Restricted Payments. 
 Section 4.08        Dividend and Other
Payment Restrictions Affecting Restricted Subsidiaries. 
 (a) Except as provided in paragraph (b) below, the Company will not, and
will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (1) pay dividends or make any other distributions on or in respect of its Capital Stock to the Company or any other Restricted Subsidiary
or pay any Indebtedness owed to the Company or any other Restricted Subsidiary; 
 (2) make loans or advances to, or Guarantee
any Indebtedness or other obligations of, or make any Investment in, the Company or any other Restricted Subsidiary; or 
 (3)
transfer any of its property or assets to the Company or any other Restricted Subsidiary. 
 (b) Paragraph (a) above will not apply to
encumbrances or restrictions existing under or by reason of: 
 (1) applicable law, rule, regulation or order; 
  

 51 

 (2) this Indenture or the Notes; 
 (3) the terms of any Indebtedness outstanding on the Merger Date, as set forth in the Offering Circular, and any amendments or
restatements thereof; provided, that any amendment or restatement is not, taken as a whole, materially more restrictive with respect to such encumbrances or restrictions than those in existence on the Merger Date; 
 (4) customary non-assignment provisions of any contract and customary provisions restricting assignment or subletting in any lease
governing a leasehold interest of any Restricted Subsidiary; 
 (5) any customary restriction on the ability of a Restricted
Subsidiary to dividend, distribute or otherwise transfer any asset which secures Indebtedness secured by a Lien, in each case permitted to be Incurred under this Indenture; 
 (6) restrictions with respect to a Restricted Subsidiary of the Company imposed pursuant to a binding agreement which has been entered
into for the sale or disposition of Capital Stock or assets of such Restricted Subsidiary; provided, that such restrictions apply solely to the Capital Stock or assets of such Restricted Subsidiary being sold; 
 (7) customary restrictions imposed on the transfer of copyrighted or patented materials; 
 (8) Purchase Money Indebtedness and Capital Lease Obligations for assets acquired in the ordinary course of business and pursuant to the
covenant described under Section 4.09 hereof that impose encumbrances and restrictions only on the assets so acquired or subject to lease; 
 (9) any agreement governing Acquired Indebtedness, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the
Person so acquired; 
 (10) restrictions on the transfer of assets subject to any Permitted Lien; 
 (11) customary provisions restricting the ability of any Restricted Subsidiary to undertake any action described in clauses (a)(1) through
(a)(3) above in joint venture agreements and other similar agreements entered into in the ordinary course of business and with the approval of the Company’s Board of Directors; 
 (12) customary restrictions on cash or other deposits imposed by customers under contracts or other arrangements entered into or agreed to
in the ordinary course of business; 
 (13) net worth provisions in leases and other agreements entered into by the Company or
any Restricted Subsidiary in the ordinary course of business; and 
 (14) any agreement governing Indebtedness Incurred to
Refinance the Indebtedness issued, assumed or Incurred pursuant to an agreement referred to in clauses (2), (3), (8), and (9) of this paragraph (b); provided, that such Refinancing agreement is not, taken as a whole, materially more
restrictive with respect to such encumbrances or restrictions than those contained in the agreement referred to in such clause. 
  

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 Section 4.09         Incurrence of Additional Indebtedness.

 (1) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly,
Incur any Indebtedness, except that: 
 (a) the Company and any Note Guarantor may Incur Indebtedness and 
 (b) any Restricted Subsidiary may Incur Acquired Indebtedness not Incurred in anticipation or contemplation of the relevant acquisition,
merger or consolidation, 
 if, at the time of and immediately after giving pro forma effect to the Incurrence thereof and the application of
the proceeds therefrom, the Consolidated Total Indebtedness to Consolidated EBITDA Ratio of the Company is less than 4.0 to 1.0. 
 (2) Notwithstanding clause (1) above, the Company and its Restricted Subsidiaries, as applicable, may Incur the following Indebtedness (“Permitted Indebtedness”): 
 (a) Indebtedness in respect of the Notes and the Notes Guarantees, excluding Additional Notes and guarantees thereof; 
 (b) Guarantees by the Company or any Note Guarantor of Indebtedness permitted under this Indenture provided, that if any such Guarantee is
of Subordinated Indebtedness, then the Guarantee of the Company or such Note Guarantor of such Subordinated Indebtedness shall be subordinated to the Notes or Note Guarantees, as applicable; 
 (c) Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Merger Date that is incurred in connection with the
Merger, as set forth in the Offering Circular; 
 (d) Hedging Obligations entered into by the Company and its Restricted
Subsidiaries in the ordinary course of business and not for speculative purposes; 
 (e) intercompany Indebtedness between the
Company and any Restricted Subsidiary or between any Restricted Subsidiaries; provided that: 
 (1) if the Company or
any Note Guarantor is the obligor on such Indebtedness, such Indebtedness must be (i) unsecured and (ii) if the obligee is neither the Company nor a Note Guarantor, expressly subordinated to the prior payment in full of all obligations
under the Notes and this Indenture, in the case of the Company, or such Note Guarantor’s Note Guarantee, in the case of any such Note Guarantor, and 
 (2) in the event that at any time any such Indebtedness ceases to be held by the Company or a Restricted Subsidiary, such Indebtedness shall be deemed to be Incurred by the Company or the applicable Restricted
Subsidiary, as the case may be, and not permitted by this clause (e) at the time such event occurs; 
 (f) Indebtedness
of the Company or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently (including daylight overdrafts paid in full by the close of business on the
day such overdraft was Incurred) drawn against insufficient funds in the ordinary course of business; provided, that such Indebtedness is extinguished within five Business Days of Incurrence; 
  

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 (g) Indebtedness of the Company or any of its Restricted Subsidiaries in respect of
performance bonds, bankers’ acceptances, workers’ compensation claims, bid, surety or appeal bonds, payment obligations in connection with self-insurance, insurance premiums or similar obligations, security deposits and bank overdrafts
(and letters of credit in connection with, in lieu of or in respect of each of the foregoing), in each case in the ordinary course of business; 
 (h) Refinancing Indebtedness in respect of: 
 (1) Indebtedness (other than Indebtedness owed
to the Company or any Subsidiary of the Company) Incurred pursuant to clause (1) above (it being understood that no Indebtedness outstanding on the Merger Date is Incurred pursuant to such clause (1) above), or 
 (2) Indebtedness Incurred pursuant to clause (a) or (c) of this Section 4.09 (excluding Indebtedness owed to the Company
or a Subsidiary of the Company) above; 
 (i) Capitalized Lease Obligations and Purchase Money Indebtedness of the Company or
any Restricted Subsidiary in an aggregate principal amount not to exceed U.S.$20 million at any one time outstanding; 
 (j)
Indebtedness arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred in connection with the disposition of any business, assets or
Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; provided that the maximum aggregate liability in respect of
all such Indebtedness will at no time exceed the gross proceeds (including the Fair Market Value of non-cash consideration) actually received by (or held in escrow for later release to) the Company and such Restricted Subsidiary in connection with
such disposition; 
 (k) Indebtedness of the Company or any of its Restricted Subsidiaries to the extent the net proceeds
thereof are promptly used to redeem, satisfy, defease or discharge the Notes in full, in each case, in accordance with this Indenture; 
 (l) Indebtedness of any Restricted Subsidiary to the applicable financial institution in connection with the arrangements described in clause (11) of the definition of Permitted Investment; 
 (m) Indebtedness arising out of the Intercompany Agreements, to the extent such Indebtedness is incurred in the ordinary course of
business; 
 (n) Indebtedness of the Company consisting of Subordinated Shareholder Funding; and 
 (o) in addition to Indebtedness referred to in clauses (a) through (n) above, Indebtedness of the Company or any Note Guarantor
in an aggregate principal amount not to exceed U.S.$10 million at any one time outstanding. 
  

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 (3) The Company will not, and will not permit any Note Guarantor to, directly or
indirectly, Incur any Indebtedness that is contractually subordinate in right of payment to any other Indebtedness, unless such Indebtedness is expressly subordinate in right of payment to the Notes or, in the case of a Note Guarantor, its Note
Guarantee to the same extent and on the same terms as such Indebtedness is subordinate to such other Indebtedness; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other
Indebtedness solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis. 
 (4) For
purposes of determining compliance with, and the outstanding principal amount of, any particular Indebtedness Incurred pursuant to and in compliance with this Section 4.09: 
 (a) the outstanding principal amount of any item of Indebtedness will be counted only once (without duplication for guarantees or
otherwise); 
 (b) in the event that an item of Indebtedness meets the criteria of more than one of the categories of
Permitted Indebtedness described in clauses (a) through (n) of paragraph (2) above or is entitled to be incurred pursuant to clause (o) of paragraph (2) above, the Company may, in its sole discretion, divide and classify (or
at any time reclassify) such item of Indebtedness in any manner that complies with this Section 4.09; 
 (c) the amount
of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP. Accrual of interest, the accretion or amortization of original issue
discount, the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the payment of regularly scheduled dividends on Disqualified Capital Stock in the form of additional Disqualified Capital Stock
with the same terms will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.09; provided that any such outstanding additional Indebtedness or Disqualified Capital Stock paid in respect of Indebtedness Incurred
pursuant to any provision of paragraph (2) of this Section 4.09 will be counted as Indebtedness outstanding thereunder for purposes of any future Incurrence under such provision; and 
 (d) with respect to any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount
of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of revolving
credit Indebtedness; provided that if such Indebtedness is incurred to Refinance other Indebtedness denominated in a foreign currency, and such Refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the
principal amount of such Indebtedness being Refinanced. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company may incur pursuant to this Section 4.09 shall not be deemed to be
exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness incurred to Refinance other Indebtedness, if incurred in a different currency from the Indebtedness being Refinanced, shall be
calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such Refinancing. 

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 Section 4.10         Asset Sales. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 
 (a) the Company or the applicable Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least equal to the
Fair Market Value of the assets sold or otherwise disposed of, and 
 (b) at least 75% of the consideration received for the assets sold by
the Company or the Restricted Subsidiary, as the case may be, in the Asset Sale shall be in the form of (1) cash or Cash Equivalents, (2) assets (other than current assets as determined in accordance with GAAP or Capital Stock) to be used
by the Company or any Restricted Subsidiary in a Permitted Business, (3) Capital Stock in a Person engaged solely in a Permitted Business that will become a Restricted Subsidiary as a result of such Asset Sale or (4) a combination of cash,
Cash Equivalents and such assets. 
 The Company or such Restricted Subsidiary, as the case may be, may apply the Net Cash Proceeds of any
such Asset Sale within 365 days thereof to: 
 (a) repay any Senior Indebtedness of the Company or a Note Guarantor for borrowed money or
constituting a Capitalized Lease Obligation and permanently reduce the commitments with respect thereto without Refinancing, or 
 (b)
purchase: 
 (1) assets (other than current assets as determined in accordance with GAAP or Capital Stock) to be used by the
Company or any Restricted Subsidiary in a Permitted Business, or 
 (2) Capital Stock of a Person primarily engaged in a
Permitted Business that will become, upon purchase, a Restricted Subsidiary 
 from a Person other than the Company and its Restricted
Subsidiaries. 
 For the purpose of this Section 4.10, any securities, notes or other obligations received by the Company or any such
Restricted Subsidiary from such transferee shall be deemed to be cash to the extent, and in the amount, that they are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 90 days of the receipt thereof (subject
to ordinary settlement periods). 
 To the extent all or a portion of the Net Cash Proceeds of any Asset Sale are not applied within the 365
days of the Asset Sale as described in clause (a) or (b) of the second preceding paragraph, the Company shall make an offer to purchase Notes (an “Asset Sale Offer”), at a purchase price equal to 100% of the principal
amount of the Notes to be purchased, plus accrued and unpaid interest thereon, to the date of purchase (the “Asset Sale Offer Amount”). The Company shall purchase pursuant to an Asset Sale Offer from all tendering Holders on a
pro rata basis (with such adjustments made so that no Notes will be purchased in an unauthorized denomination), and, at the Company’s option, on a pro rata basis with the holders of any other Senior Indebtedness with similar
provisions requiring the Company to offer to purchase the other Senior Indebtedness with the proceeds of Asset Sales, that principal amount (or accreted value in the case of Indebtedness issued with original issue discount) of Notes and the other
Senior Indebtedness to be purchased equal to such Excess Proceeds. The Company may satisfy its obligations under this Section 4.10 with respect to the Net Cash Proceeds of an Asset Sale by making an Asset Sale Offer prior to the expiration of
the relevant 365-day period. 
  

