Document:

Indenture

 Exhibit 4.1 
 EXECUTION COPY 
  
  
  
 GLOBAL CROSSING LIMITED 
 AND EACH OF THE GUARANTORS PARTY HERETO 
 12%
SENIOR SECURED NOTES DUE 2015 
  
  
 INDENTURE 
 Dated as of September 22, 2009

  
  
 WILMINGTON TRUST FSB 
 Trustee 
  
  
  
  
  

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture
 Act Section
	 	  	  	Indenture Section
	 310(a)(1)
	 		  	7.10
	        (a)(2)
	 		  	7.10
	        (a)(3)
	 		  	N.A.
	        (a)(4)
	 		  	N.A.
	        (a)(5)
	 		  	7.10
	        (b)
	 		  	7.10
	        (c)
	 		  	N.A.
	 311(a)
	 		  	7.11
	        (b)
	 		  	7.11
	        (c)
	 		  	N.A.
	 312(a)
	 		  	2.05
	        (b)
	 		  	13.03
	        (c)
	 		  	13.03
	 313(a)
	 		  	7.06
	        (b)(1)
	 		  	10.03
	        (b)(2)
	 		  	7.06; 7.07
	        (c)
	 		  	7.06; 10.03; 13.02
	        (d)
	 		  	7.06
	 314(a)
	 		  	4.03; 13.02; 13.05
	        (b)
	 		  	10.02
	        (c)(1)
	 		  	13.04
	        (c)(2)
	 		  	13.04
	        (c)(3)
	 		  	N.A.
	        (d)
	 		  	10.03; 10.04; 10.05
	        (e)
	 		  	13.05
	        (f)
	 		  	N.A.
	 315(a)
	 		  	7.01
	        (b)
	 		  	7.05; 13.02
	        (c)
	 		  	7.01
	        (d)
	 		  	7.01
	        (e)
	 		  	6.11
	 316(a) (last sentence)
	 		  	2.09
	        (a)(1)(a)
	 		  	6.05
	        (a)(1)(b)
	 		  	6.04
	        (a)(2)
	 		  	N.A.
	        (b)
	 		  	6.07
	        (c)
	 		  	2.12
	 317(a)(1)
	 		  	6.08
	        (a)(2)
	 		  	6.09
	        (b)
	 		  	2.04
	 318(a)
	 		  	13.01
	        (b)
	 		  	N.A.
	        (c)
	 		  	13.01

 N.A. means not applicable. 
  

	*	This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE 1
	DEFINITIONS AND INCORPORATION
	BY REFERENCE
			
	 Section 1.01
	 	Definitions	  	1
	 Section 1.02
	 	Other Definitions	  	34
	 Section 1.03
	 	Incorporation by Reference of Trust Indenture Act	  	35
	 Section 1.04
	 	Rules of Construction	  	36
	
	ARTICLE 2
	THE NOTES
			
	 Section 2.01
	 	Form and Dating	  	36
	 Section 2.02
	 	Execution and Authentication	  	37
	 Section 2.03
	 	Registrar and Paying Agent	  	38
	 Section 2.04
	 	Paying Agent to Hold Money in Trust	  	38
	 Section 2.05
	 	Holder Lists	  	38
	 Section 2.06
	 	Transfer and Exchange	  	38
	 Section 2.07
	 	Replacement Notes	  	50
	 Section 2.08
	 	Outstanding Notes	  	50
	 Section 2.09
	 	Treasury Notes	  	50
	 Section 2.10
	 	Temporary Notes	  	51
	 Section 2.11
	 	Cancellation	  	51
	 Section 2.12
	 	Defaulted Interest	  	51
	
	ARTICLE 3
	REDEMPTION AND PREPAYMENT
			
	 Section 3.01
	 	Notices to Trustee	  	51
	 Section 3.02
	 	Selection of Notes to Be Redeemed or Purchased	  	52
	 Section 3.03
	 	Notice of Redemption	  	52
	 Section 3.04
	 	Effect of Notice of Redemption	  	53
	 Section 3.05
	 	Deposit of Redemption or Purchase Price	  	53
	 Section 3.06
	 	Notes Redeemed or Purchased in Part	  	53
	 Section 3.07
	 	Optional Redemption	  	53
	 Section 3.08
	 	Mandatory Redemption	  	55
	 Section 3.09
	 	Offer to Purchase by Application of Excess Proceeds or Excess Event of Loss Proceeds	  	55
	
	ARTICLE 4
	COVENANTS
			
	 Section 4.01
	 	Payment of Notes	  	58
	 Section 4.02
	 	Maintenance of Office or Agency	  	59
	 Section 4.03
	 	Reports	  	59
	 Section 4.04
	 	Compliance Certificate	  	60
	 Section 4.05
	 	Taxes	  	61
	 Section 4.06
	 	Stay, Extension and Usury Laws	  	61
	 Section 4.07
	 	Restricted Payments	  	61
	 Section 4.08
	 	Dividend and Other Payment Restrictions Affecting Subsidiaries	  	65
	 Section 4.09
	 	Incurrence of Indebtedness and Issuance of Preferred Stock	  	67

					
	 	  	 	  	Page
	 Section 4.10
	  	Asset Sales	  	71
	 Section 4.11
	  	Transactions with Affiliates	  	73
	 Section 4.12
	  	Liens	  	75
	 Section 4.13
	  	Business Activities	  	75
	 Section 4.14
	  	Preservation of Legal Existence, Etc.	  	75
	 Section 4.15
	  	Offer to Repurchase Upon Change of Control	  	75
	 Section 4.16
	  	Limitation on Sale and Leaseback Transactions	  	77
	 Section 4.17
	  	Advances Between or Among the Company and its Restricted Subsidiaries	  	77
	 Section 4.18
	  	Payments for Consent	  	77
	 Section 4.19
	  	Additional Note Guarantees	  	78
	 Section 4.20
	  	Designation of Restricted and Unrestricted Subsidiaries	  	78
	 Section 4.21
	  	Designation of Grantor Guarantors and Pledgor Guarantors	  	79
	 Section 4.22
	  	Approvals for Certain Note Guarantees	  	80
	 Section 4.23
	  	Additional Collateral; Acquisition of Property or Assets	  	80
	 Section 4.24
	  	Post-Closing Collateral Requirement	  	83
	 Section 4.25
	  	Insurance	  	84
	 Section 4.26
	  	Further Assurances	  	85
	 Section 4.27
	  	Events of Loss	  	85
	 Section 4.28
	  	Currency Indemnity	  	87
	 Section 4.29
	  	Additional Amounts	  	87
	 Section 4.30
	  	Global Crossing Argentina S.A. Pledge	  	89
	
	ARTICLE 5
	SUCCESSORS
			
	 Section 5.01
	  	Merger, Amalgamation, Consolidation, or Sale of Assets	  	90
	 Section 5.02
	  	Successor Corporation Substituted	  	92
	
	ARTICLE 6
	DEFAULTS AND REMEDIES
			
	 Section 6.01
	  	Events of Default	  	92
	 Section 6.02
	  	Acceleration	  	94
	 Section 6.03
	  	Other Remedies	  	95
	 Section 6.04
	  	Waiver of Past Defaults	  	95
	 Section 6.05
	  	Control by Majority	  	95
	 Section 6.06
	  	Limitation on Suits	  	95
	 Section 6.07
	  	Rights of Holders of Notes to Receive Payment	  	96
	 Section 6.08
	  	Collection Suit by Trustee	  	96
	 Section 6.09
	  	Trustee May File Proofs of Claim	  	96
	 Section 6.10
	  	Priorities	  	97
	 Section 6.11
	  	Undertaking for Costs	  	97
	
	ARTICLE 7
	TRUSTEE
			
	 Section 7.01
	  	Duties of Trustee	  	97
	 Section 7.02
	  	Rights of Trustee	  	98
	 Section 7.03
	  	Individual Rights of Trustee	  	99
	 Section 7.04
	  	Trustee’s Disclaimer	  	99
	 Section 7.05
	  	Notice of Defaults	  	99
	 Section 7.06
	  	Reports by Trustee to Holders of the Notes	  	99
	 Section 7.07
	  	Compensation and Indemnity	  	100

  

 ii 

					
	 	 	 	  	Page
	 Section 7.08
	 	Replacement of Trustee	  	100
	 Section 7.09
	 	Successor Trustee by Merger, etc.	  	101
	 Section 7.10
	 	Eligibility; Disqualification	  	101
	 Section 7.11
	 	Preferential Collection of Claims Against Company	  	102
	
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	 Section 8.01
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	102
	 Section 8.02
	 	Legal Defeasance and Discharge	  	102
	 Section 8.03
	 	Covenant Defeasance	  	102
	 Section 8.04
	 	Conditions to Legal or Covenant Defeasance	  	103
	 Section 8.05
	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	104
	 Section 8.06
	 	Repayment to Company	  	105
	 Section 8.07
	 	Reinstatement	  	105
	
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	 Section 9.01
	 	Without Consent of Holders of Notes	  	105
	 Section 9.02
	 	With Consent of Holders of Notes	  	106
	 Section 9.03
	 	Compliance with Trust Indenture Act	  	108
	 Section 9.04
	 	Revocation and Effect of Consents	  	108
	 Section 9.05
	 	Notation on or Exchange of Notes	  	108
	 Section 9.06
	 	Trustee to Sign Amendments, etc.	  	108
	
	ARTICLE 10
	COLLATERAL AND SECURITY
			
	 Section 10.01
	 	Security	  	109
	 Section 10.02
	 	Recording and Opinions	  	109
	 Section 10.03
	 	Release of Collateral	  	110
	 Section 10.04
	 	Certificates of the Company	  	111
	 Section 10.05
	 	Certificates of the Trustee	  	111
	 Section 10.06
	 	Authorization of Actions to Be Taken by the Trustee Under the Collateral Documents	  	111
	 Section 10.07
	 	Authorization of Receipt of Funds by the Trustee Under the Collateral Documents	  	112
	 Section 10.08
	 	Termination of Security Interest	  	112
	
	ARTICLE 11
	NOTE GUARANTEES
			
	 Section 11.01
	 	Guarantee	  	112
	 Section 11.02
	 	Limitation on Guarantor Liability	  	114
	 Section 11.03
	 	Execution and Delivery of Note Guarantee	  	117
	 Section 11.04
	 	Guarantors May Consolidate, etc., on Certain Terms	  	118
	 Section 11.05
	 	Releases	  	119
			
		 	ARTICLE 12	  	
		 	SATISFACTION AND DISCHARGE	  	
			
	 Section 12.01
	 	Satisfaction and Discharge	  	120
	 Section 12.02
	 	Application of Trust Money	  	121

  

 iii 

					
	 	  	 	  	Page
		  	ARTICLE 13	  	
		  	MISCELLANEOUS	  	
	 Section 13.01
	  	Trust Indenture Act Controls	  	121
	 Section 13.02
	  	Notices	  	121
	 Section 13.03
	  	Communication by Holders of Notes with Other Holders of Notes	  	122
	 Section 13.04
	  	Certificate and Opinion as to Conditions Precedent	  	123
	 Section 13.05
	  	Statements Required in Certificate or Opinion	  	123
	 Section 13.06
	  	Rules by Trustee and Agents	  	123
	 Section 13.07
	  	No Personal Liability of Directors, Officers, Employees and Shareholders	  	123
	 Section 13.08
	  	Governing Law	  	124
	 Section 13.09
	  	No Adverse Interpretation of Other Agreements	  	124
	 Section 13.10
	  	Successors	  	124
	 Section 13.11
	  	Severability	  	124
	 Section 13.12
	  	Counterpart Originals	  	124
	 Section 13.13
	  	Table of Contents, Headings, etc.	  	124
	 Section 13.14
	  	Waiver of Immunity	  	124
	 Section 13.15
	  	Submission to Jurisdiction; Service of Process	  	125

  

			
	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
	 Exhibit G
	 	FORM OF INTERCOMPANY NOTE

  

 iv 

 INDENTURE dated as of September 22, 2009, among Global Crossing Limited, an exempted company with
limited liability formed under the laws of Bermuda, the Guarantors (as defined) and Wilmington Trust FSB, as trustee. 
 The Company (as
defined), the Guarantors and the Trustee (as defined) agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined) of the 12% Senior Secured Notes due 2015 (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 Debt” means, with respect to any specified Person: 
 (1) Indebtedness of any other Person existing at the time such other Person is amalgamated with or is merged with or into or became a
Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and 
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 
 “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. 
 “Additional Secured Debt” has the meaning set forth in
the Collateral Agency Agreement. 
 “Additional Secured Debt Agent” has the meaning set forth in the Collateral Agency
Agreement. 
 “Adjusted Net Assets” shall only take into account the sum of the values of the assets of the relevant German
Guarantor determined in accordance with applicable law and court decisions that are equivalent to those items listed in section 266 subsection (2) A, B and C of the German Commercial Code (“HGB”) less the relevant German
Guarantor’s liabilities (consisting of all liabilities and liability reserves which correspond to those items listed in accordance with section 266 subsection (3) B, C and D of the HGB). For the purposes of calculating the Adjusted Net
Assets, the following balance sheet items shall be adjusted as follows: (a) the amount of any increase in the registered share capital of the relevant German Guarantor which was carried out after the relevant German Guarantor became a party to
the Note Guarantee and/or this Indenture without the prior written consent of the Trustee shall be deducted from the amount of the registered share capital of the relevant German Guarantor; (b) any funds under the Note Guarantee or this
Indenture which have been or are on-lent or otherwise passed on to the relevant German Guarantor or to any subsidiary of such German Guarantor and have not yet been repaid at the time when payment under the Guarantee is demanded, shall be
disregarded; (c) loans or other contractual liabilities incurred by the relevant German Guarantor in breach of the Note Guarantee and/or this Indenture shall not be taken into account as liabilities. 
  

 1 

 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 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. 
 “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. 
 “Approved Jurisdictions” means, with respect to the jurisdiction of organization of any Grantor Guarantor, each of: 
 (1) Argentina, Australia, Bermuda, Brazil, Canada, the Cayman Islands, Chile, Colombia, Costa Rica, Germany, Hong Kong, Ireland,
Japan, Mexico, The Netherlands, Panama, Peru, Singapore, Spain, the United States and the United Kingdom; and 
 (2) any
state, province or territory or other political subdivision of any of the foregoing. 
 “Asset Sale” means: 
 (1) the sale, lease, conveyance or other disposition of any assets or rights by the Company or any of its Restricted Subsidiaries;
provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by the provisions of this Indenture described under
Section 4.15 hereof and/or the provisions of Section 5.01 hereof and not by the provisions of Section 4.10 hereof; and 
 (2) the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any of its Restricted Subsidiaries of Equity Interests in any of its Subsidiaries.

 Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 
 (1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $5.0 million;

 (2) a transfer of assets between or among the Company and its Restricted Subsidiaries not in violation of
Section 4.07 hereof; 
 (3) an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company
or to a Restricted Subsidiary of the Company; 
  

 2 

 (4) 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 of its Restricted Subsidiaries; 
 (5) the sale, grant, lease, sublease, license, sublicense, consignment, conveyance or other disposition of equipment, inventory,
telecommunications product, service or capacity, indefeasible rights of use, accounts receivable or other assets in the ordinary course of business; 
 (6) the sale or other disposition of cash or Cash Equivalents; 
 (7) a Restricted
Payment that does not violate Section 4.07 hereof or a Permitted Investment; 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. 
 “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of determination, the present value of the
obligation of the lessee for net rental payments during the remaining term of the lease included in such sale and leaseback transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended.
Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP; provided, however, that if such sale and leaseback transaction results in a
Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of Capital Lease Obligation. 
 “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”, “Beneficially Owned” and “Beneficial Ownership” have a corresponding meaning.

 “Board of Directors” means: 
 (1) with respect to a company or corporation, the board of directors of the company or corporation or any committee thereof duly authorized to act on behalf of such board; 
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; 
 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing members
thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar function.

  

 3 

 “Book Value” means the book value of property or assets, other than cash, as set forth
on the books and records of the Company and its Restricted Subsidiaries and determined in accordance with GAAP. 
 “Broker-Dealer” means any broker or dealer registered with the SEC under the Exchange Act. 
 “Business
Day” means any day other than a Legal Holiday. 
 “Capital Lease Obligation” means, at the time any determination
is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment
of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital Stock” means: 
 (1) in the case of a company or corporation, shares
or corporate stock, respectively; 
 (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership
or limited liability company, partnership interests (whether general or limited) or membership interests; and 
 (4) any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, 
 but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 
 “Cash Equivalents” means: 
 (1) marketable direct obligations issued by, or unconditionally guaranteed by: (a) the United States government, (b) Switzerland or (c) the United Kingdom, or issued by any agency thereof and backed by
the full faith and credit of the United States, Switzerland or the United Kingdom, 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 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 S&P or 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 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 $500.0 million; 
  

 4 

 (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; 
 (6) to the extent an Investment is made using the currency of any country generated from the operations of a Restricted Subsidiary of the Company in that country, demand deposits, certificates of deposit, time
deposits or bankers’ acceptances maturing within one year from the date of acquisition thereof issued by any of the ten largest banks (based on assets as of the most recent December 31) organized under the laws of such country;
provided that such bank is not under intervention, receivership or any similar arrangement at the time of making such Investment; and 
 (7) investments in money market funds which invest substantially all of their assets in cash in Approved Jurisdictions or in any country that is a member of the European Economic and Monetary Union (EMU) and/or
securities of the types described in clauses (1) through (5) above. 
 “Change of Control” means the occurrence of
any of the following: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger, amalgamation or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole to any Person (including any
“person” (as that term is used in Section 13(d) of the Exchange Act)) other than the Permitted Holders; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; 
 (3) the
consummation of any transaction (including, without limitation, any merger, amalgamation or consolidation), the result of which is that any Person (including any “person” (as defined in clause (1) above)), other than the Permitted
Holders, becomes the Beneficial Owner, directly or indirectly, of more than 40% of the Voting Stock of the Company, measured by voting power rather than number of shares, and the percentage of Voting Stock Beneficially Owned by such Person exceeds
the percentage of Voting Stock Beneficially Owned by the Permitted Holders, in each case measured by voting power rather than number of shares; or 
 (4) the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 
 “Clearstream” means Clearstream Banking, S.A. 
 “Collateral” means
(1) substantially all existing and future property and assets (other than Excluded Assets) of the Company and each of the Grantor Guarantors and (2) the Equity Interests, if any, owned by each of the Pledgor Guarantors in any of its
Subsidiaries (except to the extent constituting Excluded Assets). 
 “Collateral Agency Agreement” means the Collateral
Agency Agreement dated the date of this Indenture, among the Company, the other Grantors, the Trustee, each holder of Pari Passu Obligations that constitute Additional Secured Debt (or their duly appointed trustee, agent or other representative
acting on such holders’ behalf) and the Collateral Agent, as amended, restated or amended and restated from time to time in accordance with the terms thereof and this Indenture. 
  

 5 

 “Collateral Agent” shall have the meaning set forth in the Collateral Agency Agreement.

 “Collateral Document” means each document purporting to grant a security interest in any Collateral to the Collateral
Agent for the benefit of the Secured Debtholders or establishing the First Priority perfection or registration of such security interests, in each case as amended, restated, modified, renewed or replaced from time to time, and the Collateral Agency
Agreement. 
 “Colombia Notes” means the Senior Guaranteed Notes due December 18, 2010, of Impsat Colombia. 

“Colombia Notes Indenture” means the Indenture dated December 18, 2003, governing the Colombia Notes. 
 “Company” means Global Crossing Limited, an exempted company with limited liability formed under the laws of Bermuda, and any and all
successors thereto. 
 “Comparable Treasury Issue” means, with respect to notes to be redeemed, the U.S. Treasury security
selected by an Independent Investment Banker as having a maturity most nearly equal to the period from the redemption date to September 15, 2012, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities; provided that if such period is less than one year then the U.S. Treasury security having a maturity of one year shall be used. 
 “Comparable Treasury Price” means, with respect to any redemption date: 
 (1) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such
Reference Treasury Dealer Quotations; or 
 (2) if the Trustee obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such Reference Treasury Dealer Quotations. 
 “Consolidated Cash Flow” means, with respect to
any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 
 (1) provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus

 (2) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such
Fixed Charges were deducted in computing such Consolidated Net Income; plus 
 (3) depreciation, amortization
(including amortization of intangibles, but excluding amortization of prepaid cash expenses that were paid in a prior period (other than amortization of prepaid cash expenses relating to the installation of equipment and costs of connecting
customers to the Company’s network)) and other non-cash expenses (including, without limitation, non-cash expenses resulting from currency translation adjustments, but excluding any such non-cash expense to the extent that it represents an
accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period (other than amortization of prepaid cash expenses relating to the installation of equipment and costs of
connecting customers to the Company’s network)) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net
Income; plus 
  

 6 

 (4) legal, accounting and other fees and expenses incurred in connection with the
issuance and sale of the Notes on the date of this Indenture and the write-off of deferred financing costs from time to time; plus 
 (5) acquisition-related costs and restructuring reserves incurred by the Company or any of its Restricted Subsidiaries in connection with the acquisition of, merger, amalgamation or consolidation with, any Person
expensed in computing such Consolidated Net Income to the extent the same would have been capitalized prior to the adoption of Statement of Financial Accounting Standards No. 141R, Business Combinations; plus 
 (6) other non-recurring or unusual losses or expenses of such Person and its Restricted Subsidiaries for such period (as determined
by the Company in good faith and in accordance with Regulation G, promulgated pursuant to the Securities Act and the Exchange Act) to the extent deducted in computing Consolidated Net Income; minus 
 (7) non-recurring or unusual gains of such Person and its Restricted Subsidiaries for such period (as determined by the Company in
good faith in accordance with Regulation G, promulgated pursuant to the Securities Act and the Exchange Act). minus 
 (8) non-cash items increasing such Consolidated Net Income for such period (including, without limitation, non-cash gains resulting from currency translation adjustments), other than the accrual of revenue in the ordinary course of
business, 
 in each case, on a consolidated basis and determined in accordance with GAAP. 
 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and
its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
 (1) the Net Income (but not loss) of any Person that is not a Subsidiary or that is accounted for by the equity method of accounting will be included only 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; 
 (2) the Net Income (but not loss) of any Restricted
Subsidiary of such Person will be excluded to the extent that a corresponding amount could not be transferred (including by way or one or more of the following: (a) dividend, (b) loan, (c) repayment of intercompany loans,
(d) other conveyances) to such Person at the date of determination as a result of any restriction pursuant to the constituent documents of such Restricted Subsidiary or any law, regulation, agreement or judgment applicable to any such
distribution (and the equity in any net loss of such Restricted Subsidiary shall be included in determining Consolidated Net Income); 
 (3) the cumulative effect of a change in accounting principles will be excluded; 
 (4) except for purposes of calculating Consolidated Cash Flow under Section 4.07(a)(iii)(A) hereof, the Net Income (but not loss) of any Restricted Subsidiary of such Person will be included to the extent a corresponding amount of
cash held by such Restricted Subsidiary would not be subject to a Currency Restriction as of the applicable date of determination (and the equity in any net loss of such Restricted Subsidiary shall be included in determining Consolidated Net
Income); and 
  

 7 

 (5) the Net Income of any Unrestricted Subsidiary of such Person will be excluded,
whether or not distributed to the specified Person or one of its Subsidiaries. 
 “Consolidated Total Indebtedness” means,
for any Person as of any date of determination, an amount equal to the aggregate principal amount (or accreted value, as applicable) (without duplication) of all Indebtedness of such Person and its Restricted Subsidiaries on a consolidated basis
outstanding at such time, with all Hedging Obligations valued at the net amount that the same are reflected as a liability upon the most recent balance sheet of the specified Person prepared in accordance with GAAP. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who: 
 (1) was a member of such Board of Directors on the date of this Indenture; or 
 (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who
were members of such Board of Directors at the time of such nomination or election. 
 “Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 13.02 hereof or such other address as to which the Trustee may give notice to the Company. 
 “Credit Facilities” means one or more debt facilities with banks or other institutional lenders, as amended, restated, amended and
restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time, in each case providing for revolving credit loans or letters of credit. 
 “Currency Restriction” means the failure of any governmental authority of a particular jurisdiction to exchange, or to approve or permit
the exchange of, currency for U.S. dollars, the unavailability of U.S. dollars in any lawful currency market in any such jurisdiction, or any other action of a governmental authority that has the effect of prohibiting or preventing such exchange or
the transfer of such funds outside of any such jurisdiction, in each case for ten or more consecutive days. 
 “Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Deeply Subordinated
Debt” means Indebtedness of the Company or any Guarantor that (1) is Subordinated Indebtedness, (2) does not require or permit any cash payment of any Obligation thereon prior to its maturity (but which may require or permit prior
to the maturity thereof (x) the payment of any Obligations thereon in kind or in Equity Interests of the Company (other than Disqualified Stock) and/or (y) the conversion or exchange of such Indebtedness into Equity Interests of the
Company (other than Disqualified Stock) and (3) does not mature prior to the date that is 91 days after the Stated Maturity of the Notes. 
 “Default” means any event that is, or with the passage 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. 
  

 8 

 “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. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it
is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or
redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute
Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control, asset sale or event of loss will not constitute Disqualified Stock
if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. The amount of Disqualified Stock
deemed to be outstanding at any time for purposes of this Indenture will be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of,
such Disqualified Stock, exclusive of accrued dividends. 
 “Equity Interests” means Capital Stock and all warrants, options
or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any public or private sale either (1) of Equity Interests of the Company (other than Disqualified Stock and other than to a Subsidiary of the Company) or (2) of Equity Interests of a direct
or indirect parent entity of the Company (other than to the Company or a Subsidiary of the Company) to the extent that the net cash proceeds therefrom are contributed to the common equity capital of the Company. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 
 “Event of Loss” means, with respect to any asset of the Company or any of its Restricted Subsidiaries (1) any condemnation,
seizure, nationalization, expropriation or taking by exercise of the power of eminent domain or otherwise of such asset, or confiscation of such asset or the requisition of the use of such asset, in each case by any government or regulatory
authority with jurisdiction over such asset and after such action has become final and non-appealable or (2) any final settlement in lieu of the actions set forth in clause (1) above. 
 “Event of Loss Proceeds” means the aggregate cash and Cash Equivalents proceeds received by the Company or any of its Restricted
Subsidiaries in respect of any Event of Loss (including, without limitation, any cash and Cash Equivalents received upon the sale or other disposition of any non-cash consideration received in any Event of Loss), net of the direct costs relating to
such Event of Loss, including, without limitation, legal, accounting and any relocation expenses incurred as a result of the Event of Loss, taxes paid or payable as a result of the Event of Loss, in each case, after taking into account any available
tax credits or deductions and any tax sharing arrangements. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
  

 9 

 “Exchange Notes” means the Notes issued in the Exchange Offer pursuant to
Section 2.06(f) hereof. 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
 “Excluded Assets” means: 
 (1) any contract, agreement, lease or other document (and any contract rights arising thereunder and any property or assets that is the subject of or relating to any such contract, agreement, lease or document) to
which any of the Grantors is a party at any time to the extent (but only to the extent) that the assignment thereof, or the creation of a Lien thereon, would (a) constitute a breach of the terms of such contract, agreement, lease or other
document, or would cause a default or event of default under the terms of such contract, agreement, lease or other document, or would permit any party to such contract, agreement, lease or other document to terminate any material contract right
arising under any such contract, agreement, lease or other document or to exercise any put, call, right of refusal, purchase option or other similar right, (b) permit any party to such contract, agreement, lease or other document to terminate,
cancel or withdraw from such contract, agreement, lease or other document, (c) result in the abandonment, invalidation or unenforceability of any right, title or interest of any Grantor therein or (d) require notice of assignment to be
provided to any party to such contract, agreement, lease or other document, provided that such notice shall be provided to each counterparty to a contract, agreement, lease or other document (x) providing for payments (excluding
prepayments) to any Grantor reasonably anticipated to exceed $1.0 million per annum during the one-year period following the date of any such notice and (y) which does not otherwise constitute an Excluded Asset under preceding sub-clauses (a),
(b), or (c) (all such contracts, agreements, leases and other documents being the “Excluded Agreements”) (for the avoidance of doubt, it being understood that the restrictions referred to in preceding sub-clauses (a), (b),
(c) and (d) are not negative pledges or similar undertakings in favor of a lender or other financial counterparty), other than, in each case of the restrictions referred to in preceding sub-clauses (a), (b), (c) and (d), to the extent
that any such restrictions would be rendered ineffective pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law (including the Bankruptcy Law);
provided, however, any of the Excluded Agreements (and any such property that is the subject of or relating to any such Excluded Agreement) shall automatically cease to be excluded at such time as (A) the restriction on assignment
or on the creation of a Lien with respect to such agreement or other Collateral is no longer in effect or is rendered ineffective as a matter of law or (B) the applicable Grantor has obtained the consent of the other parties to such agreement
to the assignment of, or creation of a Lien with respect to, the contract rights of such Grantor thereunder or other Collateral (which consent such Grantor shall not, except as set forth in Section 4.24 hereof, be required to obtain under this
Indenture or the Collateral Documents); 
 (2) any contract, agreement, lease or other document in any jurisdiction where
such contract, agreement, lease or other document must be identified with particularity in the applicable security filing or registration, unless such contract, agreement, lease or other document provides for payments to (excluding prepayments), any
Grantor reasonably anticipated to be in excess of $1.0 million per calendar year; 
  

 10 

 (3) any license, permit, concession, application or authorization from any governmental
or regulatory authority in favor of any Grantor to the extent (but only to the extent) that the assignment thereof or the creation of a Lien thereon would (a) constitute a breach of or a default or event of default under the terms of such
license, permit or authorization, (b) would require any separate license, permit, concession, application or authorization or would otherwise terminate such license, permit, concession, application or authorization, or (c) result in the
abandonment, invalidation or unenforceability of any right, title or interest of any Grantor therein (all of the licenses, permits, concessions, applications and authorizations referred to herein being the “Excluded
Authorizations”); provided, however, that any of the Excluded Authorizations shall cease to be excluded at such time as (x) the restriction on assignment or on the creation of a Lien with respect to such license, permit,
concession, application or authorization is no longer in effect or is rendered ineffective as a matter of law or (y) the applicable Grantor has obtained the consent of the applicable governmental or regulatory authority to the assignment of, or
creation of a Lien with respect to, such license, permit, concession, application or authorization of such Grantor (which consent such Grantor shall not be required to obtain); 
 (4) any license, permit, concession, application or authorization in any jurisdiction in which such license, permit, concession,
application or authorization must be identified with particularity in the applicable security filing or registration, unless such license, permit, concession, application or authorization is, individually, material to the business, financial
condition or operations of the applicable Grantor; 
 (5) the Equity Interests of (a) any Immaterial Restricted
Subsidiary and (b) any Subsidiary if the pledge of the Equity Interests of such Subsidiary is not required or is released in accordance with Section 10.03(a)(7) hereof; 
 (6) the Equity Interests and assets and property of (a) SAC Peru S.R.L., (b) GC Pan European Crossing France S.A.R.L.,
(c) GC SAC Argentina S.R.L. and (d) for so long as such Subsidiary remains an Excluded Restricted Subsidiary, Global Crossing Landing Mexicana S. De R.L.; 
 (7) (a) any leased real property of a Grantor, (b) any owned real property of a Grantor as of the date of this Indenture,
except to the extent (x) constituting a Specified Site or (y) having a Book Value (including owned fixtures and improvements thereon) greater than $3.0 million for any individual or related parcels, (c) any owned real property of a
Grantor acquired after (or owned by a person who becomes a Grantor after) the date of this Indenture having a Book Value (including owned fixtures and improvements thereon) for any individual or related parcels of less than $3.0 million and
(d) any fixtures (including, without limitation, ductwork and conduit), except to the extent that a Lien can (if required) be perfected or otherwise evidenced under the laws of the applicable jurisdiction governing notice of security interests
either automatically or by filing or registering a financing statement, charge, chattel mortgage or an equivalent filing or registration (in the case of any such fixtures having an individual Book Value in excess of the Threshold Amount,
irrespective of whether any such fixture must be identified with particularity in the applicable security filing or registration) no more frequently than annually in (x) a central filing office or registry with respect to the applicable Grantor
and (y) the filing office or registry of the jurisdiction of the location of any owned real property not constituting an Excluded Asset; 
 (8) any plant, machinery, office equipment, computers and similar tangible property (and all related rights) in any jurisdiction where any such property must be identified with particularity in the applicable
security filing or registration, other than any such property having an individual Book Value in excess of the Threshold Amount located at one of the properties, premises or facilities described in clause (ii) of the proviso to clause
(14) below; 
  

 11 

 (9) any property or assets subject to a Lien that secures Indebtedness incurred
pursuant to Section 4.09(b)(1)(or (4) to the extent of Permitted Refinancing Indebtedness refinancing Existing Indebtedness), (3), (13) and (14) hereof; 
 (10) any motor vehicles and other equipment subject to a certificate of title statute, up to an aggregate Book Value of $10.0 million
for all such property referred to in this clause (10); 
 (11) certain letter of credit rights and commercial tort claims
specified in the Collateral Documents; 
 (12) crops or farm products or as-extracted collateral; 
 (13) any intellectual property rights located outside of the United States; 
 (14) any personal property with respect to which (a) a Lien cannot, if required under the law of the applicable jurisdiction
(other than the United States, the U.S. Virgin Islands, Bermuda, Canada, the United Kingdom or the Netherlands), be perfected or otherwise evidenced in accordance with applicable statutes governing notice of security interests either automatically
or by filing or registering a financing statement, charge, chattel mortgage or an equivalent filing or registration in a single central filing office or registry with respect to such Grantor no more frequently than annually or, in the case of Equity
Interests, by taking possession or similar process, (b) the applicable Grantor is prohibited by the laws of its jurisdiction of incorporation or organization, or by any regulatory authority to which it is subject, from suffering a Lien to exist
thereon or (c) any governmental entity or regulatory authority claiming jurisdiction over any such property or asset including Equity Interests, wherever located, prohibits the existence of a Lien thereon; provided that sub-clause
(a) of this clause (14) shall not exclude (i) any deposit account or securities account (or any cash, Cash Equivalents and other investment property held therein) or (ii) any property (x) located at any owned real property
not constituting an Excluded Asset or (y) having an aggregate Book Value in excess of $3.0 million located at any single facility (e.g., any cable station, landing station, data center or tele-house) or premises (in each case of the preceding
sub-clauses (x) and (y), (1) to the extent a Lien on such property can be perfected or otherwise evidenced in accordance with applicable statutes by filing or registering a financing statement, charge, chattel mortgage or an equivalent
filing or registration no more frequently than annually in one or more additional local filing offices or registries and (2) other than equipment held temporarily at a location referred to in the preceding clause (x) or (y) pending
transfer to a customer or transfer within 90 days to another premises or facility of the Company or a Subsidiary). 
 (15)
deposit accounts and securities accounts containing an aggregate average daily balance (calculated for each calendar month as of the last Business Day of such month) not to exceed (a) $25.0 million at any time that GC Columbia is a Grantor
Guarantor and (b) otherwise, $15.0 million; 
 (16) assets of any Pledgor Guarantor not constituting Equity
Interests in any other Subsidiary; 
  

