Document:

Exhibit 4.5

 

DESCRIPTION OF REGISTRANT’S SECURITIES

 

The following description of the securities
of Tuscan Holdings Corp. II (“Company”) is based on and qualified by the Company’s Amended and Restated Certificate
of Incorporation (the “Charter”). References to the “Company” and to “we,” “us,” and “our”
refer to Tuscan Holdings Corp. II.

 

General

 

The Company is authorized to issue 50,000,000
shares of common stock, par value $0.0001, and 1,000,000 shares of preferred stock, par value $0.0001. There are no shares of preferred
stock currently outstanding. 

 

Units

 

Composition. Each unit consists of one
share of common stock and one half of one warrant. Each whole warrant entitles the holder to purchase one share of common stock.

 

Listing. The units are listed on the Nasdaq
Capital Market under the symbol “THCAU.”

 

Common Stock

 

Authorization. The outstanding shares
of the Company’s common stock are duly authorized, validly issued, fully paid and nonassessable.

 

Listing. The Company’s common
stock is listed on the Nasdaq Capital Market under the symbol “THCA.”

 

Voting Rights. Common stockholders
of record are entitled to one vote for each share held on all matters to be voted on by stockholders.

 

Tuscan Holdings Acquisition II LLC, our sponsor
(“Sponsor”), as well as all of our officers and directors, have agreed to vote their respective shares of common stock owned
by them immediately prior to our initial public offering (the “founder’s common stock”) and any shares purchased following
the initial public offering in the open market in favor of any proposed business combination.

 

Conversion Rights. Holders of common
stock issued in the Company’s initial public offering (which we refer to as “public shares”) have the right to demand
that the Company convert such shares into a pro rata portion of the Company’s trust account upon the consummation of our initial
business combination, either in connection with a stockholder meeting called to approve the business combination or by means of a tender
offer.

 

The decision as to whether we will seek stockholder
approval of a proposed business combination or conduct a tender offer will be made by us, solely in our discretion, and will be based
on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require us to seek stockholder
approval under the law or stock exchange listing requirement. We intend to conduct redemptions without a stockholder vote pursuant to
the tender offer rules of the Securities and Exchange Commission (“SEC”) unless stockholder approval is required by law or
stock exchange listing requirement or we choose to seek stockholder approval for business or other legal reasons.

 

If a stockholder vote is not required and we do
not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our Charter, conduct the redemptions pursuant
to the tender offer rules of the SEC, and file tender offer documents with the SEC prior to consummating our initial business combination.
Our Charter requires these tender offer documents to contain substantially the same financial and other information about the initial
business combination and the redemption rights as is required under the SEC’s proxy rules. If, however, stockholder approval of
the transaction is required by law or Nasdaq, or we decide to obtain stockholder approval for business or other reasons, we will, like
many blank check companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant
to the tender offer rules. If we seek stockholder approval, we will consummate our initial business combination only if a majority of
the outstanding shares of common stock voted are voted in favor of the business combination.

 

     

     

    

 

Outside Date. Pursuant to our Charter,
if we do not consummate an initial business combination by April 16, 2021 (unless such date is extended by our stockholders pursuant to
an amendment to our Charter), our corporate existence will cease except for the purposes of winding up our affairs and liquidating and
we will redeem 100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, equal to the aggregate
amount then on deposit in the trust account including interest earned on the funds held in the trust account and not previously released
to us, divided by the number of then outstanding public shares, subject to applicable law and as further described herein. Our Sponsor,
officers, and directors have agreed to waive their rights to participate in any liquidation distribution from the trust account occurring
upon our failure to consummate an initial business combination with respect to the common stock purchased by them in private placements.
Our Sponsor, officers and directors will therefore not participate in any liquidation distribution from the trust account with respect
to such shares. They will, however, participate in any liquidation distribution from the trust account with respect to any public shares
acquired by them.