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 Notwithstanding the foregoing, the Company may defer an Asset Sale Offer until there is an aggregate
amount of Excess Proceeds from one or more Asset Sales equal to or in excess of U.S.$10 million (or the equivalent in other currencies). At that time, the entire amount of Excess Proceeds, and not just the amount in excess of U.S.$10 million (or the
equivalent in other currencies), will be applied as required pursuant to this Section 4.10. Pending application in accordance with this Section 4.10, Net Cash Proceeds will be applied to temporarily reduce revolving credit borrowings that
can be reborrowed or Invested in Cash Equivalents. 
 Each notice of an Asset Sale Offer will be provided to the Holders within 20 days
following such 365th day, with a copy to the Trustee offering to purchase the Notes as described above. Each notice of an Asset Sale Offer will state, among other things, the purchase date, which must be no earlier than the Asset Sale Offer Payment
Date. 
 Upon receiving notice of an Asset Sale Offer, Holders may elect to tender their Notes in whole or in part in integral multiples of
U.S.$1,000 in exchange for cash; provided that the principal amount of such tendering Holder’s Note shall not be less than U.S.$100,000. 
 On the Asset Sale Offer Payment Date, the Company will, to the extent lawful: 
 (a) accept for payment all
Notes or portions thereof properly tendered and not withdrawn pursuant to the Asset Sale Offer; 
 (b) deposit with the Paying Agent funds in
an amount equal to the Asset Sale Offer Amount in respect of all Notes or portions thereof so tendered and not withdrawn; and 
 (c) deliver
or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 To the extent Holders of Notes and holders of other Senior Indebtedness, if any, which are the subject of an Asset Sale Offer properly tender and do not
withdraw Notes or the other Senior Indebtedness in an aggregate amount exceeding the amount of Excess Proceeds, the Company will purchase the Notes and the other Senior Indebtedness on a pro rata basis (based on amounts tendered) as set forth
above. If only a portion of a Note is purchased pursuant to an Asset Sale Offer, a new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon cancellation of the original Note (or
appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate). Notes (or portions thereof) purchased pursuant to an Asset Sale Offer will be cancelled and cannot be reissued. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other applicable securities laws in connection with the
purchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with the “Asset Sale” provisions of Section 3.09 hereof or this Section 4.10, the
Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this Section 4.10 by virtue of such compliance. 
 Upon completion of an Asset Sale Offer, the amount of Net Cash Proceeds will be reset at zero. Accordingly, to the extent that the aggregate amount of
Notes and other Indebtedness tendered pursuant to an Asset Sale Offer is less than the aggregate amount of Excess Proceeds, the Company may use any remaining Net Cash Proceeds in any manner not otherwise prohibited by this Indenture. 
  

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 Section 4.11        Transactions with Affiliates. 
 (1) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into any transaction or
series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) involving aggregate consideration in excess of U.S.$1 million (or equivalent in other currencies)
with, or for the benefit of, any of its Affiliates (each an “Affiliate Transaction”), unless: 
 (a) the
terms of such Affiliate Transaction are no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company;

 (b) in the event that such Affiliate Transaction involves aggregate payments, or transfers of property or services with a
Fair Market Value, in excess of U.S.$5 million (or the equivalent in other currencies), the terms of such Affiliate Transaction will be approved by a majority of the members of the Board of Directors of the Company (including a majority of the
disinterested members thereof, but only to the extent there are disinterested members with respect to such Affiliate Transaction), the approval to be evidenced by a Board Resolution stating that the Board of Directors has determined that such
transaction complies with the preceding provisions; and 
 (c) in the event that such Affiliate Transaction involves aggregate
payments, or transfers of property or services with a Fair Market Value, in excess of U.S.$15 million (or the equivalent in other currencies), the Company will, prior to the consummation thereof, obtain a favorable opinion as to the fairness of such
Affiliate Transaction to the Company and the relevant Restricted Subsidiary (if any) from a financial point of view from an Independent Financial Advisor and file the same with the Trustee. 
 (2) Paragraph (1) above will not apply to: 
 (a) Affiliate Transactions with or among the Company and any Restricted Subsidiary or between or among Restricted Subsidiaries;

 (b) reasonable fees and compensation paid to, and any indemnity provided on behalf of (and entering into related agreements
with), officers, directors, employees, consultants or agents of the Company or any Restricted Subsidiary as determined in good faith by the Company’s Board of Directors or senior management; 
 (c) Affiliate Transactions undertaken pursuant to (i) any contractual obligations or rights in existence on the Issue Date,
(ii) any contractual obligations or rights to be in existence on the Merger Date and that are described under the section of the Offering Circular entitled “Certain Relationships and Related Transactions,” including, but not limited
to, the Intercompany Agreements and (iii) any amendment or replacement agreement to the obligations and rights described in clauses (i) and (ii) above, so long as such amendment or replacement agreement is not more disadvantageous to
the Holders in any material respect, taken as a whole, than the original agreement; 
  

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 (d) any Restricted Payments made in compliance with Section 4.07 hereof and
Permitted Investments permitted under this Indenture; 
 (e) loans and advances to officers, directors and employees of the
Company or any Restricted Subsidiary for travel, entertainment, moving and other relocation expenses, in each case made in the ordinary course of business and not exceeding U.S.$2 million outstanding at any one time; 
 (f) the provision of administrative services to any Unrestricted Subsidiary on substantially the same terms provided to or by Restricted
Subsidiaries; 
 (g) transactions for the purchase and sale of telecommunications products and services in the ordinary course
of business and on terms no less favorable than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the Company; and 
 (h) the issuance of any Subordinated Shareholder Funding. 
 Section 4.12        Liens. 
 The Company will not, and
will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Liens of any kind (except for Permitted Liens) against or upon any of their respective properties or assets, whether owned on the Issue Date or
acquired after the Issue Date, or any proceeds therefrom, to secure any Indebtedness unless contemporaneously therewith effective provision is made: 
 (1) in the case of the Company or any Restricted Subsidiary other than a Note Guarantor, to secure the Notes and all other amounts due under this Indenture; and 
 (2) in the case of a Note Guarantor, to secure such Note Guarantor’s Note Guarantee of the Notes and all other amounts due under this
Indenture; 
 in each case, equally and ratably with such Indebtedness or other obligation (or, in the event that such Indebtedness is subordinated in right
of payment to the Notes or such Note Guarantee, as the case may be, prior to such Indebtedness or other obligation) with a Lien on the same properties and assets securing such Indebtedness or other obligation for so long as such Indebtedness or
other obligation is secured by such Lien. 
 Section 4.13        Conduct of Business. 
 The Company and its Restricted Subsidiaries shall not engage in any business other than a Permitted Business. 
 Section 4.14        Corporate Existence. 
 Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
 (1) its corporate existence, and the corporate, partnership or other existence of each of its Significant Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Significant Subsidiary; and 
  

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 (2) the rights (charter and statutory), licenses and franchises of the Company and its
Significant Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Significant Subsidiaries, if the Board of
Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Significant Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the
Holders of the Notes. 
 Section 4.15        Offer to Repurchase Upon Change of Control. 
 (a) Upon the occurrence of a Change of Control, each Holder will have the right to require that the Company purchase all or a portion (in integral
multiples of U.S.$1,000, provided that the principal amount of such Holder’s Note will not be less than U.S.$100,000) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid
interest thereon through the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) (the “Change of Control Payment”). Within 30 days
following the date upon which the Change of Control occurred, the Company must send, by first-class mail, a notice to each Holder, with a copy to the Trustee, offering to purchase the Notes as described above (a “Change of Control
Offer”) and publish the Change of Control Offer on the website of the Luxembourg Stock Exchange at www.bourse.lu (and if the rules of the Luxembourg Stock Exchange so requires, in a newspaper having a general circulation in
Luxembourg (which is expected to be the d’Wort)). The Change of Control Offer shall state: 
 (1) that the Change
of Control Offer is being made pursuant to this Section 4.15 and that all Notes tendered will be accepted for payment; 
 (2) the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed, except as may be required by law (the “Change of Control Payment Date”);

 (3) that any Note not tendered will continue to accrue interest; 
 (4) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the
Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 
 (5) that Holders electing
to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed (or with appropriate adjustments to the
amount and beneficial interests in a Global Note, as appropriate), to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the
second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is
withdrawing his election to have the Notes purchased; and 
  

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 (7) that Holders whose Notes are being purchased only in part will be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered in integral multiples of U.S.$1,000, provided that the principal amount of such Holder’s Note will not be less than U.S.$100,000. 
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change in Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of Sections 3.09 or
4.15 hereof, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.09 hereof or this Section 4.15 by virtue of such compliance. 
 (b) On the Change of Control Payment Date, the Company will, to the extent lawful: 
 (1) accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of Control Offer;

 (2) deposit with the Paying Agent funds in an amount equal to the Change of Control Payment in respect of all Notes or
portions thereof so tendered and not withdrawn; and 
 (3) deliver or cause to be delivered to the Trustee the Notes so
accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 If only a portion of a Note is purchased pursuant to a Change of Control Offer, a new Note in a principal amount equal to the portion thereof not purchased will be issued in the name of the Holder thereof upon
cancellation of the original Note (or appropriate adjustments to the amount and beneficial interests in a Global Note will be made, as appropriate). Notes (or portions thereof) purchased pursuant to a Change of Control Offer will be cancelled and
cannot be reissued. 
 (c) Notwithstanding anything to the contrary in this Section 4.15, the Company will not be required to make a
Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in a manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.15 and Section 3.09 hereof and
purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 The obligation of the Company to make a Change
of Control Offer may be waived or modified at any time prior to the occurrence of such Change of Control with the written consent of Holders of a majority in principal amount of the Notes. 
 Section 4.16         No Amendment to Subordination Provisions. 
 Without the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, the Company will not amend, modify
or alter any Subordinated Shareholder Funding after its issuance in any way to: 
 (1) increase the rate of or change the time
for payment of interest on any Subordinated Shareholder Funding; 
 (2) advance the final maturity date of any Subordinated
Shareholder Funding; 
  

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 (3) alter the redemption provisions or the price or terms at which the Company is
required to offer to purchase any Subordinated Shareholder Funding; or 
 (4) amend the subordination provisions contained in
documents governing any Subordinated Shareholder Funding. 
 Section 4.17        Payments for Consent.