 12 

 (17) any assets or property (other than cash, Cash Equivalents and Equity Interests) of
any Grantor formed under the laws of Luxembourg, to the extent such assets do not have a Book Value in excess of $5.0 million at any time outstanding; 
 (18) any policy of insurance; provided that proceeds of insurance shall not constitute Excluded Assets to the extent the Lien granted by the Collateral Documents in the property or assets covered by such
insurance would constitute Collateral in accordance with Section 9-315 of the Uniform Commercial Code or any similar provision of the applicable law of the relevant jurisdiction; 
 (19) the outstanding Equity Interests of Unrestricted Subsidiaries (other than the outstanding Equity Interests in GC UK);

 (20) property and assets of the Grantors as of the date of this Indenture that have, in the aggregate, Book Value of
less than $10.0 million with respect to which the chief financial officer of the Company determines in good faith (with such determination to be conclusive) that the cost of granting, perfecting, registering or maintaining a First Priority Lien on
such property or asset is burdensome relative to the Book Value of such property or asset (or otherwise is not practicable); and 
 (21) other assets and property of the Grantors having an aggregate Book Value not to exceed $20.0 million at any time; 
 provided, that
(i) any proceeds received by any Grantor from the sale, transfer or other disposition of any Excluded Asset shall constitute Collateral except to the extent such proceeds are in the form of property or assets constituting Excluded Assets and
(ii) notwithstanding anything to the contrary contained in this definition, except as provided in clause (17) above, no assets or property of any Grantor formed under the laws of Luxembourg shall constitute Excluded Assets. 
 “Excluded Restricted Subsidiary” means: 
 (1) any Immaterial Restricted Subsidiary; 
 (2) any Restricted Subsidiary of the
Company that is (a) prohibited by the laws of its jurisdiction of incorporation or organization, or by any regulatory authority to which it is subject, from guaranteeing the Notes, or (b) incorporated or organized in a jurisdiction for so
long as the laws of such jurisdiction do not permit such Restricted Subsidiary to enter into a Note Guarantee that is Full and Unconditional guarantee of all of the Company’s Obligations under the Notes and this Indenture incurred on the date
of this Indenture (and any related Exchange Notes issued pursuant to the Registration Rights Agreement), without significant risk of civil or criminal liability, all as determined by the Company in consultation with its counsel, in each case under
clauses (a) and (b) above, until such date as the Company and its counsel determine that clauses (a) and (b) above no longer apply to such Restricted Subsidiary; 
 (3) Impsat Colombia until the earlier of (a) the time that the Colombia Notes Indenture no longer prohibits the guarantee of the
Notes by Impsat Colombia and (b) the repayment, defeasance, discharge, repurchase, cancellation or extinguishment of the Colombia Notes, whether at final maturity on December 18, 2010, or otherwise; 
  

 13 

 (4) any Limited Guarantor the Note Guarantee of which is released in accordance with
Sections 11.05 hereof until such time (if any) as such Limited Guarantor enters into a new guarantee in accordance with Section 4.19 hereof; 
 (5) SAC Peru S.R.L.; 
 (6) GC Pan European Crossing France S.A.R.L.; 
 (7) GC SAC Argentina S.R.L. and GC Argentina; and 
 (8) the Global Crossing Landing Mexicana S. De R.L., so long as such Subsidiary is not a direct or indirect wholly owned Subsidiary
of the Company. 
 “Existing Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries in existence on
the date of this Indenture, other than Capital Leases Obligations, mortgage financings and purchase money obligations in existence on the date of this Indenture, until such amounts are repaid. 
 “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, as determined in good faith by (1) the chief financial officer of the Company, if such value is equal to or less than $35.0 million and (2) the Board of Directors of the Company, if such
value exceeds $35.0 million, in each case unless otherwise provided in this Indenture). 
 “First Priority” means
(1) with respect to any Lien purported to be created on any Equity Interests in any Subsidiary of the Company pursuant to any Collateral Document, that such Lien is a duly perfected or registered first priority Lien (subject to Permitted Liens
of the type listed in clauses (3), (4), (7), (18), (19) and (22) in the definition thereof) in such Equity Interests and (2) with respect to any Lien purported to be created on any other asset pursuant to any Collateral Document, that
such Lien is a duly perfected or registered first priority Lien (subject to Permitted Liens) in such asset. 
 “Fixed Charges”
means, with respect to any specified Person for any period, the sum, without duplication, of: 
 (1) the consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments (including interest
calculations in accordance with FASB Staff Position No. APB 14-1 for all purposes other than determining Fixed Charges under Section 4.07(a)(iii)(A) hereof), the interest component of any deferred payment obligations or contingent obligations,
the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’
acceptance financings and late payment charges, and net of the effect of all payments made or received pursuant to Hedging Obligations in respect of interest rates; plus 
 (2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus

 (3) any interest on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is called upon; plus 
  

 14 

 (4) the product of (a) all dividends, whether paid or accrued and whether or not in
cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or any of its
Restricted Subsidiaries, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each
case, determined on a consolidated basis in accordance with GAAP. 
 “Full and Unconditional” has the meaning set forth in
Rule 3-10 of Regulation S-X promulgated pursuant to the Securities Act or any successor rule. 
 “GAAP” means generally
accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board,
as in effect on the date of this Indenture. 
 “GC UK” means Global Crossing (UK) Telecommunications Limited, a company
organized under the laws of England and Wales. 
 “GC UK Intercompany Debt” means the Obligations in pounds sterling owing
to GC UK in respect of Indebtedness issued pursuant to: 
 (1) the Inter-Company Credit Agreement, dated as of April
2006, between and among Global Crossing (UK) Telecommunications Limited, as lender, the Company Europe Limited, as borrower, and the Company Limited, as guarantor, as amended from time to time prior to the date of this Indenture; 
 (2) the Guarantee, dated as of April 2006, by Global Crossing Limited, as guarantor, in favour of Global Crossing (UK)
Telecommunications Limited, as beneficiary, as amended from time to time prior to the date of this Indenture; and 
 (3) all borrowing requests thereunder. 
 “Global Note Legend” means the legend set forth in
Section 2.06(g)(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 Depositary 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), 2.06(d)(2) or 2.06(f)
hereof. 
 “Government Securities” means the 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. 
 “Grantor Guarantor” means each
Guarantor that is not a Pledgor Guarantor; provided that, in the case of any Grantor Guarantor formed, acquired or designated as such after the date of this Indenture, Section 4.19 (if applicable) and Section 4.23 hereof have been
complied with in respect of such Grantor Guarantor. 
  

 15 

 “Grantors” means, collectively, the Company, the Grantor Guarantors and the Pledgor
Guarantors (even though at any given time some Pledgor Guarantors may not actually pledge any Equity Interests in Subsidiaries). 
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of
assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities
or services, to take or pay or to maintain financial statement conditions or otherwise). 
 “Guarantor” means: 

(1) each Restricted Subsidiary of the Company existing on the date of this Indenture that is not an Excluded Restricted Subsidiary on
the date of this Indenture; and 
 (2) any Subsidiary of the Company that executes a Note Guarantee in accordance with
the provisions of this Indenture, 
 and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in
accordance with the provisions of this Indenture. For the avoidance of doubt, all Grantors other than the Company are Guarantors. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 
 (1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest rate risk; 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity
prices; and 
 (4) other agreements with respect to one or more options or other derivative transactions entered into in
connection with the issuance of convertible Indebtedness. 
 “Holder” means a Person in whose name a Note is registered.

 “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.  
 “Immaterial Restricted Subsidiary” means (1) as of any date, any Restricted Subsidiary of the
Company that has, as of such date, Specified Tangible Assets with a Book Value of less than $500,000 and which either (x) had less than $500,000 in total revenues for its most recently ended four full fiscal quarters or (y) is not
reasonably expected by the chief financial officer of the Company to generate revenues at any time after such date due to the sale, disposition or discontinuation of such Subsidiary’s assets or operations, (2) each of GC Hungary Holdings
Property Management LLC, Geoconference 

  

 16 

 
Limited, Global Crossing Conferencing Limited, Global Crossing PEC Czech s.r.o, Global Crossing PEC Norge AS and Global Crossing PEC Ostereich GmbH and
(3) each of Atlantic Crossing Holdings UK Limited, Corlew Investment, S.A., Deason Investment, S.A., Fibernet Quest Limited, GC Colombiana Ltda., Global Crossing Network Center (UK) Ltd., GT U.K. Ltd., International Optical Network Limited,
International Satellite Communication Holding Aktiengesellschaft, Mid-Atlantic Crossing Holdings UK Ltd., SAC Colombia Ltda. and Telcontrol, S.A. de C.V., so long as such Subsidiaries are liquidated or commence liquidation within 12 months of the
date of this Indenture. Notwithstanding the foregoing, the Company may elect from time to time, in its sole discretion (any such election shall be made in an Officer’s Certificate delivered to the Trustee), to cause any Subsidiary that
otherwise meets the definition of Immaterial Restricted Subsidiary to not constitute an Immaterial Restricted Subsidiary, whereupon such Subsidiary shall cease to be an Immaterial Restricted Subsidiary. 
 “Impsat Colombia” means Global Crossing Colombia S.A., a Colombian company. 
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade
payables), whether or not contingent: 
 (1) in respect of borrowed money; 
 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); 
 (3) in respect of banker’s acceptances; 
 (4) representing Capital Lease Obligations or Attributable Debt in respect of sale and leaseback transactions; 
 (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after
such property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations, 
 if and to the extent any of the preceding items (other than letters of credit, Attributable Debt and Hedging Obligations) would appear as a liability upon a balance
sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by
the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Independent Investment
Banker” means Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC or J.P. Morgan Securities Inc. and their respective successors, or, if such firms or their respective successors, if any, as the case may be, are unwilling or
unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
  

 17 

 “Initial Notes” means the $750,000,000 aggregate principal amount of Notes issued under
this Indenture on the date hereof. 
 “Initial Pledgor Guarantor” means each of Global Crossing Australia Pty. Limited,
Global Crossing Belgie b.v.b.a., Global Crossing Comunicaciones Ecuador S.A., Global Crossing Costa Rica SRL, Global Crossing Cyprus Holdings Limited, Global Crossing Japan KK, Global Crossing PEC Belgium b.v.b.a., Global Crossing PEC Danmark
A.p.S., Global Crossing PEC Switzerland AG, Global Crossing Singapore Pte. Ltd., Global Crossing Sverige AB and Global Crossing Venezuela S.A.; provided, however, that any Initial Pledgor Guarantor shall constitute an Initial Pledgor
Guarantor only until such time as such Initial Pledgor Guarantor is redesignated by the chief financial officer of the Company as a Grantor Guarantor in a written notice to the Collateral Agent (subject to compliance with Section 4.23 hereof).
For the avoidance of doubt, each Initial Pledgor Guarantor will guarantee the Notes but not grant a Lien on its property or assets other than a pledge of the Equity Interests of its Subsidiaries (except that an Initial Pledgor Guarantor will not
pledge the Equity Interests of Subsidiaries to the extent that (x) it does not have any Subsidiaries, (y) the pledge of the Equity Interests of the relevant Subsidiary is not required or is released in accordance with
Section 10.03(a)(7) hereof or (z) such Equity Interests otherwise constitute Excluded Assets. 
 “Initial
Purchasers” means Goldman, Sachs & Co., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc. and Jeffries & Company, Inc. 
 “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. 
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding the extension of trade credit and deposits, in each case in the ordinary course of business in accordance with
customary practice and on reasonable terms, and commission, travel and similar advances to officers, directors and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any of its Subsidiaries sells or otherwise disposes of any Equity Interests
of any direct or indirect Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer 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 the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount determined pursuant to Section 4.07(c) hereof. The acquisition by the Company or any of its
Subsidiaries of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person
in such third Person in an amount determined pursuant to Section 4.07(c) hereof. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to
subsequent changes in value. 
 “Latin American Grantor” means each Restricted Subsidiary of the Company organized under the
laws of Brazil, Chile, Mexico, Panama or Peru that as of the date of this Indenture is a Grantor Guarantor. 
 “Legacy Latin American
Grantors” means those Latin American Grantors that were part of our Latin American operations prior to the Impsat acquisition on May 9, 2007 and that were not subsequently transferred to our GC Impsat segment. These subsidiaries
include Global Crossing Mexicana II; S. De R.L. de C.V.; Global Crossing Mexicana, S. de R.L. de C.V.; Global Crossing Servicios, S. de R. L. de C.V.; Global Crossing Panama, Inc.; SAC Panama, S.A.; the Panamanian branch of PAC Panama Ltd.; Telecom
Infrastructure Hardware S.R.L.; SAC Brasil SA; and SAC Brasil Holding Ltda. 
  

 18 

 “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. 
 “Letter of Transmittal” means the
letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
 “Leverage Ratio” means, with respect to any specified Person as of any date of determination, the ratio of (1) the Consolidated Total Indebtedness of such Person as of such date to (2) the
Consolidated Cash Flow of such Person for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding such date (the “Four Quarter Period”). In the event that the
specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems
preferred stock subsequent to the Four Quarter Period for which the Leverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Leverage Ratio is made (the “Ratio Date”), then
the Leverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock,
and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable Four Quarter Period. 
 In addition,
for purposes of calculating the Leverage Ratio: 
 (1) acquisitions that have been made by the specified Person or any of its
Restricted Subsidiaries, including through mergers, amalgamations or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing
transactions and including increases in ownership of Restricted Subsidiaries, during the applicable Four Quarter Period or subsequent to such period and on or prior to the Ratio Date will be given pro forma effect (in accordance with Regulation S-X,
promulgated pursuant to the Securities Act) as if they had occurred on the first day of the applicable Four Quarter Period; 
 (2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Ratio Date, will be excluded;

 (3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations
or businesses (and ownership interests therein) disposed of prior to the Ratio Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its
Restricted Subsidiaries following the Ratio Date; 
 (4) any Person that is a Restricted Subsidiary of the specified
Person on the Ratio Date will be deemed to have been a Restricted Subsidiary of the specified Person at all times during the applicable Four Quarter Period; 
  

 19 

 (5) any Person that is not a Restricted Subsidiary of the specified Person on the Ratio
Date will be deemed not to have been a Restricted Subsidiary of the specified Person at any time during the applicable Four Quarter Period; and 
 (6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be calculated as if the rate in effect on the Ratio Date had been the applicable rate for the entire
period (taking into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the Ratio Date in excess of 12 months). 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected or registered under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
 “Limited Guarantor” means each of the following Restricted Subsidiaries of the Company: (1) Global Crossing Telecommunications, Inc., (2) Budget Call Long Distance, Inc., (3) Global
Crossing North American Networks, Inc., (4) Global Crossing Local Services, Inc., and (5) Global Crossing Telemanagement, Inc., in each case until such entity executes a new Note Guarantee pursuant to which it provides a Full and
Unconditional guarantee of all Obligations of the Company under the Notes and this Indenture incurred on the date of this Indenture (and any related Exchange Notes issued pursuant to the Registration Rights Agreement). 
 “Limited Note Guarantee” means, with respect to a Limited Guarantor Subsidiary, the Note Guarantee executed by such Limited Guarantor
Subsidiary on the date of this Indenture. 
 “Moody’s” means Moody’s Investors Service, Inc. 
 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and
before any reduction in respect of preferred stock dividends, excluding, however: 
 (1) any gain or loss, together with
any related provision for taxes on such gain or loss, realized in connection with: (a) any asset sale; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness
of such Person or any of its Restricted Subsidiaries; and 
 (2) any extraordinary gain or loss, together with any
related provision for taxes on such extraordinary gain or loss. 
 “Net Proceeds” means the aggregate cash and Cash
Equivalents proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash and Cash Equivalents received upon the sale or other disposition of any non-cash consideration
received in any Asset Sale), net of the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset
Sale, taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, and any reserve for adjustment in respect of the sale price of such asset or
assets established in accordance with GAAP. 
  

 20 

 “Non-Recourse Debt” means Indebtedness: 
 (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any
undertaking, agreement or instrument that would constitute Indebtedness (other than the pledge of Equity Interests of an Unrestricted Subsidiary that are not required to constitute Collateral under this Indenture or the Collateral Documents)) or
(b) is directly or indirectly liable as a guarantor or otherwise; and 
 (2) as to which the lenders have been
notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries (other than Equity Interests of an Unrestricted Subsidiary that are not required to constitute Collateral under this
Indenture or the Collateral Documents). 
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
 “Note Guarantee” means the Guarantee by each Guarantor of the Company’s Obligations under this Indenture and the Notes, executed
pursuant to the provisions of this Indenture, including without limitation each Limited Note Guarantee. 
 “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 any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Offering Circular” means the confidential offering circular, dated September 11, 2009, with respect to the initial offer and sale of the Notes and guarantees by the Company and the guarantors. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
 “Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of the Company that meets the requirements of Section 13.05 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of
Section 13.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
 “Pari Passu Obligations” means all Obligations of the Company or any of its Restricted Subsidiaries in respect of any Indebtedness: 
 (1) for borrowed money owed to revolving lenders or the administrative agent for such lenders, letter of credit providers or other
creditors and secured by a Lien on the Collateral pursuant to, and to the extent permitted by, clause (21)(a) of the definition of Permitted Liens; 
 (2) representing Hedging Obligations incurred by the Company or any Grantor Guarantor secured by a Lien on Collateral pursuant to, and to the extent permitted by, clause (21)(b) of the definition of
Permitted Liens, all of which Hedging Obligations shall be valued at the net amount that the same are reflected as a liability upon the most recent consolidated balance sheet of the Company prepared in accordance with GAAP; 
  

 21 

 (3) incurred pursuant to Section 4.09(a) hereof secured by a Lien on the
Collateral pursuant to, and to the extent permitted by, clause (20) of the definition of Permitted Liens, and any Permitted Refinancing Indebtedness in respect of such Indebtedness incurred in reliance on Section 4.09(b)(4) hereof, secured
by a Lien on the Collateral pursuant to, and to the extent permitted by, clause (18) of the definition of Permitted Liens; or 
 (4) secured by a Lien on the Collateral to the extent permitted by clause (23) or (24) of the definition of Permitted Liens; 
 provided in each case that the obligees (or any duly appointed trustee, agent or other representative acting on behalf of such obligees) of such Obligations have become parties to the Collateral Agency Agreement in accordance with
the provisions thereof. 
 “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 date of this Indenture and any business reasonably ancillary, complimentary similar or related
thereto. 
 “Permitted Holder” means (1) Temasek Holdings (Private) Limited (investment company) and any of its
Subsidiaries and (2) STT and any of its Subsidiaries. 
 “Permitted Investments” means: 
 (1) Investments: 
 (a) (i) by the Company in any Grantor Guarantor or (ii) by any Restricted Subsidiary of the Company in the Company or any Grantor Guarantor (or in any Person that, as a result of the relevant Investment (x) becomes a Grantor
Guarantor or (y) is merged, amalgamated or consolidated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Grantor Guarantor); 
 (b) by any Pledgor Guarantor or any Excluded Restricted Subsidiary in any other Restricted Subsidiary of the Company (or in any
Person that, as a result of the relevant Investment (x) becomes a Restricted Subsidiary of the Company or (y) is merged, amalgamated or consolidated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Company or a Restricted Subsidiary of the Company); and 
 (c) by the Company or any Grantor Guarantor in any
Restricted Subsidiary that is not a Grantor Guarantor (or in any Person that, as a result of the relevant Investment (x) becomes a Restricted Subsidiary that is not a Grantor Guarantor or (y) is merged, amalgamated or consolidated with or
into, or transfers or conveys substantially all of its assets to, or is liquidated into, a Restricted Subsidiary that is not a Grantor Guarantor) at any time as long as (immediately after giving pro forma effect to any reduction in Book Value of the
Specified Tangible Assets resulting from (i) such 

  

 22 

 
Investment and any other Investments made pursuant to this clause (1)(c) and (ii) any Restricted Investment by the Company or any Grantor Guarantor
in any Restricted Subsidiary that is not a Grantor Guarantor made pursuant to Section 4.07(a) hereof, in each case after the end of the most recent fiscal quarter as if the same were made on such date) the aggregate Book Value of the Specified
Tangible Assets of the Company and the Grantor Guarantors organized in Approved Jurisdictions, taken as a whole, is equal to or greater than $1.0 billion; 
 (2) any Investment in Cash Equivalents; 
 (3) any Investment (a) made as a
result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10 hereof or (b) received in connection with an Event of Loss; 
 (4) any acquisition of assets or Capital Stock solely in exchange for the issuance of Equity Interests (other than Disqualified
Stock) of the Company; 
 (5) any Investments received in compromise or resolution of (a) obligations of trade
creditors or customers 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 trade
creditor or customer or (b) any litigation, arbitration or other dispute; 
 (6) Investments represented by Hedging
Obligations; 
 (7) loans or advances to 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 $4.0 million at any one time outstanding; 
 (8) Investments by the Company or any of its Restricted Subsidiaries 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 of the Company; 
 (9) repurchases of the Notes and
related guarantees or of the Exchange Notes and related guarantees; 
 (10) netting of intercompany balances, including
changing underlying currencies, and/or conversion of intercompany balances into capital contributions among the Company and its Restricted Subsidiaries (in each case to the extent the making of such intercompany balances constituted an Investment
when made) in transactions that do not involve the transfer of any cash or assets (other than the conversion of intercompany receivables into a capital contribution) and consistent with the practices and policies of the Company in effect on the date
of this Indenture; 
 (11) any Investment (including Investments in Subsidiaries) existing on, or made pursuant to
written agreements existing on, the date of this Indenture and any Investment consisting of an extension or renewal of any Investment existing on, or made pursuant to a written agreement existing on, the date of this Indenture; and 
  

 23 

 (12) other Investments made after the date of this Indenture in any Person engaged in a
Permitted Business having an aggregate Fair Market Value, when taken together with all other Investments made pursuant to this clause (12) that are at the time outstanding, not to exceed $25.0 million; provided that the aggregate amount
of Investments outstanding at any time pursuant to this clause (12) shall be reduced (without reducing the aggregate availability of this clause (12)) by an amount equal to the net reduction in Investments made by the Company and its
Restricted Subsidiaries pursuant to this clause (12) after the date of this Indenture resulting from, without duplication (a) repayments of loans or advances or payment of return of equity contributions in the form of dividends or
distributions, as the case may be, in each case to the Company or the Restricted Subsidiary that initially made such Investment, from such Investment, (b) the net cash proceeds received by the Company or any Restricted Subsidiary that made any
such Investment from the sale of such Investment, (c) a redesignation of an Unrestricted Subsidiary that was the recipient of such Investment as a Restricted Subsidiary that is a Grantor Guarantor so long as at such time such Investment would
not constitute a Restricted Investment by such Unrestricted Subsidiary that is redesignated or (d) with respect to Investments by any the Company or any Grantor Guarantor in any Pledgor Guarantor or Excluded Restricted Subsidiary, upon such
Pledgor Guarantor or Excluded Restricted Subsidiary becoming a Grantor Guarantor (whether by designation in accordance with Section 4.21 hereof or by merger, amalgamation, consolidation or liquidation with or into, the Company or a Grantor
Guarantor) or upon the transfer or conveyance of substantially all of the assets of such Pledgor Guarantor or Excluded Restricted Subsidiary to the Company or a Grantor Guarantor, in any such case described in clauses (a) through
(d) above, not to exceed the amount of the Investment previously made by the Company or any of its Restricted Subsidiaries (or in the case of clause (d), by the Company or a Grantor Guarantor) in such Person in reliance on this clause (12);

 provided, however, that no Investment made pursuant to clause (1), (6), (8) or (12) above in any Person organized or located in
Venezuela or any jurisdiction that is at such time subject to a Currency Restriction shall be made by a Person organized or located outside of Venezuela or such jurisdiction, as the case may be. 
 “Permitted Liens” means: 
 (1) Liens on assets of the Company and its Restricted Subsidiaries created by this Indenture and the Collateral Documents with respect to the Notes and Note Guarantees issued on the date of this Indenture and the
Exchange Notes and the related Note Guarantees to be issued pursuant to the Registration Rights Agreement; 
 (2) Liens
in favor of the Company or any of the Grantor Guarantors; 
 (3) Liens on property of a Person existing at the time such
Person becomes a Restricted Subsidiary of the Company or is merged with or into or consolidated or amalgamated with the Company or any Grantor Guarantor; provided that such Liens were in existence prior to the contemplation of such Person
becoming a Grantor Guarantor or such merger, amalgamation or consolidation and do not extend to any assets other than those of the Person that becomes a Grantor Guarantor or is merged into or consolidated or amalgamated with the Company or a Grantor
Guarantor; 
 (4) Liens on property (including Capital Stock) existing at the time of acquisition of the property by the
Company or any Subsidiary of the Company; provided that such Liens were in existence prior to, such acquisition, and not incurred in contemplation of, such acquisition; 
  

 24 

 (5) Liens incurred or deposits made in the ordinary course of business (a) 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
(b) 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);

 (6) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by of Section 4.09(b)(3) hereof
covering only the assets acquired with or financed by such Indebtedness (including improvements and accessions to such assets or proceeds or distributions thereof); 
 (7) Liens existing on the date of this Indenture; 
 (8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good
faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 
 (9) 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; 
 (10) 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, and zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and similar encumbrances),
which do not in the aggregate materially adversely affect the value of material properties or materially impair their use in the operation of the business of the Company and its Restricted Subsidiaries; 
 (11) 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), and leases, subleases, licenses or sublicenses granted to any other Person that do not materially interfere with the ordinary course of business of the Company or any Restricted Subsidiary of the Company; 
 (12) Liens arising from 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; 
 (13) 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; 
 (14) 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; 
  

 25 

 (15) Liens encumbering deposits made to secure obligations arising from statutory,
regulatory, contractual, or warranty requirements of the Company or a Restricted Subsidiary of the Company, including rights of offset and set-off; 
 (16) 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; 
 (17) 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; 
 (18) Liens to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided,
however, that: 
 (a) the new Lien shall be limited to all or part of the same property and assets that secured or,
under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 
 (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding
principal amount, or, if greater, committed amount, of the Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance
or discharge; 
 (19) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of
customs duties in connection with the importation or export of goods in the ordinary course of business; 
 (20) Liens on
any of the Collateral securing Indebtedness incurred in compliance with Section 4.09 hereof; provided that (a) at the time of creation of any such Indebtedness and after giving pro forma effect thereto, the Company satisfies the
Priority Leverage Ratio Test and (b) either the Liens incurred pursuant to this clause are junior to the Liens described under clause (1) above or the obligees (or any duly appointed trustee, agent or other representative acting on behalf
of such obligees) of the Indebtedness secured by the Liens incurred pursuant to this clause has become a party to the Collateral Agency Agreement with respect to such Liens; 
 (21) Liens on Collateral securing Indebtedness (a) incurred pursuant to Section 4.09(b)(15) hereof and/or securing Hedging
Obligations with respect thereto and/or securing Obligations under Treasury Management Arrangements with respect thereto and (b) representing Hedging Obligations incurred by the Company or any Grantor Guarantor pursuant to
Section 4.09(b)(8) hereof; provided that either the Liens incurred pursuant to this clause are junior to the Liens described under clause (1) above or the obligees (or any duly appointed trustee, agent or other representative acting
on behalf of such obligees) of the Indebtedness incurred pursuant to this clause have become party to the Collateral Agency Agreement with respect to such Liens; 
 (22) non-consensual Liens imposed in jurisdictions outside of the United States, the U.S. Virgin Islands, Bermuda, the United
Kingdom, Canada, Luxembourg or the Netherlands to the extent not arising out of the incurrence of indebtedness for borrowed money; provided that the Company or the applicable Restricted Subsidiary of the Company exercises commercially
reasonable efforts to cause such Lien to be discharged or released; 
  

 26 

 (23) Liens not otherwise permitted pursuant to the preceding clauses
(1) through (22) securing obligations that do not exceed $15.0 million in the aggregate at any one time outstanding; provided that either the Liens incurred pursuant to this clause are junior to the Liens described under clause
(1) above or the obligees (or any duly appointed trustee, agent or other representative acting on behalf of such obligees) of the Indebtedness incurred pursuant to this clause has become party to the Collateral Agency Agreement with respect to
such Liens; and 
 (24) Liens not otherwise permitted pursuant to the preceding clauses (1) through
(23) securing obligations that do not exceed $10.0 million in the aggregate at any one time outstanding. 
 “Permitted
Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other
Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
 (1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced,
defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted
Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 
 (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to
the Notes or any Note Guarantee, such Permitted Refinancing Indebtedness is subordinated in right of payment to, the Notes or such Note Guarantee on terms at least as favorable to the Holders of Notes as those contained in the documentation
governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (4) such
Indebtedness is incurred either by the Company or by the Restricted Subsidiary of the Company that is the obligor on the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company or government or other entity. 
 “Pledgor Guarantor” means any Initial Pledgor
Guarantor or any Specified Pledgor Guarantor. 
 “Priority Debt” means, for any Person as of any date of determination, an
amount equal to the sum of the aggregate principal amount (or accreted value, as applicable) (without duplication) of all Indebtedness secured by Liens on the Collateral, in each case of such Person and its Restricted Subsidiaries on a consolidated
basis outstanding at such time. 
  

 27 

 “Priority Leverage Ratio” means, as of any date of determination, the ratio of
(1) Priority Debt as of such date to (2) the Consolidated Cash Flow of the Company and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding such date (the “Priority Four Quarter Period”). In the event that the Company or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Priority
Debt (other than ordinary working capital borrowings) subsequent to the Priority Four Quarter Period for which the Priority Leverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Priority
Leverage Ratio is made (the “Priority Ratio Date”), then the Priority Leverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase, redemption, defeasance or other
discharge of such Priority Debt, and the use of the proceeds therefrom, as if the same had occurred at the beginning of the applicable Priority Four Quarter Period. 
 In addition, for purposes of calculating the Priority Leverage Ratio: 
 (1) acquisitions that
have been made by the Company or any of its Restricted Subsidiaries, including through mergers, amalgamations or consolidations, or any Person or any of its Restricted Subsidiaries acquired by the Company or any of its Restricted Subsidiaries, and
including any related financing transactions and including increases in ownership of Subsidiaries, during the applicable Priority Four Quarter Period or subsequent to such period and on or prior to the Priority Ratio Date will be given pro forma
effect (in accordance with Regulation S-X, promulgated pursuant to the Securities Act) as if they had occurred on the first day of the applicable Priority Four Quarter Period; 
 (2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the Priority Ratio Date, will be excluded; 
 (3) the
Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership interests therein) disposed of prior to the Priority Ratio Date, will be excluded, but only to the extent that
the obligations giving rise to such Fixed Charges will not be obligations of the Company or any of its Restricted Subsidiaries following the Priority Ratio Date; 
 (4) any Person that is a Restricted Subsidiary of the specified Person on the Priority Ratio Date will be deemed to have been a
Restricted Subsidiary of the specified Person at all times during the applicable Priority Four Quarter Period; 
 (5) any
Person that is not a Restricted Subsidiary of the specified Person on the Priority Ratio Date will be deemed not to have been a Restricted Subsidiary of the specified Person at any time during the applicable Priority Four Quarter Period; and

 (6) if any Indebtedness bears a floating rate of interest, the interest expense on such Indebtedness will be
calculated as if the rate in effect on the Priority Ratio Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness if such Hedging Obligation has a remaining term as at the
Priority Ratio Date in excess of 12 months). 
 “Priority Leverage Ratio Test” has the meaning ascribed to such term as set
forth under Section 5.01(a)(5)(b) hereof. 
  

 28 

 “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) hereof
to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Qualified
Jurisdictions” means each of Bermuda, the Cayman Islands, Ireland, Switzerland, the United Kingdom, the United States, any state of the United States and the District of Columbia. 
 “Qualified Preferred Stock” means preferred stock that, on or prior to the date that is 91 days after the date on which the Notes
mature, (1) does not mature and is not redeemable, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable) or upon the happening of any event, pursuant to a sinking fund obligation or
otherwise, in whole or in part and (2) does not require or permit any payment of dividends or other cash payment in respect thereof (but which may require or permit the payment of dividends thereon in kind or in Qualified Preferred Stock).