 

If we seek to amend any provisions of our Charter
that would affect our public stockholders’ ability to convert their shares in connection with a business combination or affect the
substance or timing of our obligation to redeem 100% of our public shares if we do not complete a business combination by the required
date set forth in our Charter, we will provide public stockholders with the opportunity to convert their public shares in connection with
any such vote. This conversion right shall apply in the event of the approval of any such amendment, whether proposed by our Sponsor,
any executive officer, director or director nominee, or any other person. 

 

Preemptive Rights. Our stockholders have
no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable to the shares
of common stock, except that public stockholders have the right to sell their shares to us in a tender offer or have their shares of common
stock converted to cash equal to their pro rata share of the trust account if they vote on the proposed business combination in connection
with such business combination and the business combination is completed. Public stockholders who sell or convert their stock into their
share of the trust account still have the right to exercise the warrants that they received as part of the units.

 

Dividends. We have not paid any cash dividends
on our shares of common stock to date and do not intend to pay cash dividends prior to the completion of a business combination. The payment
of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition
subsequent to completion of a business combination. The payment of any dividends subsequent to a business combination will be within the
discretion of our then board of directors. It is the present intention of our board of directors to retain all earnings, if any, for use
in our business operations and, accordingly, our board does not anticipate declaring any dividends in the foreseeable future.

 

Preferred Stock

 

There are no shares of preferred stock outstanding.
Our Charter authorizes the issuance of 1,000,000 shares of preferred stock with such designation, rights and preferences as may be
determined from time to time by our board of directors. Our board of directors is empowered, without stockholder approval, to issue preferred
stock with dividend, liquidation, conversion, voting or other rights which could adversely affect the voting power or other rights of
the holders of common stock. However, the underwriting agreement prohibits us, prior to a business combination, from issuing preferred
stock which participates in any manner in the proceeds of the trust account, or which votes as a class with the common stock on a business
combination. We may issue some or all of the preferred stock to effect a business combination. In addition, the preferred stock could
be utilized as a method of discouraging, delaying or preventing a change in control of us. Although we do not currently intend to issue
any shares of preferred stock, we cannot assure you that we will not do so in the future.

 

Warrants

 

Listing. The Company’s warrants are
listed on the Nasdaq Capital Market under the symbol “THCAW.”

 

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Exercisability. Each warrant entitles the
registered holder to purchase one share of common stock during the exercise period. No fractional shares will be issued upon exercise
of the warrants.

 

Exercise Price. $11.50 per share, subject
to adjustment.

 

The exercise price and number of shares of common
stock issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary
dividend or our recapitalization, reorganization, merger or consolidation. However, except as described below, the warrants will not be
adjusted for issuances of shares of common stock at a price below their respective exercise prices.

 

In addition, if (x) we issue additional shares
of common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at an issue price or effective issue price of less than $9.50 per share of common stock (with such issue price or effective issue price
to be determined in good faith by our board of directors, and in the case of any such issuance to our Sponsor, initial stockholders or
their affiliates, without taking into account any founders’ shares held by them prior to such issuance), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of
our initial business combination on the date of the consummation of our initial business combination (net of redemptions), and (z) the
Market Value is below $9.50 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of
the greater of (i) the Market Value or (ii) the price at which we issue the additional shares of common stock or equity-linked securities.
The “Market Value” for this purpose means the volume weighted average trading price of our common stock during the 20 trading
day period starting on the trading day prior to the day on which we consummate our initial business combination.

 

Exercise Period. The warrants will become
exercisable commencing 30 days after the completion of an initial business combination.  The warrants will expire five years after
the consummation of our initial business combination, at 5:00 p.m., New York time, or earlier upon our liquidation.