 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any
consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to
all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.18        Note Guarantees. 
 Upon consummation
of the Merger, the Company will cause each of its Restricted Subsidiaries (other than IMPSAT Colombia for so long as it is prevented from providing a Note Guarantee under the Colombian Notes) to execute a Note Guarantee and this Indenture and
deliver an Opinion of Counsel to the Trustee within 10 Business Days of the Merger Date to the effect that such actions have been duly authorized, executed and delivered by such Restricted Subsidiary and constitute valid and binding agreements of
such Restricted Subsidiary, enforceable in accordance with its terms (subject to customary exceptions). The form of such Note Guarantee is attached as Exhibit E hereto. 
 If the Company or any of its Restricted Subsidiaries acquires or creates a Material Subsidiary after the Merger Date, then the Company will cause that newly acquired or created Material Subsidiary to execute a Note
Guarantee pursuant to a supplemental indenture in form and substance satisfactory to the Trustee and deliver an Opinion of Counsel to the Trustee within 10 Business Days of the date on which it was acquired or created to the effect that such
supplemental indenture has been duly authorized, executed and delivered by such Material Subsidiary and constitutes a valid and binding agreement of such Material Subsidiary, enforceable in accordance with its terms (subject to customary
exceptions). The form of such Note Guarantee is attached as Exhibit E hereto. 
 Section 4.19        Designation of Unrestricted Subsidiaries. 
 The Company may
designate after the Issue Date any Subsidiary of the Company as an “Unrestricted Subsidiary” under this Indenture (a “Designation”) only if: 
 (1) no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such Designation and any
transactions between the Company or any of its Restricted Subsidiaries and such Unrestricted Subsidiary are in compliance with Section 4.11 hereof; and 
 (2) the Company would be permitted to make an Investment at the time of Designation (assuming the effectiveness of such Designation and
treating such Designation as an Investment at the time of Designation) as a Restricted Payment pursuant to the first paragraph of Section 4.07 hereof in an amount (the “Designation Amount”) equal to the amount of the
Company’s Investment in such Subsidiary on such date (as determined in accordance with the second paragraph of the definition of “Investment”). 
  

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 Neither the Company nor any Restricted Subsidiary will at any time: 
 (1) provide credit support for, subject any of its property or assets (other than the Capital Stock of any Unrestricted Subsidiary) to the
satisfaction of, or Guarantee, any Indebtedness of any Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness); or 
 (2) be directly or indirectly liable for any Indebtedness of any Unrestricted Subsidiary. 
 The Company may revoke any Designation of a Subsidiary as an Unrestricted Subsidiary (a “Revocation”) only if: 
 (1) no Default or Event of Default shall have occurred and be continuing at the time of and after giving effect to such Revocation; and

 (2) all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately following such Revocation would, if
Incurred at the time of Revocation, be permitted to be Incurred pursuant to this Indenture. 
 The Designation of a Subsidiary of the Company
as an Unrestricted Subsidiary shall be deemed to include the designation of all of the subsidiaries of such subsidiary. All Distributions and Revocations must be evidenced by resolutions of the Board of Directors of the Company, delivered to the
Trustee certifying compliance with the preceding provisions. 
 Section 4.20        Additional Amounts

 All payments made by the Company, any Note Guarantor or a successor of the foregoing (each, a “Payor”) under, or with
respect to, the Notes or the relevant Note Guarantee will be made free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge (including
penalties, interest and other liabilities related thereto) (collectively, “Taxes”) imposed, levied, collected or assessed by or on behalf of (1) the United Kingdom or any political subdivision or governmental authority thereof
or therein having power to tax, (2) any jurisdiction from or through which payment on the Notes or the relevant Note Guarantee is made on behalf of the Company or any Note Guarantor, or any political subdivision or governmental authority
thereof or therein having the power to tax or (3) any other jurisdiction in which a Payor is organized or resident, or any political or governmental authority thereof or therein having the power to tax (each of clause (1), (2) and (3), a
“Relevant Taxing Jurisdiction”), unless the withholding or deduction of such Taxes is then required by law or the interpretation or administration thereof. 
 If any deduction or withholding for, or on account of, any Taxes of any Relevant Taxing Jurisdiction will at any time be required from any payments made
with respect to the Notes or the relevant Note Guarantee, including payments of principal, premium, if any, redemption price or interest, the Payor will pay (together with such payments) such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received in respect of such payments by each Holder, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), will not be
less than the amounts which would have been received in respect of such payments in the absence of such withholding or deduction; provided, however, that no such Additional Amounts will be payable with respect to: 
 (1) any Taxes that would not have been so imposed but for the existence of any present or former connection between the relevant Holder or
beneficial owner (or between a fiduciary, settlor, beneficiary, member, partner or shareholder of, or possessor of power over, the relevant Holder or beneficial owner, if the relevant Holder or beneficial owner is an estate, nominee, trust, limited
liability company, partnership or corporation) and the Relevant Taxing Jurisdiction (other than the mere receipt of such payment or the ownership or holding of such Note or enforcement of rights thereunder or the receipt of payments in respect
thereof); 
  

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 (2) any estate, inheritance, gift, sales, excise, transfer, personal property tax or
similar tax, assessment or governmental charge; 
 (3) any Taxes payable otherwise than by deduction or withholding from
payments on or in respect of any Note or Note Guarantee; 
 (4) any Taxes which would not have been imposed, payable or due if
the Notes are held in definitive registered form (“Definitive Registered Notes”) and the presentation (where presentation is required) of Definitive Registered Notes for payment had occurred within 30 days after the date such
payment was due and payable or was provided for, whichever is later, except for Additional Amounts with respect to Taxes that would have been imposed had the Holder presented the Note for payment within such 30-day period; 
 (5) any Taxes that are imposed or withheld by reason of the failure of the Holder or beneficial owner of a Note to comply, at the
Company’s reasonable request, with certification, identification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the Relevant Taxing Jurisdiction of the Holder or
such beneficial owner or to make, at the Company’s reasonable request, any other claim or filing for exemption to which it is entitled if such compliance, making a claim or filing for exemption is required or imposed by a statute, treaty or
regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such Taxes; 
 (6) any withholding or deduction imposed on a payment to an individual and required to be made pursuant to EC Council Directive 2003/48/EC on the taxation of savings income which was adopted by the ECOFIN Council (the Council of EU Finance
and Economic Ministers) on June 3, 2003, or any law implementing or complying with, or introduced to conform to, such directive, or pursuant to related measures entered into on a reciprocal basis between member states of the European Union and
certain non-European Union countries and dependent or associated territories; 
 (7) any Taxes which could have been avoided
by the presentation (where presentation is required) of the relevant Note to another Paying Agent in a EU Country; or 
 (8)
any combination of the above. 
 Such Additional Amounts will not be payable with respect to any payment of principal of (or premium, if any,
on) or interest on such Note or Note Guarantee to any Holder who is a fiduciary or partnership or any person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member
of such a partnership or the beneficial owner of such payment would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note. 
  

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 The Payor will (1) make any required withholding or deduction and (2) remit the full amount
deducted or withheld to the applicable taxing authority in the Relevant Taxing Jurisdiction in accordance with applicable law. 
 The Payor
will use all reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Relevant Taxing Jurisdiction imposing such Taxes and upon request will provide such certified copies to
the Trustee. The Payor will attach to each certified copy a certificate stating (x) that the amount of withholding Taxes evidenced by the certified copy was paid in connection with payments in respect of the principal amount of Notes then
outstanding and (y) the amount of such withholding Taxes paid per U.S.$ principal amount of the Notes. Copies of such documentation will be available for inspection during ordinary business hours at the office of the Trustee by the Holders of
the Notes upon request and will be made available at the offices of the Paying Agent located in Luxembourg if the Notes are then admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange. 
 If the Payor will be obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Payor will deliver to the
Trustee, at least five days prior to the relevant payment date, an Officer’s Certificate stating the fact that such Additional Amounts will be payable, the amounts so payable and will set forth such other information necessary to enable the
Trustee to pay such Additional Amounts to Holders of Notes on the payment date. Each such Officer’s Certificate shall be relied upon by the Trustee without further enquiry until receipt of a further Officer’s Certificate addressing such
matters. 
 The Payor will pay any stamp, issue, registration, documentary, value added, excise, property or other similar taxes and other
duties (including interest and penalties) payable in respect of the creation, issue, offering, execution or performance of the Notes, or any documentation with respect thereto or the receipt of any payments with respect to the Notes. 
 The foregoing obligations will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in
which any successor Person to a Payor is organized or any political subdivision or taxing authority or agency thereof or therein. 
 Whenever
in this Indenture or in this description there is mentioned, in any context, (1) the payment of principal, premium, if any, or interest, (2) redemption prices or purchase prices in connection with the redemption or purchase of Notes or
(3) any other amount payable under or with respect to any Note such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof. 
 Section 4.21        Currency Indemnity 
 The U.S. dollar is the sole currency of account and payment for all sums payable by the Company and each Note Guarantor in connection with the Notes. Any
amount received or recovered in a currency other than the U.S. dollar in respect of the Notes by the Trustee or any Holder in respect of any sum expressed to be due to it from the Company and any Note Guarantors will constitute a discharge of the
Company and any Note Guarantors only to the extent of the U.S. dollar amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery (or, if it is not possible
to make that purchase on that date, on the first date on which it is possible to do so). If that U.S. dollar amount is less than the U.S. dollar amount expressed to be due to the recipient under any Note, the Company and any Note Guarantors will
jointly and severally indemnify the recipient against any loss sustained by it as a result. In any event the Company and any Note Guarantors will indemnify the recipient against the cost of making any such purchase. 
  

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 For the purposes of this Section 4.21, it will be sufficient for a Holder or the Trustee to certify
in a satisfactory manner that it would have suffered a loss had an actual purchase of U.S. dollars been made with the amount so received in that other currency on the date of receipt or recovery (or, if a purchase of U.S. dollars on such date had
not been practicable, on the first date on which it would have been practicable) and to certify in a satisfactory manner the need for a change of the purchase date. 
 These indemnities (1) constitute a separate and independent obligation from the other obligations of the Company and any Note Guarantors, (2) will give rise to a separate and independent cause of action,
(3) will apply irrespective of any indulgence granted by any Holder and (4) will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount in respect of any sum due under any Note or any
other judgment or order. 
 Section 4.22        Listing 
 In the event that the Notes are listed on the Official List of the Luxembourg Stock Exchange and traded on the Euro MTF market of the Luxembourg Stock
Exchange, the Company will use its best efforts to maintain such listing; provided that if, as a result of the European Union regulated market amended Directive 2001/34/EC (the “Transparency Directive”) or any legislation
implementing the Transparency Directive the Company could be required to publish financial information either more regularly than it otherwise would be required to or according to accounting principles which are materially different from the
accounting principles which the Company would otherwise use to prepare its published financial information, the Company may delist the Notes from the Euro MTF in accordance with the rules of the Luxembourg Stock Exchange and seek an alternative
admission to listing, trading and/or quotation for the note on a different section of the Luxembourg Stock Exchange or by such other listing authority, stock exchange and/or quotation system inside or outside the European Union as the Company may
decide. 
 Section 4.23        Notices 
 From and after the date the Notes are listed on the Official List of the Luxembourg Stock Exchange and traded on the Euro MTF market of the Luxembourg
Stock Exchange, all notices to Holders of Notes will be published in English on the website of the Luxembourg Stock Exchange at www.bourse.lu, and so long as it is required by the rules of such exchange: 
 (1) in a leading newspaper having a general circulation in Luxembourg (which is expected to be the d’Wort); or 
 (2) if such Luxembourg publication in not practicable, in one other leading English language newspaper being published on each day in
morning editions, whether or not it shall be published in Saturday, Sunday or holiday editions. 
 Notices shall be deemed to have been given
on the date of publication as aforesaid or, if published on different dates, on the date of the first such publication. In addition, notices will be mailed to Holders of Notes at their registered addresses. 
  

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 ARTICLE 5 
 SUCCESSORS 
 Section 5.01        Merger, Consolidation, or Sale of Assets.