 “Quarterly Specified Tangible Assets Reduction Amount” means, for any fiscal quarter, an amount equal to the decrease (if
any) in the aggregate Book Value of the Specified Tangible Assets of the Company and the Grantor Guarantors organized in Approved Jurisdictions as of the end of such fiscal quarter, excluding any Specified Tangible Assets received during such fiscal
quarter that increase the amount calculated pursuant to Section 4.07(a)(iii) hereof pursuant to clauses (E) through (H) thereof (as set forth in the Specified Tangible Assets Calculation for such fiscal quarter) from the aggregate
Book Value of the Specified Tangible Assets of the Company and the Grantor Guarantors organized in Approved Jurisdictions as of the end of the immediately preceding fiscal quarter (as set forth in the Specified Tangible Assets Calculation for such
fiscal quarter or, if the end of such fiscal quarter is June 30, 2009, $1,085 million except to the extent such decrease is attributable to (1) any Restricted Payments in the form of Specified Tangible Assets made in accordance with
Section 4.07(a) hereof, (2) depreciation or amortization of such Specified Tangible Assets, (3) fluctuations in currency exchange rates or currency values or (4) other non-cash items that reduce the Book Value of such Specified
Tangible Assets. 
 “Reference Treasury Dealer” means Goldman Sachs & Co., Credit Suisse Securities (USA) LLC or
J.P. Morgan Securities Inc. and three additional primary Government Securities dealers in New York City (each a “Primary Treasury Dealer”) selected by the Company, and their successors; provided, however, that if any
such firm or any such successor, as the case may be, shall cease to be a primary U.S. Government securities dealer in New York City, the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average as
determined by the Trustee, of the bid and asked prices of 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 5:00 p.m., New York City
time, on the third Business Day preceding such redemption date. 
 “Registration Rights Agreement” means the Exchange and
Registration Rights Agreement, dated as of September 22, 2009, among the Company, the Guarantors and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with
respect to any Additional Notes, one or more registration rights agreements among the Company, the Guarantors and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by
the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act. 
  

 29 

 “Regulation S” means Regulation S promulgated under the Securities Act. 
 “Regulation S Global Note” 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 Period” means the 40-day distribution compliance period as
defined in Regulation S. 
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an
Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Rule 3-16” means Rule 3-16 of Regulation S-X promulgated under the Securities Act and the Exchange Act, as the same may be amended or
modified from time to time. 
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
 “S&P” means Standard & Poor’s Ratings Group. 
 “SEC” means the Securities and Exchange Commission. 
 “Secured Debtholders” has the meaning set forth in the Collateral Agency Agreement. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shelf Registration Statement”
means the Shelf Registration Statement as defined in the Registration Rights Agreement. 
 “Significant Subsidiary” means
any Subsidiary (1) that would be a “significant subsidiary” pursuant to clause (1) or (2) of the definition thereof as set forth in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such
Regulation is in effect on the date of this Indenture, or (2) the total consolidated revenues of which for the most recently ended four full fiscal quarters for which the Company’s internal financial statements are available at the time
constituted greater than 5% of the total revenues of the Company and its Subsidiaries for such period. 
  

 30 

 “Special Interest” means all Special Interest then owing pursuant to the Registration
Rights Agreement. 
 “Specified A/R” means each account receivable that is reflected on the balance sheet of any Latin
American Grantor (other than the Legacy Latin American Grantors) as of June 30, 2009, as determined in accordance with GAAP, which is payable by any Person other than the Company or any of its Subsidiaries which constituted one of the top 20
customers of the Latin American Grantors (other than the Legacy Latin American Grantors) as determined by revenue generated by such Person’s contracts during the first half of the Company’s 2009 fiscal year. 
 “Specified Pledgor Guarantor” means each Subsidiary of the Company that is designated as a Specified Pledgor Guarantor in accordance
with Section 4.21(a) hereof; provided, however, that any Specified Pledgor Guarantor so designated shall constitute a Specified Pledgor Guarantor only until such time as such Specified Pledgor Guarantor is redesignated by the
chief financial officer of the Company as a Grantor Guarantor in a written notice to the Collateral Agent (subject to compliance with Section 4.21 hereof). For the avoidance of doubt, each Specified Pledgor Guarantor will Guarantee the Notes
but will not grant a Lien on its property or assets other than a pledge of the Equity Interests of its Subsidiaries (except that a Specified Pledgor Guarantor will not pledge the Equity Interests of Subsidiaries to the extent that (x) it does
not have any Subsidiaries or (y) the pledge of the Equity Interests of the relevant Subsidiary is not required pursuant to the terms of this Indenture or is released in accordance with Section 10.03(a)(7) hereof). 
 “Specified PP&E” means each asset classified as property, plant, fixtures and equipment (other than (a) leasehold improvements
and (b) property, plant, fixtures and equipment under capital leases) that (1) has an individual Book Value greater than $10,000 as reflected on the balance sheet of any Latin American Grantor as of June 30, 2009, as determined in
accordance with GAAP and (2) is located at a Specified Site. 
 “Specified Site” means each of the following buildings
owned by the Latin American Grantors as of the date of this Indenture, together with the land on which such buildings are situate and the fixtures and improvement appurtenant thereto, which together are deemed critical to our Latin American
operations: (a) the cable landing stations in Fortaleza, Rio do Janeiro and Sao Paulo, Brazil; Valparaiso, Chile; and Lurin, Perú; Balboa and Colon, Panama; and Mazatlan and Tijuana, Mexico; and (b) the telehouses in Curitiba, Rio
do Janeiro and Sao Paulo, Brazil; Santiago, Chile; Lima, Perú; and Mexico City and Monterrey, Mexico. 
 “Specified Tangible
Assets” of any Person as of any date means the sum of the assets of such Person (excluding any assets of any Subsidiary of such Person) consisting of (1) unrestricted cash and Cash Equivalents, (2) accounts receivable payable by
any Person other than the Company or any of its Subsidiaries and (3) property, plant and equipment (other than property, plant and equipment under capital leases and fixtures constituting leasehold improvements on real property leasehold
interests), in each case to the extent such assets are set forth (or that would be required to be set forth) on a balance sheet of such Person prepared in accordance with GAAP as of the end of the most recently ended fiscal quarter of such specified
Person (the “Applicable Balance Sheet Date”); provided that (a) acquisitions (including through mergers, amalgamations or consolidations), Asset Sales and Events of Loss of the Company or any of its Restricted
Subsidiaries subsequent to the Applicable Balance Sheet Date, (b) the reclassification or redesignation of any Pledgor Guarantor, Excluded Restricted Subsidiary or Unrestricted Subsidiary as a Grantor Guarantor and the reclassification or
redesignation of any Grantor 

  

 31 

 
Guarantor as a Pledgor Guarantor, Excluded Restricted Subsidiary or Unrestricted Subsidiary and (c) any dividends, distributions, repayments of
Indebtedness to the Company or any Grantor Guarantor, in each case subsequent to the Applicable Balance Sheet Date will be given pro forma effect as if they had occurred on such Applicable Balance Sheet Date. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the
payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the date of this Indenture, and will not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof; provided that in the case of any Indebtedness on which payment of interest or principal is due upon demand by the obligee thereof, the Stated Maturity of such
installment of interest or principal shall be the date on which demand for payment is made. 
 “STT” means STT
Communications, Ltd., a company organized under the laws of Singapore. 
 “Subordinated Indebtedness” means Indebtedness of
the Company or a Guarantor that is contractually subordinated in right of payment (by the terms of any documents or instrument relating thereto) to the Notes or the Note Guarantee of such Guarantor, as applicable. 
 “Subsidiary” means, with respect to any specified Person: 
 (1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or shareholders’ or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors,
managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof);
provided, that for purposes of this Indenture Global Crossing Landing Mexicana S. de R.L. shall be deemed to be a Subsidiary of the Company for as long as such entity is treated as a Subsidiary in the consolidated books and records of the
Company; and 
 (2) any partnership (a) the sole general partner or the managing general partner of which is such
Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “Threshold Amount” means an amount equal to $200,000, except that with reference to any property, plant, fixtures or equipment of any
Latin American Grantor owned or acquired after the date of this Indenture, such term means an amount equal to $25,000. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb). 
 “Total
Assets” of any Person as of any date means the total assets of such Person as of the end of the most recent fiscal quarter for which internal financial statements are available and determined in accordance with GAAP. 
 “Treasury Management Arrangement” means any agreement or other arrangement governing the provision of treasury or cash management
services, including deposit accounts, overdraft lines or other similar arrangements, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account
reconciliation and reporting and trade finance services and other cash management services. 
  

 32 

 “Treasury Rate” means, as of any redemption date, (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recent Federal Reserve Statistical Release H.15 (519) or any successor publication that is published weekly by the Board of Governors of the Federal Reserve
System and that establishes yield on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity
is within three months before or after the stated maturity, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined, and the Treasury Rate shall be interpolated or extrapolated from
such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to
the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of such redemption
date. The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 
 “Trustee” means
Wilmington Trust FSB 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 that is an Unrestricted Subsidiary as of the date of this Indenture as
set forth in Section 4.20(b) or is designated as an Unrestricted Subsidiary in compliance with Section 4.20(a), but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt; 
 (2) except as permitted by Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the
Company or any of its Restricted Subsidiaries unless the terms of any such agreement, contract, arrangement or understanding are not materially less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time
from Persons who are not Affiliates of the Company; 
 (3) is a Person with respect to which neither the Company nor any
of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified
levels of operating results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support
for any Indebtedness of the Company or any of its Restricted Subsidiaries; provided, that the pledge of Equity Interests of any Subsidiary by the holders of such Equity Interests shall be deemed to not be the indirect provision of credit
support by such Subsidiary 
 “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities
Act. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time
entitled to vote in the election of the Board of Directors of such Person. 
  

 33 

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date,
the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying (a) the amount of
each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that
will elapse between such date and the making of such payment; by 
 (2) the then outstanding principal amount of
such Indebtedness. 
 Section 1.02 Other Definitions. 
  

				
	 Term
	  	Defined in
Section	 
	 “Additional Amounts”
	  	4.29	(b) 
	 “Affiliate Transaction”
	  	4.11	(a) 
	 “Applicable Balance Sheet Date”
	  	1.01	  
	 “Asset Sale Offer”
	  	3.09	(a) 
	 “Authentication Order”
	  	2.02	  
	 “Belgian Guarantor”
	  	11.02	(a) 
	 “Calculation Period”
	  	4.07	(a) 
	 “Calculation Time”
	  	4.09	(a) 
	 “Change of Control Offer”
	  	4.15	(a) 
	 “Change of Control Payment”
	  	4.15	(a) 
	 “Change of Control Payment Date”
	  	4.15	(a) 
	 “Colombian Guarantor”
	  	11.02	(a) 
	 “Covenant Defeasance”
	  	8.03	  
	 “Danish Guarantor”
	  	11.02	(a) 
	 “DTC”
	  	2.03	  
	 “Event of Default”
	  	6.01	  
	 “Event of Loss Offer”
	  	3.09	(b) 
	 “Event of Loss Offer Amount”
	  	3.09	(b) 
	 “Event of Loss Offer Period”
	  	3.09	(b) 
	 “Event of Loss Purchase Date”
	  	3.09	(b) 
	 “Excess Event of Loss Proceeds”
	  	4.27	(b) 
	 “Excess Proceeds”
	  	4.10	(c) 
	 “Excluded Agreements”
	  	1.01	  
	 “Excluded Authorizations”
	  	1.01	  
	 “Four Quarter Period”
	  	1.01	  
	 “Future Guarantor”
	  	11.02	(b) 
	 “GC Argentina”
	  	4.30	  
	 “GC UK Indenture”
	  	4.03	(a) 
	 “GC UK Notes”
	  	4.03	(a) 
	 “German Guarantor”
	  	11.02	(a) 
	 “HGB”
	  	1.01	  
	 “incur”
	  	4.09	(a) 
	 “Irish Guarantor”
	  	11.02	(a) 
	 “Legal Defeasance”
	  	8.02	  
	 “Leverage Ratio Test”
	  	4.09	(a) 

  

 34 

				
	 Term
	  	Defined in
Section	 
	 “Luxembourg Guarantor”
	  	11.02	(a) 
	 “Offer Amount”
	  	3.09	(a) 
	 “Offer Period”
	  	3.09	(a) 
	 “Other Guarantor”
	  	11.02	(a) 
	 “Paying Agent”
	  	2.03	  
	 “Payor”
	  	4.29	(a) 
	 “Permitted Debt”
	  	4.09	(b) 
	 “Payment Default”
	  	6.01	  
	 “Primary Treasury Dealer”
	  	1.01	  
	 “Priority Four Quarter Period”
	  	1.01	  
	 “Priority Leverage Ratio Test”
	  	5.01	(a) 
	 “Priority Ratio Date”
	  	1.01	  
	 “Process Agent”
	  	13.15	(b) 
	 “Purchase Date”
	  	3.09	(a) 
	 “Ratio Date”
	  	1.01	  
	 “Registrar”
	  	2.03	  
	 “Relevant Taxing Jurisdiction”
	  	4.29	(a) 
	 “Restricted Payments”
	  	4.07	(a) 
	 “Spanish Guarantor”
	  	11.02	(a) 
	 “Specified Tangible Assets Calculation”
	  	4.03	(a) 
	 “Swedish Guarantor”
	  	11.02	(a) 
	 “Swiss Guarantor”
	  	11.02	(a) 
	 “Taxes”
	  	4.29	(a) 
	 “U.S. Guarantor”
	  	11.02	(a) 
	 “Venezuela Guarantor”
	  	11.02	(a) 

 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 terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security Holder” means a Holder of a Note; 
 “indenture to be
qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the
Trustee; and 
 “obligor” on the Notes and the Note Guarantees means the Company and the 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. 
  

 35 

 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 herein 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 denominations of $2,000 and integral multiples of $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 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. 
  

 36 

 (c) Regulation S Global Notes. Notes offered and sold in reliance on Regulation S will be
issued initially in the form of the Regulation S Global Note, which will be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as custodian for the Depositary, and registered in the name of the Depositary or the
nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Restricted Period will be terminated upon the
receipt by the Trustee of: 
 (1) a written certificate from the Depositary, together with copies of certificates from
Euroclear and Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Global Note (except to the extent of any beneficial owners thereof who
acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a 144A Global Note or an IAI Global Note bearing a
Private Placement Legend, all as contemplated by Section 2.06(b) hereof); and 
 (2) an Officer’s Certificate
from the Company. 
 (d) 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 shall execute the Notes on behalf of 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 shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form of Exhibit A attached hereto by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated and delivered under this Indenture. 
 The Trustee will, upon receipt of a written order of the Company signed by one Officer (an “Authentication Order”), authenticate Notes
for original issue under this Indenture, including any Additional Notes issued from time to time. 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, the Company or an Affiliate of the Company. 
  

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 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 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. All Global Notes will be exchanged by the Company for Definitive Notes if: 
 (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 and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary; 
  

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 (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), (c) or (f) 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 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: 
 (i) 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 
 (ii) instructions given in
accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
  

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 (B) both: 
 (i) 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 
 (ii) 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; 
 Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this
Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon
satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (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; 
 (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: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person
participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  

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 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance
with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the
following: 
 (i) 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 
 (ii) 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, in each such case set forth in this subparagraph (D), 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 subparagraph (B) or (D) 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 subparagraph (B) or (D) 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; 
 (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; 
  

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 (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(h) 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: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the
transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate
(as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement; 
  

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 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (i) 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 
 (ii) 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, in each such case set forth in this subparagraph (D), 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(h) 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; 
  

 43 

 (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; 
 (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: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Registration Statement in accordance with
the Registration Rights Agreement; or 
  

 44 

 (D) the Registrar receives the following: 
 (i) 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 
 (ii) 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, in each such case set forth in this subparagraph (D), 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. 
 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)(B),
(2)(D) 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; 
  

 45 

 (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: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (i) 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 
 (ii) 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, in each such case set forth in this subparagraph (D) 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. 
  

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 (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) Exchange Offer. Upon the occurrence of the Exchange
Offer in accordance with the Registration Rights Agreement, the Company will issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate: 
 (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests
in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of the
Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company; and 
 (2) Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are
not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company. 
 Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the appropriate principal amount. 

(g) 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 NOTES EVIDENCED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (1) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (2) TO A PERSON
WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (3) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE), (5) TO AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501 OF REGULATION D UNDER THE SECURITIES ACT IN A TRANSACTION EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OR
(6) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.” 
  

 47 

 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraphs (b)(4), (c)(2), (d)(2), (d)(3), (e)(2), (e)(3) or (f) 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 THE COMPANY. 
 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.” 
 (3) Original Issue Discount Legend. Each Note will bear a legend in substantially the following
form: 
 “THIS SECURITY HAS BEEN ISSUED WITH ORIGINAL ISSUE DISCOUNT (“OID”) AS DEFINED IN SECTION 1273 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED. FOR INFORMATION REGARDING THE ISSUE DATE, THE ISSUE PRICE, THE YIELD TO MATURITY AND THE AMOUNT OF OID PER $1.00 OF PRINCIPAL AMOUNT OF THIS SECURITY PLEASE CONTACT THE COMPANY AT GLOBAL CROSSING LIMITED, 200 PARK AVENUE, SUITE
300, FLORHAM PARK, NJ 07932, ATTENTION: CHIEF FINANCIAL OFFICER.” 
  

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 (h) 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. 
 (i) 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. 
 (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, 4.15, 4.27 and 9.05 hereof). 
 (3) 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. 
 (4) 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. 
 (5) 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 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. 
  

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 (6) The Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof. 
 (7) 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 (i) the Trustee to protect the Trustee and (ii) 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 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(a) 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 Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any
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 a Responsible Officer of the Trustee
knows are so owned will be so disregarded. 
  

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 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 and the Trustee). Certification of
the cancellation of all canceled Notes will be delivered to the Company upon the request from 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 
 (4) the redemption price. 
  

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 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or
purchase on a pro rata basis (or, in the case of Notes issued in global form as set forth under Section 2.01(b) hereof, based on a method that most nearly approximates a pro rata selection as the Trustee deems fair and
appropriate) unless otherwise required by law or applicable stock exchange or depositary requirements; provided that the minimum denominations are preserved. 
 In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the
redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 
 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. Notes and portions of Notes
selected shall be in minimum amounts of $2,000 or integral multiples of $1,000 in excess thereof; no Notes of $2,000 or less can be redeemed in part, 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, even if not equal to $2,000 or an integral multiple of $1,000 in excess thereof, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes
called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 
 Section 3.03 Notice of Redemption.

 Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company
will mail or cause to be mailed, by first class mail, 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. 
 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 will be issued upon cancellation of the original Note; 
 (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; 
  

 52 

 (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/CINS number, if any, listed in such notice or printed on the Notes. 
 At the Company’s 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, 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. 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. 
 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. 
 Section 3.07 Optional Redemption. 
 (a) At any time prior to September 15, 2012, the Company may on any one or
more occasions redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price of 112% of the principal amount thereof, plus accrued and unpaid interest and Special Interest, if any, to the redemption
date, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds of one or more Equity Offerings; provided that: 
 (1) at least 65% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the
Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
  

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 (2) the redemption occurs within 90 days of the date of the closing of such Equity
Offering. 
 (b) On or after September 15, 2012, the Company may redeem all or a part of the Notes upon not less than 30 nor more than
60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Special Interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during
the twelve-month period beginning on September 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive interest on the relevant interest payment date: 
  

				
	 Year
	  	Percentage	 
	 2012
	  	106.000	% 
	 2013
	  	103.000	% 
	 2014 and thereafter
	  	100.000	% 

 (c) At any time prior to September 15, 2012, the Company may, on any one or more occasions,
redeem all or a part of the Notes, upon not less than 30 nor more than 60 days prior notice, at a redemption price equal to the sum of the present values of (1) the redemption price of the Notes to be redeemed at September 15, 2012 (set
forth in Section 3.07(b) hereof), and (2) the remaining scheduled payments of interest on such Notes from the redemption date through September 15, 2012, excluding accrued and unpaid interest to the redemption date, in each case
discounted to the redemption date, computed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 50 basis points, plus accrued and unpaid interest and
Special Interest, if any, on such Notes to the redemption date. The notice of redemption with respect to any redemption pursuant to this Section 3.07(c) need not set forth the redemption price, but shall set forth the manner of calculation
thereof. The Company will notify the Trustee of the redemption price with respect to any redemption pursuant to this Section 3.07(c) promptly after calculation thereof and the Trustee shall not be responsible for such calculation. 

(d) If, as a result of any amendment to, or change in, the laws (or any rules or regulations thereunder) or treaties applicable to the jurisdiction in
which the Company is then incorporated or organized (so long as such jurisdiction is a jurisdiction in which the Company may reincorporate or reorganize pursuant to Section 5.01 hereof) 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, regulations or treaties, which amendment to or change of such laws, rules, regulations or treaties becomes effective on or
after the date of this Indenture, 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, any Special Interest and any Additional Amounts due thereon up to but not including the date of redemption; provided, however, that 
  

 54 

 (1) no notice of redemption for tax reasons may be given earlier than 90 days prior to
the earliest date on which the Company 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. 
 Such notice, once delivered by the Company to the Trustee, will be irrevocable. 
 Prior to the publication of any notice of redemption pursuant to this clause (d), the Company will deliver to the Trustee: 
 (1) an Officer’s Certificate stating that the Company is entitled to effect the redemption described in this clause (d) 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 Counsel in the jurisdiction in which the
Company is then incorporated or organized (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 amendment or change.

 (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. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 Section 3.09 Offer to
Purchase by Application of Excess Proceeds or Excess Event of Loss Proceeds. 
 (a) In the event that, pursuant to Section 4.10
hereof, the Company is required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset Sale Offer shall be made to all Holders and all holders of Pari Passu Obligations containing provisions similar to those set forth in this
Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the
extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess
Proceeds (the “Offer Amount”) to the purchase of Notes and such other Pari Passu Obligations (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered
in response to the Asset Sale Offer. Payment for any Notes so purchased will be made in the same manner as interest payments are made. 
 If
the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Special Interest, if any, 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. 
  

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 Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a notice to the
Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which will govern the terms of the
Asset Sale Offer, will state: 
 (1) that the Asset Sale Offer is being made pursuant to this Section 3.09(a) and
Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (2) the Offer Amount, the
purchase price and the Purchase 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 Purchase Date; 
 (5) that Holders electing to have a Note
purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in integral multiples of $1,000 only; 
 (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 or the Paying Agent, as the case may be, receives, not
later than the expiration of the Offer Period, a telegram, telex, facsimile 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 Obligations surrendered by holders thereof exceeds the Offer Amount, the Company will select the Notes and other Pari Passu Obligations to be purchased on a pro rata basis based on the principal amount of Notes and such other Pari
Passu Obligations surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, will be purchased); and 
 (9) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company will, to the extent
lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and will
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this
Section 3.09(a) . The Paying Agent will promptly (but in any case not later than three Business Days after the Purchase 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 delivery of an 

  

 56 

 
Authentication Order, 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 Purchase
Date. 
 (b) In the event that, pursuant to Section 4.27 hereof, the Company is required to commence an offer to all Holders to purchase
Notes (an “Event of Loss Offer”), it will follow the procedures specified below. 
 The Event of Loss Offer shall be made to
all Holders and all holders of Pari Passu Obligations containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of events of loss. The Event of Loss Offer will remain open for a
period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Event of Loss Offer Period”). No later than three
Business Days after the termination of the Event of Loss Offer Period (the “Event of Loss Purchase Date”), the Company will apply all Excess Event of Loss Proceeds (the “Event of Loss Offer Amount”) to the purchase
of Notes and such other Pari Passu Obligations (on a pro rata basis, if applicable) or, if less than the Event of Loss Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Event of Loss Offer. Payment
for any Notes so purchased will be made in the same manner as interest payments are made. 
 If the Event of Loss Purchase Date is on or
after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Special Interest, if any, 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 Event of Loss Offer. 
 Upon the commencement of
an Event of Loss Offer, the Company will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Event of Loss Offer. The notice, which will govern the terms of the Event of Loss Offer, will state: 
 (1)
that the Event of Loss Offer is being made pursuant to this Section 3.09(b) and Section 4.27 hereof and the length of time the Event of Loss Offer will remain open; 
 (2) the Event of Loss Offer Amount, the purchase price and the Event of Loss Purchase 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 Event of Loss Offer will
cease to accrue interest after the Event of Loss Purchase Date; 
 (5) that Holders electing to have a Note purchased
pursuant to an Event of Loss Offer may elect to have Notes purchased in integral multiples of $1,000 only; 
 (6) that
Holders electing to have Notes purchased pursuant to any Event of Loss 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 Event of Loss Purchase Date; 
  

 57 

 (7) that Holders will be entitled to withdraw their election if the Company or the
Paying Agent, as the case may be, receives, not later than the expiration of the Event of Loss Offer Period, a telegram, telex, facsimile 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 Obligations surrendered by holders thereof exceeds the Event of Loss Offer Amount, the Company will select the Notes and other Pari Passu Obligations to be
purchased on a pro rata basis based on the principal amount of Notes and such other Pari Passu Obligations surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or
integral multiples of $1,000 in excess thereof, will be purchased); and 
 (9) that Holders whose Notes were purchased
only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Event of Loss Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Event of Loss Offer Amount of Notes or portions thereof
tendered pursuant to the Event of Loss Offer, or if less than the Event of Loss Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s
Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09(b) . The Paying Agent, as the case may be, will promptly (but in any case not later than three
Business Days after the Event of Loss Purchase 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 delivery of an Authentication Order, 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 Event of Loss Offer on the Event of Loss Purchase Date. 
 (c) Other than as specifically provided in this Section 3.09, any purchase pursuant to clause (a) or (b) of 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 and Special Interest, if any, on, the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest and Special Interest, if any 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. The Company will pay all Special Interest, if any, in the same manner
on the dates and in the amounts set forth in the Registration Rights Agreement. 
  

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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 and Special 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) 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 for such purposes. 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; provided, however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency. 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. 
 (a) Whether or not
required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations: 
 (1) all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were
required to file such reports; and 
 (2) all current reports that would be required to be filed with the SEC on Form 8-K
if the Company were required to file such reports. 
 All such reports referred to in clauses (1) and (2) above will be prepared in
all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s certified
independent accountants. The Company shall include in each report on Forms 10-Q and 10-K the calculation of the aggregate Book Value of Specified Tangible Assets of the Company and the other Grantor Guarantors organized in Approved Jurisdictions,
taken as a whole, as of the date of the most recent balance sheet included in such report (each a “Specified Tangible Assets Calculation”); provided, however, that (1) if a Specified Tangible Assets Calculation is
not permitted by the SEC to be included in the applicable Form 10-Q or Form 10-K, the Company shall (1) supplementally publicly disclose such 

  

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Specified Tangible Assets Calculation no later than five Business Days after the date of filing such report with the SEC or (2) if such supplemental
disclosure is not permitted by the SEC or applicable laws or regulations, the Company shall, to the extent possible in compliance with Regulation FD under the Securities Act, supplementally furnish to the Holders of Notes such Specified Tangible
Assets Calculation. 
 If, at any time, the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any
reason, the Company will nevertheless continue filing the reports specified in the preceding paragraphs of this Section 4.03(a) with the SEC within the time periods specified above unless the SEC will not accept such a filing. The Company will
not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company will post the reports referred to in the
preceding paragraphs of this Section 4.03(a) on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 
 In addition, with respect to GC UK and its Subsidiaries, so long as any of GC UK’s 11.75% Senior Secured Notes due 2014 (the “GC UK Notes”) are outstanding, the Company shall furnish to the
Holders of Notes all reports and other information that GC UK is required to furnish to the holders of GC UK Notes under the indenture dated December 28, 2006 (the “GC UK Indenture”), governing the GC UK Notes, as the GC UK
Indenture is in effect on the date of this Indenture, within the time periods required by the GC UK Indenture. 
 Notwithstanding the
foregoing, the Company shall be deemed to have furnished such reports referred to above to the Holders if it has filed (or, in the case of a Form 8-K or Form 6-K that is furnished, furnished) such reports with the SEC via the EDGAR filing system
within the time periods set forth above and such reports are publicly available. 
 (b) If the Company has designated any of its Subsidiaries
as Unrestricted Subsidiaries, then the quarterly and annual financial information required by this Section 4.03(a) will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and
in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of
operations of the Unrestricted Subsidiaries of the Company. 
 (c) For so long as any Notes remain outstanding, if at any time they are not
required to file with the SEC the reports required by clauses (a) and (b) of this Section 4.03, the Company and the Guarantors will furnish to the Holders and to securities analysts and prospective investors, upon their request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 Section 4.04 Compliance Certificate. 
 (a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA (as determined by the Company)) shall deliver to the
Trustee, within 90 days after the end of each fiscal year of the Company, 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 

  

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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 not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, the year-end financial statements delivered pursuant to Section 4.03 above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of established
national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 4 or Article 5
hereof or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such
violation. 
 (c) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, forthwith upon any Officer becoming
aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
 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 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. 
 Section 4.07 Restricted
Payments. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted
Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger, amalgamation or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company); 
  

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 (2) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger, amalgamation or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company; 
 (3) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value (a) any
Subordinated Indebtedness, except a payment of interest or principal at the Stated Maturity thereof, or (b) the GC UK Intercompany Debt; or 
 (4) make any Restricted Investment 
 (all such payments and other actions set forth in these clauses (1) through
(4) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
 (i) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment;

 (ii) the Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if
such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio Test; and 
 (iii) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its
Restricted Subsidiaries since the date of this Indenture (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (8), (9) (but, in the case of clause (9)(b), only to the extent accrued prior to the date of this Indenture) and
(12) of Section 4.07(b) hereof), is less than the sum, without duplication, of: 
 (A) 100% of the
Company’s Consolidated Cash Flow for the period (taken as one accounting period) from July 1, 2009 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of
such Restricted Payment (the “Calculation Period”) less 1.5 times the Company’s Fixed Charges for the Calculation Period; minus 
 (B) the sum of the Quarterly Specified Tangible Assets Reduction Amounts for all completed fiscal quarters in the period from
July 1, 2009 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment; minus 
 (C) the aggregate amount of Permitted Investments in the form of Specified Tangible Assets made pursuant to clause
(1)(c) of the definition of Permitted Investments after the end of the Company’s most recent fiscal quarter for which internal financial statements are available at the time of such Restricted Payment; minus 
 (D) the amount of cash and Cash Equivalents of the Company and its Restricted Subsidiaries that is subject to a Currency
Restriction as of the applicable date of determination; plus 
 (E) 100% of the aggregate net cash proceeds
received by the Company since the date of this Indenture as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the 

  

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issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into
or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company); plus 
 (F) to the extent that any Restricted Investment that was made after the date of this Indenture is sold for cash or otherwise
cancelled, 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

 (G) to the extent that any Unrestricted Subsidiary designated as such after the date of this Indenture is
redesignated as a Restricted Subsidiary of the Company after the date of this Indenture, 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 date of this Indenture, in each case to the extent such amount was a Restricted Investment on the date of such redesignation; plus

 (H) 100% of any dividends received by the Company or any of its Restricted Subsidiaries after the date of this
Indenture from an Unrestricted Subsidiary, to the extent that such dividends were not otherwise included in the Consolidated Cash Flow of the Company for such period. 
 (b) The provisions of Section 4.07(a) hereof will not prohibit: 
 (1) the payment of any
dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of the dividend or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend or redemption
payment would have complied with the provisions of this Indenture; 
 (2) the making of any Restricted Payment in
exchange for, or out of or with, the net cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially concurrent
contribution of common equity capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from Section 4.07(a)(iii)(E) hereof and clause
(5)(b)(i) of this Section 4.07(b); 
 (3) the repurchase, redemption, defeasance or other acquisition or
retirement for value of Subordinated Indebtedness of the Company or any Guarantor with the net cash proceeds from a substantially concurrent incurrence of Permitted Refinancing Indebtedness; 
 (4) any dividends or distributions by, or any payment on or with respect to any Subordinated Indebtedness (including, without
limitation, any payment on or with respect to any purchase, redemption, defeasance, acquisition or retirement of any Subordinated Indebtedness) by: 
 (i) any Pledgor Guarantor or Excluded Restricted Subsidiary to the Company or any other Restricted Subsidiary of the Company; and 
 (ii) any Grantor Guarantor to the Company or any other Grantor Guarantor; 
  

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 (5) the repurchase, redemption or other acquisition or retirement for value of any Equity
Interests of the Company or any Restricted Subsidiary of the Company held by any current or former officer, director or employee of the Company or any of its Restricted Subsidiaries pursuant to any equity subscription agreement, stock option
agreement, shareholders’ agreement or similar agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $5.0 million in any twelve-month period; provided
further, that (a) the Company may carry over and make in subsequent twelve-month periods, in addition to the amounts permitted for such twelve-month period, any unutilized capacity under this clause (5) attributable to the immediately
preceding twelve-month period, up to a maximum amount of carry forward of $10.0 million into any subsequent twelve-month period, and (b) such amount in any twelve-month period may be increased by an amount not to exceed: 
 (i) the net cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Company to any current officer,
director or employees of the Company or any of its Restricted Subsidiaries that occurs after the date of this Indenture; provided that the amount of any such net cash proceeds that are utilized (A) for any such repurchase, redemption,
acquisition or retirement, (B) to make a Restricted Payment pursuant to clause (2) of this Section 4.07(b) or (C) to make an optional redemption of Notes pursuant to clauses (a) through (c) of Section 3.07 hereof
will, in each case, be excluded from clause (iii)(E) of Section 4.07(a) hereof and clause (2) of this Section 4.07(b); plus 
 (ii) the cash proceeds of key man life insurance policies received by the Company or its Restricted Subsidiaries after the date of this Indenture; 
 (6) repurchases of Subordinated Indebtedness at a purchase price not greater than (a) 101% of the principal amount or accreted
value, as applicable, of such Subordinated Indebtedness and accrued and unpaid interest thereon in the event of a Change of Control, (b) 100% of the principal amount or accreted value, as applicable, of such Subordinated Indebtedness and
accrued and unpaid interest thereon in the event of an Asset Sale or (c) 100% of the principal amount or accreted value, as applicable, of such Subordinated Indebtedness and accrued and unpaid interest thereon in the event of an Event of Loss,
in connection with any Change of Control Offer, Asset Sale Offer or Event of Loss Offer required by the terms of such Subordinated Indebtedness, but only if: 
 (i) in the case of a Change of Control, the Company has first complied with and fully satisfied its obligations under
Section 4.15 hereof; 
 (ii) in the case of an Asset Sale, the Company has first complied with and fully satisfied
its obligations under Section 4.10 hereof; or 
 (iii) in the case of an Event of Loss, the Company has first
complied with and fully satisfied its obligations under Section 4.27 hereof; 
 (7) payment or distributions to
dissenting shareholders or stockholders pursuant to applicable law in connection with a merger, amalgamation, consolidation or transfer of all or substantially all of the assets of the Company that does not violate Section 5.01 hereof;

  

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 (8) the repurchase of Equity Interests deemed to occur upon the vesting or exercise of
stock options, warrants, restricted stock or other similar rights to the extent such Equity Interests represent a portion of the exercise price or tax withholding cost thereof; 
 (9) the declaration and payment of regularly scheduled or accrued dividends to holders of (a) any class or series of
Disqualified Stock of the Company or any preferred stock or preferred shares of any Restricted Subsidiary of the Company issued on or after the date of this Indenture in accordance with Section 4.09 hereof and (b) the 2.0% Cumulative
Senior Preferred Shares of the Company outstanding from time to time to the extent outstanding on the date of this Indenture, to the extent such dividend payment is in accordance with the terms thereof as in effect on the date of this Indenture;

 (10) any payment on or with respect to, or the repurchase, redemption, defeasance or other acquisition or retirement
for value of GC UK Intercompany Debt existing as of the date of this Indenture; 
 (11) payments to STT and its
Affiliates as reimbursement for out-of-pocket expenses incurred by STT and its Affiliates in connection with any amendments, modifications, waivers or consents with respect to the 2.0% Cumulative Senior Preferred Shares of the Company outstanding on
the date of this Indenture; and 
 (12) other Restricted Payments in an aggregate amount not to exceed $10.0 million
since the date of this Indenture. 
 (c) The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of
the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that
are required to be valued by this Section 4.07 shall be (1) set forth in an Officer’s Certificate of the chief financial officer of the Company delivered to the Trustee if such value is equal to or greater than $15.0 million but no
more than $35.0 million and (2) shall be set forth in a certified resolution of the Board of Directors of the Company delivered to the Trustee if such value exceeds $35.0 million. 
 Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries. 
 (a) The Company will
not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to:

 (1) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted
Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 
 (2) make loans or advances to the Company or any of its Restricted Subsidiaries; or 
 (3) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 
  

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 (b) The provisions of Section 4.08(a) hereof will not apply to encumbrances or restrictions existing
under or by reason of: 
 (1) agreements governing Existing Indebtedness as in effect on the date of this Indenture and any
amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings, replacements or
refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in those agreements on the date of this Indenture; 
 (2) this Indenture, the Notes, the Note Guarantees and the Collateral Documents; 
 (3) agreements governing Indebtedness incurred in compliance with Section 4.09 hereof if the encumbrance or restriction is not
materially more restrictive, taken as a whole, than those in this Indenture, the Notes, the Note Guarantees or the Collateral Documents, in each case as then in effect; 
 (4) applicable law, rule, regulation or order; 
 (5) any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries
as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the
properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred;

 (6) customary non-assignment provisions in contracts and licenses entered into in the ordinary course of business;

 (7) purchase money obligations for property acquired in the ordinary course of business and Capital Lease Obligations
that impose restrictions on the property purchased or leased of the nature described Section 4.08(a)(3) hereof; 
 (8) any agreement for (a) the sale of assets that restricts such assets pending the sale or other disposition and (b) the sale, merger, amalgamation, consolidation or other disposition of the Company or one or more of its
Restricted Subsidiaries or the sale of all or substantially all of the assets of the Company or any of its Restricted Subsidiaries, that restricts the Company and/or the applicable Restricted Subsidiaries pending such sale, merger, amalgamation,
consolidation or other disposition; 
 (9) Permitted Refinancing Indebtedness; provided that the restrictions
contained in t(he agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 
 (10) Liens permitted to be incurred under Section 4.12 hereof that limit the right of the debtor to dispose of the assets
subject to such Liens; 
 (11) provisions limiting the disposition or distribution of assets or property in joint venture
agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, which limitation is applicable only to the assets that are the subject of such agreements; and 
  

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 (12) restrictions on cash or other deposits or net worth imposed by customers under
contracts entered into in the ordinary course of business. 
 Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.