 

No warrants will be exercisable for cash unless
we have an effective and current registration statement covering the shares of common stock issuable upon exercise of the warrants and
a current prospectus relating to such shares of common stock. Notwithstanding the foregoing, if a registration statement covering the
shares of common stock issuable upon exercise of the public warrants is not effective within a specified period following the consummation
of our initial business combination, warrant holders may, until such time as there is an effective registration statement and during any
period when we shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the
exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another
exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. In the event of such a cashless
exercise, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to the
quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference
between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair
market value” for this purpose will mean the average reported last sale price of the shares of common stock for the 5 trading days
ending on the trading day prior to the date of exercise. The warrants will expire on the fifth anniversary of our completion of an initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

 

The warrants included in the units issued privately
concurrently with our IPO and additional warrants issued in such private placement (collectively the “private warrants”),
as well as any warrants we issue to our Sponsor, officers, directors or their affiliates in payment of working capital loans made to us,
will be identical to the warrants underlying the units offered in our IPO except that such warrants will be exercisable for cash or on
a cashless basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are still held by our Sponsor
or its permitted transferees.

 

Redemption. We may call the warrants for
redemption (excluding the private warrants and any warrants issued to our Sponsor, initial stockholders, officers, directors or their
affiliates in payment of working capital loans made to us), in whole and not in part, at a price of $0.01 per warrant, (i) at any time
after the warrants become exercisable, (ii) upon not less than 30 days’ prior written notice of redemption to each warrant holder
after the warrants become exercisable, (iii)  if, and only if, the reported last sale price of the shares of common stock equals
or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations), for any 20 trading
days within a 30 trading day period commencing after the warrants become exercisable and ending on the third business day prior to the
notice of redemption to warrant holders, and (iv) if, and only if, there is a current registration statement in effect with respect to
the shares of common stock underlying such warrants.

 

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The right to exercise will be forfeited unless
the warrants are exercised prior to the date specified in the notice of redemption. On and after the redemption date, a record holder
of a warrant will have no further rights except to receive the redemption price for such holder’s warrant upon surrender of such
warrant.

 

If we call the warrants for redemption as described
above, our management will have the option to require all holders that wish to exercise warrants to do so on a “cashless basis.”
In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of common stock equal to
the quotient obtained by dividing (x) the product of the number of shares of common stock underlying the warrants, multiplied by the difference
between the exercise price of the warrants and the “fair market value” (defined below) by (y) the fair market value. The “fair
market value” for this purpose shall mean the average reported last sale price of the shares of common stock for the 5 trading days
ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants.

 

Fractional Shares. No fractional shares
will be issued upon exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest
in a share, we will, upon exercise, round up to the nearest whole number the number of shares of common stock to be issued to the warrant
holder.

 

Certain Provisions of the Charter and Bylaws

 

Staggered Board of Directors

 

Our board of directors is divided into three classes,
each of which will generally serve for a term of three years with only one class of directors being elected in each year. There is no
cumulative voting with respect to the election of directors, with the result that the holders of more than 50% of the shares eligible
to vote for the election of directors can elect all of the directors. As a result, in most circumstances, a person can gain control of
our board only by successfully engaging in a proxy contest at two or more annual meetings.

 

Special Meeting of Stockholders

 

Our bylaws provide that special meetings of our
stockholders may be called only by a majority vote of our board of directors, by our president or by our chairman or by our secretary
at the request in writing of stockholders owning a majority of our issued and outstanding capital stock entitled to vote.

 

Advance Notice Requirements for Stockholder
Proposals and Director Nominations

 

Our bylaws provide that stockholders seeking to
bring business before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of
stockholders must provide timely notice of their intent in writing. To be timely, a stockholder’s notice will need to be delivered
to our principal executive offices not later than the close of business on the 60th day nor earlier than the close of
business on the 90th day prior to the scheduled date of the annual meeting of stockholders. In the event that less than
70 days’ notice or prior public disclosure of the date of the annual meeting of stockholders is given, a stockholder’s notice
shall be timely if delivered to our principal executive offices not later than the 10th day following the day on which
public announcement of the date of our annual meeting of stockholders is first made or sent by us. Our bylaws also specify certain requirements
as to the form and content of a stockholders’ meeting. These provisions may preclude our stockholders from bringing matters before
our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders.