 The Company shall not, in a single transaction or series of related transactions (including by means of a scheme of arrangement
pursuant to which the Company becomes a Wholly Owned Subsidiary of another Person), consolidate or merge with or into any Person (whether or not the Company is the surviving or continuing Person), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of the Company’s properties and assets (determined on a consolidated basis for the Company and its Restricted Subsidiaries), to any Person unless: 
 (a) either: 
 (1) the Company
shall be the surviving or continuing corporation, or 
 (2) the Person (if other than the Company) formed by such
consolidation or into which the Company is merged or the Person which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries
substantially as an entirety (the “Surviving Entity”): 
 (A) shall be a corporation organized and validly
existing under the laws of (i) England, (ii) any EU Country; or (iii) the United States of America, any State thereof or the District of Columbia, and 
 (B) shall expressly assume, by supplemental indenture (in form and substance reasonably satisfactory to the Trustee), executed and
delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, and interest on all of the Notes and the performance and observance of every covenant of the Notes and this Indenture on the part of the Company to be
performed or observed; 
 (b) immediately after giving effect to such transaction and the assumption contemplated by clause (a)(2)(B) above
(including giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred in connection with or in respect of such transaction), (i) the Company or such Surviving Entity, as
the case may be, shall be able to Incur at least U.S.$1.00 of additional Indebtedness pursuant to clause (1) of Section 4.09 hereof or (ii) the Consolidated Total Indebtedness to Consolidated EBITDA Ratio will decrease; 
 (c) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause (a)(2)(B) above (including,
without limitation, giving effect on a pro forma basis to any Indebtedness, including any Acquired Indebtedness, Incurred or anticipated to be Incurred and any Lien granted in connection with or in respect of the transaction), no Default or Event of
Default shall have occurred or be continuing; 
 (d) each Note Guarantor (including Persons that become Note Guarantors as a result of the
transaction) has confirmed by supplemental indenture that its Note Guarantee will apply for the Obligations of the Surviving Entity in respect of this Indenture and the Notes; 
 (e) if the Company is organized under the laws of England and merges (including by means of a scheme of arrangement pursuant to which the Company becomes
a Wholly Owned Subsidiary of another Person) with a corporation, or the Surviving Entity is, organized under the laws of the United 

  

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States, any State thereof or the District of Columbia or the Company is organized under the laws of the United States, any State thereof or the District of
Columbia and merges with a corporation, or the Surviving Entity is, organized under the laws of England, the Company or the Surviving Entity will have delivered to the Trustee an Opinion of Counsel from each of England and the United States (in form
and substance reasonably satisfactory to the Trustee) to the effect that the Holders of the Notes will not recognize income, gain or loss for U.S. or the United Kingdom income tax purposes as a result of the transaction, and 
 (f) the Company or the Surviving Entity has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that the
consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if required in connection with such transaction, the supplemental indenture, comply with the applicable provisions of this Indenture and that all
conditions precedent in this Indenture relating to the transaction have been satisfied. 
 The provisions of this Section 5.01 above
will not apply to: 
 (1) any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other
disposition of properties and assets, of any Restricted Subsidiary to the Company or a Note Guarantor; or 
 (2) any merger of
the Company into a Wholly Owned Subsidiary of the Company created for the purpose of holding the Capital Stock of the Company, 
 so long as,
in each case the Indebtedness of the Company and its Restricted Subsidiaries taken as a whole is not increased thereby. 
 Upon any
consolidation, combination or merger or any transfer of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries in accordance with this Section 5.01, in which the Company is not the continuing
Person, the Surviving Entity formed by such consolidation or into which the Company is merged or to which such conveyance, lease or transfer is made will succeed to, and be substituted for, and may exercise every right and power of, the Company
under this Indenture and the Notes with the same effect as if such Surviving Entity had been named as such. For the avoidance of doubt, compliance with this Section 5.01 will not affect the obligations of the Company (including a Surviving
Entity, if applicable) under Section 4.15 hereof. 
 Each Note Guarantor will not, and the Company will not cause or permit any Note
Guarantor to, consolidate with or merge into, or sell or dispose of all or substantially all of its assets to, any Person (other than the Company) that is not a Note Guarantor unless: 
 (1) such Person (if such Person is the Surviving Entity) assumes all of the obligations of such Note Guarantor in respect of its Note
Guarantee by executing a supplemental indenture and providing the Trustee with an Officer’s Certificate and Opinion of Counsel, and such transaction is otherwise in compliance with this Indenture; 
 (2) such Note Guarantee is to be released as provided under Section 11.05 hereof; or 
 (3) such sale or other disposition of substantially all of such Note Guarantor’s assets is made in accordance with Section 4.10
hereof. 
  

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 Section 5.02        Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties
or assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale,
assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the
Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 
 ARTICLE 6

 DEFAULTS AND REMEDIES 
 Section 6.01        Events of Default. 
 The following are “Events of
Default”: 
 (1) default in the payment when due of the principal of or premium, if any, on any Notes, including the
failure to make a required payment to purchase Notes tendered pursuant to an optional redemption, Special Mandatory Redemption, Change of Control Offer or an Asset Sale Offer; 
 (2) default for 30 days or more in the payment when due of interest or Additional Amounts on any Notes; 
 (3) the failure to perform or comply with any of the provisions described under Section 5.01 hereof; 
 (4) the failure by the Company or any Restricted Subsidiary to comply with any other covenant or agreement contained in this Indenture or
in the Notes for 60 days or more after written notice to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 
 (5) default by the Company or any Restricted Subsidiary under any Indebtedness which: 
 (a) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness prior to the expiration of any
applicable grace period provided in such Indebtedness on the date of such default; or 
 (b) results in the acceleration of
such Indebtedness prior to its Stated Maturity; 
 and the principal or accreted amount of Indebtedness covered by (a) or (b) at the
relevant time, aggregates U.S.$20 million (or the equivalent in other currencies) or more; 
  

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 (6) the Escrow Agreement or any security document or any Lien purported to be granted
thereby on the Escrow Account or the cash or Escrow Property therein is held in any final judicial proceeding to be unenforceable or invalid, in whole or in part, or ceases for any reason (other than pursuant to a release that is delivered or
becomes effective as set forth in the Escrow Agreement or Indenture) to be fully enforceable and perfected; 
 (7) failure by
the Company or any of its Restricted Subsidiaries to pay one or more final judgments against any of them, aggregating U.S.$20 million (or the equivalent in other currencies) or more, which judgment(s) are not paid, discharged or stayed for a period
of 60 days or more; 
 (8) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (A) commences a voluntary case, 
 (B) consents to the entry of an order for relief against it
in an involuntary case, 
 (C) consents to the appointment of a custodian of it or for all or substantially all of its
property, 
 (D) makes a general assignment for the benefit of its creditors, or 
 (E) generally is not paying its debts as they become due; 
 (9) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
 (B) appoints a
custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of
the property of the Company or any of its Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or 
 (C) orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree remains unstayed and
in effect for 60 consecutive days; or 
 (10) except as permitted by this Indenture, any Note Guarantee is held to be
unenforceable or invalid in a judicial proceeding or ceases for any reason to be in full force and effect or any Note Guarantor, or any Person acting on behalf of any Note Guarantor, denies or disaffirms such Note Guarantor’s obligations under
its Note Guarantee; or 
  

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 (11) failure to maintain a Fully Funded Debt Service Reserve Account for 5 days or more
in accordance with the provisions of this Indenture. 
 Section 6.02        Acceleration. 
 If an Event of Default (other than an Event of Default specified in clause (8) or (9) of Section 6.01 hereof with respect to the Company)
shall occur and be continuing and has not been waived, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes to
be immediately due and payable by notice in writing to the Company and the Trustee specifying the Event of Default and that it is a “notice of acceleration.” In the case of an Event of Default specified in clause (8) or (9) of
Section 6.01 hereof, with respect to the Company, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary, then the
unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after a declaration of acceleration with respect to the Notes as described in the preceding paragraph, the Holders of not less than a
majority in principal amount of the Notes may rescind and cancel such declaration and its consequences: 
 (1) if the
rescission would not conflict with any judgment or decree; 
 (2) if all existing Events of Default have been cured or waived,
except nonpayment of principal or interest that has become due solely because of the acceleration; 
 (3) to the extent the
payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid; and 
 (4) if the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its reasonable expenses, disbursements
and advances. 
 No rescission will affect any subsequent Default or impair any rights relating thereto. 
 Section 6.03        Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any
provision of the Notes or this Indenture. 
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in
the Event of Default. All remedies are cumulative to the extent permitted by law. 
 Section 6.04        Waiver of Past Defaults. 
 Holders of a majority in
aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default 

  

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and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the
Notes (including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related
payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05        Control by Majority. 
 Subject to the provisions of this
Indenture and applicable law, the Holders of a majority in aggregate principal amount of the then outstanding Notes have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee. Subject to the provisions of Section 7 hereof, the Trustee may refuse to follow any direction that conflicts with any law or this Indenture, that the Trustee determines in good faith may
be unduly prejudicial to the rights of another Holder, or that may involve the Trustee in personal liability; provided that the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction. 

Section 6.06        Limitation on Suits. 
 No Holder of any Notes will have any right to institute any proceeding with respect to this Indenture or for any remedy thereunder, unless: 
 (1) such Holder gives to the Trustee written notice of a continuing Event of Default; 
 (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue
the remedy; 
 (3) such Holders of the Notes provide to the Trustee satisfactory indemnity; 
 (4) the Trustee does not comply within 60 days; and 
 (5) during such 60 day period the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a
written direction which, in the opinion of the Trustee, is inconsistent with the request; 
 provided, that a Holder of a Note may institute suit for
enforcement of payment of the principal of and premium, if any, or interest on such Note on or after the respective due dates expressed in such Note. 
 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07        Rights of Holders of Notes to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if any, and interest on
the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder. 
  

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 Section 6.08        Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its
own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09        Trustee May File Proofs of Claim. 
 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor
upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out
of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10        Priorities. 
 If the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to the Trustee, its agents and
attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any and interest, respectively; and 
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
 The
Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  

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 Section 6.11        Undertaking for Costs. 
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 ARTICLE 7

 TRUSTEE 
 Section 7.01        Duties of Trustee. 
 (a) If an Event of Default has occurred
and is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, and shall be protected in action or refraining from acting upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the
certificates and opinions to determine whether or not they conform to the form required by this Indenture. 
 (c) The Trustee may not be
relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture
that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
  

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 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or incur any
liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss,
liability or expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may agree in
writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) The Trustee shall not be charged with knowledge of (A) the existence of any Change of Control or Asset Sale, or (B) any default under the Pledge and Security Agreement unless the Trustee shall have received written notice
thereof from the Company or any Holder. 
 Section 7.02        Rights of Trustee. 
 (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any document believed by it to be genuine and
to have been signed or presented by the proper Person. The Trustee need not investigate or verify any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such
Officer’s Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action
taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys,
custodians and nominees (including any agent (including the Collateral Agent) for the purpose of holding or foreclosing on collateral in any jurisdiction) and will not be responsible for the misconduct or negligence of any attorney, custodian or
nominee agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided
in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 
 (f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security
reasonably satisfactory to it against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction. 
 (g) In no event shall the Trustee be liable for any failure or delay in the performance of its obligations hereunder caused by circumstances beyond the Trustee’s control, including, but not limited to, acts of
God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo, government action, including any laws, ordinances, regulations, governmental action or the like which delay, restrict or prohibit the providing of the services
contemplated by this Indenture; 
 (h) Anything in this Indenture to the contrary notwithstanding, but subject to the provisions of the TIA
as they relate to this Indenture, in no event shall the Trustee be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits); 
  