 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and
will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that (i) the Company may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock (ii) any Grantor
Guarantors may incur Indebtedness (including Acquired Debt) or issue preferred stock and (iii) any Pledgor Guarantor may Guarantee Indebtedness incurred by the Company, incur Subordinated Indebtedness (including Acquired Debt that constitutes
Subordinated Indebtedness) or issue preferred stock, in each case if the Leverage Ratio at the time (the “Calculation Time”) at which such additional Indebtedness is incurred or (if applicable) such Disqualified Stock or preferred
stock is issued would have been no greater than 4.00 to 1.00, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom) as if the additional Indebtedness had been incurred or (if applicable) the Disqualified
Stock or preferred stock had been issued at the beginning of the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the Calculation Time (the “Leverage
Ratio Test”). 
 (b) The provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the following items of
Indebtedness (collectively, “Permitted Debt”): 
 (1) the incurrence by the Company and its Restricted
Subsidiaries of the Existing Indebtedness; 
 (2) the incurrence by the Company and the Guarantors of
(a) Indebtedness represented by the Notes and the related Note Guarantees issued on the date of this Indenture, (b) Indebtedness represented by the Exchange Notes and the related Note Guarantees to be issued pursuant to the Registration
Rights Agreement and (c) their respective obligations arising under the Collateral Documents to the extent such obligations constitute Indebtedness; 
 (3) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the
purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property, plant or equipment used in the business of the Company or any of its Restricted Subsidiaries, in an aggregate
principal amount at any time outstanding under this clause (3), including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (3), not to exceed
the amount outstanding on the date of this Indenture plus $100.0 million; 
 (4) the incurrence by the Company or any of
its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness and, to the
extent such Permitted Refinancing Indebtedness would prevent Impsat Colombia from at any time becoming a Grantor Guarantor, the Colombia Notes) that was permitted by this Indenture to be incurred under Section 4.09(a) hereof or clauses (1),
(2), (3), (4), (13), (14), (16), (17) or (18) of this Section 4.09(b); 
  

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 (5) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany
Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided, however, that: 
 (A) such Indebtedness is incurred in compliance with Section 4.07 and Section 4.17 hereof; and 
 (B) (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer
of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary of the Company, will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case
may be, that was not permitted by this clause (5); 
 (6) the issuance by any of the Company’s Restricted
Subsidiaries to the Company or any of its Restricted Subsidiaries of shares of Qualified Preferred Stock; provided, however, that: 
 (A) any subsequent issuance or transfer of Equity Interests that results in any such preferred stock being held by a Person other than the Company or a Restricted Subsidiary of the Company; and 
 (B) any sale or other transfer of any such preferred stock to a Person that is not either the Company or a Restricted Subsidiary of
the Company, will be deemed, in each case, to constitute an issuance of such preferred stock by such Restricted Subsidiary that was not permitted by this clause (6); 
 (7) Indebtedness arising from agreements of the Company or a Restricted Subsidiary of the Company 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; 
 (8) the incurrence by the Company or any Restricted Subsidiary of Hedging Obligations in the ordinary course of business and not for
speculative purposes; 
 (9) the Guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the
Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.09; provided that (i) if the Indebtedness being guaranteed is subordinated to or pari passu with the
Notes or any Note Guarantee, then the Guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed, (ii) if the Indebtedness being guaranteed is permitted to be incurred only by the
Company or a Grantor Guarantor pursuant to the applicable provision of this Section 4.09, then the guarantor thereof shall be the Company or a Grantor Guarantor and (iii) if the Indebtedness being guaranteed is permitted to be incurred
only by the Company or a Guarantor pursuant to the applicable provision of this Section 4.09, then the guarantor thereof shall be the Company or a Guarantor; 
  

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 (10) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness
in respect of workers’ compensation claims, self-insurance obligations, bankers’ acceptances, performance bonds, surety bonds and similar obligations in the ordinary course of business; 
 (11) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; 
 (12) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of (x) the financing of insurance premiums or
(y) take-or-pay obligations contained in supply arrangements in the ordinary course of business; 
 (13) Acquired
Debt of the Company or any of its Restricted Subsidiaries assumed or acquired in connection with a transaction governed by, and effected in accordance with, Section 5.01 hereof; provided, however, that such Indebtedness was not
incurred in connection with, or in contemplation of, such transaction; 
 (14) Indebtedness of a Restricted Subsidiary of
the Company incurred and outstanding on or prior to the date on which such Restricted Subsidiary was acquired by the Company (other than Indebtedness incurred in contemplation of, or in connection with, the transaction or series of related
transactions pursuant to which such Restricted Subsidiary became a Restricted Subsidiary of the Company) in an aggregate principal amount at any time outstanding pursuant to this clause (14), including all Permitted Refinancing Indebtedness incurred
to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (14), not to exceed $25.0 million; 
 (15) the incurrence by the Company or any Guarantor of additional revolving credit Indebtedness and letters of credit under Credit Facilities in an aggregate principal amount at any one time outstanding under
this clause (15) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and the Guarantors thereunder) not to exceed $50.0 million; 
 (16) the incurrence by the Company or any Guarantor of Indebtedness owing to any Unrestricted Subsidiary in an aggregate principal
amount at any time outstanding pursuant to this clause (16), including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (16), not to exceed
$50.0 million; provided that any Indebtedness outstanding under this clause (16) is not secured by a Lien; 
 (17) the incurrence by the Company or any Guarantor of any Deeply Subordinated Debt in an aggregate principal amount (or accreted value, as applicable) at any time outstanding pursuant to this clause (17), including all Permitted
Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (17), not to exceed $150.0 million; and 
 (18) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate principal amount
(or accreted value, as applicable) at any time outstanding pursuant to this clause (18), including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this
clause (18), not to exceed $25.0 million. 
  

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 (c) Notwithstanding the foregoing, the counterparty in respect of any Hedging Obligation secured by a
Lien entered into by the Company or any of its Restricted Subsidiaries may not be an Affiliate of the Company or any such Restricted Subsidiary. 
 (d) The Company will not incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless
such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually
subordinated in right of payment to any other Indebtedness of the Company or any Guarantor solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis. 
 (e) For purposes of determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of more
than one of the categories of Permitted Debt described in clauses (1) through (18) of Section 4.09(b) hereof, or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Company will be permitted to classify such item
of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.09. The accrual of interest, the accretion or amortization of original issue
discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on
Disqualified Stock or preferred stock in the form of additional shares of the same class of Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock or preferred stock for
purposes of this Section 4.09; provided, in each such case, that the amount of any such accrual, accretion, amortization or payment (other than with respect to Deeply Subordinated Debt) is included in Fixed Charges of the Company as
accrued and that any such outstanding additional Indebtedness or Disqualified Stock or preferred stock is counted as Indebtedness for purposes of determining the Leverage Ratio and the Priority Leverage Ratio. 
 (f) With respect to any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar equivalent principal amount (or accreted
value, as applicable) 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 renew, refund, refinance, replace, defease or discharge other Indebtedness denominated in a foreign currency, and such renewal, refunding,
refinancing, replacement, defeasance or discharge 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 thereof, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount (or accreted value, as applicable) of such Indebtedness does not exceed the principal amount (or accreted value, as applicable) of such Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged. 
 (g) Notwithstanding any other provision of this Section 4.09, the maximum
amount of Indebtedness that the Company or any Restricted Subsidiary of the Company may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in currency exchange rates or currency values.

  

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 (h) The amount of any Indebtedness outstanding as of any date will be: 
 (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 
 (2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and 
 (3) in respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of: 

(A) the Fair Market Value of such assets at the date of determination; and 
 (B) the amount of the Indebtedness of the other Person. 
 Section 4.10 Asset Sales. 
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company (or the Restricted Subsidiary, as the case may be)
receives consideration at the time of the Asset Sale at least equal to the Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or Equity Interests issued or sold or otherwise disposed
of; and 
 (2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary
is in the form of cash, Cash Equivalents or a combination thereof. For purposes of this provision, each of the following shall be deemed to be cash: 
 (A) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any of its Restricted Subsidiaries (other than contingent liabilities and liabilities that are by
their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets pursuant to (i) a customary novation agreement that releases the Company or such Restricted Subsidiary from further liability or
(ii) a customary indemnity agreement that indemnifies the Company or such Restricted Subsidiary from and against any loss, liability or expense in respect of such assumed liability; provided that the liabilities so assumed (A) in
the case of an Asset Sale by the Company or a Grantor Guarantor, shall be liabilities of the Company or a Grantor Guarantor and (B) in the case of an Asset Sale by a Pledgor Guarantor, shall be liabilities of the Company, a Grantor Guarantor or
a Pledgor Guarantor; 
 (B) any securities, notes or other obligations received by the Company or any such Restricted
Subsidiary from such transferee that are contemporaneously, subject to ordinary settlement periods, converted by the Company or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion; and 
 (C) any stock or assets of the kind referred to in clauses (2) or (4) of Section 4.10(b) hereof. 
  

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 (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the
applicable Restricted Subsidiary, as the case may be) may apply such Net Proceeds: 
 (1) to the extent such Net Proceeds are
attributable to an Asset Sale of assets, rights or Equity Interests, in each case that do not constitute Collateral, to repay, redeem or purchase Indebtedness, if any, secured by such assets, rights or Equity Interests; 
 (2) to acquire (a) all or substantially all of the assets of another Person engaged in a Permitted Business or (b) or any
Capital Stock of another Person engaged in a Permitted Business, if, after giving effect to any such acquisition, the Permitted Business is or becomes a Restricted Subsidiary of the Company; 
 (3) to make a capital expenditure; or 
 (4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business. 
 Pending the final application of any Net Proceeds, the Company or the Restricted Subsidiary that consummated the applicable Asset Sale may temporarily reduce revolving credit borrowings and invest such Net Proceeds in
Cash Equivalents. 
 (c) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(b) hereof will
constitute “Excess Proceeds.” Within 30 days after the date that the aggregate amount of Excess Proceeds exceeds $10.0 million the Company will make an Asset Sale Offer to all Holders of Notes and will redeem or repay (or make an
offer to do so) Pari Passu Obligations the terms of which require redemption or repayment (or the making of an offer to do so) with the proceeds of any sales of assets, the maximum principal amount of Notes and such Pari Passu Obligations that may
be purchased, redeemed and repaid out of the Excess Proceeds as follows: 
 (1) the Company or any of its Subsidiaries
will (a) make an Asset Sale Offer to all Holders of Notes in accordance with the procedures set forth in Section 3.09(a) hereof and (b) redeem or repay (or make an offer to do so) Pari Passu Obligations (and permanently reduce the
related loan commitment (if any) in an amount equal to the principal amount so redeemed or repaid, other than with respect to Pari Passu Obligations of the type referred to in clause (1) of the definition thereof), pro rata in proportion
to the respective principal amounts of the Notes and Pari Passu Obligations required to be redeemed or repaid, the maximum principal amount of Notes and Pari Passu Obligations that may be repurchased, repaid and redeemed out of the Excess Proceeds;

 (2) the offer price for the Notes will be equal to 100% of the principal amount thereof plus accrued and unpaid
interest and Special Interest, if any, to the date of repurchase and will be payable in cash and the redemption or repayment price for the Pari Passu Obligations will be equal to 100% of the principal amount or accreted value, as applicable, thereof
plus accrued and unpaid interest to the date of redemption or repayment; 
 (3) if the aggregate amount offered to
Holders of the Notes validly tendered and not withdrawn by Holders thereof exceeds the pro rata portion of the aggregate amount of Excess Proceeds to be paid to Holders of the Notes, Notes to be purchased will be selected on a pro rata
basis (provided that the minimum denomination of Notes is maintained); and 
 (4) if any Excess Proceeds remain after
consummation of an Asset Sale Offer, the Company may use Notes and redemption or repayment of applicable Pari Passu Obligations, the amount of Excess Proceeds will be reset at zero and such remaining Excess Proceeds may be used for any purpose not
otherwise prohibited by this Indenture. 
  

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 (d) 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 each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations
conflict with the 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. 
 Section 4.11 Transactions with Affiliates. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose
of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company
(each, an “Affiliate Transaction”), unless: 
 (1) the Affiliate Transaction is on terms that are not
materially less favorable to the Company or the relevant Restricted Subsidiary of the Company than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 

(2) the Company delivers to the Trustee: 
 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess
of $15.0 million but no more than $35.0 million, a resolution of the Board of Directors of the Company set forth in an Officer’s Certificate certifying that such Affiliate Transaction complies with Section 4.11 and that such Affiliate
Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company; and 
 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $35.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate
Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 
 (b) The
following items will not be deemed to be Affiliate Transactions and, therefore, except as set forth below will not be subject to the provisions of Section 4.11(a) hereof: 
 (1) any Affiliate Transaction or series of related Affiliate Transactions involving aggregate payments or consideration of less than
$2.0 million; 
 (2) 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 of its Restricted Subsidiaries as determined in good faith by the Company’s Board of Directors or senior management; 
 (3) transactions between or among the Company and/or its Restricted Subsidiaries; 
  

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 (4) transactions with a Person (other than an Unrestricted Subsidiary) that is an
Affiliate of the Company solely because the Company owns, directly or through one or more of its Restricted Subsidiaries, an Equity Interest in, or controls, such Person; 
 (5) any issuance of Equity Interests (other than Disqualified Stock) of the Company to Affiliates of the Company; 
 (6) Restricted Payments that do not violate Section 4.07 hereof; 
 (7) loans or advances to employees in the ordinary course of business not to exceed $4.0 million in the aggregate at any one time
outstanding; 
 (8) Affiliate Transactions undertaken pursuant to (a) any contractual obligations or rights in
existence on the date of this Indenture and (b) any amendment or replacement agreement to the obligations and rights described in clause (a) above, so long as such amendment or replacement agreement is not materially more disadvantageous
to the Holders of the Notes in any material respect, taken as a whole, than the agreement as in effect on the date of this Indenture; 
 (9) transactions for the purchase and sale of products and services used or useful in a Permitted Business in the ordinary course of business and on terms not materially less favorable to the Company or the
applicable Restricted Subsidiary 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; 
 (10) Indebtedness incurred by the Company or a Guarantor pursuant to Section 4.09(b)(16) hereof; provided,
however, that the terms of such Indebtedness are not materially less favorable to the Company or the applicable Guarantor than those that would reasonably be expected to be obtained in a comparable transaction by the Company or such Guarantor
with a Person that is not an Affiliate of the Company and, to the extent the aggregate principal amount of such Indebtedness is greater than $10.0 million, the Company has delivered to the Trustee an Officer’s Certificate to such effect;

 (11) the incurrence of any Deeply Subordinated Debt in accordance with Section 4.09(b)(17) hereof; 
 (12) the provision of administrative services to any Unrestricted Subsidiary on substantially the same terms provided to or by
Restricted Subsidiaries of the Company in the ordinary course of business consistent with the policies and practices of the Company in effect on the date of this Indenture; and 
 (13) the purchase by an Affiliate of the Company of (a) Indebtedness convertible into shares of Voting Stock of the Company or
(b) Equity Interests constituting or convertible or exchangeable into, or exercisable for, shares of Voting Stock of the Company, in each case issued in a bona fide, underwritten public or private offering; provided that such
Affiliate’s participation in such offering is limited to the greater of 25% of the amount of the securities being offered or the amount of securities needed to allow such Affiliate to retain the percentage Beneficial Ownership of the
outstanding Capital Stock of the Company calculated on a fully diluted basis that it owned immediately prior to such offering. 
  

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 Section 4.12 Liens. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Lien of any kind on any asset now owned or hereafter acquired,
except Permitted Liens. 
 Section 4.13 Business Activities. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted
Subsidiaries, taken as a whole. 
 Section 4.14 Preservation of Legal Existence, Etc. 
 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 legal existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 
 (2) the rights (charter and statutory), licenses and franchises of the Company and its 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 Subsidiaries, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its 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) If a Change of Control occurs, the Company will make an offer (a “Change of Control
Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest and Special Interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date
(the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder and the Trustee describing the transaction or transactions that constitute the Change of Control and
stating: 
 (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 (the “Change of Control Payment Date”); 
 (3) that any Note not tendered will continue to accrue interest; 
  

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 (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 transfer by book-entry transfer, 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 
 (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, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 
 (b) 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 of 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. 
 (c) On the Change of Control Payment Date, the Company will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 
 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and 
 (3) 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 of Notes being purchased by the Company. 
 (d) The
Paying Agent will promptly mail or otherwise deliver (but in any case not later than five days after the Change of Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Company will publicly announce the results of the Change
of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (e) 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 (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements 

  

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set forth in this Section 4.15 and Section 3.09 hereof and purchases all Notes properly tendered and not withdrawn under the Change of Control
Offer, or (2) notice of redemption has been given for all outstanding Notes pursuant to Section 3.07 hereof, unless and until there is a default in payment of the applicable redemption price. 
 Section 4.16 Limitation on Sale and Leaseback Transactions. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any sale and leaseback transaction; provided that the Company or any of its Restricted Subsidiaries may enter into a
sale and leaseback transaction if: 
 (1) the Company or such Restricted Subsidiary, as applicable, could have
(a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale and leaseback transaction under Section 4.09(a) hereof and (b) incurred a Lien to secure such Indebtedness pursuant to the provisions of
Section 4.12 hereof; and 
 (2) the transfer of assets in that sale and leaseback transaction is permitted by, and
the Company applies the proceeds of such transaction in compliance with Section 4.10 hereof; provided that in connection with any sale and leaseback of equipment acquired by the Company or any of its Restricted Subsidiaries substantially
simultaneously with (but in any event not more than 90 days prior to) the sale and leaseback of such equipment, the Company or the applicable Restricted Subsidiary shall be deemed to have applied the proceeds from such sale and leaseback transaction
to the acquisition of the equipment that was the subject of such sale and leaseback transaction. 
 Section 4.17 Advances Between or Among the
Company and its Restricted Subsidiaries. 
 All advances between or among the Company and its Restricted Subsidiaries made after the date
of this Indenture will be evidenced by intercompany loans that are not “securities” as defined by United States securities laws (to the extent (x) not prohibited by law or regulation, (y) such loan would not be subject to any
materially burdensome local registration requirement or material stamp tax or other duty or (z) such loan would not reasonably be expected to result in an adverse tax consequence to the Company or the applicable Restricted Subsidiaries (it
being understood and agreed that the accrual and inclusion of interest in taxable income shall not be treated as an adverse tax consequence)), substantially in the form of Exhibit G hereto. Any such intercompany loan held by the Company or a Grantor
Guarantor will be pledged pursuant to the Collateral Documents to secure the Notes and the Note Guarantees. Intercompany loans between Pledgor Guarantors will be subordinated in right of payment to the Company’s and any Guarantor’s
obligations under the Notes and the Note Guarantees, as applicable. 
 Section 4.18 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, the Notes, the Note Guarantees or the Collateral Documents 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. 
  

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 Section 4.19 Additional Note Guarantees. 
 If, after the date of this Indenture: 
 (a) the Company or any of its Restricted Subsidiaries acquires or creates another Subsidiary that is not an Excluded Restricted Subsidiary or an Unrestricted Subsidiary; 
 (b) any Excluded Restricted Subsidiary ceases to meet the definition thereof (including ceasing to meet the definition of Immaterial
Restricted Subsidiary) or the Company redesignates any Excluded Restricted Subsidiary as a Guarantor in accordance with Section 4.21 hereof; or 
 (c) any Unrestricted Subsidiary ceases to meet the definition thereof or the Company redesignates any Unrestricted Subsidiary as a Restricted Subsidiary in accordance with Section 4.20 hereof and such
Subsidiary does not otherwise constitute an Excluded Restricted Subsidiary, 
 then the Company will, as soon as reasonably practicable but in any event
within 45 days of such event: 
 (1) cause such Subsidiary to become a Guarantor and execute a supplemental indenture
pursuant to which such Subsidiary shall unconditionally (to the extent permitted by applicable law or regulation) guarantee the Company’s obligations under this Indenture and the Notes on the terms set forth in this Indenture (the form of such
supplemental indenture is attached as Exhibit F hereto); 
 (2) take such further actions and execute and deliver such
other documents specified in this Indenture; and 
 (3) deliver to the Trustee an Opinion of Counsel that such
supplemental indenture and any other documents required to be delivered have been duly authorized, executed and delivered by such Subsidiary and constitute legally valid and binding and enforceable obligations of such Subsidiary (such opinion
otherwise being in a form and with such qualifications and exceptions as may be customary for the applicable jurisdiction(s)); 
 and upon the completion of
the actions described in clauses (1) through (3) of this Section 4.19, such Subsidiary shall constitute a Guarantor for all purposes of this Indenture until such time as the Note Guarantee of such Guarantor may be released in
accordance with the terms of this Indenture. 
 Section 4.20 Designation of Restricted and Unrestricted Subsidiaries. 
 (a) The Company may designate any of its Restricted Subsidiaries to be an Unrestricted Subsidiary if that designation would not cause a Default. If a
Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted will
be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.07 hereof or under one or more clauses of the definition of Permitted Investments, as determined
by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary of the Company otherwise meets the definition of an Unrestricted Subsidiary. The Company may redesignate any
Unrestricted Subsidiary to be a Restricted Subsidiary of the Company if that redesignation would not cause a Default. 
  

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 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced by filing
with the Trustee (a) if the Investment arising out of such designation is less than or equal to $5.0 million, an Officer’s Certificate giving effect to such designation and certifying that such designation complied with the preceding
conditions and was permitted by Section 4.07 hereof or (b) otherwise, a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate of the chief financial
officer of the Company certifying that such designation complied with the preceding conditions and was permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary fails to meet the definition of an Unrestricted Subsidiary, it
will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not
permitted to be incurred as of such date under Section 4.09 hereof, the Company will be in default of Section 4.09 hereof. The Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company that
is a Grantor Guarantor or a Pledgor Guarantor (subject to compliance with Sections 4.19 and 4.23 hereof), unless at the time of designation such Subsidiary constitutes an Excluded Restricted Subsidiary, in which case it may be designated as such;
provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary, and such designation will only be permitted if
(1) such Indebtedness could at that time be incurred under Section 4.09(a) hereof or under one or more clauses of the definition of Permitted Debt, (2) any Liens on property or assets of such Subsidiary are, after giving effect to
such designation, Permitted Liens and (3) no Default or Event of Default would be in existence following such designation. 
 (b)
Notwithstanding the provisions of clause (a) of this Section 4.20, GC UK and its Subsidiaries will be Unrestricted Subsidiaries without the Company designating them as such or otherwise complying with the other requirements of this
Section 4.20 with respect thereto unless and until the Company re-designates any such Subsidiary to be a Restricted Subsidiary in accordance with clause (a) of this Section 4.20. 
 Section 4.21 Designation of Grantor Guarantors and Pledgor Guarantors. 
 (a) The Company may designate as a Specified Pledgor Guarantor: 
 (1) at any time, any newly
formed or acquired Guarantor (other than any Guarantor formed under the laws of Bermuda, Canada, Luxembourg, the United States, the U.S. Virgin Islands, the United Kingdom or the Netherlands); or 
 (2) on or after the date that is 180 days after the date of this Indenture, any Grantor Guarantor (other than any Grantor Guarantor
formed under the laws of Bermuda, Canada, Luxembourg, the United States, the U.S. Virgin Islands, the United Kingdom or the Netherlands) existing on the date of this Indenture for which the cost of maintaining the First Priority Liens of the
Collateral Agent on its property and assets becomes burdensome relative to the Book Value of such property and assets (or otherwise not practicable), as determined in good faith by the chief financial officer of the Company (which determination
shall be conclusive); 
 provided, in each case, that (a) such designation will not cause a Default or Event of Default and (b) all
outstanding Investments owned by the Company and its Restricted Subsidiaries in the applicable Guarantor being designated as a Pledgor Guarantor will be deemed to be an Investment made as of the time of such designation and will reduce the amount
available for Restricted Payments under Section 4.07 hereof or under one or more clauses of the definition of Permitted Investments, as determined by the Company. Any designation of a Subsidiary of the Company as a Pledgor Guarantor will be
evidenced to the Trustee (a) if the Investment arising out of such designation is less than or equal to $5.0 million (for 

  

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this purpose, using the Book Value of property and assets other than cash), by delivery to the Trustee and the Collateral Agent of an Officer’s
Certificate of the chief financial officer of the Company giving effect to such designation and certifying that such designation complied with the preceding conditions and was permitted under Section 4.07 hereof or (b) otherwise, by filing
with the Trustee a certified copy of a resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions and was permitted
under Section 4.07 hereof. 
 (b) The Company may redesignate any Specified Pledgor Guarantor, Initial Pledgor Guarantor or
Excluded Restricted Subsidiary to be a Grantor Guarantor at any time upon (i) delivery of an Officer’s Certificate by the chief financial officer of the Company to the Trustee and the Collateral Agent giving effect to such redesignation
and (ii) the applicable Pledgor Guarantor or Excluded Restricted Subsidiary that is being redesignated as a Grantor Guarantor has complied with Section 4.23(b) hereof. 
 (c) Notwithstanding the foregoing, the Initial Pledgor Guarantors will be Pledgor Guarantors without the Company designating them as such or otherwise
complying with the other requirements of Section 4.21 with respect thereto unless and until they become a Grantor Guarantor in accordance with clause (b) of this Section 4.21. 
 Section 4.22 Approvals for Certain Note Guarantees. 
 The Company shall use its commercially reasonable efforts to, as promptly as practicable after the date of this Indenture, obtain any regulatory or other approvals necessary in order for each Limited Guarantor to provide a Full and
Unconditional guarantee of all Obligations of the Company under the Notes and this Indenture incurred on the date of this Indenture (and any related Exchange Notes issued pursuant to the Registration Rights Agreement), but limited as necessary to
prevent that guarantee from constituting a fraudulent conveyance or other invalid transfer under applicable law. 
 Section 4.23 Additional
Collateral; Acquisition of Property or Assets. 
 (a) If after the date of this Indenture any Person becomes a Guarantor as contemplated
by Section 4.19 hereof, the Company shall, as soon as reasonably practicable but in any event within 90 days thereof (subject to clause (e) of this Section 4.23), cause such Guarantor to: 
 (1) execute and deliver to the Trustee and the Collateral Agent such amendments to the Collateral Documents, additional Collateral
Documents, certificates (including stock certificates endorsed in blank, if a security interest can be perfected thereby in the relevant jurisdiction), instruments and other documents, and take such other actions, as may be necessary to create and
perfect (or comply with any equivalent requirement) in favor of the Collateral Agent for the benefit of the Holders of the Notes and Pari Passu Obligations under the laws of each applicable jurisdiction, a First Priority Lien on the Equity Interests
of such Guarantor (except to the extent constituting Excluded Assets or to the extent such Equity Interests have already been pledged to the Collateral Agent pursuant to the terms of this Indenture); 
 (2) with respect to any real property of such Guarantor (except to the extent constituting an Excluded Asset), execute and deliver to
the Collateral Agent: 
 (A) a deed of trust or other appropriate granting instrument (under which such Guarantor shall
grant a security interest to the Collateral Agent in such real property and any related fixtures (except to the extent constituting Excluded Assets)); and 
  

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 (B) title insurance with extended coverage covering such real property in an amount at
least equal to the Fair Market Value of such real property; 
 (3) with respect to any other assets or property of such
Guarantor (other than Excluded Assets), execute and deliver to the Trustee and the Collateral Agent such amendments to the Collateral Documents, additional Collateral Documents, certificates, instruments and other documents, and take such other
actions (including the filing of Uniform Commercial Code financing statements (or charges or other registrations)), as may be necessary to create and perfect (or comply with any equivalent requirement) in favor of the Collateral Agent, for the
benefit of the Holders of the Notes and Pari Passu Obligations under the laws of each applicable jurisdiction, a First Priority Lien on such assets or property; 
 (4) take such further actions and execute and deliver such other documents as may be required under this Indenture or the Collateral
Documents; and 
 (5) deliver to the Trustee an Opinion of Counsel that the agreements delivered pursuant to the
preceding clauses (1) through (4) have been duly authorized, executed and delivered by such Guarantor and constitute legally valid and binding and enforceable obligations of such Guarantor (such opinion otherwise being in a form and with
such qualifications and exceptions as may be customary for the applicable jurisdiction(s)); 
 and upon the completion of the actions described in clauses
(1) through (5) of this Section 4.23(a), such Person shall constitute a Grantor Guarantor (or if such Guarantor has been designated as a Specified Pledgor Guarantor in compliance with Section 4.21 hereof, a Pledgor Guarantor) for
all purposes of this Indenture. 
 (b) If after the date of this Indenture the Company designates any Pledgor Guarantor as a Grantor
Guarantor in accordance with Section 4.21 hereof, the Company will, as soon as reasonably practicable but in any event within 90 days thereof (subject to Section 4.23(e) hereof), cause such Pledgor Guarantor to take the actions referred to
in subparagraphs (2) through (5) of Section 4.23(a) hereof, and upon the completion of such actions such Subsidiary shall constitute a Grantor Guarantor for all purposes of this Indenture. 
 (c) In addition, if after the date of this Indenture the Company or any other Grantor acquires (x) any Equity Interests in any Subsidiary or
(y) any other assets or property (including Equity Interests) with a Fair Market Value in excess of $1.0 million individually or $2.5 million in the aggregate for all related assets so acquired, in each case as to which the Collateral Agent,
for the benefit of the Holders of the Notes and Pari Passu Obligations does not have a perfected (of the equivalent thereof) First Priority Lien, the Company will, or will cause such Grantor to, as soon as reasonably practicable but in any event
within 90 days thereof (subject to clause (e) of this Section 4.23): 
 (1) with respect to any real property
so acquired (except to the extent constituting Excluded Assets), execute and deliver to the Collateral Agent: 
 (A) a
deed of trust or other appropriate granting instrument (under which the Company or such Grantor shall grant a security interest to the Collateral Agent in such real property and any related fixtures (except to the extent constituting Excluded
Assets)); and 
 (B) title insurance with extended coverage covering such real property in an amount at least equal to
the Fair Market Value of such real property; 
  

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 (2) with respect to any other assets or property so acquired (other than Excluded
Assets), execute and deliver to the Trustee and the Collateral Agent such amendments to the Collateral Documents, additional Collateral Documents, certificates (including stock certificates endorsed in blank, if a security interest can be perfected
thereby in the relevant jurisdiction), instruments and other documents, and take such other actions (including the filing of Uniform Commercial Code financing statements (or charges or other registrations)), as may be necessary to create and perfect
(or comply with any equivalent requirement) in favor of the Collateral Agent, for the benefit of the Holders of the Notes and Pari Passu Obligations under the laws of each applicable jurisdiction, a First Priority Lien on such assets or property;

 (3) take such further action and execute and deliver such other documents as may be required under this Indenture or
the Collateral Documents; and 
 (4) deliver to the Trustee an Opinion of Counsel that the agreements delivered pursuant
to the preceding clauses (1) through (3) have been duly authorized, executed and delivered by such Subsidiary and constitute legally valid and binding and enforceable obligations of such Subsidiary (such opinion otherwise being in a form
and with such qualifications and exceptions as may be customary for the applicable jurisdiction(s)). 
 (d) If the Equity Interests or other
securities of any Subsidiary of the Company are held by a Grantor, are not part of the Collateral and may be pledged without causing separate financial statements of such Subsidiary to be filed with the SEC (or any other U.S. federal governmental
agency) pursuant to Rule 3-16 or any other law, rule or regulation as a result of such pledge, then the Equity Interests or other securities of such Subsidiary shall be required to become part of the Collateral and the Company shall promptly cause
such equity interest to be pledged in accordance with this Section 4.23; provided that in no event shall the Equity Interests of any Subsidiary of the Company be required to be pledged unless all such Equity Interests owned, directly or
indirectly, by the Company may be so pledged without Rule 3-16 or any other law, rule or regulation requiring separate financial statements. In addition, if at any time any Equity Interests owned by the Company or any other Grantor theretofore
constituting Excluded Assets pursuant to clause (5)(b) of the definition of “Excluded Assets” cease to constitute Excluded Assets, the Company will, or will cause such Grantor to, as soon as reasonably practicable but in any event
within 90 days thereof (subject to clause (e) of this Section 4.23), execute and deliver to the Trustee and the Collateral Agent such amendments to the Collateral Documents, additional Collateral Documents, certificates (including stock
certificates endorsed in blank), instruments and other documents, and take such other actions, as may be necessary to create and perfect (or comply with any equivalent requirement) in favor of the Collateral Agent for the benefit of the Holders of
the Notes and Pari Passu Obligations, a First Priority Lien on such Equity Interests. 
 (e) Notwithstanding anything to the contrary
contained in clauses (a) through (d) of this Section 4.23, the Company shall not be required to, or to cause any of its Subsidiaries to, execute any Collateral Documents, perfect or register any security interest (or comply with any
equivalent filing requirement), deliver any opinions or take any further actions pursuant to this Section 4.23 more frequently than once during any fiscal quarter, other than with respect to (1) any Subsidiary having a Fair Market Value
greater than $15.0 million becoming a Guarantor, (2) any Grantor having or acquiring Equity Interests not previously pledged with a Fair Market Value greater than $15.0 million or (3) any acquisition (in any transaction or series of
related transactions) by any Grantor Guarantor of any assets or property (other than Equity Interests) having a Fair Market Value greater than $15.0 million. Any actions with respect to Collateral that the Company and its Restricted Subsidiaries are
excused from taking in any fiscal quarter pursuant to this clause (e) shall, in any event, be required to be taken no later than the end of the fiscal quarter following the fiscal quarter in which the event giving rise to such requirement
occurred. 
  