 

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Authorized but Unissued Shares

 

Our authorized but unissued common stock and preferred
stock are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including
future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued and unreserved
common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by means of a proxy contest,
tender offer, merger or otherwise.

 

Exclusive Forum Selection

 

Our Amended and Restated Charter requires, to
the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees for
breach of fiduciary duty and other similar actions may be brought only in the Court of Chancery in the State of Delaware, except any action
(A) as to which the Court of Chancery in the State of Delaware determines that there is an indispensable party not subject to the jurisdiction
of the Court of Chancery (and the indispensable party does not consent to the personal jurisdiction of the Court of Chancery within ten
days following such determination), (B) which is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery,
(C) for which the Court of Chancery does not have subject matter jurisdiction or (D) any action arising under the Securities Act, as to
which the Court of Chancery and the federal district court for the District of Delaware shall have concurrent jurisdiction. If an action
is brought outside of Delaware, the stockholder bringing the suit will be deemed to have consented to service of process on such stockholder’s
counsel. Although we believe this provision benefits us by providing increased consistency in the application of Delaware law in the types
of lawsuits to which it applies, a court may determine that this provision is unenforceable, and to the extent it is enforceable, the
provision may have the effect of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed
to have waived our compliance with federal securities laws and the rules and regulations thereunder and therefore bring a claim in another
appropriate forum. Additionally, we cannot be certain that a court will decide that this provision is either applicable or enforceable,
and if a court were to find the choice of forum provision contained in our amended and restated certificate of incorporation to be inapplicable
or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could
harm our business, operating results and financial condition.

 

Our Amended and Restated Charter provides that
the exclusive forum provision will be applicable to the fullest extent permitted by applicable law. Section 27 of the Exchange Act creates
exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations
thereunder. As a result, the exclusive forum provision will not apply to suits brought to enforce any duty or liability created by the
Exchange Act or any other claim for which the federal courts have exclusive jurisdiction.

 

Certain Anti-Takeover Provisions of Delaware
Law

 

We will be subject to the provisions of Section
203 of the Delaware General Corporation Law regulating corporate takeovers upon completion of this offering. This statute prevents certain
Delaware corporations, under certain circumstances, from engaging in a “business combination” with:

 

	 	●	a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an “interested stockholder”);

 

	 	●	an affiliate of an interested stockholder; or

 

	 	●	an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.

 

A “business combination” includes
a merger or sale of more than 10% of our assets. However, the above provisions of Section 203 do not apply if:

 

	 	●	our board of directors approves the transaction that made the stockholder an “interested stockholder,” prior to the date of the transaction;

 

	 	●	after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares of common stock; or

 

	 	●	on or subsequent to the date of the transaction, the business combination is approved by our board of directors and authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

 

 

5Document

Execution Version

FOURTH AMENDMENT TO NOTEHOLDER FORBEARANCE AGREEMENT
This Fourth Amendment to Noteholder Forbearance Agreement (this “Amendment”) is entered into as of June 28, 2021, by and among GTT Communications, Inc., a Delaware corporation (the “Issuer”), GTT Americas, LLC, a Delaware limited liability company, GTT Global Telecom Government Services, LLC, a Virginia limited liability company, GC Pivotal, LLC, a Delaware limited liability company, Communication Decisions – SNVC, LLC, a Virginia limited liability company, Electra Ltd., a Virginia corporation and Core 180, LLC, a Delaware limited liability company (each such direct or indirect subsidiary of the Issuer, a “Guarantor” and, together, the “Guarantors”), and each of the undersigned beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners) of the Notes (as hereinafter defined) (collectively, the “Consenting Noteholders” and, together with the Issuer and the Guarantors, collectively, the “Parties”).