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 (i) The Trustee shall have no obligation to invest and reinvest any cash held in any account in the
absence of timely and specific written investment direction from the Company. In no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon. The Trustee shall have no liability in respect of
losses incurred as a result of the liquidation of any investment prior to its Stated Maturity; 
 (j) Neither the Trustee nor any of its
directors, officers, employees, agents or affiliates shall be responsible for nor have any duty to monitor the performance or any action of the Company, or any other party to the Pledge and Security Agreement or any of their directors, members,
officers, agents, affiliates or employee, nor shall it have any liability in connection with the malfeasance or nonfeasance by such party. The parties recognize that the accuracy and completeness of the information supplied by the Trustee hereunder
may be dependent upon the accuracy and completeness of the information received by the Trustee from the Company and the other parties to the Pledge and Security Agreement and from other sources and the Trustee shall not be responsible for any
inaccuracy in the information so obtained or for the any inaccuracy or omission in the records which may result from such information or any failure by the Trustee to perform its duties as set forth herein as a result of any inaccuracy or
incompleteness. 
 Section 7.03 Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign.
Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04 Trustee’s
Disclaimer. 
 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the
Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant
to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 
 If a Default or Event of Default occurs and is continuing of which the Trustee has actual knowledge, the Trustee will mail to Holders of Notes and for so
long as the Escrow Agreement remains effective, the Escrow Agent, a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or
interest on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
 Section 7.06 Reports by Trustee to Holders of the Notes. 
 (a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee will mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with TIA § 313(a) (but if no event described in 

  

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TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also will comply with
TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 
 (b) A copy of each
report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company
will promptly notify the Trustee when the Notes are listed on any stock exchange. 
 Section 7.07 Compensation and Indemnity. 
 (a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The
Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it
in addition to the compensation for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The Company and the Note Guarantors will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or
in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and the Note Guarantors (including this Section 7.07) and defending itself
against any claim (whether asserted by the Company, the Note Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss,
liability or expense may be attributable to its negligence or bad faith. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company or any
of the Note Guarantors of their obligations hereunder. The Company or such Note Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company will pay the reasonable fees and
expenses of such counsel. Neither the Company nor any Note Guarantor need pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Company and the Note Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture.

 (d) To secure the Company’s and the Note Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien
prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(8) or (9) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 (f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
 (g) All indemnities to be paid under this Indenture, shall be payable immediately when due in U.S. dollars in the full amount due, without deduction for
any variation in any rate of exchange. The Company agrees to indemnify the Trustee against any losses incurred by such the Trustee as a result of any judgment or order being given or made for the amount due hereunder and such judgment or order

  

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being expressed and paid in a currency (the “Judgment Currency”) other than U.S. dollars and as a result of any variation as between
(i) the rate of exchange at which the U.S. dollar amount is converted into Judgment Currency for the purpose of such judgment or order, and (ii) the rate of exchange at which the Trustee is then able to purchase U.S. dollars with the
amount of the Judgment Currency actually received by the Trustee. The indemnity set forth in this Section 7.07 shall constitute a separate and independent obligation of the Company and shall continue in full force and effect notwithstanding any
such judgment or order as aforesaid. 
 Section 7.08 Replacement of Trustee. 
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any time and be discharged from the trust
hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

 (1) the Trustee fails to comply with Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office,
the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or
the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof,
such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee will
have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor
Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s
obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 
  

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 Section 7.09 Successor Trustee by Merger, etc. 
 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to the business of the Trustee shall be the successor of the Trustee hereunder without the execution or filing of any paper with any party hereto or any
further act on the part of any of the parties hereto. 
 Section 7.10 Eligibility; Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any
state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth
in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who satisfies the requirements of TIA
§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11 Preferential Collection of Claims Against
Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A
Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 
 The Company may at any time, at the option of
its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this
Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Note Guarantors will, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal
Defeasance”). For this purpose, Legal Defeasance means that the Company and the Note Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which
will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, on the 91st day after the deposit specified in
clause (1) of Section 8.04 hereof, and to have satisfied all their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper
instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium, if any, on, such Notes when such payments are due from the trust referred to in
Section 8.04 hereof; 
  

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 (2) the Company’s obligations with respect to such Notes under Article 2 and
Section 4.02 hereof; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s and the Note Guarantors’ obligations in connection therewith; and 
 (4) this Article 8. 
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Note
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.03, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15,
4.16, 4.17, 4.18, 4.19, 4.20, 4.21, 4.22, and 4.23 hereof and clauses (b) and (e) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied
(hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant
Defeasance means that, with respect to the outstanding Notes and Note Guarantees, the Company and the Note Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby. In addition, upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) through 6.01(7), 6.01(10) and 6.01(11) hereof will not
constitute Events of Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. 
 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof: 
 (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders cash in U.S. dollars, certain direct
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without reinvestment, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any,
and interest (including Additional Amounts) on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 
  

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 (2) in the case of Legal Defeasance under Section 8.02 hereof, the Company must
deliver to the Trustee an Opinion of Counsel from counsel in the United States reasonably acceptable to the Trustee and independent of the Company confirming that: 
 (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (B) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred; 
 (3) in the case of Covenant Defeasance under Section 8.03 hereof, the Company must deliver to the
Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) in the case of Legal Defeasance or Covenant Defeasance under Sections 8.02 or 8.03 hereof, the Company must deliver to the Trustee: 
 (a) an Opinion of Counsel from counsel in the United Kingdom independent of the Company to the effect that, based upon English law then in effect, Holders will not recognize income, gain or loss for United Kingdom tax
purposes, including withholding tax except for withholding tax then payable on interest payments due, as a result of Legal Defeasance or Covenant Defeasance, as the case may be, and will be subject to United Kingdom taxes on the same amounts and in
the same manner and at the same time as would have been the case if such Legal Defeasance or Covenant Defeasance, as the case may be, had not occurred, or 
 (b) a ruling directed to the Trustee received from the United Kingdom tax authorities to the same effect as the Opinion of Counsel described in clause (a) above 
 (5) no Default or Event of Default shall have occurred and be continuing on the date of the deposit pursuant to clause (1) of this
Section 8.04 (other than a Default or Event of Default resulting from the failure to comply with Section 4.09 hereof, as a result of the borrowing of the funds required to effect such deposit); 
 (6) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under this Indenture
or any material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 
 (7) the Company must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders of Notes over the other creditors of the Company or any Subsidiary of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 
  

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 (8) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion
of Counsel, independent of the Company, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this
Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and
interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify
the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this
Article 8 to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would
then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
 Section 8.06 Repayment to Company.

 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of,
premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be
discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the
Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be published once, in the New York Times
and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Company. 
 Section 8.07 Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03
hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Note Guarantors’ obligations under this
Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant to 

  

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Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or
8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Company will be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01
Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, from time to time, the Company, the Note
Guarantors and the Trustee may amend or supplement this Indenture or the Notes or the Note Guarantees without the consent of any Holder of Note: 
 (1) to cure any ambiguity, defect or inconsistency; 
 (2) to provide for uncertificated Notes
in addition to or in place of certificated Notes; 
 (3) to provide for the assumption of the Company’s or a Note
Guarantor’s obligations to the Holders of the Notes and Note Guarantees by a successor to the Company or such Note Guarantor pursuant to Article 5 or Article 11 hereof; 
 (4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that, in the opinion of the
Trustee, does not adversely affect in any material respect the legal rights hereunder of any Holder; 
 (5) to conform the
text of this Indenture, the Note Guarantees, the Notes, the Pledge and Security Agreement and the Escrow Agreement to any provision of the “Description of Notes” section of the Company’s Offering Circular; 
 (6) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date hereof;
or 
 (7) to allow any Note Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes.

 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Note Guarantors in the execution of any amended or supplemental indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended or supplemental indenture that affects its own
rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02 With Consent of Holders of Notes. 
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without limitation,
Section 3.09, 4.10 and 4.15 hereof) and the Notes and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if
any) 

  

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voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then
outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).
Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of
the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Note Guarantors in the execution of such amended or supplemental
indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into
such amended or supplemental Indenture. 
 It is not necessary for the consent of the Holders of Notes under this Section 9.02 to
approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the
Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate
principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes or the Note Guarantees. However, without the consent of each
Holder affected, an amendment, supplement or waiver under this Section 9.02 may not: 
 (1) reduce the principal amount
of Notes whose Holders must consent to an amendment or waiver; 
 (2) reduce the rate of or change or have the effect of
changing the time for payment of interest, including defaulted interest, on any Notes; 
 (3) reduce the principal of or
change or have the effect of changing the fixed maturity of any Notes or change the date on which any Notes may be subject to redemption, or reduce the redemption price therefor; 
 (4) make any Notes payable in money other than that stated in the Notes; 
 (5) make any change in provisions of this Indenture entitling each Holder to receive payment of principal of, premium, if any, and
interest on such Notes on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of Notes to waive Defaults or Events of Default; 
  

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 (6) eliminate or modify in any manner a Note Guarantor’s obligations with respect to
its Note Guarantee which adversely affects Holders in any material respect, except as contemplated in this Indenture. 
 (7)
make any change in the provisions of this Indenture described under Section 4.20 hereof that adversely affects the rights of any Holder or amend the terms of the Notes in a way that would result in a loss of exemption (if any) from United
Kingdom withholding tax; 
 (8) make any change to the provisions of this Indenture or the Notes that adversely affect the
ranking of the Notes; 
 (9) make any changes to the provisions of the Pledge and Security Agreement that permits the release
of Collateral prior to the Termination Date (as defined in such agreement); and 
 (10) change provisions applicable to the
redemption of any Note as described under Section 3.08 hereof, or make any change in the Escrow Agreement that would adversely affect the Holders. 
 Section 9.03 Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent
to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on
any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An
amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 9.04 Notation on or
Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter
authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 

Section 9.05 Trustee to Sign Amendments, etc. 
 The Trustee will sign any amended or supplemental indenture or waiver authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee under this
Indenture or otherwise. The Company may not sign an amended or supplemental indenture until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to rely on such evidence
as it deems appropriate, including solely on an Opinion of Counsel and Officer’s Certificate stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  