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 Section 4.24 Post-Closing Collateral Requirement 
 (a) To the extent the Grantors are not able to execute and deliver all Collateral Documents required in connection with the creation and perfection or
registration of the First Priority Liens of the Collateral Agent on the Collateral (to the extent required by this Indenture and the Collateral Documents) on or prior to the date of this Indenture, the Grantors will use their commercially reasonable
efforts to complete such actions as soon as reasonably practicable, and in no event later than 90 days following the date of this Indenture; provided, however, that the period for such compliance shall be automatically extended for an
additional (1) 180 days for real property of the Latin American Grantors and (2) 90 days for other items of Collateral having an aggregate Book Value of less than $25.0 million, in each case if the Company delivers to the Collateral Agent
a notice stating that the Grantors have not completed all actions necessary to create and perfect or register First Priority Liens in such Collateral; provided further that this clause (a) shall not apply to the property and assets
described in clause (b) of this Section 4.24. 
 (b) In addition, the Company will cause each Latin American Grantor to use its
commercially reasonable efforts to: 
 (1) within 180 days following the date of this Indenture, (a) complete a
physical audit of the Specified PP&E of such Latin American Grantor in order to identify such Specified PP&E with sufficient particularity to allow the making of any filing or registration required to perfect (or comply with any equivalent
requirement) a Lien thereon in the applicable jurisdiction and (b) execute and deliver to the Trustee and the Collateral Agent such amendments to the Collateral Documents, additional Collateral Documents, certificates, instruments and other
documents, and take such other actions (including the filing or registration in the applicable filing office or registry, no less frequently than once each calendar month commencing no later than January 2010, of financing statements, charges or
other similar registrations with respect to any Specified PP&E so identified), as may be necessary to create and perfect (or comply with any equivalent requirement) in favor of the Collateral Agent, for the benefit of the Holders of the Notes
and the holders of Pari Passu Obligations under the laws of each applicable jurisdiction, a First Priority Lien on the Specified PP&E; and 
 (2) within 90 days following the date of this Indenture, (a) obtain consents from customers to the collateral assignment of all Specified A/R under each contract pursuant to which such consent is required
and (b) execute and deliver to the Trustee and the Collateral Agent such amendments to the Collateral Documents, additional Collateral Documents, certificates, instruments and other documents, and take such other actions (including the filing
or registration in the applicable filing office or registry, no less frequently than once each calendar month commencing no later than November 2009, of financing statements, charges or other similar registrations with respect to any Specified A/R
with respect to which such customer consent has been obtained), as may be necessary to create and perfect (or comply with any equivalent requirement) in favor of the Collateral Agent, for the benefit of the Holders of the Notes and the holders of
Pari Passu Obligations under the laws of each applicable jurisdiction, a First Priority Lien on the Specified A/R;  
 provided that such
commercially reasonable efforts may be discontinued (i) with respect to any individual item of Specified PP&E, once such asset ceases to meet the definition thereof or is sold or otherwise disposed of in a transaction in which Collateral
would be permitted to be disposed of pursuant to this Indenture, (ii) with respect to any individual item of Specified A/R, once such account receivable ceases to meet the definition thereof or the underlying contract is terminated and
(iii) generally, upon and after the first anniversary of the date of this Indenture. Upon perfection (or compliance with any equivalent 

  

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requirement) of a security interest in any Specified PP&E or Specified A/R, such property shall thereafter constitute Collateral, notwithstanding any
provision of the definition of “Excluded Assets” to the contrary. Notwithstanding the foregoing, the failure of any Latin American Grantor to successfully establish a fully perfected (or the applicable equivalent) First Priority Lien in
favor of the Collateral Agent in respect of any Specified PP&E or Specified A/R shall not constitute a Default or an Event of Default under this Indenture if, on the 90th day and the 180th day following, and on the first anniversary of, the date
of this Indenture (or, if either such day is not a Business Day, the next preceding Business Day), the chief financial officer of the Company submits to the Trustee and the Collateral Agent an Officer’s Certificate certifying that each Latin
American Grantor has exercised its commercially reasonable efforts to comply with its obligations under this Section 4.24(b) (it being understood that the failure of any Latin American Grantor to complete any actions described in preceding
clauses (1) and (2) within the time periods specified therein shall not relieve such Latin American Grantor of its obligation to continue to exercise commercially reasonable efforts to complete such actions unless and until such actions
may be discontinued pursuant to this proviso). 
 (c) In addition, each Latin American Grantor will use commercially reasonable efforts to
include in each customer contract entered into after the date of this Indenture (including any renewal or replacement of any contract with any existing customer) expected to generate receivables in excess of $25,000 per annum, a consent to the
assignment by the applicable Grantor as Collateral of receivables generated under such contract; provided that no such consent to assignment need be obtained from any governmental entity or quasi-governmental entity which uses forms that do
not contemplate such consent or which does not otherwise allow for such provisions in its contracts. 
 (d) Notwithstanding anything to the
contrary set forth in this Indenture or any Collateral Document, no Default or Event of Default will result from any failure to provide a First Priority security interest (or to perfect such security interest or comply with any equivalent
requirement) in any property or asset owned by the Company or any of its Subsidiaries (1) so long as the requirements of this Section 4.24 are otherwise satisfied or (2) in any jurisdiction where all necessary documents or filings
have been submitted by the Company and its Subsidiaries, but a governmental entity or office has failed to register, or otherwise take necessary administrative or discretionary action, in respect of the relevant First Priority security interest
within the requisite time period specified in this Indenture for registration or establishment of a First Priority security interest in any Collateral. 
 Section 4.25 Insurance. 
 Except with respect to jurisdictions where such insurance is not available to the Company on
commercially reasonable terms (determined in good faith by the Company’s chief financial officer), the Company will maintain or cause to be maintained, with financially sound and reputable insurers (with such requirement to be applicable, in
the case of any liability with respect to which an event of loss has occurred, only at the time such insurance was procured), such public liability insurance, third party property damage insurance, business interruption insurance and casualty
insurance with respect to liabilities, losses or damage in respect of the assets, properties and businesses of the Company and its Restricted Subsidiaries as may customarily be carried or maintained under similar circumstances by Persons of
established reputation engaged in similar businesses, in each case in such amounts (giving effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms and conditions as shall, in the aggregate, be customary for
such Persons. 
  

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 Section 4.26 Further Assurances. 
 (a) The Company will, and will cause each other Grantor to, execute, acknowledge, deliver, record, re-record, file, re-file, register or re-register, as
applicable, any deeds, conveyances, 
 security agreements, mortgages, assignments, estoppel certificates, financing statements and continuations thereof,
charges, termination statements, notices of assignment, transfers, certificates, assurances and other instruments as may be required from time to time, and take all such further acts, in order to: 
 (1) carry out the purposes of the Collateral Documents; 
 (2) subject to the Liens created by any of the Collateral Documents any of the properties, rights or interests required to be
encumbered thereby; 
 (3) perfect or register (or comply with any equivalent filing requirement) and maintain the
validity and effectiveness of any of the Collateral Documents and the First Priority nature of the Liens intended to be created thereby, other than with respect to Excluded Assets; and 
 (4) assure, convey, grant, assign, transfer, preserve, protect and confirm to the Collateral Agent any of the rights granted now or
hereafter intended by the parties thereto to be granted to the Collateral Agent or under any other instrument executed in connection therewith or granted to the Collateral Agent under the Collateral Documents or under any other instrument executed
in connection therewith within the time frame required thereby and by this Indenture. 
 (b) Upon exercise by the Trustee, the Collateral
Agent or any holder of any power, right, privilege or remedy under this Indenture or any of the Collateral Documents which requires consent, approval, recording, qualification or authorization of any governmental authority, upon request, the Company
will, and will cause each other Grantor to, execute and deliver all applications, certifications, instruments and other documents and papers that may reasonably be required from the Company or any of other Grantor for such governmental consent,
approval, recording, qualification or authorization. 
 Section 4.27 Events of Loss. 
 (a) Within 365 days after the receipt of any Event of Loss Proceeds from an Event of Loss, the Company (or the applicable Restricted Subsidiary, as the
case may be) may apply such Event of Loss Proceeds: 
 (1) to the extent such Event of Loss Net Proceeds are attributable
to an Event of Loss of assets, rights or Equity Interests, in each case that do not constitute Collateral, to repay, redeem or purchase Indebtedness, if any, secured by such assets, rights or Equity Interests; 
 (2) to acquire (a) all or substantially all of the assets of another Person engaged in a Permitted Business or (b) any
Capital Stock of another Person engaged in a Permitted Business, if, after giving effect to any such acquisition, the Permitted Business is or becomes a Restricted Subsidiary of the Company; 
 (3) to make a capital expenditure; or 
 (4) to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business. 
 (b) With respect to any Event of Loss, the amount equal to (1) the greater of the Event of Loss Proceeds from such Event of Loss and the Fair Market Value of the assets that are the subject of such Event of Loss
less (2) the amount of the Event of Loss Proceeds from such Event of Loss that are 

  

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applied within 365 days after such Event of Loss in accordance with clause (a) of this Section 4.27, will constitute “Excess Event of Loss
Proceeds.” Within 30 days after the date that the aggregate amount of Excess Event of Loss Proceeds exceeds $10.0 million, the Company will make an Event of Loss Offer to all Holders of Notes and will redeem or repay (or make an offer to do
so) Pari Passu Obligations the terms of which require redemption or repayment (or the making of an offer to do so) with the proceeds of any Events of Loss, the maximum principal amount of Notes and such Pari Passu Obligations that may be purchased,
redeemed and repaid out of the Excess Event of Loss Proceeds as follows: 
 (1) the Company will (a) make an Event
of Loss Offer to all Holders of Notes in accordance with the procedures set forth in Section 3.09(b) hereof and (b) redeem or repay (or make an offer to do so) Pari Passu Obligations (and permanently reduce the related loan commitment (if
any) in an amount equal to the principal amount so redeemed or repaid, other than with respect to Pari Passu Obligations of the type referred to in clause (1) of the definition thereof), pro rata in proportion to the respective principal
amounts of the Notes and Pari Passu Obligations required to be redeemed or repaid, the maximum principal amount of Notes and Pari Passu Obligations that may be repurchased, repaid and redeemed out of the Excess Event of Loss Proceeds; 
 (2) the offer price for the Notes will be equal to 100% of the principal amount thereof plus accrued and unpaid interest and Special
Interest, if any, to the date of repurchase and will be payable in cash and the redemption or repayment price for the Pari Passu Obligations will be equal to 100% of the principal amount or accreted value, as applicable, thereof plus accrued and
unpaid interest to the date of redemption or repayment; 
 (3) if the aggregate amount offered to Holders of the Notes
validly tendered and not withdrawn by Holders thereof exceeds the pro rata portion of the aggregate amount of Excess Event of Loss Proceeds to be paid to Holders of the Notes, Notes to be purchased will be selected on a pro rata basis
(provided that the minimum denomination of Notes is maintained); and 
 (4) if any Excess Event of Loss Proceeds remain
after consummation of the applicable offer to purchase Notes and redemption or repayment of applicable Pari Passu Obligations, the amount of Excess Event of Loss Proceeds will be reset at zero and such remaining Excess Event of Loss Proceeds may be
used for any purpose not otherwise prohibited by this Indenture. 
 (c) Within five days after an Event of Loss, the Company shall deliver to
the Trustee an Officer’s Certificate of its chief financial officer describing the assets that were the subject of such Event of Loss, the Fair Market Value of such assets and the amount of cash and Fair Market Value of any assets received or
expected to be received in connection with such Event of Loss. 
 (d) 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 each repurchase of Notes pursuant to an Event of Loss Offer. To the extent that the provisions of any
securities laws or regulations conflict with the provisions of Section 3.09 hereof or this Section 4.27, 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 4.27 by virtue of such compliance. 
  

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 Section 4.28 Currency Indemnity. 
 (a) The Company and each Guarantor will pay all sums payable under this Indenture or the notes solely in U.S. dollars. Any amount that a Holder of Notes
receives or recovers in a currency other than U.S. dollars in respect of any sum expressed to be due to it from the Company or any Guarantor will only constitute a discharge of the Notes to the extent of the U.S. dollar amount which such Holder is
able to purchase with the amount received or recovered in that other currency on the date of the receipt or recovery or, if it is not practicable to make the purchase on that date, on the first date on which such Holder is able to do so. If the U.S.
dollar amount is less than the U.S. dollar amount expressed to be due such Holder under any Note, the Company and the Guarantors will jointly and severally indemnify such Holder against any loss it sustains as a result. In any event, the Company and
the Guarantors will jointly and severally indemnify such Holder against the cost of making any purchase of U.S. dollars. For the purposes of this clause (a), it will be sufficient for such Holder to certify in a satisfactory manner that such Holder
would have suffered a loss had an actual purchase of U.S. dollars been made with the amount received in that other currency on the date of receipt or recovery or, if it was not practicable to make the purchase on that date, on the first date on
which such Holder was able to do so. In addition, such Holder will also be required to certify in a satisfactory manner the need for a change of the purchase date. 
 (b) The indemnities set forth in clause (a) of this Section 4.28: 
 (1) constitute
a separate and independent obligation from the other obligations of the Company and the 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 notwithstanding any other judgment, order, claim or proof for a
liquidated amount in respect of any sum due under any Note. 
 Section 4.29 Additional Amounts. 
 (a) All payments made by the Company, any 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 and interest
related thereto) (collectively, “Taxes”) imposed, levied, collected or assessed by or on behalf of (1) Bermuda 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 Guarantor, or any political subdivision or governmental authority thereof or therein having the power to tax, or
(3) any other jurisdiction in which the relevant 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. 
 (b) 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, interest or Special 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 

  

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such payments by each Holder, after such deduction or withholding (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 deduction or withholding; provided, however, that no such Additional Amounts will be payable with respect to: 
 (1) any Taxes that would not have been so imposed, levied, collected or assessed 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, if applicable) and the Relevant Taxing Jurisdiction (other than the ownership or holding of such Note or enforcement of rights thereunder or the receipt of
payments in respect thereof); 
 (2) any estate, inheritance, gift, sales, excise, transfer, personal property or similar
Taxes; 
 (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 presentation (where
presentation is required) of the Notes for payment 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, upon 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, upon 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 Relevant 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 European Union Directive
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 Relevant Taxing Jurisdiction; or 
 (8) any combination of the above. 
  

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 In addition, such Additional Amounts will not be payable with respect to any payment of principal of (or premium, if any,
on), interest or Special 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. 
 (c) 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. 
 (d) The Payor will use all commercially 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 by the Trustee at the direction of a Holder will provide such
certified copies to the Trustee. 
 (e) If the Payor becomes aware that it will be obligated to pay Additional Amounts with respect to any
payment under or with respect to the Notes or a Note Guarantee, the Payor will deliver to the Trustee, at least five days prior to the relevant payment date (unless the obligation to pay Additional Amounts arises after the fifth day prior to the
relevant payment date, in which case the Payor shall notify the Trustee and paying agent promptly after becoming aware of such obligation), an Officer’s Certificate stating the fact that such Additional Amounts will be payable, the amounts
estimated to be so payable and will set forth such other information reasonably necessary to enable the Trustee and Paying Agent to pay such Additional Amounts to Holders of Notes on the relevant payment date. Each such Officer’s Certificate
shall be relied upon by the Trustee and Paying Agent without further inquiry until receipt of a further Officer’s Certificate addressing such matters. 
 (f) The Payor will pay any stamp, issue, registration, documentary, value added, excise, property or other similar taxes and duties (including interest and penalties) payable in respect of the creation, issue,
offering or execution of the Notes or a Note Guarantee, or any documentation with respect thereto, excluding any such taxes, charges or similar levies or duties imposed by a jurisdiction outside the jurisdiction in which the Payor is organized or
any political subdivision or taxing authority or agency thereof or therein other than those resulting from, or required to be paid in connection with, the enforcement of the Notes or a Note Guarantee following the occurrence of any Default or Event
of Default. 
 (g) The provisions of this Section 4.29 will survive any termination, defeasance or discharge of this Indenture and will
apply with appropriate modifications 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. 
 (h) Whenever in this Indenture or in this Section 4.29 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 or a Note Guarantee, 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 4.30 Global Crossing Argentina S.A. Pledge 
 Notwithstanding anything to the contrary in this Indenture, the
aggregate amount secured by the Collateral Documents providing a pledge of the Equity Interests of Global Crossing Argentina S.A. (“GC Argentina”), will initially be limited to $35.0 million. Within 60 days after the end of each of
its fiscal 

  

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quarters occurring after the date of this Indenture, GC Argentina will determine its shareholder’s equity as of the end of such fiscal quarter in
conformity with GAAP. If the aggregate maximum amount secured by such Collateral Documents is less than 105% of GC Argentina’s shareholders equity as of the end of any such fiscal quarter, the Company will, within 30 days of such determination,
execute and deliver to the Collateral Agent such amendments to such Collateral Documents, additional Collateral Documents and related documents and certificates, and take such other actions, as are necessary to increase the maximum amount secured by
the relevant Collateral Documents to an aggregate amount equal to or in excess of 120% of such shareholder’s equity. No Default or Event of Default shall result from the limitations on the amount secured by the pledge of the Equity Interests of
GC Argentina referred to in this Section 4.30, so long as the Company complies with the requirements to increase the maximum secured amount under such Collateral Documents from time to time to the extent required in the immediately preceding
sentence. 
 ARTICLE 5 
 SUCCESSORS

 Section 5.01 Merger, Amalgamation, Consolidation, or Sale of Assets. 
 (a) The Company will not, directly or indirectly: (1) consolidate, amalgamate or merge with or into another Person (whether or not the Company is
the surviving entity) or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to
another Person, unless: 
 (1) either: (a) the Company is the surviving entity or (b) the Person formed by or
surviving any such consolidation, amalgamation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is (i) an exempt company with limited liability under the laws of
Bermuda or (ii) a corporation or company organized or existing under the laws of another Qualified Jurisdiction; 
 (2) the First Priority Liens granted to the Collateral Agent under the Collateral Documents in the assets of the Company or the assets subject to such disposition, as the case may be, shall remain in full force and effect and perfected
to at least the same extent as in effect immediately prior to such consolidation, amalgamation or merger or such disposition; 
 (3) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes (i) all
the obligations of the Company under the Notes and this Indenture pursuant to agreements satisfactory to the Trustee and the Registration Rights Agreement and (ii) all of the obligations of the Company under the Collateral Documents pursuant to
agreements or instruments satisfactory to the Trustee and the Collateral Agent (and shall cause such instruments to be filed and recorded in such jurisdictions and take such other actions as may otherwise be required to comply with the requirements
of immediately preceding clause (2)); 
 (4) immediately after giving effect to such transaction, no Default or Event of
Default would exist; and 
 (5) the Company or the Person formed by or surviving any such consolidation, amalgamation or
merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made would, on the date of such transaction after giving 

  

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pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period,
(a) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio Test and (b) have a Priority Leverage Ratio no greater than (i) 2.75 to 1.00, if such transaction occurs on or prior to
December 31, 2010, (ii) 2.50 to 1.00, if such transaction occurs on or after January 1, 2011 and on or prior to December 31, 2011, and (iii) 2.25 to 1.00, if such transaction occurs after December 31, 2011 (the
“Priority Leverage Ratio Test”). 
 In addition, the Company will not, directly or indirectly, lease all or substantially
all of the properties and assets of it and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 
 (b) A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate or amalgamate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the
Company or another Guarantor that is not a Limited Guarantor, unless: 
 (1) either: 
 (A) such Guarantor is the surviving Person; or 
 (B) the Person formed by or surviving any such consolidation, amalgamation or merger (if other than such Guarantor) or to which such
sale, assignment, transfer, conveyance or other disposition has been made is (i) organized and existing under the laws of the jurisdiction under which such Guarantor was organized, (ii) an exempt company with limited liability under the
laws of Bermuda or (iii) a corporation or company organized or existing under the laws of another Qualified Jurisdiction; 
 (2) the First Priority Liens granted to the Collateral Agent under the Collateral Documents in the assets of such Guarantor or the assets subject to such disposition, as the case may be, shall remain in full force and effect and
perfected to at least the same extent as in effect immediately prior to such transfer; 
 (3) the Person acquiring the
property in any such sale or disposition or the Person formed by or surviving any such consolidation, amalgamation or merger assumes (i) all the obligations of that Guarantor under this Indenture and its Note Guarantee pursuant to a
supplemental indenture satisfactory to the Trustee and under the Registration Rights Agreement and (ii) all of the obligations of such Guarantor under the Collateral Documents pursuant to agreements or instruments satisfactory to the Trustee
and the Collateral Agent (and shall cause such instruments to be filed and recorded in such jurisdictions and take such other actions as may otherwise be required to comply with the requirements of immediately preceding clause (2)); 
 (4) immediately after giving effect to such transaction, no Default or Event of Default would exist; and 
 (5) the Company would, on the date of such transaction and after giving pro forma effect thereto and any related financing
transactions as if the same had occurred at the beginning of the applicable four-quarter period, (a) be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio Test and (b) have a Priority Leverage Ratio
that satisfies the Priority Leverage Ratio Test; 
  

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 provided, however, that the provisions of this Section 5.01(b) shall not apply if such Guarantor is
released from its Note Guarantee pursuant to Section 11.05(a) hereof as a result of such sale, disposition, consolidation, amalgamation or merger. 
 (c) In addition, the Company may merge or amalgamate with an Affiliate solely for the purpose of reincorporating the Company in any Qualified Jurisdiction without complying with clauses (4) and (5) of
Section 5.01(a) hereof; provided that prior to such consolidation, amalgamation, merger or other disposition, the Company has delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee 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 consolidation, amalgamation, merger or other disposition 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 consolidation, amalgamation, merger or other disposition had not occurred. 
 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 or any Guarantor 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 or such Guarantor 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, in the case of the Company the provisions of this Indenture referring to the “Company” shall refer instead to the successor
Person and not to the Company and in the case of a Guarantor the provisions of this Indenture referring to any “Guarantor” shall instead refer to such successor Person and not such Guarantor), 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 or a Guarantor, as applicable, herein; provided, however, that (1) the predecessor Company shall not be relieved from the
obligation to pay the principal of and interest on the Notes and (2) a predecessor Guarantor shall not be relieved from its obligations with respect to its Note Guarantee, except, in each case, upon a sale of all of the Company’s or such
Guarantor’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. 
 Each of the following is an “Event of Default”: 
 (1) default for 30 days in the payment when due of interest, Special Interest or Additional Amounts on the Notes; 
 (2) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the
Notes; 
 (3) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of
Section 5.01 hereof; 
 (4) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to
the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in this Indenture or any of the Collateral Documents;

  

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 (5) default under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such
Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that default: 
 (A) is caused
by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
 (B) results in the acceleration of such Indebtedness prior to its express maturity, 
 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment
Default or the maturity of which has been so accelerated, aggregates $40.0 million or more; 
 (6) failure by the Company
or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $40.0 million, which judgments are not paid, discharged or stayed, for a period of 60 days after such
judgments have become final and non-appealable; 
 (7) except as expressly permitted by the applicable Collateral
Documents and this Indenture, any Collateral Document at any time for any reason shall cease to be in full force and effect in all material respects, or shall cease to give the Collateral Agent a First Priority Lien in any Collateral or the rights,
powers, privileges and priority purported to be created thereby, subject to no other Liens (other than Permitted Liens), in any such case other than with respect to an immaterial portion of the Collateral, and such failure continues unremedied for
30 consecutive days after the earlier of (i) an executive officer of the Company obtaining actual knowledge thereof or (ii) the Company receiving notice thereof from the Trustee or the Holders of at least 25% in aggregate principal amount
of the Notes then outstanding voting as a single class; 
 (8) (a) the Company or any of its Restricted
Subsidiaries, directly or indirectly, contest the effectiveness, validity, binding nature or enforceability of any Collateral Document (except to the extent any such Collateral Document has been limited, released or discharged in accordance with its
terms or the terms of this Indenture) or (b) any representation or warranty made by the Company or any of its Restricted Subsidiaries in any Collateral Document fails to be true in all material respects and such failure continues unremedied for
60 consecutive days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class; 
 (9) except as permitted by this Indenture, any Note Guarantee of a Guarantor that is a Significant Subsidiary or the Note Guarantees
of any group of Guarantors that, taken together, would constitute a Significant Subsidiary, is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any such Guarantor or group of
Guarantors, or any Person acting on behalf of any such Guarantor or group of Guarantors, denies or disaffirms its obligations under its Note Guarantee; 
  

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 (10) 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 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. 
 (11) 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 Restricted 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 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 
 (C) orders the winding up, liquidation or dissolution 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; 
 and in each case the order or decree remains unstayed and in effect for 60 consecutive days. 
 Notwithstanding the foregoing, no Default or Event of Default shall occur with respect to Section 4.22 hereof if the Company does not receive any
regulatory or other approval referred to in Section 4.22 so long as the Company has complied with its obligations under such section. 
 Section 6.02 Acceleration. 
 In the case of an Event of Default specified in clause (10) or (11) 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 Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary,
all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding
Notes may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately. 
  

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 The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice
to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or
premium or Special Interest, if any, that has become due solely because of the acceleration) have been cured or waived. 
 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 and Special Interest, 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 not less than 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 and its consequences
hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium and Special Interest, 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. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power
conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in
personal liability. 
 Section 6.06 Limitation on Suits. 
 Except to enforce the right to receive payment of principal, premium, if any, or interest of Special Interest, if any, when due, no Holder of a Note may pursue any remedy with respect to this Indenture, any Collateral
Document or the Notes unless: 
 (1) such Holder has previously given the Trustee written notice that an Event of Default
is continuing; 
 (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes have requested
in writing that the Trustee pursue the remedy; 
  

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 (3) such Holders have offered and, if requested, provided the Trustee reasonably
satisfactory security or indemnity against any loss, liability or expense; 
 (4) the Trustee has not complied with such
request within 60 days after the receipt of the request and the offer of security or indemnity; and 
 (5) Holders of a
majority in aggregate principal amount of the then outstanding Notes have not given the Trustee a direction inconsistent with such request during such 60-day period. 
 A Holder of a Note may not use this Indenture or the Collateral Documents 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 and Special Interest, 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;
provided that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the entry of judgment therein would, under applicable law, result in
the surrender, impairment, waiver or loss of the Lien of this Indenture upon any property subject to such Lien. 
 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 and Special Interest, 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 

  

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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 or property 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 and Special Interest, 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 and Special Interest, 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. 
 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 
  

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 (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, 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 requirements of 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. 
 (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. 
 Section 7.02 Rights of Trustee. 
 (a) The
Trustee may conclusively rely 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 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 and agents and will not be responsible for the misconduct or negligence of any 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. 
  

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 (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 an indemnity or security satisfactory to it against the losses, liabilities and expenses that might be incurred by it in compliance with such
request or direction. 
 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 and if it is known to a Responsible Officer of the
Trustee, the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs or, if discovered after 90 days, promptly thereafter. Except in the case of a Default or Event of Default in payment of
principal of, premium or Special Interest, 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 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. 
  

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 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. All amounts set forth in the separate fee letter entered into prior to the date hereof are deemed reasonable. Such expenses will include the reasonable compensation, disbursements and expenses of the
Trustee’s agents and counsel. 
 (b) The Company and the 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 Guarantors (including this
Section 7.07) and defending itself against any claim (whether asserted by the Company, the 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 Guarantors of their obligations hereunder. The Company or such 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 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 Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture.

 (d) To secure the Company’s and the 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(10) or (11) 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. 
 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; 
  

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 (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. 
 Section 7.09 Successor Trustee by Merger,
etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act will be the successor Trustee. 
 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). 
  

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 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 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 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, 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, premium or Special Interest, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (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 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 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 4.07, 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, 4.23, 

  

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4.24, 4.25, 4.26, 4.27 and 4.30 hereof, Section 5.01(a)(5) and 5.01(b)(5) 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 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(9) 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,
non-callable Government Securities, or a combination in cash in U.S. dollars and non-callable Government Securities, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of
independent public accountants, to pay the principal of, or interest (including Additional Amounts), premium and Special Interest, if any, on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the
case may be, and the Company must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 
 (2) in the case of an election under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that: 
 (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (B) since the date of this Indenture, there has been a change in the applicable 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 an election 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; 
  

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 (4) no Default or Event of Default shall have occurred and be continuing on the date
of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which
the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (5) such Legal Defeasance
or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or
any of its Subsidiaries is bound; 
 (6) 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 with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and

 (7) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, 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 and Special Interest, 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. 
  

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 Section 8.06 Repayment to Company. 
 Subject to applicable law, 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 or Special Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Special Interest, 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 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 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 or Special Interest, 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, the Company, the Guarantors, the Trustee and the Collateral Agent may amend or supplement this Indenture or the Notes, the Collateral Documents or the Note Guarantees without the consent
of any Holder of Notes (subject to the terms of the Collateral Agency Agreement): 
 (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 Guarantor’s obligations to the Holders of the Notes and Note
Guarantees by a successor to the Company or such Guarantor pursuant to Article 5 or Article 10 hereof; 
 (4) to make any
change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder; 
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

  

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 (6) to conform the text of this Indenture, the Collateral Documents or the Notes to
any provision of the “Description of Notes” section of the Company’s Offering Memorandum dated September 11, 2009, relating to the offering of the Initial Notes, to the extent that such provision in that “Description of
Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Note Guarantees, the Collateral Documents or the Notes as certified in an Officer’s Certificate delivered to the Trustee; 
 (7) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the date
hereof; 
 (8) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the
Notes; 
 (9) to release any Guarantor from any of its obligations under its Note Guarantee or this Indenture in
accordance with the terms of this Indenture; 
 (10) to enter into additional or supplemental Collateral Documents or any
amendment to the Collateral Agency Agreement that adds additional creditors permitted to become party thereto as contemplated under the Collateral Agency Agreement; or 
 (11) to release any Collateral from the Lien of this Indenture or of the Collateral Documents in accordance with the terms of this
Indenture and the Collateral Documents. 
 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 Guarantors in the execution of any amended or
supplemental indenture authorized or permitted by the terms of this Indenture (as determined by the Company) 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, Sections 3.09, 4.10, 4.15 and 4.27 hereof) and the Notes, Note Guarantees and the Collateral Documents (subject to the terms of the Collateral Agency Agreement) 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) 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 or Special
Interest, 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 purchase
of, or tender offer or exchange offer for, the Notes). 
 The consent of the Holders of at least 85% in aggregate principal amount of Notes
then outstanding shall be required to release all or substantially all of the Liens on Collateral securing the Notes otherwise than in accordance with the terms of this Indenture and the Collateral Documents. 
  