RECITALS
A.    The Issuer, the Guarantors and Wilmington Trust, National Association, as trustee, are parties to that certain Indenture, dated as of December 22, 2016, (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”), under which the Issuer’s 7.875% Senior Notes due 2024 (the “Notes”) were issued. 
B.     The Issuer and the Guarantors entered into that certain Noteholder Forbearance Agreement, dated as of December 28, 2020 (the “December Forbearance Agreement”) with the Forbearing Noteholders (as defined in the December Forbearance Agreement).
C.    Requisite Forbearing Noteholders (as defined in the December Forbearance Agreement) provided certain acknowledgements relating to the December Forbearance Agreement in Section 3(b) of that certain First Amendment to Priming Facility Credit Agreement, dated as of February 11, 2021, among the Issuer, GTT Communications B.V. (“GTT B.V.”), the lenders party thereto and Delaware Trust Company, as administrative agent and collateral agent (the “Agent”).
D.    The Issuer, the Guarantors and Requisite Forbearing Noteholders amended the December Forbearance Agreement on March 29, 2021 (the “First Amendment”) to, among other things, extend the date and time “5:00 p.m., New York City time, on March 31, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement, to the date and time “5:00 p.m., New York City time, April 15, 2021” and add the Company’s failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as a Noteholder Specified Default (as defined in the Forbearance Agreement (as defined below)).
E.    On April 12, 2021, Requisite Forbearing Noteholders consented to an extension (the “First Extension”) of the date and time “5:00 p.m., New York City time, on April 15, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement (as previously amended by the First Amendment), to the date and time “5:00 p.m., New York City time, on April 22, 2021.” 
F.    On April 19, 2021, Requisite Forbearing Noteholders consented to an extension (the “Second Extension”) of the date and time “5:00 p.m., New York City time, on April 22, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement (as 
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previously amended by the First Amendment and the First Extension), to the date and time “5:00 p.m., New York City time, on May 3, 2021”.
G.    On April 28, 2021, Requisite Forbearing Noteholders consented to an extension (the “Third Extension”) of the date and time “5:00 p.m., New York City time, on May 3, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement (as previously amended by the First Amendment, the First Extension and the Second Extension), to the date and time “5:00 p.m., New York City time, on May 10, 2021”.
H.    The Issuer, the Guarantors and Requisite Forbearing Noteholders amended the December Forbearance Agreement on May 10, 2021 (the “Second Amendment”) to, among other things, extend the date and time “5:00 p.m., New York City time, on May 10, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement (as previously amended by the First Amendment, the First Extension, the Second Extension, and the Third Extension), to the date and time “5:00 p.m., New York City time, on May 17, 2021” (the December Forbearance Agreement, as amended by the First Amendment, the First Extension, the Second Extension, the Third Extension, and the Second Amendment, the “Forbearance Agreement”) and to make certain other technical amendments.
I.     The Issuer, the Guarantors and Requisite Forbearing Noteholders amended the December Forbearance Agreement on May 17, 2021 (the “Third Amendment”) to, among other things, extend the date and time “5:00 p.m., New York City time, on May 17, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement (as previously amended by the First Amendment, the First Extension, the Second Extension, the Third Extension and the Second Amendment), to the date and time “5:00 p.m., New York City time, on June 3, 2021” and add the Company’s failure to timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 as a Noteholder Specified Default.
J.    On May 28, 2021, Requisite Forbearing Noteholders consented to an extension (the “Fourth Extension”) of the date and time “5:00 p.m., New York City time, on June 3, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement (as previously amended by the First Amendment, the First Extension, the Second Extension, the Third Extension, the Second Amendment and the Third Amendment), to the date and time “5:00 p.m., New York City time, on June 17, 2021”.
K.    On June 11, 2021, Requisite Forbearing Noteholders consented to an extension (the “Fifth Extension”) of the date and time “5:00 p.m., New York City time, on June 17, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the December Forbearance Agreement (as previously amended by the First Amendment, the First Extension, the Second Extension, the Third Extension, the Third Amendment and the Fourth Extension), to the date and time “5:00 p.m., New York City time, on June 28, 2021” (the December Forbearance Agreement, as amended by the First Amendment, the First Extension, the Second Extension, the Third Extension, the Fourth Extension, the Second Amendment, the Third Amendment and the Fifth Extension, the “Forbearance Agreement”). 
L.    Terms used but not otherwise defined herein shall have the meanings given to them in the Forbearance Agreement or the Indenture, as applicable.
M.    Subject to the terms and conditions set forth in the Forbearance Agreement, the Forbearing Noteholders have agreed to forbear, solely during the Noteholder Forbearance Period, from 
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exercising their default-related rights and remedies against the Issuer and the Guarantors with respect to the Noteholder Specified Defaults.
N.    The Issuer, the Guarantors and the Consenting Noteholders (which constitute the Requisite Forbearing Noteholders) desire to amend the Forbearance Agreement as set forth in this Amendment. 
NOW, THEREFORE, in consideration of the foregoing, the terms, covenants and conditions contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