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 ARTICLE 10 
 COLLATERAL AND SECURITY 
 Section 10.01 Pledge and Security Agreement. 
 (a) After the Merger Date, the due and punctual payment of the principal of and interest, if any, on the Notes when and as the same shall be due and
payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest (to the extent permitted by law), if any, on the Notes and performance of all
other obligations of the Company to the Holders of Notes or the Trustee under this Indenture and the Notes, according to the terms hereunder or thereunder, will be secured as provided in the Pledge and Security Agreement to be entered into by the
Company and the Collateral Agent upon the Merger Date. 
 Subject to the terms of the Pledge and Security Agreement, on the Merger Date, the
Company shall deposit $22,218,870 in cash into the Debt Service Reserve Account, and at all times, grant to the Collateral Agent as security for the benefit of the Holders, a security interest in the Collateral held in the Debt Service Reserve
Account (“Reserve Collateral”). The amount of the initial Reserve Collateral shall be such an amount together with the proceeds from the investment thereof, to be sufficient, as certified by the Company to the Collateral Agent, to
provide for payment in full of the first two scheduled interest payments (but not any liquidated damages) due on the outstanding Notes following the Merger Date. At all times prior to the termination of the Pledge and Security Agreement, the Debt
Service Reserve Account shall remain Fully Funded. The security interest in the Reserve Collateral shall be granted by the Company to the Collateral Agent for the benefit of the Holders pursuant to the Pledge and Security Agreement and shall be held
by the Collateral Agent in the Debt Service Reserve Account pending disposition pursuant to the Pledge and Security Agreement. The Liens created by the Pledge and Security Agreement shall be first priority security interests in the Reserve
Collateral. 
 If a portion of the Notes has been retired by the Company, the excess of the amount contained in the Debt Service Reserve
Account over the Fully-Funded Amount may be paid to the Company upon written request by the Company delivered to the Collateral Agent pursuant to the terms of the Pledge Security Agreement, provided, that no Default then exists under this
Indenture. 
 The Collateral Agent shall invest and reinvest any portion of the Reserve Collateral that is comprised of cash in Permitted
Investments (as such term is defined in the Pledge and Security Agreement), upon the prior written direction by the Company to the Collateral Agent, subject to the terms of the Pledge and Security Agreement. In the absence of timely written
direction to invest from the Company, the U.S. dollar-denominated amounts on deposit in the Debt Service Reserve Account shall be invested into the Wells Fargo Advantage Funds, Treasury Plus Money Market Fund or any successor fund. All returns on
investment and interest earned from time to time on amounts deposited in the Debt Service Reserve Account shall constitute Reserve Collateral and shall be held in the Debt Service Reserve Account; provided, however, that if the if the amount
contained in the Debt Service Reserve Account exceeds the Fully-Funded Amount, the excess amount may be paid to the Company upon written request by the Company delivered to the Collateral Agent pursuant to the terms of the Pledge and Security
Agreement, and provided, further, that no Default then exists under this Indenture. 
 (b) Each Holder, by its acceptance of a Note,
consents and agrees to the terms of the Pledge and Security Agreement (including, without limitation, the provisions providing for foreclosure and release of the Reserve Collateral) as the same may be in effect or may be amended from time to time in
accordance with its terms, and authorizes and directs the Collateral Agent to enter into the Pledge and Security Agreement and to perform its respective obligations and exercise its respective rights thereunder in accordance therewith. The Company
shall do or cause to be done all such acts and things as may be 

  

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reasonably necessary or proper, or as may be required by the provisions of the Pledge and Security Agreement, to assure and confirm to the Collateral Agent
the security interest in the Reserve Collateral contemplated hereby, by the Pledge and Security Agreement or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of
the Notes secured hereby, according to the intent and purposes herein expressed. The Company shall take, or shall cause to be taken, any and all actions reasonably required (and any action reasonably requested by the Trustee) to cause the Pledge and
Security Agreement to create and maintain, as security for the obligations of the Company under this Indenture and the Notes, valid and enforceable first priority liens in and on the Reserve Collateral, in favor of the Collateral Agent, subject to
no other Liens, except as otherwise required by applicable law. 
 (c) The Trustee, in its sole discretion and without the consent of the
Holders, may, and at the request of the Holders of at least 25% in aggregate principal amount of Notes then outstanding shall, on behalf of the Holders, take or direct the Collateral Agent to take all actions it deems necessary or appropriate in
order to (i) enforce any of the terms of the Pledge and Security Agreement and (ii) collect and receive any and all amounts payable in respect of the obligations of the Company thereunder. The Trustee shall have power to institute and to
maintain such suits and proceedings as the Trustee may deem expedient to preserve or protect its interests and the interests of the Holders in the Reserve Collateral including power to institute and maintain suits or proceedings to restrain the
enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security
interest hereunder or be prejudicial to the interest of the Holders, of the Trustee or of the Collateral Agent. 
 (d) Upon the earlier of
(i) the last day of any four consecutive fiscal quarter period for which financial statements of the Company are available which evidence that the Company’s cumulative Operating Cash Flow has been positive during such period,
provided, that the Company’s Operating Cash Flow was positive for at least two quarters during such four quarter period, provided, further, that such date shall not be prior to June 30, 2008, and (ii) payment in full of
all Obligations of the Company under this Indenture and the Notes, or upon Legal Defeasance, the Collateral Agent will, at the written request of the Company accompanied by an Officer’s Certificate certifying as to the satisfaction of the
conditions set forth in this Section 10.01(d), deliver a certificate to the Collateral Agent so stating and instructing the Collateral Agent to release the Liens on the Reserve Collateral pursuant to this Indenture and the Pledge and Security
Agreement. 
 Section 10.02 Trustee Acting as Collateral Agent. 
 The Trustee shall act as Collateral Agent. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise of such powers, and neither the Collateral Agent nor any of
its officers, directors, employees or agents shall be responsible for any act or failure to act hereunder, except for its own negligence or willful misconduct. For so long as the Trustee shall act as Collateral Agent hereunder, the Collateral Agent
shall be afforded the same rights, protections, immunities and indemnities provided the Trustee herein. 
 ARTICLE 11 
 NOTE GUARANTEES 
 Section 11.01. Guarantee.

 (a) Subject to this Article 11, each of the Note Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of
a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

  

 87 

 (1) the principal of, premium, if any, and interest on, the Notes will be promptly paid
in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder
or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by
acceleration or otherwise. 
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the
Note Guarantors will be jointly and severally obligated to pay the same immediately. Each Note Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Note Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce
the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Note Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the
obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to
the Company, the Note Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Note Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the
extent theretofore discharged, will be reinstated in full force and effect. 
 (d) Each Note Guarantor agrees that it will not be entitled to
any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Note Guarantor further agrees that, as between the Note Guarantors, on the one hand,
and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and
payable) will forthwith become due and payable by the Note Guarantors for the purpose of this Note Guarantee. The Note Guarantors will have the right to seek contribution from any non-paying Note Guarantor so long as the exercise of such right does
not impair the rights of the Holders under the Note Guarantee. 
 Section 11.02. Limitation on Note Guarantor Liability. 
 Each Note Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
such Note Guarantor not constitute a fraudulent 

  

 88 

 
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign,
federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Note Guarantors hereby irrevocably agree that the obligations of such Note Guarantor will be limited to the
maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Note Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive
contribution from or payments made by or on behalf of any other Note Guarantor in respect of the obligations of such other Note Guarantor under this Article 11, result in the obligations of such Note Guarantor under its Note Guarantee not
constituting a fraudulent transfer or conveyance. 
 Section 11.03. Execution and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 11.01 hereof, each Note Guarantor hereby agrees that a notation of such Note Guarantee
substantially in the form attached as Exhibit E hereto will be endorsed by an Officer of such Note Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Note Guarantor by one of
its Officers. 
 Each Note Guarantor hereby agrees that its Note Guarantee set forth in Section 11.01 hereof will remain in full force
and effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
 If an Officer whose signature is on this
Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this
Indenture on behalf of the Note Guarantors. 
 In the event that the Company or any of its Restricted Subsidiaries creates or acquires any
Material Subsidiary after the Merger Date, if required by Section 4.18 hereof, the Company will cause such Subsidiary to comply with the provisions of Section 4.18 hereof and this Article 11, to the extent applicable. 
 Section 11.04. Note Guarantors May Consolidate, etc., on Certain Terms. 
 Except as otherwise provided in Section 11.05 hereof, no Note Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such
Note Guarantor is the surviving Person) another Person, other than the Company or another Note Guarantor, unless: 
 (1)
immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (2) either: 
 (a) subject to Section 11.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or
surviving any such consolidation or merger unconditionally assumes all the obligations of that Note Guarantor under this Indenture, its Note Guarantee on the terms set forth herein or therein, pursuant to a supplemental indenture in form and
substance reasonably satisfactory to the Trustee; or 
  

 89 

 (b) the net proceeds of such sale or other disposition are applied in accordance with the
applicable provisions of this Indenture, including without limitation, Section 4.10 hereof. 
 In case of any such consolidation,
merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and
punctual performance of all of the covenants and conditions of this Indenture to be performed by the Note Guarantor, such successor Person will succeed to and be substituted for the Note Guarantor with the same effect as if it had been named herein
as a Note Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the
Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such
Note Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses 2(a) and (b) above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a Note Guarantor with or into the Company or another Note Guarantor, or will prevent any sale or conveyance of
the property of a Note Guarantor as an entirety or substantially as an entirety to the Company or another Note Guarantor. 
 Section 11.05. Releases.

 Each Note Guarantor will be released and relieved of its obligations under its Note Guarantee in the event: 
 (1) there is a Legal Defeasance of the Notes as described under Article 8 hereof; 
 (2) there is a sale or other disposition of Capital Stock of such Note Guarantor or all or substantially all of the assets of such Note
Guarantor are sold or otherwise disposed of (including by way of merger or consolidation) following which such Note Guarantor is no longer a direct or indirect Subsidiary of the Company; 
 (3) such Note Guarantor is designated as an Unrestricted Subsidiary in accordance with Section 4.19 hereof; or 
 (4) upon satisfaction and discharge of this Indenture or payment in full in immediately available funds of the principal of, premium, if
any, and accrued and unpaid interest on the Notes and all other Obligations that are then due and payable; 
 provided, that the
transaction is carried out pursuant to and in accordance with all other applicable provisions of this Indenture. 
 Any Note Guarantor not
released from its obligations under its Note Guarantee as provided in this Section 11.05 will remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of any Note Guarantor
under this Indenture as provided in this Article 11. 
  

 90 

 Section 11.06 Financial Assistance Limitation. 
 The obligations of the Note Guarantors under this Indenture shall not apply to any money, obligation or liability to the extent that it would constitute
unlawful financial assistance within the meaning of Sections 151 and 152 of the United Kingdom Companies Act 1985. 
 ARTICLE 12 

SATISFACTION AND DISCHARGE 
 Section 12.01
Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect (except as to surviving rights or
registration of transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all outstanding Notes issued hereunder, when: 
 (1) either: 
 (a) all the Notes theretofor authenticated and delivered (except lost, stolen
or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofor been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been
delivered to the Trustee for cancellation; or 
 (b) all Notes not theretofor delivered to the Trustee for cancellation have
become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year, and the Company has irrevocably deposited or caused to be deposited with the Trustee funds or non-callable
Government Securities sufficient without reinvestment to pay and discharge the entire Indebtedness on the Notes not theretofor delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of
deposit, together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment; 
 (2) the Company has paid all other sums payable under this Indenture and the Notes by it; and 
 (3) the Company has
delivered to the Trustee an Officer’s Certificate stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 Section 12.02 Application of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 12.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.01 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such 

  

 91 

 
application, the Company’s and any Note Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to Section 12.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 
 ARTICLE 13 
 MISCELLANEOUS 
 Section 13.01 Notices. 
 Any notice or communication by the Company, any Note Guarantor or the
Trustee to the others is duly given if in writing and delivered in Person or by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the others’
address: 
 If to the Company and/or any Note Guarantor: 
 GC Impsat Holdings I Plc 
 1 London Bridge 
 London SE1 9BG, United Kingdom 
 Attention:
General Counsel 
 Facsimile: (973) 360-0538 
 With a copy to: 
 Latham & Watkins LLP 
 885 Third Avenue, Suite 1000 
 New York, NY
10022 
 Attention: James C. Gorton, Esq. and Gregory P. Rodgers, Esq. 
 Facsimile: (212) 751-4864 
 If to the
Trustee: 
 Wells Fargo Bank, National Association 
 Corporate Trust Services 
 Sixth St. and Marquette Ave., MAC N9303-120 
 Minneapolis, MN 55479 
 Attention: GC Impsat
Administrator 
 Facsimile: (612) 667-9825 
 The Company, any Note Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail, certified or registered,
return receipt requested, or by overnight air courier guaranteeing next day delivery to its 

  

 92 

 
address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to
the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 
 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same time. 
 Section 13.02 Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the
protection of TIA § 312(c). 
 Section 13.03 Certificate and Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 (1) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 13.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 13.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 13.04 Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in
such certificate or opinion are based; 
 (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 If giving an Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or certificates of public officials. 