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 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 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 (with respect to any Notes held by a non-consenting Holder): 
 (1) reduce the principal amount
of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the
fixed maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes (except as provided above with respect to Sections 3.09, 4.10, 4.15 and 4.27 hereof); 
 (3) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or premium or Special Interest, if any, or interest on, the
Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
 (5) make any Note payable in money other than that stated in the Notes; 
 (6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to
receive payments of principal of, or interest or premium or Special Interest, if any, on, the Notes; 
 (7) make any
change to Section 4.29 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 Bermuda (or the jurisdiction in which the Company is then organized or
incorporated) withholding tax; 
  

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 (8) waive a redemption payment with respect to any Note (other than a payment required by
Sections 3.09, 4.10, 4.15 or 4.27 hereof); 
 (9) release any Guarantor from any of its obligations under its Note
Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
 (10) release any Collateral from
the Lien of this Indenture or of the Collateral Documents, except in accordance with the terms of this Indenture and the Collateral Documents; or 
 (11) make any change in the preceding amendment and waiver provisions. 
 Section 9.03 Compliance with Trust
Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture
that complies with the TIA as then in effect. 
 Section 9.04 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 9.05 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 9.06 Trustee to Sign Amendments, etc. 
 The Trustee will sign any amended or
supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. 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 receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the
documents required by Section 13.04 hereof, an Officer’s Certificate and an Opinion of Counsel 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 Security. 
 The due and punctual payment of the principal of and interest and Special Interest, if any, on the Notes and all Obligations with respect to each Note
Guarantee 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 and Special Interest (to the
extent permitted by law), if any, on the Notes and performance of all other obligations of the Company and the Guarantors to the Holders of Notes or the Trustee under this Indenture, the Notes and the Note Guarantees, as applicable, according to the
terms hereunder or thereunder, are secured as provided in the Collateral Documents. Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Collateral Documents as the same may be in effect or may be amended from
time to time in accordance with their terms and authorizes and directs the Collateral Agent to enter into the Collateral Documents and to perform its obligations and exercise its rights thereunder in accordance therewith. The Company will deliver to
the Trustee copies of all documents delivered to the Collateral Agent pursuant to the Collateral Documents, and will do or cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the
Collateral Documents, to assure and confirm to the Trustee and the Collateral Agent the security interest in the Collateral contemplated hereby, by the Collateral Documents or any parts thereof, as from time to time constituted, so as to render the
same available for the security and benefit of this Indenture, the Notes and the Note Guarantees secured hereby, according to the intent and purposes herein expressed. The Company will take, and will cause its Subsidiaries to take, any and all
actions reasonably required to cause the Collateral Documents to create and maintain, as security for the Obligations of the Company and the Guarantors hereunder, a valid and enforceable perfected First Priority Lien in and on all the Collateral, in
favor of the Collateral Agent for the benefit of the Holders of Notes and the holders of Pari Passu Obligations, subject to no other Liens other than Permitted Liens. 
 Section 10.02 Recording and Opinions. 
 (a) The Company will furnish to the Collateral Agent and
the Trustee no later than September 22 in each year beginning with September 22, 2010, one or more Opinions of Counsel, dated as of such date, either: 
 (1) (a) stating that, in the opinion of such counsel, action has been taken with respect to the recording, registering, filing,
re-recording, re-registering and re-filing of all supplemental indentures, financing statements, continuation statements or other instruments of further assurance as is necessary to maintain the Lien of the Collateral Documents and reciting with
respect to the security interests in the Collateral the details of such action or referring to prior Opinions of Counsel in which such details are given, and (b) stating that, to the extent applicable in the relevant jurisdiction, in the
opinion of such counsel, based on relevant laws as in effect on the date of such Opinion of Counsel, all financing statements and continuation statements have been executed and filed that are necessary as of such date and during the succeeding 12
months fully to preserve and protect, to the extent such protection and preservation are possible by filing, the rights of the Holders of Notes and the Collateral Agent and the Trustee hereunder and under the Collateral Documents with respect to the
security interests in the Collateral; or 
 (2) stating that, in the opinion of such counsel, no such action is necessary
to maintain such Lien and assignment. 
  

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 (b) To the extent applicable, the Company will otherwise comply with the provisions of TIA § 314(b).

 Section 10.03 Release of Collateral. 
 (a) Subject to the terms of the Collateral Agency Agreement relating to Pari Passu Obligations, the Liens on property and assets constituting Collateral securing the Notes and the Note Guarantees will be released under the following
circumstances: 
 (1) the Lien on any property or asset will be released in connection with the disposition of such
property or asset to the extent such disposition is not in violation of Section 4.10(a) hereof or to the extent such property or asset was the subject of an Event of Loss; 
 (2) the Lien on the property and assets of a Grantor will be released upon the release of such Grantor from its Note Guarantee in
accordance with Section 11.05 hereof; 
 (3) the Lien on any property or asset of the Company or any other Grantor
will be released to the extent such property or asset is or becomes an Excluded Asset; 
 (4) the Lien on any property or
asset of the Company or any Grantor Guarantor will be released upon the transfer of such property or asset to a Restricted Subsidiary that is not a Grantor Guarantor in a transaction that complies with Section 4.07 hereof, including pursuant to
one or more clauses of the definition of Permitted Investments; provided that in the case of Equity Interests in any Subsidiary transferred to a Pledgor Guarantor, the Lien on such Equity Interests will be released only to the extent
necessary in order to permit such transfer and until such Equity Interests are pledged by such Pledgor Guarantor; 
 (5) the Lien on the property and assets of any Grantor Guarantor will be released upon such Grantor Guarantor becoming a Specified Pledgor Guarantor (except in the case of any Equity Interests in a Subsidiary constituting Collateral);

 (6) in whole or in part, as provided under Article 9 hereof; 
 (7) with respect to the pledge of Equity Interests or other securities of any Subsidiary of the Company, at any time that Rule 3-16
or any other law, rule or regulation requires or is interpreted by the SEC to require the filing with the SEC (or any other U.S. federal governmental agency) of separate financial statements of such Subsidiary due to the fact that such
Subsidiary’s Equity Interests or other securities are pledged to secure the Notes or any Note Guarantee (in which case Equity Interests or other securities of such Subsidiary shall be released from the pledge); provided that this clause
shall only apply to the pledge of Equity Interests of GC UK or GC Argentina or any of their respective Subsidiaries after GC UK and each of its Subsidiaries or GC Argentina and each of its Subsidiaries, as applicable, has become a Grantor Guarantor;
and 
 (8) the Lien on any equipment will be released if required under the laws of the relevant jurisdiction in order to
permit the removal of such equipment from such jurisdiction for purposes of repairing or refurbishing the same in the ordinary course of business, so long as promptly upon completion of such repairs or refurbishment, such equipment is subjected to a
fully perfected (or the applicable equivalent) First Priority Lien. 
  

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 (b) Subject to the terms of the Collateral Agency Agreement relating to Pari Passu Obligations, the Liens
on all Collateral securing the Notes and the Note Guarantees will be released: 
 (1) upon payment in full in cash and
discharge of all Notes then outstanding under this Indenture and the full and final payment and performance of all other Obligations of the Company due and payable under this Indenture at the time that the Notes are paid in full and discharged,
whether at maturity, upon redemption or otherwise; 
 (2) upon Legal Defeasance or Covenant Defeasance pursuant to
Article 8 hereof or the satisfaction and discharge of this Indenture pursuant to Article 12 hereof; or 
 (3) upon
purchase or other acquisition of all of the Notes then outstanding by the Company and/or its Affiliates, including without limitation in connection with a Change of Control Offer, Asset Sale Offer, Event of Loss Offer or other tender offer or open
market purchases. 
 Section 10.04 Certificates of the Company. 
 The Company will furnish to the Trustee and the Collateral Agent, prior to each proposed release of Collateral pursuant to the Collateral Documents: 
 (1) all documents required by TIA § 314(d); and 
 (2) an Opinion of Counsel, which may be rendered by internal counsel to the Company, to the effect that such accompanying documents
constitute all documents required by TIA § 314(d). 
 The Trustee may, to the extent permitted by Sections 7.01 and 7.02 hereof, accept
as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such documents and such Opinion of Counsel. 
 Section 10.05 Certificates of the Trustee. 
 In the event that the Company wishes to release Collateral in accordance
with the Collateral Documents and has delivered the certificates and documents required by the Collateral Documents and Sections 10.03 and 10.04 hereof, the Trustee, based on the Opinion of Counsel delivered pursuant to Section 10.04(2) hereof,
will deliver a certificate to the Collateral Agent directing such release. 
 Section 10.06 Authorization of Actions to Be Taken by the Trustee Under
the Collateral Documents. 
 Subject to the provisions of Section 7.01 and 7.02 hereof and to the terms of the Collateral Agency
Agreement, the Trustee may, in its sole discretion and without the consent of the Holders of Notes, direct, on behalf of the Holders of Notes, the Collateral Agent to, take all actions it deems necessary or appropriate in order to: 
 (1) enforce any of the terms of the Collateral Documents; and 
 (2) collect and receive any and all amounts payable in respect of the Obligations of the Company hereunder. 
 Subject to the terms of the Collateral Agency Agreement, the Trustee will have power to institute and maintain such suits and proceedings as it may deem
expedient to prevent any impairment of the Collateral by any acts that may be unlawful or in violation of the Collateral Documents or this Indenture, and such suits and proceedings as the Trustee may deem expedient to preserve or protect its
interests and 

  

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the interests of the Holders of Notes in the 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 interests of the Holders of Notes or of the Trustee). 
 Section 10.07 Authorization of Receipt of Funds by the Trustee Under
the Collateral Documents. 
 Subject to the terms of the Collateral Agency Agreement, the Trustee is authorized to receive any funds for
the benefit of the Holders of Notes distributed under the Collateral Documents and to make further distributions of such funds to the Holders of Notes according to the provisions of this Indenture. 
 Section 10.08 Termination of Security Interest. 
 The Trustee will, if requested by the Company in connection with any release of Collateral in accordance with Section 10.03 hereof, deliver a certificate to the Collateral Agent informing the Collateral Agent of such release and
instructing the Collateral Agent to execute and deliver all instruments and documents, and take such other actions, as may be reasonably required to evidence such release (subject to the terms of the Collateral Agency Agreement). 
 ARTICLE 11 
 NOTE GUARANTEES 
 Section 11.01 Guarantee. 
 (a) Subject to this
Article 11, each of the 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: 
 (1) the
principal of, premium, if any, and interest (including Special 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
(including Special 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 Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b)
Subject to this Article 11, the 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

  

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equitable discharge or defense of a guarantor. Each 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 Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid 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 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 Guarantor further agrees that, as between the 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 Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Note Guarantee. 
 (e) Each Guarantor that as of the date of this Indenture or thereafter is incorporated,
organized or formed, as the case may be: 
 (1) in Peru, hereby irrevocably and unconditionally waives, to the extent
applicable, the benefits of excusión and división and any preliminary defenses, benefits or restrictions to liability it may have under the Civil Code of Peru (approved by Legislative Decree No 295, as amended and
supplemented from time to time), including Articles 1885, 1897, 1899, 1900, 1901 and 1902 of said code; 
 (2) in Brazil,
hereby irrevocably and unconditionally waives, to the extent applicable, all benefits under Articles 333, 366, 821, 824, 827, 829, 834, 837, 838 and 839 of the Brazilian Civil Code and Article 595 of the Brazilian Code of Civil Procedure;

 (3) in Venezuela, hereby irrevocably and unconditionally waives, to the extent applicable, the benefits of
“excusión and división” established in Articles 1.812 and 1.819 of the Venezuelan Civil Code; 
 (4) in Colombia, agrees that it will not be entitled to any rights of division, discussion, or analogous rights, and specifically waives the rights established in Articles 2392 and 2393 of the Colombian Civil Code; 
 (5) in Ecuador, hereby irrevocably and unconditionally waives, to the extent applicable, the benefits of “excusión
and división” established in Articles 2.259 and 2.260 of the Ecuadorian Civil Code; 
 (6) in Chile,
hereby irrevocably and unconditionally waives, to the extent applicable, (i) the collection benefit (beneficio de excusión) granted by article 2,357 of the Chilean Civil Code; (ii) the division benefit (beneficio de
división) granted in article 2,367 of the Chilean Civil 

  

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Code; (iii) the right to retract (derecho de retractación) granted in article 1,649 of the Chilean Civil Code; (iv) any right to
object to future term extensions that might be agreed to, which hereby accepts in accordance with article 2,339 of the Chilean Civil Code”; and 
 (7) in Mexico, hereby irrevocably and unconditionally waives, to the extent applicable, the benefits of excusión and división and any preliminary defenses, benefits or restrictions to
liability it may have. 
 Section 11.02 Limitation on Guarantor Liability. 
 (a) The Company, each Guarantor, each Holder, by its acceptance of Notes, and the Trustee hereby confirms that it is the intention of the parties to this
Indenture that, except as set forth in Section 11.02(c) hereof, the Note Guarantees under this Article 11 shall be Full and Unconditional, enforceable to the fullest extent permitted by law. In furtherance of the foregoing and to the extent
applicable, a Guarantor’s liability in respect of its Note Guarantee shall be limited to the extent set forth below: 
 (1) Limitations Applicable to U.S. Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is incorporated, organized or formed, as the case may be, under the laws of the United States, any State or
Territory thereof or the District of Columbia (a “U.S. Guarantor”), and by its acceptance of Notes, each Holder and the Trustee, hereby confirms that it is the intention of all such parties that the Note Guarantee of such U.S.
Guarantor shall not constitute a fraudulent transfer or conveyance for purposes of, or otherwise be invalidated under, any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act, or under any other United States
federal or state law or, to the extent applicable, any law of any other country or political subdivision thereof with respect to bankruptcy, insolvency, reorganization, fraudulent transfer, preference, moratorium or otherwise relating to or
affecting the obligations of such U.S. Guarantor or the rights and remedies of creditors to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and each U.S. Guarantor hereby irrevocably agree
that the obligations of each U.S. Guarantor will be limited to the maximum amount that will, when taken together with and giving effect to (i) all contingent and fixed liabilities of such Guarantor, (ii) any collections from, rights to
receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 11, and (iii) all other factors, in each case that are relevant under such laws, result
in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 
 (2)
Limitations Applicable to Belgian Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is incorporated, organized or formed, as the case may be, in Belgium (a “Belgian Guarantor”), and by its
acceptance hereof, each Holder and the Trustee, hereby confirms that notwithstanding any other provision of this Indenture, or any related agreements or certificates, the maximum aggregate liability hereunder and under the Note Guarantee of any
Belgian Guarantor shall be limited to the extent required by applicable law as construed by the competent court and to such amount or obligations which the Belgian Guarantor can assume, or incur without violating its corporate purpose and without
such liability exceeding the corporate interest of the Belgian Guarantor. 
 (3) Limitations Applicable to Danish
Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is incorporated, organized or formed, as the case may be, in Denmark (a “Danish Guarantor”), and by its acceptance hereof, each Holder and the
Trustee, hereby confirms that notwithstanding any other provision of this Indenture, the obligations of 

  

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each Danish Guarantor, in its capacity as a Guarantor under this Indenture and the Notes, shall be limited as required by Danish law and to the maximum
amount such Danish Guarantor can pay without exceeding its financial capacity and as will not result in the obligations of such Danish Guarantor under its Guarantee constituting an illegal or fraudulent transfer under applicable law and will not
otherwise result in the insolvency of such Danish Guarantor; provided that this limitation shall only apply to obligations and liabilities of each Danish Guarantor which exceed the sum of (i) the amounts received, directly or indirectly, by the
Danish Guarantor (and its subsidiaries) in relation to funds originally advanced under the Notes and/or this Indenture; and (ii) interest and other costs and fees which are, directly or indirectly, to be borne by such Danish Guarantor (and its
subsidiaries) in relation to funds originally advanced under the Notes and/or this Indenture. 
 (4) Limitations Applicable
to German Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is incorporated, organized or formed, as the case may be, in Germany as a limited liability company (GmbH) or a limited partnership with a limited
liability company as its general partner (GmbH & Co. KG) (a “German Guarantor”), and by its acceptance hereof, each Holder and the Trustee, hereby confirm that the liability of such German Guarantor shall be limited
to the Adjusted Net Assets as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or
fraudulent transfer under applicable law. The obligation of any German Guarantor under this Article 11 will be binding only to the extent that it would not result in such German Guarantor’s Adjusted Net Assets falling below the nominal
registered share capital of such German Guarantor (Section 30 et seq. GmbH Act) or, where such German Guarantor’s Adjusted Net Assets are already below the amount of its registered share capital, would not cause such amount to be further
reduced (Vertiefung einer Unterbilanz); provided that the limitations in this Section 11.02(4) shall not apply to the extent the German Guarantor secures any indebtedness under the Note Guarantee and this Indenture in respect of
(i) loans to the extent they are on-lent or otherwise passed on to the relevant German Guarantor or its subsidiaries and such amount on-lent or otherwise passed on is not returned or (ii) bank guarantees or letters of credit that are
issued and commercially related to the Notes for the benefit of any of the creditors of a German Guarantor or a German Guarantor’s Subsidiaries (but excluding any Indebtedness resulting from a right to require cash collateralization).

 (5) Limitations Applicable to Luxembourg Guarantors. Each Guarantor incorporated, organized or formed, as the case
may be, in Luxembourg (a “Luxembourg Guarantor”), and by its acceptance hereof, each Holder and the Trustee, hereby confirm that the liability of such Luxembourg Guarantor shall be limited to the extent required by applicable law to
the amount any such Luxembourg Guarantor can pay without exceeding its financial capacity or otherwise resulting in the insolvency of such Luxembourg Guarantor. The obligations of any Luxembourg Guarantor under this Article 11 will be binding only
to the extent that they would not result in a misuse of corporate assets as defined under Article 171-1 of the Luxembourg law on commercial companies of August 10, 1915, as amended from time to time. 
 (6) Limitations Applicable to Spanish Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is
incorporated, organized or formed, as the case may be, in Spain (a “Spanish Guarantor”), and by its acceptance hereof, each Holder and the Trustee, hereby confirms that notwithstanding any other provision of this Indenture, or any
related agreements or certificates, the liabilities incurred hereunder and under the Note Guarantee of any 

  

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Spanish Guarantor shall not contravene or be in violation of any mandatory provisions of Spanish law in respect of unlawful financial assistance, as it is
specifically contemplated for Spanish joint stock companies (sociedades anónimas) in article 81 of the Ley de Sociedades Anónimas. 
 (7) Limitations Applicable to Swedish Guarantors. The obligations of any guarantor being a limited liability company organized under the laws of the Kingdom of Sweden (herein a “Swedish
Guarantor”) under this Indenture, and under any other documents to which a Swedish Guarantor is a party, shall be limited if (and only if) required by an application of the provisions of the Swedish Companies Act (2005:551) (Sw:
Aktiebolagslagen (2005:551)) regulating prohibited loans, guarantees and distribution of assets and also taking into account any other security granted and/or guarantee given by the Swedish Guarantor subject to the corresponding limitation, and
it is agreed that the Obligations of the Swedish Guarantor under the Note Guarantee shall apply only to the extent, and shall be limited to, such obligations and liabilities under this Indenture and shall apply only to the extent permitted by the
above-mentioned provisions as applied together with other applicable provisions of the Swedish Companies Act. 
 (8)
Limitations Applicable to Swiss Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is incorporated, organized or formed, as the case may be, in Switzerland (a “Swiss Guarantor”) and by its
acceptance hereof, each Holder and the Trustee, hereby agree that, notwithstanding any other provision of this Indenture or any related agreements or certificates, (i) the liability of such Swiss Guarantor shall be limited to the maximum amount
as will, after giving effect to all other contingent and fixed liabilities of such Swiss Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor, result in the obligations of such Swiss
Guarantor under its Note Guarantee, this Indenture and under any other documents to which such Swiss Guarantor is a party not (a) constituting a fraudulent conveyance or fraudulent transfer under, or (b) otherwise violating, applicable
law, in particular, but not limited to, the rules on capital maintenance of Swiss stock corporations and limited liability companies pursuant to the Swiss Code of Obligations and (ii) each Swiss Guarantor shall, in connection with payments made
by such Swiss Guarantor under this Article 11, any other provision of this Indenture and under any other documents to which such Swiss Guarantor is a party, comply with all applicable law such as corporate and tax law. 
 (9) Limitations Applicable to Venezuelan Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is
incorporated, organized or formed, as the case may be, in Venezuela (a “Venezuela Guarantor”), and by its acceptance hereof, each of the Holders and the Trustee, hereby confirms that the liability of such Venezuela Guarantor under
the Note Guarantee shall be limited to the maximum amount of the Obligations of Company under this Indenture. 
 (10)
Limitations Applicable to Colombian Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is incorporated, organized or formed, as the case may be, in Colombia (a “Colombian Guarantor”), and by its
acceptance hereof, each Holder and the Trustee, hereby confirm that the liability of such Colombian Guarantor shall be limited to the amount that any such Colombian Guarantor can pay without exceeding its financial capacity or otherwise resulting in
insolvency of such Colombian Guarantor. 
 (11) Limitations Applicable to Other Guarantors. Each Guarantor that as of
the date of this Indenture or thereafter is incorporated, organized or formed, as the case may be, under the laws of any jurisdiction other than those set forth in clauses (1) through (10) above (an “Other Guarantor”), and
by its acceptance hereof, each Holder and the Trustee, hereby confirm that it is the intention of all such parties that the Guarantee of an Other Guarantor does not constitute a fraudulent transfer or conveyance for purposes of, or otherwise
violate, applicable law. To 

  

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effectuate the foregoing intention, each Holder and each Other Guarantor hereby irrevocably agrees that the obligations of an Other Guarantor under its Note
Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Other Guarantor result in the obligations of such Other Guarantor not constituting such a fraudulent transfer or
conveyance or otherwise violating applicable law. 
 (b) Notwithstanding anything in this Article 11 hereof to the contrary, if following the
date of this Indenture: 
 (1) there shall be any change in the laws of any of the jurisdictions set forth in clauses
(2) through (10) of clause (a) of this Section 11.02; 
 (2) there shall be any change in the laws
under which any Other Guarantor is incorporated, organized or formed, as the case may be; or 
 (3) any Person shall be
required to execute a Note Guarantee pursuant to Section 4.19 hereof and such Person is incorporated, organized or formed, as the case may be, under the laws of any jurisdiction other than those set forth in clauses (1) through
(10) of clause (a) of this Section 11.02 and other than any jurisdiction in which a then existing Other Guarantor is incorporated, organized or formed, as the case may be (a “Future Guarantor”), and the Company shall
reasonably determine that the provisions of Section 11.02(a)(11) hereof with respect to any Other Guarantor shall not adequately address the limitations on such Note Guarantee imposed by applicable law of the jurisdiction of incorporation,
organization or formation, as the case may be, of such Future Guarantor; 
 then upon the deliver of an Officer’s Certificate and Opinion of Counsel
reasonably satisfactory to the Trustee, the Company shall be entitled to amend such clause or add such additional provisions to such clause (including any related modifications to the form of Guarantee attached hereto as Exhibit E), as the case may
be, to the extent necessary so that the Note Guarantee of a Guarantor does not violate applicable law. 
 (c) Notwithstanding anything in
this Article 11 to the contrary, each Limited Guarantor has as of the date of this Indenture obtained regulatory approval to guarantee up to $200,000,000 of the Obligations under this Indenture and no Limited Guarantor shall have any liability under
this Indenture or any Note Guarantee in excess of $200,000,000 unless and until, with respect to any individual Limited Guarantor, such Limited Guarantor has ceased to constitute a Limited Guarantor and has provided a Full and Unconditional
guarantee of all Obligations of the Company under the Notes and this Indenture in compliance with Sections 4.19 and 4.22 hereof. In addition, each Limited Guarantor is a U.S. Guarantor, and therefore each Limited Note Guarantee shall be further
limited to the extent set forth in Section 11.02(a)(1) hereof. 
 Section 11.03 Execution and Delivery of Note Guarantee. 
 To evidence its Note Guarantee set forth in Section 11.01 hereof, each 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 Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers. A Note
Guarantee may be executed by manual or facsimile signature. 
  

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 Each 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 Guarantors. 
 In the event that the Company or any of its Restricted Subsidiaries creates or acquires any
Domestic Subsidiary after the date of this Indenture, if required by Section 4.19 hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.19 hereof and this Article 11, to the extent applicable.

 Section 11.04 Guarantors May Consolidate, etc., on Certain Terms. 
 Except as otherwise provided in Section 11.05 hereof, no 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 Guarantor is the surviving Person) another Person, other than the Company or another 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
Guarantor under this Indenture, its Note Guarantee and the Registration Rights Agreement on the terms set forth herein or therein, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee; or 
 (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 Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a 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. 
  

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 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 Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor. 
 Section 11.05 Releases. 
 (a) The Note Guarantee of a Guarantor will be released: 
 (1) in the event of any sale or other disposition of all or substantially all of the assets of such Guarantor (including by way of merger, amalgamation or consolidation) to a Person that is not (either before or after
giving effect to such transactions) the Company or a Restricted Subsidiary of the Company, if such sale or other disposition does not violate Section 4.10 hereof; 
 (2) in the event of any sale or other disposition of Capital Stock of such Guarantor to a Person that is not (either before or after
giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if such sale or other disposition does not violate Sections 4.10 or 4.27 hereof; 
 (3) upon designation of such Guarantor as an Unrestricted Subsidiary in accordance with Section 4.20 hereof; 
 (4) upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with
Article 12 hereof; 
 (5) upon a liquidation or dissolution of such Guarantor permitted under this Indenture;
provided that no Default or Event of Default has occurred and is continuing or will occur as a result of such liquidation or dissolution. 
 (6) upon such time as any Guarantor no longer constitutes an Excluded Restricted Subsidiary and the Company has delivered to the Trustee and the Collateral Agent an Officer’s Certificate of its chief financial
officer so stating; provided that no Default or Event of Default has occurred and is continuing at the time of delivery of such Officer’s Certificate. 
 (b) In addition, upon delivery to the Trustee of an Officer’s Certificate stating that the first filing of an Exchange Registration Statement or a Shelf Registration Statement will occur within five Business Days
thereof, the Limited Note Guarantee of any Limited Guarantor with Total Assets less than $35.0 million will be released; provided that if such Exchange Registration Statement or a Shelf Registration Statement is not filed within five Business
Days of the delivery of such Officer’s Certificate or such registration is filed and subsequently withdrawn, such Limited Guarantor shall execute either a new Limited Note Guarantee in form and substance identical to the original Limited
Guarantee of such Subsidiary or a new Note Guarantee providing for the guarantee of all Obligations in respect of the Notes issued on the date of this Indenture in accordance with Section 4.19 hereof, as appropriate. Furthermore, the Limited
Note Guarantee of a Limited Guarantor will be released upon the execution by such Limited Guarantor of a new Note Guarantee providing for the guarantee of all Obligations in respect of the Notes issued on the date of this Indenture in accordance
with Sections 4.19 and 4.22 hereof. 
 (c) Any 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 Guarantor under this Indenture as provided in this Article 11. 
  

 119 

 ARTICLE 12 
 SATISFACTION AND DISCHARGE 
 Section 12.01 Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 
 (1) either: 
 (a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have
been delivered to the Trustee for cancellation; or 
 (b) all Notes that have not been 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 or any Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest,
to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and Special Interest, if any, and accrued interest to the date of maturity or redemption; 
 (2) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by
which the Company or any Guarantor is bound; 
 (3) the Company or any Guarantor has paid or caused to be paid all sums
payable by it under this Indenture and the Collateral Documents; and 
 (4) the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section 12.01, the provisions of Sections 12.02 and 8.06 hereof will survive. In addition, nothing in this Section 12.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms,
survive the satisfaction and discharge of this Indenture. 
  

 120 

 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 application, the Company’s and any 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 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties will control. 
 Section 13.02 Notices. 
 Any notice or communication by the Company, any 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 Guarantor: 
 Global Crossing Limited 
 Wessex House 
 45 Reid Street 
 Hamilton HM12, Bermuda 
 Facsimile No.: 1 441 2968606 
 Attention:
Corporate Secretary 
  

 121 

 With a copy to: 
 Latham & Watkins LLP 
 885 Third Avenue 
 New York, NY 10022 
 Facsimile No.:
1.212.751.4864 
 Attention: Dennis D. Lamont, Esq. 
 If to the Trustee: 
 Wilmington Trust FSB 
 CCS-Corporate Capital Markets 
 50 South Sixth
Street, Suite 1290 
 Minneapolis, MN 55402-1544 
 Facsimile No.: 612-217-5651 
 Attention: Jane Y. Schweiger 
 The Company, any 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 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.

 Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee) pursuant to the Applicable Procedures, if
applicable, and otherwise in accordance with the rules and procedures of the Depositary, Euroclear and Clearstream. 
 Section 13.03 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). 
  

 122 

 Section 13.04 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 13.05 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 13.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 13.05 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. 
 Section 13.06 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 13.07 No Personal Liability of Directors, Officers, Employees and Shareholders. 
 No
past, present or future director, officer, employee, incorporator or shareholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note
Guarantees, the Collateral Documents 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 federal securities laws. 
  

 123 

 Section 13.08 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. 
 Section 13.09 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 13.10 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 Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 11.05 hereof. 

Section 13.11 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 13.12 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. 
 Section 13.13 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. 
 Section 13.14 Waiver of Immunity. 
 To
the extent that the Company or any of the Guarantors may be or become entitled to claim for itself or its property any immunity on the ground of sovereignty or the like from suit, court jurisdiction, attachment prior to judgment, attachment in aid
of execution of a judgment or execution of a judgment, and to the extent that in any such jurisdiction there may be attributed such an immunity (whether or not claimed), pursuant to this Indenture or the Collateral Documents, each of the Company and
the Guarantors hereby irrevocably agrees not to claim, and hereby irrevocably waives such immunity with respect to its obligations under this Indenture and the Collateral Documents. 
  

 124 

 Section 13.15 Submission to Jurisdiction; Service of Process. 
 (a) Any legal action or proceeding with respect to this Indenture or the Notes, or the transactions contemplated hereby, or for recognition or
enforcement of any judgment, shall be brought in the courts of the State of New York located in the City of New York or of the United States of America for the Southern District of New York, and any court of appeals with respect to any such court,
and, by execution and delivery of this Indenture, each of the parties hereto hereby accepts for itself and in respect of its property, generally and unconditionally, the exclusive jurisdiction of the aforesaid courts. The Company and each of the
Guarantors hereby further (i) irrevocably waives, to the fullest extent it may legally and effectively do so, any claim that any such courts lack personal jurisdiction over the Company or any of the Guarantors, and agrees not to plead or claim,
in any legal action or proceeding with respect to this Indenture or the Notes, the Note Guarantees or any of the Collateral Documents brought in any of the aforementioned courts, that such courts lack personal jurisdiction over the Company or any of
the Guarantors, (ii) irrevocably waives, to the fullest extent permitted by law, any defense of forum non conveniens in any legal action or proceeding with respect to this Indenture or the Notes, the Note Guarantees or any of the Collateral
Documents brought in any of the aforementioned courts and (iii) agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. 
 (b) The Company and each of the Guarantors hereby irrevocably designates, appoints and empowers Global Crossing Development Co.,
200 Park Avenue, Suite 300, Florham Park, NJ 07932 (the “Process Agent”), in the case of any suit, action or proceeding brought in the United States of America as its designee, appointee and agent to receive, accept and acknowledge
for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices and documents that may be served in any action or proceeding arising out of or in connection with this Indenture, the Notes, the Note
Guarantees or any of the Collateral Documents. The Company and each of the Guarantors hereby represents and warrants that the Process Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company and
each of the Guarantors agrees to take any and all action, including the filing of any and all documents, that may be necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Process Agent shall be
deemed, in every respect, effective service of process upon the Company and each of the Guarantors. Such service may be made by mailing (by registered or certified mail, postage prepaid) or delivering a copy of such process to the Company or any of
the Guarantors, as applicable, in care of the Process Agent at the Process Agent’s above address, and the Company and each of the Guarantors hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an
alternative method of service, the Company and each of the Guarantors irrevocably consents to the service of any and all process in any such action or proceeding by the mailing (by registered or certified mail, postage prepaid) of copies of such
process to the Process Agent or the Company or any of the Guarantors, as applicable, at its address specified in Section 13.02 hereof. 
 (c) Nothing contained in this Section 13.15 shall affect the right of the Trustee or any Holder to serve process in any other manner permitted by law or commence legal proceedings or otherwise proceed against the Company or any of the
Guarantors in any other jurisdiction. 
 (d) If for the purposes of obtaining judgment in any court it is necessary to convert a sum due
hereunder in U.S. dollars into another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the Trustee could
purchase U.S. dollars with such other currency at the spot rate of exchange quoted by the Trustee at 11:00 a.m. (New York time) on the Business Day preceding that on which final judgment is given, for the purchase of U.S. dollars, for delivery two
Business Days thereafter. 
 (e) The Trustee shall have full power to appeal to a court of applicable jurisdiction to determine all questions
and doubts arising in relation to the interpretation or application of any of the provisions of this Indenture as it affects the Trustee and every such determination (whether made upon a question actually raised or implied in the acts or proceedings
of the Trustee) shall be conclusive and shall bind the parties to this Indenture. 
 [Signatures on following pages] 
  

 125 

 Dated as of September 22, 2009 
  

					
	GLOBAL CROSSING LIMITED
		
	By:	 	/s/ Mitchell Sussis
		 	Name:	 	Mitchell Sussis
		 	Title:	 	Senior Vice President and Secretary

 [Signature Page to Indenture] 

					
	GLOBAL CROSSING HOLDINGS LIMITED
	ATLANTIC CROSSING LTD.
	GLOBAL CROSSING ASIA HOLDINGS LTD.
	GLOBAL CROSSING AUSTRALIA HOLDINGS LTD.
	GLOBAL CROSSING NETWORK CENTER LTD.
	GLOBAL CROSSING INTERNATIONAL, LTD.
	OLD GMS HOLDINGS LTD.
	SOUTH AMERICAN CROSSING HOLDINGS LTD.
	GLOBAL CROSSING INTERNATIONAL NETWORKS LTD.
	GC CRYSTAL HOLDINGS LTD.
	PAC PANAMA LTD.
	GLOBAL CROSSING TELECOMMUNICATIONS – CANADA, LTD.
	RACAL TELECOMMUNICATIONS, INC.
	INTERNATIONAL OPTICAL NETWORK L.L.C.
	GLOBAL CROSSING BANDWIDTH, INC.
	GLOBAL CROSSING NORTH AMERICA, INC.
	GLOBAL CROSSING DEVELOPMENT CO.
	GLOBAL CROSSING EMPLOYEE SERVICES INC.
	GLOBAL CROSSING LOCAL SERVICES, INC.
	GLOBAL CROSSING NORTH AMERICAN HOLDINGS, INC.
	GLOBAL CROSSING NORTH AMERICAN NETWORKS, INC.
	GLOBAL CROSSING TELECOMMUNICATIONS, INC.
	ALC COMMUNICATIONS CORPORATION
	BUDGET CALL LONG DISTANCE, INC.
	GLOBAL CROSSING ADVANCED CARD SERVICES, INC.
	GT LANDING II CORP.
	US CROSSING, INC.
	GLOBAL CROSSING TELEMANAGEMENT, INC.
	GLOBAL CROSSING TELEMANAGEMENT VA, LLC
	GLOBAL CROSSING AMERICAS SOLUTIONS, INC.
	AMERITEL MANAGEMENT, INC.
		