SECTION 1.    Amendments to Forbearance Agreement. 
(a)    Recital (J) in the Forbearance Agreement is hereby amended and restated as follows:

“The Issuer has requested that, during the Noteholder Forbearance Period (as hereinafter defined), the Noteholders agree to forbear from exercising any and all rights and remedies against the Issuer and the Guarantors with respect to any Defaults or Events of Default that have occurred, or that may occur as a result of, (i) the Reporting Defaults, (ii) the Issuer’s failure to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 during the Noteholder Forbearance Period, (iii) the Issuer’s failure to file its Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2021 during the Noteholder Forbearance Period, (iv) the Issuer’s failure to make the interest payment due on June 30, 2021 on the Notes as required pursuant to the Indenture, and (v) the occurrence and continuance of the “Lender Specified Defaults” as defined in the Fourth Credit Facilities Forbearance Agreement (as defined in the Second Amendment to Noteholder Forbearance Agreement, dated as of May 10, 2021, by and among the Issuer, the Guarantors, and the beneficial owners (or nominees, investment managers, advisors or subadvisors for the beneficial owners) of the Notes party thereto) (collectively, the “Noteholder Specified Defaults”).”
(b)    The date “June 28, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the Forbearance Agreement is hereby replaced with “July 6, 2021”.
(c)    The last sentence of Section 2(b) of the Forbearance Agreement is hereby amended and restated as follows: “In the event that the Trustee or any Noteholder or group of Noteholders takes any action during the Noteholder Forbearance Period to declare all of the Notes immediately due and payable pursuant to Section 6.02 of the Indenture solely due to any of the Noteholder Specified Defaults, the Forbearing Noteholders agree to promptly deliver written notice to the Issuer and the Trustee to rescind and annul such acceleration and its consequences in accordance with Section 6.02 of the Indenture and, in connection therewith, to provide the necessary consents for an amendment to the Indenture that provides that Section 6.02 of the Indenture (i) shall not require cure or waiver of any Events of Default that are Noteholder Specified Defaults in connection with rescinding and annulling such acceleration and its consequences and (ii) shall not require any payment or deposit with the Trustee of any overdue interest on the Notes or interest upon overdue interest on the Notes in connection with rescinding and annulling such acceleration and its consequences; provided that nothing in the foregoing shall require any Forbearing Noteholder to incur any expenses, liabilities, or other obligations pursuant to this Agreement, or agree to any commitments, undertakings, concessions, indemnities, or other arrangements that could result in expenses, liabilities, or other obligations to any Forbearing Noteholder or its Affiliates that such 
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Forbearing Noteholder reasonably believes may not be reimbursed by the Issuer pursuant to this Agreement.” 
SECTION 2.    Acknowledgements.
The Consenting Noteholders hereby consent to the extension of the date “June 28, 2021” set forth in the first sentence of each of Section 6.01(a) and Section 6.01(b) of the Priming Facility Credit Agreement to July 6, 2021 (the “PTL Extension”), and each reference to the “Priming Facility Credit Agreement” in the Forbearance Agreement shall mean the Priming Facility Credit Agreement as amended by the PTL Extension.