 

 93 

 Section 13.05 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions. 
 Section 13.06 No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No past, present or future incorporator, director, officer, employee, shareholder or controlling person, as such, of the Company or any Note Guarantor, as
such, will have any liability for any obligations of the Company or such Note Guarantor under the Notes, this Indenture, the Note Guarantees, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the U.S. federal securities laws or under
English corporate law, and it is the view of the SEC that such waiver may be contrary to public policy. 
 Section 13.07 Governing Law.

 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE COMPANY AND THE NOTE GUARANTORS CONSENT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL
AND STATE COURTS LOCATED IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN AND HAVE APPOINTED AN AGENT FOR SERVICE OF PROCESS WITH RESPECT TO ANY ACTIONS BROUGHT IN THESE COURTS ARISING OUT OF OR BASED ON THIS INDENTURE OR THE NOTES. 
 Section 13.08 No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to
interpret this Indenture. 
 Section 13.09 Successors. 
 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Note Guarantor in this Indenture
will bind its successors, except as otherwise provided in Section 11.05 hereof. 
 Section 13.10 Severability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby. 
 Section 13.11 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 94 

 Section 13.12 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

 95 

 SIGNATURES 
 Dated as of February 14, 2007 
  

			
	GC Impsat Holdings I Plc
		
	By:	 	 /s/ Mitchell C. Sussis

	Name:	 	Mitchell C. Sussis
	Title:	 	Secretary
	
	Wells Fargo Bank, National Association, as Trustee
		
	By:	 	 /s/ Jane Y. Schweiger

	Name:	 	Jane Y. Schweiger
	Title:	 	Vice President

 The Indenture is hereby confirmed and accepted as of the consummation of the Merger. 
  

			
	IMPSAT Fiber Networks, Inc.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[Insert List of Other Guarantors]
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Face of Note] 

 CUSIP/CINS              
 9.875% Senior Notes due 2017 
  

	 No.      
	 $             

 GC IMPSAT HOLDINGS I PLC 
 promises to pay to
[            ] or registered assigns, 
 the principal sum of
                                        
         DOLLARS on February 15, 2017. 
 Interest Payment Dates: February 15 and August 15

 Record Dates: February 1 and August 1 
 Dated:
                    , 200   
  

 A-1 

			
	GC IMPSAT HOLDINGS I PLC
		
	By:	 	   
	Name:	 	
	Title:	 	

 This is one of the Notes referred to 
 in the within-mentioned Indenture: 
  

			
	 Wells Fargo Bank, National Association,
 as
Trustee

		
	By:	 	  
		 	Authorized Signatory

  

 A-2 

 [Back of Note] 
 9.875% Senior Notes due 2017 
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 (1) INTEREST. GC Impsat Holdings I Plc, a public limited company organized under the laws of England
and Wales (the “Company”), promises to pay interest on the principal amount of this Note at 9.875% per annum from
                    , 20     until maturity. The Company will pay interest semi-annually in arrears on
February 15 and August 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be
                    , 20    . The Company will pay interest (including Post-Petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay interest (including Post-Petition interest in
any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year
of twelve 30-day months. 
 (2) METHOD OF PAYMENT. The
Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the February 1 and August 1 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the
office or agency of the Company maintained for such purpose, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by
wire transfer of immediately available funds will be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying
Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 (3) PAYING AGENT AND REGISTRAR. Initially, Wells Fargo
Bank, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such
capacity. 
 (4) INDENTURE. The Company issued the Notes under an Indenture dated as of
February 14, 2007 (the “Indenture”) among the Company, the Trustee and, upon consummation of the Merger, the Note Guarantors. The terms of the Notes include those stated in the Indenture and 

  

 A-2 

 
those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for
a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations (other than with respect
to the Debt Service Reserve Account) of the Company. The Notes are secured by a pledge of the Collateral contained in the Debt Service Reserve Account pursuant to the Pledge and Security Agreement referred to in the Indenture. The Indenture does not
limit the aggregate principal amount of Notes that may be issued thereunder. 
 (5) OPTIONAL
REDEMPTION. 
 (a) At any time prior to February 15, 2012, the Company shall have the right, at its
option, to redeem any of the Notes, in whole or in part, at any time and from time to time prior to their maturity at a redemption price equal to the greater of (1) 100% of the principal amount of such Notes and (2) the sum of the present
values of each remaining scheduled payment of principal and interest thereon (exclusive of interest accrued to the date of redemption) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 50 basis points, plus in each case accrued interest on the principal amount of the Notes to the date of redemption. 
 (b) At any time, or from time to time, after February 15, 2012, the Company may redeem the Notes, at its option, in whole or in part, at the redemption prices (expressed as percentages of principal amount on the
redemption date) set forth below plus any accrued and unpaid interest on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period beginning on February 15 of any year set forth below, subject to the right
of Holders of record on the relevant record date to receive interest due on the relevant interest payment date: 
  

				
	 Year
	  	Percentage	 
	 2012
	  	104.938	%
	 2013
	  	103.292	%
	 2014
	  	101.646	%
	 2015
	  	100.000	%

 (c) At any time, or from time to time, on or prior to February 15, 2010, the
Company may, at its option, use the net cash proceeds of one or more Equity Events to redeem in the aggregate up to 35% of the aggregate principal amount of Notes originally issued (calculated after giving effect to the original issuance of
Additional Notes, if any) at a redemption price in cash equal to 109.875% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption (subject to the right of the Holders of record on the relevant
record date to receive interest due on the relevant interest payment date); provided, however, that at least 65% of the aggregate principal amount of Notes (calculated after giving effect to the issuance of Additional Notes, if any) must
remain outstanding immediately after giving effect to each such redemption (excluding any Notes held by the Company or any of its Subsidiaries). Notice of any such redemption shall be given within 120 after the date of the closing of the relevant
Equity Event. 
 (d) If, as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) or
treaties of the United Kingdom or any political subdivision or taxing authority thereof or therein affecting taxation, or any amendment to or change in an official 

  

 A-2 

 
interpretation or application of such laws, rules or regulations, which amendment to or change of such laws, treaties, rules or regulations becomes effective
on or after the date on which the Notes are issued (which, in the case of a merger, consolidation or other transaction permitted and described under Section 5.01 of the Indenture, shall be treated for this purpose as the date of such
transaction), the Company would be obligated, after taking all reasonable measures to avoid this requirement, to pay Additional Amounts (provided that the Company shall not be required to take any measures that, in its reasonable determination,
would result in the imposition on it of any material legal or regulatory burden or the incurrence by it of any material costs, or would otherwise result in any material adverse consequences), then, at the Company’s option, all, but not less
than all, of the Notes may be redeemed at any time on giving not less than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the outstanding principal amount, plus accrued and unpaid interest and any additional amounts
due thereon up to but not including the date of redemption; provided, however, that 
 A) no notice of
redemption for tax reasons may be given earlier than 90 days prior to the earliest date on which we would be obligated to pay these Additional Amounts if a payment on the Notes or the relevant Note Guarantee were then due, and 
 B) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect. 
 (6) Mandatory Redemption. 
 Except as set forth below, the Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 The Notes will be subject to a special mandatory redemption (a “Special Mandatory Redemption”) in the event that any of the following occur: 
 (a) the Acquisition is not consummated on or before May 25, 2007; or 
 (b) the Merger Agreement is
terminated prior to May 25, 2007. 
 Notwithstanding any other provision of this Note, the Company will cause notice of the Special
Mandatory Redemption to be mailed no later than the next Business Day following May 25, 2007 or the next Business Day following the date on which the Merger Agreement is terminated, as applicable, and will redeem all outstanding principal
amount of Notes not later than five Business Days following the date of the notice of the Special Mandatory Redemption. The redemption price for the Special Mandatory Redemption will be 100% of the principal amount of the Notes, plus accrued and
unpaid interest on the Notes to, but excluding, the redemption date. 
 (7) Repurchase at the Option of Holder.

 Upon the occurrence of a Change of Control, each Holder will have the right to require the Company to purchase all or a
portion (in integral multiples of U.S.$1,000, provided that the principal amount of such Holder’s Note will not be less than U.S.$100,000) of the Holder’s Notes (a “Change of Control Offer”) at a purchase price
equal to 101% thereof, plus accrued and unpaid interest thereon through the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) (the “Change
of Control Payment”). Within 30 days following the date upon which the Change 

  

 A-3 

 
of Control occurred, the Company must send, by first-class mail, a notice to each Holder, with a copy to the Trustee, setting forth the procedures governing
the Change of Control Offer as required by the Indenture. 
 (a) If the Company or a Restricted Subsidiary of the Company
consummates any Asset Sales, within 20 days of each date on which the aggregate amount of unapplied Net Cash Proceeds exceeds U.S.$10.0 million, the Company will commence an offer to all Holders of Notes and all holders of other Indebtedness that is
pari passu with the Notes containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (an “Asset Sale Offer”) pursuant to
Section 3.09 of the Indenture to purchase the maximum principal amount of Notes (including any Additional Notes) and such other pari passu Indebtedness that may be purchased out of the unapplied Net Cash Proceeds at an offer price in
cash in an amount equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon to the date of purchase, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes
(including any Additional Notes) and other pari passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the unapplied Net Cash Proceeds, the Company (or such Restricted Subsidiary) may use such deficiency for any purpose not
otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and other pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of unapplied Net Cash Proceeds, the Trustee shall select the Notes and
the Company or the agent for such other pari passu Indebtedness shall select such other pari passu Indebtedness to be purchased on a pro rata basis (with such adjustments made so that no Notes or such other pari passu
Indebtedness will be purchased in an unauthorized denomination). Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 
 (8)
NOTICE OF REDEMPTION. Subject to the provisions of Sections 3.08 and 3.09 of the Indenture, notice of redemption will be mailed by first-class mail, postage prepaid at least 30 days
but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in
connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than U.S.$100,000 may be redeemed in part but only in whole multiples of U.S.$1,000, unless all of the Notes held by a Holder
are to be redeemed. 
 (9) DENOMINATIONS, TRANSFER,
EXCHANGE. The Notes are in registered form without coupons in minimum denominations of U.S.$100,000 and integral multiples of U.S.$1,000. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted
by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register
the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be
treated as its owner for all purposes. 
  