	By:	 	/s/ Mitchell Sussis
		 	Name:	 	Mitchell Sussis
		 	Title:	 	Vice President
	
	for each of the Guarantors listed above

 [Signature Page to Indenture] 

					
	GC IMPSAT HOLDINGS I PLC
	GC IMPSAT HOLDINGS II LIMITED
	GC IMPSAT HOLDINGS III LIMITED
		
	By:	 	/s/ Mitchell Sussis
		 	Name:	 	Mitchell Sussis
		 	Title:	 	Secretary
	  
 for each of the Guarantors listed above

 [Signature Page to Indenture] 

					
	IMPSAT FIBER NETWORKS, INC.
	As a Guarantor
		
	By:	 	/s/ Mitchell Sussis
		 	Name:	 	Mitchell Sussis
		 	Title:	 	Senior Vice President, Legal

 [Signature Page to Indenture] 

					
	GLOBAL CROSSING AUSTRALIA PTY LIMITED
	As a Guarantor
		
	By:	 	/s/ Mitchell Sussis
		 	Name:	 	Mitchell Sussis
		 	as attorney under power of attorney
		
	By:	 	/s/ Jon Fisse
		 	Name:	 	Jon Fisse
		 	as attorney under power of attorney

 [Signature Page to Indenture] 

					
	GLOBAL CROSSING BELGIË BVBA, in liquidation, represented by its liquidator, GLOBAL CROSSING PEC BELGIUM BVBA, represented by Mr. Arthur
Eshuis
	As a Guarantor
		
	By:	 	/s/ Arthur Eshuis
		 	Name:	 	Arthur Eshuis
		 	Title:	 	

 [Signature Page to Indenture] 

					
	GLOBAL CROSSING PEC BELGIUM BVBA
	GLOBAL CROSSING PEC DANMARK APS
	FIBERNET GMBH
	GLOBAL CROSSING PEC DEUTSCHLAND GMBH
	GLOBAL CROSSING IRELAND LIMITED
	GLOBAL CROSSING SERVICES EUROPE LIMITED
	GLOBAL CROSSING SERVICES IRELAND LIMITED
	GC IMPSAT HOLDINGS NEDERLAND B.V.
	GLOBAL CROSSING PEC HOLDINGS B.V.
	GC PAN EUROPEAN CROSSING NETWORKS B.V.
	GLOBAL CROSSING PEC NEDERLAND B.V.
	GLOBAL CROSSING NEDERLAND B.V.
	GLOBAL CROSSING PEC ESPAÑA S.A.
	GLOBAL CROSSING SVERIGE AB
	FIBERNET HOLDINGS LIMITED
	GLOBAL CROSSING (BIDCO) LIMITED
	GLOBAL CROSSING EUROPE LIMITED
	GLOBAL CROSSING FINANCIAL MARKETS LIMITED
	PAN AMERICAN CROSSING UK LTD.
	GC PAN EUROPEAN CROSSING UK LIMITED
		
	By:	 	/s/ Bernard Keogh
		 	Name:	 	Bernard Keogh
		 	Title:	 	Director
	  
 for each of the Guarantors listed above

 [Signature Page to Indenture] 

					
	GLOBAL CROSSING PEC LUXEMBOURG I S.À.R.L.
	GLOBAL CROSSING PEC LUXEMBOURG II S.À.R.L.
		
	By:	 	/s/ Arthur Eshuis
		 	Name:	 	Arthur Eshuis
		 	Title:	 	Manager
		
	By:	 	/s/ Bernard Keogh
		 	Name:	 	Bernard Keogh
		 	Title:	 	Manager
	  
 for each of the Guarantors listed above

 [Signature Page to Indenture] 

					
	GLOBAL CROSSING PEC SWITZERLAND AG
	As a Guarantor
		
	By:	 	/s/ Bernard Keogh
		 	Name:	 	Bernard Keogh
		 	Title:	 	Director
		
	By:	 	/s/ Qamar Qadeer
		 	Name:	 	Qamar Qadeer
		 	Title:	 	Director

 [Signature Page to Indenture] 

			
	 GLOBAL CROSSING PERU S.A.

	 TELECOM INFRASTRUCTURE HARDWARE S.R.L.

	 GLOBAL CROSSING CHILE S.A.

	 GLOBAL CROSSING COSTA RICA, SRL

	 SAC PANAMA, S.A.

	 GLOBAL CROSSING PANAMA, INC.

	 GLOBAL CROSSING VENEZUELA, S.A.

	 GLOBAL CROSSING COMUNICACIONES ECUADOR S.A.

		
	By:	 	/s/ Kevin Tang
		 	Name: Kevin Tang
		 	Title: Authorized Signatory
	
	for each of the Guarantors listed above

 [Signature Page to Indenture] 

			
	GLOBAL CROSSING HONG KONG LIMITED
	GLOBAL CROSSING JAPAN KK
	GLOBAL CROSSING SINGAPORE PTE, LTD.
		
	By:	 	/s/ Jon Fisse
		 	Name: Jon Fisse
		 	Title: Director
	
	for each of the Guarantors listed above

 [Signature Page to Indenture] 

			
	G.C. ST. CROIX COMPANY, INC.
	As a Guarantor
		
	By:	 	/s/ Johanna Ravelo
		 	Name: Johanna Ravelo
		 	Title: Vice President & Secretary

 [Signature Page to Indenture] 

			
	 GLOBAL CROSSING COMUNICAÇÕES DO BRASIL LTDA.
 IMPSAT PARTICIPAÇÕES E COMERCIAL LTDA.
 SAC BRASIL HOLDING LTDA.
 SAC BRASIL S.A.

		
	By:	 	/s/ Joao Leonardo da S.G. Figueira
		 	Name: Joao Leonardo da S.G. Figueira
		 	Title: VP Corporate Services
	
	for each of the Guarantors listed above

 [Signature Page to Indenture] 

			
	GLOBAL CROSSING CYPRUS HOLDINGS LIMITED
	As a Guarantor
		
	By:	 	/s/ Qamar Qadeer
		 	Name: Qamar Qadeer
		 	Title: Director

 [Signature Page to Indenture] 

			
	GLOBAL CROSSING SERVICIOS, S. DE R.L. DE C.V.
	GLOBAL CROSSING MEXICANA, S. DE R.L. DE C.V.
	GLOBAL CROSSING MEXICANA II, S. DE R.L. DE C.V.
		
	By:	 	/s/ Juan Carlos Castañeda Cid del Prado
		 	Name: Juan Carlos Castañeda Cid del Prado
		 	Title: Attorney-in-fact
	
	for each of the Guarantors listed above

 [Signature Page to Indenture] 

			
	WILMINGTON TRUST FSB
	As Trustee
		
	By:	 	/s/ Jane Schweiger
		 	Name: Jane Schweiger
		 	Title: Vice President

 [Signature Page to Indenture] 

 [Face of Note] 
  
 [Insert Original Issue Discount Legend here, if applicable.]

  

	
	CUSIP/CINS               
	ISIN               

 12% Senior Secured Notes due 2015 
  

				
	 No.         
	  	$	____________

 GLOBAL CROSSING LIMITED 
 promises to pay to              or registered assigns, 
 the principal sum of
                                         
                                         
       DOLLARS [(or, in the event of adjustment in accordance with the within-mentioned Indenture, such other amount as may be stated from time to time on the “Schedule of Exchanges of Interests in the Global
Note” attached hereto)]1 on September 15, 2015. 
 Interest Payment Dates: March 15 and September 15 
 Record Dates:
March 1 and September 1 
 Dated:
                        , 20     
  

									
		 		 	GLOBAL CROSSING LIMITED
					
		 		 		 	By:	 	 
		 		 		 	Name:	 	
		 		 		 	Title:	 	
			
	 This is one of the Notes referred to
 in the
within-mentioned Indenture:
	 		 	
			
	 WILMINGTON TRUST FSB,
   as Trustee

	 		 	
					
	By:	 	 	 		 	Dated:	 	 
		 	Authorized Signatory	 		 		 	

   
  
  

	1	 This language should be included only if the Note is issued in global form. 

  

 A-1 

 [Back of Note] 
 12% Senior Secured Notes due 2015 
 [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. Global Crossing Limited, an exempted company with limited liability formed under the
laws of Bermuda (the “Company”), promises to pay interest on the principal amount of this Note at 12% per annum from
                        , 2009, and shall pay the Special Interest, if any, payable pursuant to Section 2(c) of the
Registration Rights Agreement referred to below. The Company will pay interest and Special Interest, if any, semi-annually in arrears on March 15 and September 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 and Special Interest, if any (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) ADDITIONAL AMOUNTS. All references to interest herein shall include Additional Amounts, if any. 
 (3) METHOD OF PAYMENT. The Company will pay interest on the Notes
(except defaulted interest) and Special Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the March 1 or September 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 and Special Interest, 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 and Special Interest, if any, 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 and Special Interest, if any, 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.

 (4) PAYING AGENT AND REGISTRAR.
Initially, Wilmington Trust FSB, 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. 
  

 A-2 

 (5) INDENTURE AND COLLATERAL
DOCUMENTS. The Company issued the Notes under an Indenture dated as of September 22, 2009 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Notes include
those stated in the Indenture and 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 the TIA 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 secured obligations of the Company. The Notes are secured by Liens on Collateral pursuant to the Collateral
Documents referred to in the Indenture. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 
 (6) OPTIONAL REDEMPTION. 
 (a) At any time prior to
September 15, 2012, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture at a redemption price of 112% of the principal amount thereof, plus accrued and unpaid
interest and Special Interest, if any, to the redemption date, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds of one or more Equity
Offerings; provided that: (i) at least 65% of the aggregate principal amount of Notes originally issued under the Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence
of such redemption; and (ii) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 
 (b) On or after September 15, 2012, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below
plus accrued and unpaid interest and Special Interest, if any, on the Notes redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on September 15 of the years indicated below, subject to the rights of
Holders on the relevant record date to receive interest on the relevant interest payment date: 
  

				
	 Year
	  	Percentage	 
	 2012
	  	106.000	% 
	 2013
	  	103.000	% 
	 2014 and thereafter
	  	100.000	% 

 (c) At any time prior to September 15, 2012, the Company may, on any one or
more occasions, redeem all or a part of the Notes, upon not less than 30 nor more than 60 days prior notice, at a redemption price equal to the sum of the present values of (1) the redemption price of the Notes to be redeemed at
September 15, 2012 (set forth in clause (b) above), and (2) the remaining scheduled payments of interest on such Notes from the redemption date through September 15, 2012, excluding accrued and unpaid interest to the redemption
date, in each case discounted to the redemption date, computed on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 50 basis points, plus accrued and unpaid
interest and Special Interest, if any, on such Notes to the redemption date. The notice of redemption with respect to any redemption pursuant to this clause (c) need not set forth the redemption price, but shall set forth the manner of
calculation thereof. 

  

 A-3 

 
The Company will notify the Trustee of the redemption price with respect to any redemption pursuant to this clause (c) promptly after calculation
thereof and the Trustee shall not be responsible for such calculation. 
 (d) If, as a result of any amendment to, or change
in, the laws (or any rules or regulations thereunder) or treaties applicable to the jurisdiction in which the Company is then incorporated or organized (so long as such jurisdiction is a jurisdiction in which the Company may reincorporate or
reorganize pursuant to Section 5.01 of the Indenture) 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,
regulations or treaties, which amendment to or change of such laws, rules, regulations or treaties becomes effective on or after the date of the Indenture, 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, any Special Interest and any Additional Amounts due thereon up to but not including the date of redemption;
provided, however, that (i) no notice of redemption for tax reasons may be given earlier than 90 days prior to the earliest date on which the Company would be obligated to pay these Additional Amounts if a payment on the Notes or
the relevant Note Guarantee were then due, and (ii) at the time such notice of redemption is given such obligation to pay such Additional Amounts remains in effect. 
 (e) If, one Business Day prior to any redemption date, the Company deposits with the Trustee or with the Paying Agent money sufficient to
pay the redemption price of and accrued interest on all Notes to be redeemed on that date, then, on and after the applicable redemption date, interest will cease to accrue on the Notes or the portions of Notes called for redemption on that date.

 (7) MANDATORY REDEMPTION. The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Notes. 
 (8) REPURCHASE AT
THE OPTION OF HOLDER.  
 (a) If a Change of Control occurs,
the Company will make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash
equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Special Interest, if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders on the relevant record date to
receive interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days following any Change of Control, the Company will mail a notice to each Holder and the Trustee describing the transaction
or transactions that constitute the Change of Control and stating the procedures governing the Change of Control Offer as required by the Indenture. 
 (b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within 30 days after the date that the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will commence an
offer (an “Asset Sale Offer”) to all Holders of Notes and will redeem or repay (or make an offer to do so) Pari Passu Obligations the terms of 

  

 A-4 

 
which require redemption or repayment (or the making of an offer to do so) with the proceeds of any sales of assets the maximum principal amount of Notes
(including any Additional Notes) and such Pari Passu Obligations that may be purchased, redeemed and repaid out of the Excess Proceeds as follows: 
 (i) the Company or any of its Subsidiaries will (a) make an Asset Sale Offer to all Holders of Notes in accordance with the procedures set forth in Section 3.09(a) of the Indenture and (b) redeem
or repay (or make an offer to do so) Pari Passu Obligations (and permanently reduce the related loan commitment (if any) in an amount equal to the principal amount so redeemed or repaid, other than with respect to Pari Passu Obligations of the type
referred to in clause (1) of the definition thereof as set forth in the Indenture), pro rata in proportion to the respective principal amounts of the Notes and Pari Passu Obligations required to be redeemed or repaid, the maximum
principal amount of Notes and Pari Passu Obligations that may be repurchased, repaid and redeemed out of the Excess Proceeds; 
 (ii) the offer price for the Notes will be equal to 100% of the principal amount thereof plus accrued and unpaid interest and Special Interest, if any, to the date of repurchase and will be payable in cash and the redemption or
repayment price for the Pari Passu Obligations will be equal to 100% of the principal amount or accreted value, as applicable, thereof plus accrued and unpaid interest to the date of redemption or repayment; 
 (iii) if the aggregate amount offered to Holders of the Notes validly tendered and not withdrawn by Holders thereof exceeds the
pro rata portion of the aggregate amount of Excess Proceeds to be paid to Holders of the Notes, Notes to be purchased will be selected on a pro rata basis (provided that the minimum denomination of Notes is maintained); and 

(iv) if any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use Notes and redemption or
repayment of applicable Pari Passu Obligations, the amount of Excess Proceeds will be reset at zero and such remaining Excess Proceeds may be used for any purpose not otherwise prohibited by the Indenture. 
 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. 
 (c) If the Company or a Restricted Subsidiary of the Company receives Event of Loss Proceeds, within 30 days after the date that the aggregate amount of Excess Event of Loss Proceeds exceeds $10.0 million, the Company
will commence an offer (an “Event of Loss Offer”) to all Holders of Notes and will redeem or repay (or make an offer to do so) Pari Passu Obligations the terms of which require redemption or repayment (or the making of an offer to
do so) with the proceeds of any Events of Loss, the maximum principal amount of Notes and such Pari Passu Obligations that may be purchased, redeemed and repaid out of the Excess Event of Loss Proceeds as follows: 
 (i) the Company will (a) make an Event of Loss Offer to all Holders of Notes in accordance with the procedures set forth in
Section 3.09(b) of the Indenture and (b) redeem or repay (or make an offer to do so) Pari Passu Obligations (and permanently reduce the related loan commitment (if any) in an amount equal to the principal amount so redeemed or repaid, other
than with respect to Pari Passu Obligations of the type referred to in clause (1) of the definition thereof), pro rata in proportion to the respective principal amounts of the Notes and Pari Passu Obligations required to be redeemed or
repaid, the maximum principal amount of Notes and Pari Passu Obligations that may be repurchased, repaid and redeemed out of the Excess Event of Loss Proceeds; 
  

 A-5 

 (ii) the offer price for the Notes will be equal to 100% of the principal amount
thereof plus accrued and unpaid interest and Special Interest, if any, to the date of repurchase and will be payable in cash and the redemption or repayment price for the Pari Passu Obligations will be equal to 100% of the principal amount or
accreted value, as applicable, thereof plus accrued and unpaid interest to the date of redemption or repayment; 
 (iii) if the aggregate amount offered to Holders of the Notes validly tendered and not withdrawn by Holders thereof exceeds the pro rata portion of the aggregate amount of Excess Event of Loss Proceeds to be paid to Holders of
the Notes, Notes to be purchased will be selected on a pro rata basis (provided that the minimum denomination of Notes is maintained); and 
 (iv) if any Excess Event of Loss Proceeds remain after consummation of the applicable offer to purchase Notes and redemption or repayment of applicable Pari Passu Obligations, the amount of Excess Event of Loss
Proceeds will be reset at zero and such remaining Excess Event of Loss Proceeds may be used for any purpose not otherwise prohibited by the Indenture. 
 Holders of Notes that are the subject of an offer to purchase will receive an Event of Loss 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. 
 (9) NOTICE
OF REDEMPTION. Subject to the provisions of Section 3.09 of the Indenture, notice of redemption will be mailed 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 $2,000 may be redeemed in part but only in integral multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. 
 (10) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered
form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 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. 
  

 A-6 

 (11) PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 (12) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Notes, the Note Guarantees or the Collateral Documents (subject to
the terms of the Collateral Agency Agreement) may be amended or supplemented 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, and
any existing Default or Event of 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, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). The consent of the Holders of at
least 85% in aggregate principal amount of Notes then outstanding shall be required to release all or substantially all of the Liens on Collateral securing the Notes otherwise than in accordance with the terms of the Collateral Documents. The
Guarantors and the Trustee may amend or supplement the Indenture or the Notes or the Note Guarantees without the consent of any Holder of Notes: (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for uncertificated Notes
in addition to or in place of certificated Notes; (iii) to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes and Note Guarantees by a successor to the Company or such Guarantor
pursuant to Article 5 or Article 10 of the Indenture; (iv) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any Holder;
(v) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; (vi) to conform the text of the Indenture, the Collateral Documents or the Notes to any provision of the
“Description of Notes” section of the Company’s Offering Memorandum dated September 11, 2009, relating to the offering of the Initial Notes, to the extent that such provision in that “Description of Notes” was intended
to be a verbatim recitation of a provision of the Indenture, the Note Guarantees, the Collateral Documents or the Notes as certified in and Officers’ Certificate delivered to the Trustee; (viii) to provide for the issuance of Additional
Notes in accordance with the limitations set forth in the Indenture as of the date thereof; (ix) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes; (x) to release any Guarantor
from any of its obligations under its Note Guarantee or the Indenture in accordance with the terms of the Indenture; (xi) to enter into additional or supplemental Collateral Documents or any amendment to the Collateral Agency Agreement that
adds additional creditors permitted to become party thereto as contemplated under the Collateral Agency Agreement; or (xii) to release any Collateral from the Lien of the Indenture or of the Collateral Documents in accordance with the terms of
the Indenture. 
 (13) DEFAULTS AND REMEDIES. Events of
Default include: (i) default for 30 days in the payment when due of interest, Special Interest or Additional Amounts on the Notes; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or
premium, if any, on, the Notes; (iii) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions of Section 5.01 of the Indenture; (iv) failure by the Company or any of its Restricted Subsidiaries for
60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of the other agreements in the Indenture or any of the
Collateral Documents; (v) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries
(or the 

  

 A-7 

 
payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after
the date of the Indenture, if that default: (A) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such
default (a “Payment Default”); or (B) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $40.0 million or more; (vi) failure by the Company or any of its Restricted Subsidiaries to pay final judgments
entered by a court or courts of competent jurisdiction aggregating in excess of $40.0 million, which judgments are not paid, discharged or stayed, for a period of 60 days after such judgments have become final and non-appealable; (vii) except
as expressly permitted by the applicable Collateral Documents and the Indenture, any Collateral Document at any time for any reason shall cease to be in full force and effect in all material respects, or shall cease to give the Collateral Agent a
First Priority Lien in any Collateral or the rights, powers, privileges and priority purported to be created thereby, subject to no other Liens (other than Permitted Liens), in any such case other than with respect to an immaterial portion of the
Collateral, and such failure continues unremedied for 30 consecutive days after the earlier of (A) an executive officer of the Company obtaining actual knowledge thereof or (B) the Company receiving notice thereof from the Trustee or the
Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class; (viii) the Company or any of its Restricted Subsidiaries, directly or indirectly, contest the effectiveness, validity, binding nature
or enforceability of any Collateral Document (except to the extent any such Collateral Document has been limited, released or discharged in accordance with its terms or the terms of the Indenture) or any representation or warranty made by the
Company or any of its Restricted Subsidiaries in any Collateral Document fails to be true in all material respects and such failure continues unremedied for 60 consecutive days after notice to the Company by the Trustee or the Holders of at least
25% in aggregate principal amount of the Notes then outstanding voting as a single class; (ix) except as permitted by the Indenture, any Note Guarantee of a Guarantor that is a Significant Subsidiary or the Note Guarantees of any group of
Guarantors that, taken together, would constitute a Significant Subsidiary, is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any such Guarantor or group of Guarantors, or
any Person acting on behalf of any such Guarantor or group of Guarantors, denies or disaffirms its obligations under its Note Guarantee; and (x) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted
Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
outstanding Notes will become due and payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes 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 time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. 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 or Special Interest, if any) if and so long as a committee of its Responsible
Officers in good faith determines that withholding notice is in the interest of the Holders of the Notes. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee 
  

 A-8 

 
may, on behalf of the Holders of all of the Notes, rescind an acceleration and its consequences, if the rescission would not conflict with any judgment or
decree and if all existing Events of Default (except nonpayment of principal, interest or premium or Special Interest, if any, that has become due solely because of the acceleration) have been cured or waived (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 or Special Interest, if any, or interest 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. 
 (14) 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. 
 (15) NO RECOURSE AGAINST
OTHERS. A director, officer, employee, incorporator or shareholder of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or the Guarantors under the Notes,
the Note Guarantees, the Indenture or the Collateral Documents or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of the Notes. 
 (16)
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 (17) 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). 
 (18) ADDITIONAL RIGHTS OF HOLDERS OF
RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights set forth in the Registration Rights Agreement dated as of September 22, 2009, among the Company, the Guarantors and the other parties named
on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among the Company, the
Guarantors and the other parties thereto, relating to rights given by the Company and the Guarantors to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). 
 (19) CUSIP/CINS NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP/CINS numbers to be printed on the Notes, and the Trustee may use CUSIP/CINS 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-9 

 (20) 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 and/or the Registration Rights Agreement. Requests
may be made to: 
 Global Crossing Limited 
 Wessex House, 45
Reid Street 
 Hamilton HM12, Bermuda 
 Facsimile No.: 1 441
2968606 
 Attention: Corporate Secretary 
  

 A-10 

 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-11 

 Option of Holder to Elect Purchase 
 If you want to elect to have this Note purchased by the Company pursuant to Section 4.10, 4.15 or 4.27 of the Indenture, check the appropriate box below: 
  ̈  Section 4.10                 ̈  Section 4.15                 ̈  Section 4.27 
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10, 4.15 or 4.27 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-12 

 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-13 

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Global Crossing Limited 
 Wessex House, 45 Reid Street 
 Hamilton HM12, Bermuda 
 Facsimile No.: 1 441 2968606 
 Attention: Corporate Secretary 
 Wilmington Trust FSB 
 CCS–Corporate Capital Markets 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402-1544 
 Facsimile No.: 612-217-5651 
 Attention: Jane Y. Schweiger 
  

	 	Re:	12% Senior Secured Notes due 2015  

 Reference is
hereby made to the Indenture, dated as of September 22, 2009 (the “Indenture”), among Global Crossing Limited, as issuer (the “Company”), the Guarantors party thereto and Wilmington Trust FSB, as trustee.
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 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

  

 B-1 

 
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) 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. 
  

			
	 
	[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 
 Global Crossing Limited 
 Wessex House, 45 Reid Street 
 Hamilton HM12, Bermuda 
 Facsimile No.: 1 441 2968606 
 Attention: Corporate Secretary 
 Wilmington Trust FSB 
 CCS–Corporate Capital Markets 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN 55402-1544 
 Facsimile No.: 612-217-5615 
 Attention: Jane Y. Schweiger 
  

	 	Re:	12% Senior Secured Notes due 2015  

 (CUSIP/CINS)
                     
 Reference
is hereby made to the Indenture, dated as of September 22, 2009 (the “Indenture”), among Global Crossing Limited, as issuer (the “Company”), the Guarantors party thereto and Wilmington Trust FSB, as trustee.
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. 
  

 C-2 

 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:
                                     
  

 C-3 

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 
 Global Crossing Limited 
 Wessex House, 45 Reid Street 
 Hamilton HM12, Bermuda 
 Facsimile No.: 1 441 2968606 
 Attention: Corporate Secretary 
 Wilmington Trust FSB 
 CCS–Corporate Capital Markets 
 50 South Sixth Street, Suite 1290

 Minneapolis, MN 55402-1544 
 Facsimile No.: 612-217-5651

 Attention: Jane Y. Schweiger 
  

	 	Re:	12% Senior Secured Notes due 2015  

 Reference is
hereby made to the Indenture, dated as of September 22, 2009 (the “Indenture”), among Global Crossing Limited, as issuer (the “Company”), the guarantors party thereto and Wilmington Trust FSB, as trustee.
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 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 in the Indenture dated as of September 22, 2009 (the “Indenture”), among Global
Crossing Limited (the “Company”), the Guarantors party thereto and Wilmington Trust FSB, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium and Special Interest, if any,
and interest (including Additional Amounts, if any) 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. 
 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
                    , 20__, among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Global Crossing Limited (or its permitted successor),
an exempted company with limited liability formed under the laws of Bermuda (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Wilmington Trust FSB, 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 September 22,
2009, providing for the issuance of 12% Senior Secured Notes due 2015 (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 PERSONAL LIABILITY OF DIRECTORS, OFFICERS,
EMPLOYEES AND SHAREHOLDERS. No past, present or future director, officer, employee, incorporator or shareholder of the Company or any Guarantor, as such, will have any liability for any obligations of the
Company or the Guarantors under the Notes, the Indenture, the Note Guarantees, the Collateral Documents 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 federal securities laws. 
 4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL
GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE 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. 
  

 F-1 

 5. SUBMISSION TO JURISDICTION; SERVICE
OF PROCESS. 
 (a) Any legal action or proceeding with respect to this Supplemental Indenture or
the Notes, or the transactions contemplated hereby, or for recognition or enforcement of any judgment, shall be brought in the courts of the State of New York located in the City of New York or of the United States of America for the Southern
District of New York, and any court of appeals with respect to any such court, and, by execution and delivery of this Supplemental Indenture, each of the parties hereto hereby accepts for itself and in respect of its property, generally and
unconditionally, the exclusive jurisdiction of the aforesaid courts. The Company and each of the Guarantors hereby further (i) irrevocably waives, to the fullest extent it may legally and effectively do so, any claim that any such courts lack
personal jurisdiction over the Company or any of the Guarantors, and agrees not to plead or claim, in any legal action or proceeding with respect to this Supplemental Indenture or the Notes, the Note Guarantees or any of the Collateral Documents
brought in any of the aforementioned courts, that such courts lack personal jurisdiction over the Company or any of the Guarantors, (ii) irrevocably waives, to the fullest extent permitted by law, any defense of forum non conveniens in any
legal action or proceeding with respect to the Indenture or the Notes, the Note Guarantees or any of the Collateral Documents brought in any of the aforementioned courts and (iii) agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 (b) The Company and each of the Guarantors hereby irrevocably designates, appoints and empowers Global Crossing Development Co., 200 Park Avenue, Suite 300, Florham Park, NJ 07932 (the “Process Agent”), in the case of any
suit, action or proceeding brought in the United States of America as its designee, appointee and agent to receive, accept and acknowledge for and on its behalf, and in respect of its property, service of any and all legal process, summons, notices
and documents that may be served in any action or proceeding arising out of or in connection with the Indenture, the Notes, the Note Guarantees or any of the Collateral Documents. The Company and each of the Guarantors hereby represents and warrants
that the Process Agent has accepted such appointment and has agreed to act as said agent for service of process, and the Company and each of the Guarantors agrees to take any and all action, including the filing of any and all documents, that may be
necessary to continue such appointment in full force and effect as aforesaid. Service of process upon the Process Agent shall be deemed, in every respect, effective service of process upon the Company and each of the Guarantors. Such service may be
made by mailing (by registered or certified mail, postage prepaid) or delivering a copy of such process to the Company or any of the Guarantors, as applicable, in care of the Process Agent at the Process Agent’s above address, and the Company
and each of the Guarantors hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an alternative method of service, the Company and each of the Guarantors irrevocably consents to the service of any and
all process in any such action or proceeding by the mailing (by registered or certified mail, postage prepaid) of copies of such process to the Process Agent or the Company or any of the Guarantors, as applicable, at its address specified in
Section 13.02 of the Indenture. 
 (c) Nothing contained in this Section 5 shall affect the right of the Trustee or
any Holder to serve process in any other manner permitted by law or commence legal proceedings or otherwise proceed against the Company or any of the Guarantors in any other jurisdiction. 
 If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder in U.S. dollars into another currency, the parties hereto agree, to
the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures 

  

 F-2 

 
the Trustee could purchase U.S. dollars with such other currency at the spot rate of exchange quoted by the Trustee at 11:00 a.m. (New York time) on the
Business Day preceding that on which final judgment is given, for the purchase of U.S. dollars, for delivery two Business Days thereafter. 
 6. 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. 
 7. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the
construction hereof. 
 8. 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. 
 [Signatures on following page] 
  

 F-3 

 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:
	
	GLOBAL CROSSING LIMITED
		
	By:	 	 
		 	Name:
		 	Title:
	
	[EXISTING GUARANTORS]
		
	By:	 	 
		 	Name:
		 	Title:
	
	 WILMINGTON TRUST FSB,
 as Trustee

		
	By:	 	 
		 	Authorized Signatory

  

 F-4 

 EXHIBIT G 
 FORM OF INTERCOMPANY NOTE 
 New York, New York 
 [Date] 
 FOR VALUE RECEIVED, each of the undersigned, to the extent a borrower (in such
capacity, a “Payor”) from time to time from any other entity listed on the signature pages hereto (each, in such capacity as lender, a “Payee”), hereby promises to pay to the order of such Payee, on demand or on
such other date as may be agreed by such Payee, in lawful money of the United States of America (or such other currency as may be agreed by such Payee) in immediately available funds and at such location in the United States of America or such other
jurisdiction as such Payee shall from time to time designate, the unpaid principal amount of all loans and advances (including trade payables) made by such Payee to such Payor from time to time, except to the extent (i) prohibited by law or
regulation, (ii) such loan would be subject to any materially burdensome local registration requirement or material stamp tax or other duty or (iii) such loan would reasonably be expected to result in an adverse tax consequence to the
applicable Payor (it being understood and agreed that the accrual and inclusion of interest in taxable income shall not be treated as an adverse tax consequence), as set forth on the books and records of such Payor. Each Payor promises, if required
by the relevant Payee, also to pay interest on the unpaid principal amount of all such loans and advances in like money at said location from the date of such loans and advances until paid at such rate per annum as may be agreed upon from time to
time by such Payor and such Payee. 
 This note (“Note”) evidences intercompany loans referred to in the Indenture, dated as
of the date hereof (as amended, restated, supplemented and/or otherwise modified from time to time, the “Indenture”, with the capitalized terms used and not otherwise defined herein being used herein as therein defined), by and among
Global Crossing Limited, as Issuer, Wilmington Trust FSB, as Trustee, and the Guarantors party thereto, pursuant to which the Company shall issue 12% Senior Secured Notes due 2015. This note is subject to the terms thereof and of the other Secured
Debt Documents and shall be pledged to the Collateral Agent pursuant to the Intercompany Note Pledge Agreement, dated as of the date hereof, by and among the Pledgors referred to therein and the Collateral Agent (as amended, restated, supplemented
and/or otherwise modified from time to time, the “Intercompany Note Pledge Agreement”). Each Payee hereby acknowledges and agrees that the Collateral Agent may exercise, to the extent permitted by law, all rights provided in the
Intercompany Note Pledge Agreement and the other Collateral Documents with respect to this Note, subject to the terms of the Collateral Agency Agreement. 
 The undersigned shall have the right to prepay all or any part of any unpaid principal amount outstanding hereunder without premium or penalty at any time; provided that interest (if any) shall be paid on the
amount prepaid to and including the date of prepayment and subject only to the limitations set forth in the next sentence. 
 Anything in
this Note to the contrary notwithstanding, the indebtedness evidenced by this Note owed by any Payor that is a Pledgor Guarantor (a “Specified Payor”) to any Payee that is a Pledgor Guarantor (a “Specified Payee”)
shall be subordinate and junior in right of payment, to the extent and in the manner hereinafter set forth, to all Secured Obligations (as defined in the Intercompany Note Pledge Agreement) of such Payor (“Senior Indebtedness”), it
being understood and agreed that: 
 (i) in the event of any insolvency or bankruptcy proceedings, and any receivership,
liquidation, reorganization or other similar proceedings in connection therewith, relative to any Specified Payor or to its property, and in the event of any proceedings for voluntary liquidation, dissolution or other winding 

  

 G-1 

 
up of such Payor, whether or not involving insolvency or bankruptcy, (x) the holders of Senior Indebtedness shall be paid in full in cash in respect of
all amounts constituting Senior Indebtedness before any Specified Payee is entitled to receive (whether directly or indirectly), or make any demand for, any payment on account of this Note and (y) until the holders of Senior Indebtedness are
paid in full in cash in respect of all amounts constituting Senior Indebtedness, any payment or distribution to which such Specified Payee would otherwise be entitled (other than in the form of debt securities of such Payor that are subordinated, to
at least the same extent as this Note, to the payment of all Senior Indebtedness then outstanding (such securities being hereinafter referred to as “Restructured Debt Securities”)) shall be made to the holders of Senior
Indebtedness; 
 (ii) if any Event of Default (as defined in the Collateral Agency Agreement) has occurred and is
continuing with respect to any Senior Indebtedness and such Senior Indebtedness has been accelerated or there shall have been any default under any Secured Debt Document in payment of any principal, interest or fees constituting Secured Obligations
and such default is continuing, then no payment or distribution of any kind or character shall be made by or on behalf of any Specified Payor or any other Person on its behalf with respect to this Note (other than by the Collateral Agent if the
Collateral Agent has foreclosed upon this Note), including in connection with any acquisition of this Note or any of the Indebtedness represented hereby; and 
 (iii) if any payment or distribution of any character, whether in cash, securities or other property (other than Restructured Debt
Securities), in respect of this Note shall (despite these subordination provisions) be received by such Specified Payee in violation of clauses (i) or (ii) before all Senior Indebtedness has been paid in full in cash, such payment or
distribution shall be held in trust for the benefit of, and shall promptly be paid over or delivered to the Collateral Agent, for application to the Secured Obligations in accordance with the terms of the Collateral Agency Agreement. 
 To the fullest extent permitted by law, no present or future holder of Senior Indebtedness shall be prejudiced in its right to enforce the subordination
of this Note by any act or failure to act on the part of any Specified Payor or by any act or failure to act on the part of such holder or any trustee or agent for such holder. Each Specified Payee and each Specified Payor hereby agree that the
subordination of this Note is for the benefit of the Secured Parties and the Secured Parties are obligees under this Note to the same extent as if their names were written herein as such and the Collateral Agent may, on behalf of itself, or the
Secured Parties, proceed to enforce the subordination provisions herein. 
 If, at any time, all or part of any payment with respect to
Secured Obligations theretofore made by any Person is rescinded or must otherwise be returned by the holders of Secured Obligations for any reason whatsoever (including, without limitation, the insolvency, bankruptcy or reorganization of such
Person), the subordination provisions set forth herein shall continue to be effective and be reinstated, as the case may be, all as though such payment had not been made. 
 Unless otherwise agreed by the relevant Payor and Payee, the indebtedness evidenced by this Note owed by any Payor that is not a Specified Payor shall not be subordinated to, and shall rank pari passu in right
of payment with, any other obligation of such Payor. 
  