SECTION 3.    Effectiveness.  
The Forbearance Agreement is and shall remain in full force and effect as of the date hereof except as modified by this Amendment. This Amendment will be effective as of the date (i) each of the Parties shall have executed and delivered counterpart signature pages of this Amendment to counsel to each of the other Parties (which signature pages of this Amendment may be delivered by counsel in electronic form), (ii) the Issuer shall have paid the reasonable and documented fees, charges and disbursements of Latham & Watkins LLP, counsel to the Forbearing Noteholders and Centerview Partners LLC (“Centerview”), financial advisors to the Forbearing Noteholders, incurred in connection with this Agreement or in connection with any other agreements or documentation entered into prior to the date hereof, including, for the avoidance of doubt, that certain Amendment Fee and any outstanding Monthly Advisory Fees (each as defined in the engagement letter, dated as of September 25, 2020 between the Issuer and Centerview) and (iii) the Required Lenders (as defined in the Existing Credit Agreement) shall have provided written consent (which may be evidenced by email from counsel) to the extension of the date “June 28, 2021” in clause (2) of the definition of Termination Event in Section 2(a) of the Fourth Credit Facilities Forbearance Agreement (as defined in the Second Amendment) to “July 6, 2021”.
SECTION 4.    Amendments.
This Amendment may be modified, amended or supplemented only by an instrument in writing signed by the Issuer, the Guarantors and the Requisite Forbearing Noteholders or by written consent (which may be evidenced by email from counsel) of the Issuer, the Guarantors and the Requisite Forbearing Noteholders.  Any provision in this Amendment may be waived by an instrument in writing signed by the Party against whom such waiver is to be effective, and any date or deadline set forth herein may be extended by written consent of the Requisite Forbearing Noteholders (which may be evidenced by email from counsel). 
SECTION 5.    Governing Law; Consent to Jurisdiction.
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.  THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTION 12.08 OF THE INDENTURE RELATING TO SUBMISSION TO JURISDICTION AND WAIVER OF RIGHT TO TRIAL BY JURY, THE PROVISIONS OF WHICH ARE BY THIS REFERENCE INCORPORATED HEREIN IN FULL.
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SECTION 6.    Construction.  
This Amendment and all other agreements and documents executed and/or delivered in connection herewith have been prepared through the joint efforts of all of the Parties hereto.  Neither the provisions of this Amendment or any such other agreements and documents nor any alleged ambiguity therein shall be interpreted or resolved against any party on the ground that such party or its counsel drafted this Amendment or such other agreements and documents, or based on any other rule of strict construction.  Each of the Parties hereto represents and declares that such party has carefully read this Amendment and all other agreements and documents executed in connection therewith, and that such party knows the contents thereof and signs the same freely and voluntarily.  The Parties hereto acknowledge that they have been represented by legal counsel of their own choosing in negotiations for and preparation of this Amendment and all other agreements and documents executed in connection herewith and that each of them has read the same and had their contents fully explained by such counsel and is fully aware of their contents and legal effect.  Without limiting the generality of the foregoing, “option” and “discretion” shall be implied by the use of the words “if” and “may.”
SECTION 7.    Counterparts.  
This Amendment may be executed in counterparts (and by different Parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by telecopy or other electronic imaging means (including “.pdf”) shall be effective as delivery of a manually executed counterpart of this Amendment.
SECTION 8.    Severability.  
If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of the Forbearance Agreement, as amended, shall not be affected or impaired thereby and (b) the Parties shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.  The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
SECTION 9.    Time of Essence.  
Time is of the essence in the performance of the obligations of the Parties hereunder and with respect to all conditions to be satisfied by such Parties.
SECTION 10.    Section Headings.  
Section headings in this Amendment are included herein for convenience of reference only and shall not constitute part of this Amendment for any other purpose.
SECTION 11.    Notices.  
Except as set forth herein, all notices, requests, and demands to or upon the respective Parties hereto shall be given in accordance with the Indenture or in such other manner and to such persons as agreed upon by the Parties hereto.
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SECTION 12.    Assignments.  
This Amendment shall be binding upon and inure to the benefit of the Issuer, the Guarantors, the Forbearing Noteholders and their respective successors and assigns.  
SECTION 13.    Relationship of Parties; No Third Party Beneficiaries.  
Nothing in this Amendment shall be construed to alter the existing debtor-creditor relationship between the Issuer and the Guarantors, on the one hand, and the Forbearing Noteholders, on the other hand.  This Amendment is not intended, nor shall it be construed, to create a partnership or joint venture relationship between or among any of the Parties hereto.  No person other than a Party hereto is intended to be a beneficiary hereof and no person other than a Party hereto shall be authorized to rely upon or enforce the contents of this Amendment.
SECTION 14.    Final Agreement.  
THIS AMENDMENT, THE FORBEARANCE AGREEMENT, THE INDENTURE AND THE GUARANTEES REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
SECTION 15.    Separately Managed Accounts.  
The Parties hereto acknowledge that all representations, warranties, covenants and other agreements made by or with respect to any Noteholder that is a separately managed account of an investment manager identified on the signature pages hereto (the “Manager”) are being made only with respect to the assets managed by such Manager on behalf of such Noteholder, and shall not apply to (or be deemed to be made in relation to) any assets or interests that may be beneficially owned by such Noteholder that are not held through accounts managed by such Manager.
 [Signature Pages Follow]
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 IN WITNESS WHEREOF, this Amendment has been executed by the Parties hereto as of the date first written above.
                        GTT COMMUNICATIONS, INC. 