 A-4 

 (11) AMENDMENT, SUPPLEMENT AND
WAIVER. Subject to certain exceptions, the Indenture or the Notes or the Note Guarantees may be amended or supplemented with the consent of the Holders of a majority in principal amount of the then outstanding Notes
including Additional Notes, if any, voting as a single class, and any existing Default or Event or Default or compliance with any provision of the Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a
majority in aggregate principal amount of the then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture or the Notes or the Note Guarantees may be amended or
supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s or a Note Guarantor’s obligations to Holders
in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Note Guarantor’s assets, as applicable, to make any change that would provide any additional rights or benefits to Holders or that, in
the opinion of the Trustee, does not adversely affect in any material respect the legal rights under the Indenture of any Holder, to conform the text of the Indenture or the Notes to any provision of the “Description of Notes” section of
the Company’s Offering Circular dated February 8, 2007, relating to the initial offering of the Notes, to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture as of the date of the
Indenture, or to allow any Note Guarantor to execute a supplemental indenture to the Indenture and/or a Note Guarantee with respect to the Notes. 
 (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default in the payment when due of the principal of or premium, if any, on any Notes,
including the failure to make a required payment to purchase Notes tendered pursuant to an optional redemption, Special Mandatory Redemption, Change of Control Offer or an Asset Sale Offer; (ii) default for 30 days or more in the payment when
due of interest or Additional Amounts on any Notes; (iii) the failure to perform or comply with any of the provisions described under Section 5.01 of the Indenture; (iv) the failure by the Company or any Restricted Subsidiary to
comply with any other covenant or agreement contained in the Indenture or in the Notes for 60 days or more after written notice to the Company from the Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Notes;
(v) default by the Company or any Restricted Subsidiary under any Indebtedness which: (a) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness prior to the expiration of any applicable grace
period provided in such Indebtedness on the date of such default; (b) or results in the acceleration of such Indebtedness prior to its Stated Maturity; and the principal or accreted amount of Indebtedness covered by (a) or (b) at the
relevant time, aggregates U.S.$20 million (or the equivalent in other currencies) or more; (vi) the Escrow Agreement or any security document or any lien purported to be granted thereby on the Escrow Account or the cash or Escrow Property
therein is held in any final judicial proceeding to be unenforceable or invalid, in whole or in part, or ceases for any reason (other than pursuant to a release that is delivered or becomes effective as set forth in the Escrow Agreement or
Indenture) to be fully enforceable and perfected; (vii) failure by the Company or any of its Restricted Subsidiaries to pay one or more final judgments against any of them, aggregating U.S.$20 million (or the equivalent in other currencies) or
more, which judgment(s) are not paid, discharged or stayed for a period of 60 days or more; (viii) certain events of bankruptcy affecting the Company or any of its Restricted Subsidiaries or group of Subsidiaries that, taken together, would
constitute a Significant Subsidiary; (ix) except as permitted by the Indenture, any Note Guarantee is held to be unenforceable or invalid in a judicial proceeding or ceases for any reason to be in full force and effect or any Note Guarantor, or
any Person acting on behalf of any Note Guarantor, denies or disaffirms such Note Guarantor’s obligations under its Note Guarantee; or (x) failure to maintain a Fully Funded Debt Service Reserve Account for 5 days or more in accordance
with the provisions of the Indenture. If any Event of Default (other 

  

 A-5 

 
than an Event of Default specified in clause (viii) above with respect to the Company) shall occur and be continuing and has not been waived, the
Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the unpaid principal of (and premium, if any) and accrued and unpaid interest on all the Notes to be due and payable by notice in writing to the Company and
the Trustee specifying the Event of Default and that it is a “notice of acceleration.” Notwithstanding the foregoing, in the case of an Event of Default specified in clause (viii) above with respect to the Company, the unpaid
principal of (and premium, if any) and accrued and unpaid interest on all the Notes will become due and payable without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture the Notes or the
Note Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium, if any,) if it determines that withholding notice is in their
interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an acceleration or waive any existing Default or Event of Default and
its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 (13) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
 (14) NO RECOURSE AGAINST OTHERS. A director, officer,
employee, shareholder or controlling person, as such, of the Company or any Note Guarantor, as such, will have any liability for any obligations of the Company or such Note Guarantor under the Notes, the Indenture, the Note Guarantees, or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The
waiver may not be effective to waive liabilities under the U.S. federal securities laws or under English corporate law, and it is the view of the SEC that such waiver may be contrary to public policy. 
 (15) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. 
 (16) ABBREVIATIONS. Customary abbreviations may be
used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform
Gifts to Minors Act). 
 (17) CUSIP NUMBERS. Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to
the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 
  

 A-6 

 (18) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE
USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 
 GC Impsat Holdings I Plc 
 1 London Bridge 
 London SE1 9BG, United Kingdom 
 Attention: General Counsel 
  

 A-7 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert assignee’s legal name)

	
	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	
	  

	
	  

	
	  

	(Print or type assignee’s name, address and zip code)

  

			
	and irrevocably appoint	 	  

	to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 Date:
                     
 Your Signature:
                                        
                                        

 (Sign exactly as your name appears on the face of this Note) 
 Signature Guarantee*:
                                        
     

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-8 

 OPTION OF HOLDER TO ELECT
PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the
Indenture, check the appropriate box below: 
  

							
		 	 ̈  Section 4.10	 	 ̈  Section 4.15	 	

 If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 
 $             
 Date:
                     
  

							
		 		 	Your Signature:	  	  

		 		 	 (Sign exactly as your name appears on the face of this Note)

				
		 		 	Tax Identification No.:	  	  

		 		 		  	
	Signature Guarantee*:	 	  
	 		  	

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  

 A-9 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a
part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of decrease in
Principal Amount
of
this Global
Note
	 	 Amount of increase in
Principal Amount
of
this Global
Note
	 	 Principal
Amount
of this Global Note
following such
decrease
(or increase)
	 	 Signature of authorized
officer of
Trustee or
Custodian

		 		 		 		 	

	*	This schedule should be included only if the Note is issued in global form. 

  

 A-10 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 GC Impsat Holdings I Plc 
 1 London Bridge 
 London SE1 9BG, United Kingdom 
 Attention: General Counsel 
 Wells Fargo Bank, National Association 
 Corporate Trust Services 
 Sixth St. and Marquette Ave., MAC N9303-120

 Minneapolis, MN 55479 
 Attention: GC Impsat Administrator

 Facsimile: (612) 667-9825 
 Re: 9.875%
Senior Notes due 2017 
 Reference is hereby made to the Indenture, dated as of February 14, 2007 (the
“Indenture”), between GC Impsat Holdings I Plc, a public limited company organized under the laws of England and Wales, as issuer (the “Company”), and Wells Fargo Bank, National Association, as trustee, and upon
consummation of the Merger, the Guarantors. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
                     , (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s]
specified in Annex A hereto, in the principal amount of $             in such Note[s] or interests (the “Transfer”), to
                     (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the
Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 
 1.  ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a
Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
 2.  ̈ Check if Transferee will take
delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was 

  

 B-1 

 
outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the
Securities Act. 
 3.  ̈ Check
and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being
effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws
of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
 (a)
 ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; 
 or 
 (b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
 or 
 (c)  ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
 or 
 (d)  ̈ such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities
Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the
transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee
in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than U.S.$250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities Act. 
  

 B-2 

 4.  ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
 (a)  ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and
in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (b)  ̈ Check if Transfer is Pursuant to
Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c)  ̈ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements
of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	
	 
		 	[Insert Name of Transferor]
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 Dated:
                     
  

 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

	1.	The Transferor owns and proposes to transfer the following: 

  

	 	  	[CHECK ONE OF (a) OR (b)] 

  

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP
            ), or 

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP
            ), or 

  

	 	(iii)	 ̈ IAI Global Note (CUSIP
            ); or 

  

	 	(b)	 ̈ a Restricted Definitive Note. 

  

	2.	After the Transfer the Transferee will hold: 

  

	 	  	[CHECK ONE] 

  

	 	(a)	 ̈ a beneficial interest in the: 

  

	 	(i)	 ̈ 144A Global Note (CUSIP
            ), or 

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP
            ), or 

  

	 	(iii)	 ̈ IAI Global Note (CUSIP
            ); or 

  

	 	(iv)	 ̈ Unrestricted Global Note (CUSIP
            ); or 

  

	 	(b)	 ̈ a Restricted Definitive Note; or 

  

	 	(c)	 ̈ an Unrestricted Definitive Note, 

  

	 	 	in accordance with the terms of the Indenture. 

  

 B-4 

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 GC Impsat Holdings I Plc 
 1 London Bridge 
 London SE1 9BG, United Kingdom 
 Attention: General Counsel 
 Wells Fargo Bank, National Association 
 Corporate Trust Services 
 Sixth St. and Marquette Ave., MAC N9303-120

 Minneapolis, MN 55479 
 Attention: GC Impsat Administrator

 Facsimile: (612) 667-9825 
 Re: 9.875%
Senior Notes due 2017 
 (CUSIP             ) 
 Reference is hereby made to the Indenture, dated as of February 14, 2007 (the “Indenture”), between GC Impsat Holdings I Plc, a
public limited company organized under the laws of England and Wales, as issuer (the “Company”), and Wells Fargo Bank, National Association, as trustee, and upon consummation of the Merger, the Guarantors. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture. 
                     , (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified
herein, in the principal amount of $             in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or
Beneficial Interests in an Unrestricted Global Note 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (b)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

 

 C-1 

 (c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted
Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to
Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the
Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 (d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection
with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any
state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for
Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon
consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted
Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

 C-2 

			
	
	 
		 	[Insert Name of Transferor]
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 Dated:
                     
  

 C-3 

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 GC Impsat Holdings I Plc 
 1 London Bridge 
 London SE1 9BG, United Kingdom 
 Attention: General Counsel 
 Wells Fargo Bank, National Association 
 Corporate Trust Services 

Sixth St. and Marquette Ave., MAC N9303-120 
 Minneapolis, MN 55479

 Attention: GC Impsat Administrator 
 Facsimile:
(612) 667-9825 
 Re: 9.875% Senior Notes due 2017 
 Reference is hereby made to the Indenture, dated as of February 14, 2007 (the “Indenture”), between GC Impsat Holdings I Plc, a public limited company organized under the laws of England and
Wales, as issuer (the “Company”), and Wells Fargo Bank, National Association, as trustee, and upon consummation of the Merger, the Guarantors. Capitalized terms used but not defined herein shall have the meanings given to them in
the Indenture. 
 In connection with our proposed purchase of
$             aggregate principal amount of: 
 (a)  ̈ a beneficial interest in a Global Note, or 
 (b)  ̈ a Definitive Note, 
 we confirm that: 
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain
restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the
Securities Act of 1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the Notes have not
been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as
hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional
buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed
letter substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than U.S.$250,000, an Opinion of Counsel in form reasonably acceptable to the Company to the effect
that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or
(F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements
of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
  

 D-1 

 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be
required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that
the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited investor” (as
defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are
acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 
  

			
	
	 
		 	[Insert Name of Accredited Investor]
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 Dated:                     
  

 D-2 

 EXHIBIT E 
 [FORM OF NOTATION OF GUARANTEE] 
 For value received, each Guarantor (which term includes any successor
Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions and limitations in the Indenture dated as of February 14, 2007 (the
“Indenture”) among GC Impsat Holdings I Plc, a public limited company organized under the laws of England and Wales, as issuer (the “Company”), and Wells Fargo Bank, National Association, as trustee (the
“Trustee”), and upon consummation of the Merger, the Guarantors, (a) the due and punctual payment of the principal of, premium, if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise,
the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the
terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 11 of the
Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. 
 For the avoidance of doubt, the
obligations of the Guarantors hereunder and under the Indenture shall not apply to any money, obligation or liability to the extent that it would constitute unlawful financial assistance within the meaning of Sections 151 and 152 of the United
Kingdom Companies Act 1985. 
 Capitalized terms used but not defined herein have the meanings given to them in the Indenture. 
  

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 E-1 

 EXHIBIT F 
 [FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                    , 200  , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of GC Impsat Holdings I Plc (or its permitted successor),
a public limited company organized under the laws of England and Wales, (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee under
the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of February 14,
2007 providing for the issuance of 9.875% Senior Notes due 2017 (the “Notes”); 
 WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing
Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 11 thereof. 
 3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee,
incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. Such waiver may not be effective to waive liabilities under the U.S. federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
 4. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. THE COMPANY AND THE NOTE GUARANTORS CONSENT TO THE NON-EXCLUSIVE JURISDICTION OF THE FEDERAL AND STATE
COURTS LOCATED IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN AND HAVE APPOINTED AN AGENT FOR SERVICE OF PROCESS WITH RESPECT TO ANY ACTIONS BROUGHT IN THESE COURTS ARISING OUT OF OR BASED ON THIS INDENTURE OR THE NOTES. 
  

 F-1 

 5. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
 6. EFFECT OF
HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 7.
THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of
which recitals are made solely by the Guaranteeing Subsidiary and the Company. 
  

 F-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
 Dated:
                    , 20     
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[COMPANY]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[EXISTING GUARANTORS]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	  

		 	Authorized Signatory

  

 F-3

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