By: /s/ Donna Granato                    
                          Name: Donna Granato
                        Title: Interim Chief Financial Officer

                        

                        GTT AMERICAS, LLC
GTT GLOBAL TELECOM GOVERNMENT SERVICES, LLC
GC PIVOTAL, LLC
COMMUNICATION DECISIONS – SNVC, LLC
ELECTRA LTD.
CORE180, LLC

By: /s/ Donna Granato                
Name: Donna Granato
                        Title: Interim Chief Financial Officer
 
SIGNATURE PAGE TO 
AMENDMENT TO NOTEHOLDER FORBEARANCE AGREEMENT

DDJ CAPITAL MANAGEMENT, LLC, on behalf of certain funds and accounts it manages and/or advises

By: /s/ David J. Breazzano     
Name:     David J. Breazzano
Title:    President 

SIGNATURE PAGE TO 
AMENDMENT TO NOTEHOLDER FORBEARANCE AGREEMENT

CREDIT SUISSE ASSET MANAGEMENT, LLC, in its capacity as investment manager, sub-adviser, or similar capacity on behalf of certain holders of the 7.875% Senior Notes due 2024 of GTT Communications, Inc.

By:    /s/ Thomas Flannery        
    Authorized Signatory

SIGNATURE PAGE TO 
AMENDMENT TO NOTEHOLDER FORBEARANCE AGREEMENT

HG VORA CAPITAL MANAGEMENT, LLC, as investment advisor on behalf of certain funds and managed accounts

By:     HG Vora Capital Management, LLC, 
    as investment advisor

By:    /s/ Mandy Lam        
Name:    Mandy Lam
Title:    Authorized Signatory    

SIGNATURE PAGE TO 
AMENDMENT TO NOTEHOLDER FORBEARANCE AGREEMENT

ARISTEIA CAPITAL, L.L.C., solely in its capacity as Investment Manager to underlying fund holders

By:    /s/ Robert H. Lynch, Jr.        
Name:    Robert H. Lynch, Jr.
Title:    Manager
    Aristeia Capital, L.L.C.

By:    /s/ Andrew B. David        
Name:    Andrew B. David
Title:    Chief Operating Officer
    Aristeia Capital, L.L.C.

SIGNATURE PAGE TO 
AMENDMENT TO NOTEHOLDER FORBEARANCE AGREEMENT

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