 G-2 

 Nothing contained in the subordination provisions set forth above is intended to or will impair, as
between each Specified Payor and each Specified Payee, the obligations of such Specified Payor, which are absolute and unconditional, to pay to such Specified Payee the principal of and interest (if any) on this Note as and when due and payable in
accordance with its terms, or is intended to or will affect the relative rights of such Specified Payee and other creditors of such Specified Payor other than the holders of Senior Indebtedness. 
 Each Payee is hereby authorized to record all loans and advances made by it to any Payor (all of which shall be evidenced by this Note), and all
repayments or prepayments thereof, in its books and records, such books and records constituting prima facie evidence of the accuracy of the information contained therein, provided that no failure by any Payee so to record such loans and advances
shall affect the obligations of any Payor with respect to such loans and advances. 
 Each Payor hereby waives presentment, demand, protest
or notice of any kind in connection with this Note. All payments under this Note shall be made without offset, counterclaim or deduction of any kind. 
 The subordination provisions set forth in this Note (i) replace and supersede any analogous subordination provisions of or in respect of any and all promissory notes or other instruments which create or
evidence any loans or advances made on or before the date hereof by any Specified Payee to any Specified Payor, with any such subordination provisions of or in respect of any such promissory notes or other instruments which are not analogous to (and
not inconsistent with) the subordination provisions of this Note to be deemed to supplement the subordination provisions of this Note and (ii) shall not be (or be deemed to be) replaced, superseded or in any way modified by any note, agreement
or other instrument entered into on or after the date hereof which purports to evidence the subordination of any loan or advance by any Payee to any Payor. All future indebtedness evidenced by any other note, agreement or other instrument that is
owed by any Specified Payor to a Specified Payee and not evidenced by this Note shall be deemed to be subject to the subordination provisions set forth in this Note. 
 From time to time after the date hereof, any additional Subsidiary of the Issuer may become party hereto as a “Payor” or “Payee” by executing a counterpart signature page to this Note (each
additional Subsidiary, an “Additional Payor” or “Additional Payee”, as applicable). Upon delivery of such counterpart signature pages, each Additional Payor or Additional Payee, as the case may be, shall be a Payor
or Payee, as the case may be, and shall be as fully a party hereto as if such Additional Payor or Additional Payee, as the case may be, were an original signatory hereof. Each Payor and each Payee expressly agrees that its obligations arising
hereunder shall not be affected or diminished by the addition or release of any other Payor or Payee hereunder. 
 The intercompany loans
evidenced by this note, and this note, are not intended to be “securities” as defined by United States securities laws. 
 This
Note may be executed in any number of counterparts and by different parties hereto 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. 
 [Signature pages follow] 
  

 G-3 

 THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK. 

  

			
	 GLOBAL CROSSING LIMITED,
 as Payor and as
Payee

		
	By:	 	 
	Name:	 	
	Title:	 	

  

 G-4 

			
	 [NAME OF RESTRICTED SUBSIDIARY],
 as Payor
and as Payee

		
	By:	 	 
	Name:	 	
	Title:	 	

  

 G-5Collateral Agency Agreement

 Exhibit 4.2 
 COLLATERAL AGENCY AGREEMENT 
 among 
 GLOBAL CROSSING LIMITED, 
 the other Grantors party hereto, 
 WILMINGTON TRUST FSB, 
 as Collateral Agent for
the Secured Debtholders 
 WILMINGTON TRUST FSB 
 as Trustee for the Senior Secured Notes Debtholders, 
 and 
 each Additional Secured Debt Agent from time to time party hereto 
 dated as of September 22, 2009 

 COLLATERAL AGENCY AGREEMENT, dated as of September 22, 2009 (as amended, restated, supplemented
and/or otherwise modified from time to time, this “Agreement”), among GLOBAL CROSSING LIMITED, an exempt company with limited liability formed under the laws of Bermuda (the “Company”), the other Grantors (as
defined below) from time to time party hereto, WILMINGTON TRUST FSB (“Wilmington”), as collateral agent for the Secured Debtholders (as defined below) (in such capacity and together with its successors in such capacity, the
“Collateral Agent”), Wilmington, as Trustee for the Senior Secured Notes Debtholders (as each such term is defined below), and each Additional Secured Debt Agent (as defined below) from time to time party hereto. 
 In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties from time to time party hereto hereby agree as follows: 
 ARTICLE I 
 Definitions 
 SECTION 1.01 Certain
Defined Terms. Capitalized terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Senior Secured Notes Indenture (as defined below) as in effect on the date hereof or, if defined in the New York UCC (as
defined below), the meanings specified therein. As used in this Agreement, the following terms have the meanings specified below: 
 “Act of the Secured Debtholders” means, as to any matter, a direction in writing delivered to the Collateral Agent by or with the written consent of: 
 (i) the number of the applicable Secured Debtholders required to consent to such matter under any express provision of the Secured Debt
Documents of any Series requiring that all Secured Debtholders thereunder or Secured Debtholders holding a percentage of the Secured Debt thereunder greater than the Required Secured Debtholders consent to such matter; and 
 (ii) in all other cases, the Required Secured Debtholders 
 in each case accompanied by written confirmation from each applicable Agent in accordance with Section 3.01 as to the amount of outstanding Secured Debt held by each consenting Secured Debtholder (and, other than
in connection with any amendment to any Collateral Document relating to any exercise of remedies, the aggregate unfunded commitments to extend credit which, when funded, would constitute Secured Debt registered by the Agent as outstanding and/or, if
applicable unfunded, in the name of any consenting Secured Debtholder who is a holder of such Secured Debt under the applicable Secured Debt Documents) and the Secured Debtholders holding a percentage of the Secured Debt under such Secured Debt
Documents required to consent to such action. 
 “Actionable Default” means an Event of Default under any Secured Debt
Document, in each case after any applicable notice requirement has been satisfied and any applicable cure period has expired. 

 “Additional Secured Debt” means all Pari Passu Obligations owing to any Additional
Secured Debtholder pursuant to the terms of any Additional Secured Debt Document (including, without limitation, any interest accruing subsequent to the commencement of a Insolvency or Liquidation Proceeding at the rate provided for in the
respective Additional Secured Debt Document, whether or not such interest is an allowed claim under any such proceeding or under applicable state, federal or foreign law); provided that such Pari Passu Obligations (i) are permitted to be
incurred by the Company or the Guarantors under the Senior Secured Notes Indenture and each other Additional Secured Debt Document, (ii) are permitted under the Senior Secured Notes Indenture and each other Additional Secured Debt Document to
be secured equally and ratably with the Notes and any other Additional Secured Debt, (iii) by their express terms are to be secured equally and ratably by the Collateral and (iv) are secured solely by Liens created pursuant to the
Collateral Documents. 
 “Additional Secured Debt Agent” means the duly appointed trustee, agent or other representative
acting on behalf of any Series of Additional Secured Debtholders, as named for such Series in the applicable Joinder Agreement. 
 “Additional Secured Debt Documents” means, with respect to any Series of Additional Secured Debt (i) the notes, indentures, credit agreements, guarantees and other agreements evidencing or governing such Indebtedness
and (ii) the Collateral Documents securing such Additional Secured Debt. 
 “Additional Secured Debtholders” means the
holders of any Additional Secured Debt and any Agent with respect thereto. 
 “Agent” means, at any time, (i) in the
case of any Senior Secured Notes Debt or the Senior Secured Notes Debtholders, the Trustee and (ii) in the case of any other Series of Additional Secured Debt or Additional Secured Debtholders that become subject to this Agreement after the
date hereof, the Additional Secured Debt Agent for such Series. 
 “Agreement” has the meaning assigned to such term in the
introductory paragraph of this Agreement. 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended from
time to time. 
 “Bankruptcy Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of
debtors. 
 “Collateral” means all assets and properties subject to Liens created pursuant to the Collateral Documents and
granted to the Collateral Agent. 
 “Collateral Agent” has the meaning assigned to such term in the introductory paragraph
of this Agreement. 

 “Collateral Documents” means the Senior Secured Notes Collateral Documents and each
other agreement entered into in favor of the Collateral Agent for the purpose of securing any Series of Secured Debt. 
 “Company” has the meaning assigned to such term in the introductory paragraph of this Agreement. 
 “Corresponding Debt” has the meaning assigned to such term in Section 5.18. 
 “Discharge”
means, with respect to any Series of Secured Debt, the occurrence of all of the following in respect of such Series: 
 (i) termination or expiration of all commitments to extend credit that would constitute Secured Debt of such Series; 
 (ii) payment in full in cash of the principal of, and interest and premium, if any, on such Series of Secured Debt (other than any undrawn letters of credit); 
 (iii) discharge or cash collateralization (at the lower of (A) 105% of the aggregate undrawn amount and (B) the percentage
of the aggregate undrawn amount required for release of liens under the terms of the applicable Secured Debt Document) of all outstanding letters of credit constituting such Series of Secured Debt; and 
 (iv) payment in full in cash of all other Obligations that are outstanding and unpaid in respect of such Series of Secured Debt at
the time such Secured Debt is paid in full in cash (other than any obligations for taxes, costs, indemnifications, reimbursements, damages and other liabilities in respect of which no claim or demand for payment has been made at such time).

 “Event of Default” means an “Event of Default” (or similarly defined term) as defined in any Secured Debt
Document. 
 “Germany Security” has the meaning assigned to such term in Section 5.18. 
 “Grantors” means the Company and each other Subsidiary of the Company which has granted a security interest pursuant to any Collateral
Document to secure any Series of Secured Debt (including any such Person which becomes a party to this Agreement as contemplated by Section 5.15). The Grantors existing on the date hereof are set forth in Annex I hereto. 
 “Insolvency or Liquidation Proceeding” means: 
 (i) any case commenced by or against the Company or any other Grantor under any Bankruptcy Law, any other proceeding for the
reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of the Company or any other Grantor, any receivership or assignment for the benefit of creditors relating to the Company or any other Grantor or any similar
case or proceeding relative to the Company or any other Grantor or its creditors, as such, in each case whether or not voluntary; 

 (ii) any liquidation, dissolution, marshalling of assets or liabilities or other winding
up of or relating to the Company or any other Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency (and, in each case, other than in a transaction expressly permitted by the terms of each Additional
Secured Debt Document and the Senior Secured Notes Indenture); or 
 (iii) any other proceeding of any type or nature in which
substantially all claims of creditors of the Company or any other Grantor are determined and any payment or distribution is or may be made on account of such claims. 
 “Joinder Agreement” means a supplement to this Agreement in the form of Annex II hereof required to be delivered by an Agent to the Collateral Agent pursuant to Section 5.13 hereof in order to
establish an additional Series of Additional Secured Debt and become Additional Secured Debtholders hereunder. 
 “Lien”
means any mortgage, pledge, security interest, hypothecation, assignment, lien (statutory or other) or similar encumbrance (including any agreement to give any of the foregoing), any conditional sale or other title retention agreement or any lease
in the nature thereof. 
 “New York UCC” means the Uniform Commercial Code as from time to time in effect in the State of
New York. 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any Indebtedness. 
 “Parallel Debt” has the meaning assigned to
such term in Section 5.18. 
 “Pari Passu Obligations” has the meaning assigned to such term in the Senior Secured
Notes Indenture. 
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Possessory
Collateral” means any Collateral if possession thereof perfects a Lien thereon under the Uniform Commercial Code or similar statute governing notice of security interests of any jurisdiction. Possessory Collateral includes, without
limitation, any Certificated Securities, Promissory Notes, Instruments, and Chattel Paper. 
 “Refinance” means, in respect
of any indebtedness, to refinance, extend, renew, defease, amend, increase, modify, supplement, restructure, refund, replace or repay, or to issue other indebtedness or enter alternative financing arrangements, in exchange or replacement for such
indebtedness (in whole or in part), including by adding or replacing lenders, creditors, agents, borrowers and/or guarantors, and including in each case, but not limited to, after the 

 
original instrument giving rise to such indebtedness has been terminated and including, in each case, through any credit agreement, indenture or other
agreement. “Refinanced” and “Refinancing” have correlative meanings. 
 “Required Secured
Debtholders” means, at any time, the Secured Debtholders entitled to vote under their respective Secured Debt Documents representing more than 50% of the aggregate outstanding amount of the Secured Debt (excluding, for purposes of Sections
2.02, and 2.03 hereof, Secured Debt arising in connection with any Hedging Obligations) then outstanding (together with, in the case of any Additional Secured Debt (other than in connection with any exercise of remedies) the aggregate unfunded
commitments to extend credit which, when funded, would constitute Secured Debt), voting as a single class. For purposes of this definition, Secured Debt (including, if applicable, any such unfunded commitments in respect thereof) registered in the
name of, or beneficially owned by, the Company or any Affiliate of the Company shall be deemed not to be outstanding. 
 “Secured
Debt” means, collectively, (i) the Senior Secured Notes Debt and (ii) each Series of Additional Secured Debt. 
 “Secured Debt Documents” means, collectively, (i) the Senior Secured Notes Documents and (ii) the Additional Secured Debt Documents for each Series of Additional Secured Debt. 
 “Secured Debtholders” means (i) the Senior Secured Notes Debtholders and (ii) the Additional Secured Debtholders with respect
to each Series of Additional Secured Debt. 
 “Senior Class Debt” has the meaning assigned to such term in
Section 5.13. 
 “Senior Class Debt Parties” has the meaning assigned to such term in Section 5.13. 
 “Senior Class Debt Representative” has the meaning assigned to such term in Section 5.13. 
 “Senior Lien” means the Liens on the Collateral in favor of the Secured Debtholders under the Collateral Documents. 
 “Senior Secured Notes” shall mean (i) the 12% senior secured notes due 2015 issued by the Company pursuant to the Senior Secured
Notes Indenture and (ii) any additional notes issued under the Senior Secured Notes Indenture by the Company, to the extent permitted by the Senior Secured Notes Indenture. 
 “Senior Secured Notes Collateral Documents” means the “Collateral Documents” as defined in the Senior Secured Notes Indenture.

 “Senior Secured Notes Debt” shall mean (i) the due and punctual payment of (i) the unpaid principal amount of,
and premium, if any, and interest (including interest accruing during the pendency of any Insolvency or Liquidation Proceeding, regardless of whether allowed or allowable in such Insolvency or Liquidation Proceeding) on, the Senior Secured Notes,
when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or 

 
otherwise and (ii) all other Obligations of the Company owing to any of the Senior Secured Notes Debtholders under the Senior Secured Notes Documents,
including fees, costs, expenses and indemnities, whether primary, secondary, direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any Insolvency or Liquidation Proceeding, regardless of whether
allowed or allowable in such Insolvency or Liquidation Proceeding), (b) the due and punctual performance of all other obligations of the Company owing to the Senior Secured Notes Debtholders under or pursuant to the Senior Secured Notes
Documents, and (c) the due and punctual payment and performance of all Obligations of each Guarantor owing to the Senior Secured Notes Debtholders pursuant to the Senior Secured Notes Documents, in each case whether outstanding on the date
hereof or incurred or arising from time to time after the date of this Agreement. 
 “Senior Secured Notes Debtholders”
means the Holders of the Senior Secured Notes and the Trustee. 
 “Senior Secured Notes Documents” means the Senior Secured
Notes Indenture, the Senior Secured Notes, the Senior Secured Notes Collateral Documents and each of the other agreements, documents and instruments providing for or evidencing any Senior Secured Notes Debt, and any other document or instrument
executed or delivered at any time in connection with any Senior Secured Notes Debt under the Senior Secured Notes Indenture and the other Senior Secured Notes Documents, in each case to the extent such are effective at the relevant time and as each
may be amended, restated, supplemented, modified, replaced and/or Refinanced from time to time. 
 “Senior Secured Notes
Indenture” means that certain Indenture, dated as of the date hereof (as it may be amended, restated, supplemented, modified, replaced and/or Refinanced from time to time, by and among the Company, as issuer, Wilmington Trust FSB, as
Trustee (together with its permitted successors in such capacity, the “Trustee”), and the Guarantors party thereto, pursuant to which the Company shall issue 12% Senior Secured Notes due 2015, all as contemplated therein.

 “Series” means (a) with respect to the Secured Debtholders, each of (i) the Senior Secured Notes Debtholders
(in their capacities as such) and (ii) the Additional Secured Debtholders that become subject to this Agreement after the date hereof that are represented by a common Agent (in its capacity as such for such Additional Secured Debtholders) and
(b) with respect to any Secured Debt, each of (i) the Senior Secured Notes Debt and (ii) the Additional Secured Debt incurred pursuant to any Additional Secured Debt Document, which pursuant to any Joinder Agreement, are to be
represented hereunder by a common Agent (in its capacity as such for such Additional Secured Debt). 
 “Trustee” shall have
the meaning assigned to such term in the definition of “Senior Secured Notes Indenture.” 
 “Wilmington” has the
meaning assigned to such term in the introductory paragraph of this Agreement. 

 SECTION 1.02 Terms Generally. The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed
to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise or otherwise expressly stated,
(i) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended,
supplemented or otherwise modified, (ii) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is
made to such subsidiaries, (iii) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(iv) all references herein to Articles, Sections and Annexes shall be construed to refer to Articles, Sections and Annexes of this Agreement, (v) unless otherwise expressly qualified herein, the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (vi) the term “or” is
not exclusive. 
 ARTICLE II 
 Priorities and Agreements with Respect to Collateral 
 SECTION 2.01 Priority of Claims. (a)After the occurrence of an
Actionable Default, all proceeds of Collateral shall be applied in the following order of application: 
 (i) FIRST, to
pay administrative expenses (including all reasonable fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals) and reasonable compensation of the Collateral Agent, the Trustee and any Additional
Secured Debt Agent for services rendered, including in connection with the administration of Collateral; 
 (ii) SECOND,
to the applicable Agent for each Series of Secured Debt on a ratable basis for application in accordance with the terms of the applicable Secured Debt Documents to all amounts then due and payable thereunder until paid in full in cash; 

(iii) THIRD, to the extent of any remaining proceeds after application pursuant to clauses (i) and (ii) above, if any
one or more Series of Secured Debt or portion thereof is not then due and payable, to be held ratably as Collateral for application to the applicable Agent for each such Series of Secured Debt (for application to such Series of Secured Debt as it
becomes due and payable in accordance with the applicable Secured Debt Documents until paid in full in cash); and 
 (iv) FOURTH, to the extent of any remaining proceeds after application pursuant to clauses (i), (ii) and (iii), above, to the applicable Grantor or its successors or assigns, or as a court of competent jurisdiction may direct.

 (b) It is acknowledged that the Secured Debt of any Series may, subject to the limitations set forth in
the then extant Secured Debt Documents, be increased, extended, renewed, replaced, restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without affecting the priorities set forth
in Section 2.01(a) or the provisions of this Agreement defining the rights of the Secured Debtholders of any Series. 
 (c)
Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing any Series of Secured Debt granted on the Collateral and notwithstanding any provision of the Uniform Commercial Code of any
jurisdiction or any other applicable law or the Secured Debt Documents or any defect or deficiencies in the Liens securing the Secured Debt of any Series or any other circumstance whatsoever, each Secured Debtholder hereby agrees that the Liens
securing each Series of Secured Debt on any Collateral shall be of equal priority. 
 (d) For purposes of this Section 2.01,
“proceeds” of Collateral includes any and all cash, securities and other property realized from collection, foreclosure or enforcement, in accordance with the terms hereof and of the Collateral Documents, of the Collateral Agent’s
Lien upon the Collateral (including distributions of Collateral in satisfaction of any Secured Debt under the Secured Debt Documents) or distributed in any Insolvency or Liquidation Proceeding in respect of any claim upon any Secured Debt under the
Secured Debt Documents that is allowed or enforceable therein as a claim secured by Collateral pursuant to the Collateral Documents. 
 SECTION 2.02 Notice of Default; Actions with Respect to Collateral; Prohibition on Contesting Liens. (a) Promptly, but not later than five Business Days, after any Agent obtaining knowledge of the occurrence of any Event of
Default or Actionable Default, such Agent shall notify each other Agent and the Collateral Agent thereof in writing. If the Collateral Agent at any time receives a notice of an Actionable Default, the Collateral Agent may await direction by the
Required Secured Debtholders and shall act, or decline to act, as directed by the Required Secured Debtholders, in the exercise and enforcement of the Collateral Agent’s interests, rights, powers and remedies in respect of the Collateral or
under the Collateral Documents or applicable law. Unless it has been directed to the contrary by the Required Secured Debtholders, the Collateral Agent in any event may (but shall not be obligated to) take or refrain from taking such action with
respect to such Actionable Default as it may deem advisable and in the best interest of the Secured Debtholders. 
 (b) With respect to any
Collateral, (i) only the Collateral Agent shall act or refrain from acting with respect to the Collateral, (ii) following the occurrence and during the continuance of an Actionable Default, the Collateral Agent shall only follow any
instructions with respect to the Collateral from the Required Secured Debtholders and (iii) no Agent or other Secured Debtholder shall or shall instruct the Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with
respect to, seek to have a trustee, receiver, liquidator or similar official appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security
interest in or realize upon, or take any other action available to it in respect of, any Collateral, whether under any Collateral Document, applicable law or otherwise, it being agreed that only the Collateral Agent, acting on the instructions of
the Required Secured Debtholders and in accordance with 

 
the applicable Collateral Documents following the occurrence of an Actionable Default (unless each Agent has notified the Collateral Agent in writing that
such Actionable Default is no longer continuing or has been waived in accordance with the terms of the Secured Debt Documents) shall be entitled to take any such actions or exercise any such remedies with respect to Collateral. No Secured Debtholder
will contest, protest or object to any foreclosure proceeding or action brought by the Collateral Agent or any other exercise by the Collateral Agent of any rights and remedies relating to the Collateral, or to cause the Collateral Agent to do so.

 (c) Each of the Agents agrees that it will not accept any Lien on any property of any Grantor for the benefit of any Series of Secured
Debt (other than funds deposited for the discharge or defeasance of the Senior Secured Notes Indenture, to the extent permitted by the applicable Secured Debt Documents) other than pursuant to the Collateral Documents to which it is a party, and by
executing this Agreement (or a Joinder Agreement), each Agent and the Series of Secured Debtholders for which it is acting hereunder agree to be bound by the provisions of this Agreement and the other Collateral Documents applicable to it.

 SECTION 2.03 No Interference; Payment Over. (a) Each Secured Debtholder agrees that (i) it will not challenge or question
in any proceeding the validity or enforceability of any Secured Debt of any Series or of the priorities, rights or duties established by or other provisions of this Agreement; (ii) it will not take or cause to be taken any action the purpose or
intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Collateral by the Collateral Agent effected in accordance with the terms of
this Agreement, (iii) except as provided in Section 2.02, it shall have no right to (A) direct the Collateral Agent or any other Secured Debtholder to exercise any right, remedy or power with respect to any Collateral (including
pursuant to any intercreditor agreement) or (B) consent to the exercise by the Collateral Agent or any other Secured Debtholder of any right, remedy or power with respect to any Collateral, (iv) it will not institute any suit or assert in
any suit, bankruptcy, insolvency or other proceeding any claim against the Collateral Agent or any other Secured Debtholder (in each case, in connection with any actions taken or omitted to be taken in accordance with the terms of this Agreement)
seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Collateral, (v) none of the Collateral Agent or any other Secured Debtholder shall be liable for any action taken or omitted to
be taken by the Collateral Agent or such other Secured Debtholder with respect to any Collateral in accordance with the provisions of this Agreement, (vi) it will not seek, and hereby waives any right, to have any Collateral or any part thereof
marshaled upon any foreclosure or other disposition of such Collateral and (vii) it will not attempt, directly or indirectly, whether by judicial proceedings or otherwise, to challenge the enforceability of any provision of this Agreement;
provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Agent or any other Secured Debtholder to enforce this Agreement. 
 (b) Each Secured Debtholder hereby agrees that if it shall obtain possession of any Collateral or shall realize any proceeds or payment in respect of any
such Collateral, pursuant to any Collateral Document or by the exercise of any rights available to it under applicable law or in any Insolvency or Liquidation Proceeding or through any other exercise of remedies (including pursuant to any
intercreditor agreement), at any time prior to the Discharge of each Series of the Secured Debt, then it shall hold such Collateral, proceeds or payment in trust for the other Secured Debtholders and promptly transfer such Collateral, proceeds or
payment, as the case may be, to the Collateral Agent, to be distributed in accordance with the provisions of Section 2.01. 

 SECTION 2.04 Release of Liens; Amendments to Collateral Documents. (a) If, at any time the
Collateral Agent forecloses upon or otherwise exercises remedies against any Collateral resulting in a sale or disposition thereof, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens in favor of the
Collateral Agent for the benefit of each Series of Secured Debtholders upon such Collateral will automatically be released and discharged; provided that any proceeds of any Collateral realized therefrom shall be applied pursuant to
Section 2.01. 
 (b) If at any time the Collateral Agent receives a certificate of an officer of the Company stating that the Collateral
Agent is required by the Senior Secured Notes Documents and each Additional Secured Debt Document, or pursuant to an Act of the Secured Debtholders, to release any property of any Grantor described in such certificate from any Lien granted by any
Collateral Document specified in such certificate and that no Event of Default is continuing on the date of such certificate or will result from the release of such Lien, accompanied by the proposed instrument releasing such Lien and a written
opinion from legal counsel reasonably acceptable to the Collateral Agent (which opinion may include exceptions and qualifications consistent with customary practice in the applicable jurisdiction in which the Lien must be released for written
third-party legal opinions relating to the subject matter of the opinion) to the effect that the release of such Lien as to such property is required by the Senior Secured Notes Documents and each Additional Secured Debt Document or pursuant to an
Act of the Secured Debtholders and that such proposed instrument is effective solely to release such Lien as to such property, without requiring the Collateral Agent to make any representation or warranty in respect thereof, without releasing or
satisfying any Secured Debt secured by such Lien, and without imposing any liability upon the Collateral Agent or any other person, then, the Collateral Agent will, within five business days thereafter, execute (and if necessary acknowledge in
recordable form) such proposed instrument and deliver it to the Company or such Grantor in order to release such Lien. In connection with the execution of any such instrument, the Collateral Agent will be authorized to authorize, execute, deliver
and/or file (all at the sole cost and expense of the Grantors) amendments to UCC financing statements, deeds, mortgages, registrations, charges or other public records of the security interest (and to execute powers of attorney to effectuate the
foregoing in any jurisdiction) to evidence the release of such Lien. 
 (c) Each Secured Debtholder agrees that the Collateral Agent, if so
directed by an Act of the Secured Debtholders, may enter into any amendment or supplement to any Collateral Document (including, without limitation, to release any Liens securing any Series of Secured Debt); provided that no amendment or
supplement to this Agreement or any other Collateral Document that reduces, impairs or adversely affects the right of any Secured Debtholder to share equally and ratably in the proceeds of any Collateral will become effective without the consent of
such Secured Debtholder. 
 (d) Notwithstanding anything to the contrary contained herein, the Collateral Agent may enter into such
amendments to the Collateral Documents as may be required (i) to give effect to the provisions of Sections 4.24 or 4.30 of the Senior Secured Notes Indenture or (ii) under the laws of the jurisdiction governing such Collateral Documents in
order to cause Additional Secured Debt of any Series to be secured pursuant to such Collateral Documents, in 

 
either case so long as the Collateral Agent receives a certificate of an officer of the Company stating the relevant amendment is permitted pursuant to this
paragraph (d) and under each of the Secured Debt Documents. 
 (e) Each Agent agrees to execute and deliver (at the sole cost and
expense of the Grantors) all such authorizations and other instruments as shall reasonably be requested by the Collateral Agent or the Company to evidence and confirm any release of Collateral or amendment to any Collateral Document provided for in
this Section. 
 SECTION 2.05 [Reserved]. 
 SECTION 2.06 Reinstatement. In the event that any Series of Secured Debt shall be paid in full and such payment or any part thereof shall subsequently, for whatever reason (including an order or judgment for
disgorgement of a preference under the Bankruptcy Code, or any similar law, or the settlement of any claim in respect thereof), be required to be returned or repaid, the terms and conditions of this Article II shall be fully applicable thereto until
all Secured Debt of such Series shall again have been paid in full in cash. 
 SECTION 2.07 [Reserved]. 
 SECTION 2.08 Refinancings. The Secured Debt of any Series may be Refinanced, in whole or in part, in each case, without notice to, or the consent
(except to the extent a consent is otherwise required to permit the Refinancing transaction under any Secured Debt Document) of any Secured Debtholder of any other Series, all without affecting the priorities provided for herein or the other
provisions hereof; provided that the Agent of the holders of any such Refinancing indebtedness shall have executed a Joinder Agreement on behalf of the holders of such Refinancing indebtedness. 
 SECTION 2.09 Possessory Collateral Agent as Gratuitous Bailee for Perfection. (a) Pending delivery to the Collateral Agent, each other Agent
agrees to hold any Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other Secured Debtholder and any assignee, solely for the purpose of perfecting the security interest
granted in such Possessory Collateral, if any, pursuant to the applicable Collateral Documents, in each case, subject to the terms and conditions of this Section 2.09. 
 (b) The duties or responsibilities of the Collateral Agent and each other Agent under this Section 2.09 shall be limited solely to holding any
Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Secured Debtholder for purposes of perfecting the Lien held by such Secured Debtholders therein. 
 ARTICLE III 
 Existence and Amounts of
Liens and Obligations 
 SECTION 3.01 Determinations with Respect to Amounts of Liens and Obligations. Whenever the Collateral
Agent or any Agent shall be required, in connection with the exercise of its rights or the performance of its obligations hereunder, to determine the existence or amount of any Secured Debt of any Series, or the Collateral subject to any Lien

 
securing the Secured Debt of any Series, it may request that such information be furnished to it in writing by each other Agent and shall be entitled to make
such determination or not make any determination on the basis of the information so furnished; provided, however, that if an Agent shall fail or refuse reasonably promptly to provide the requested information, the requesting Collateral
Agent or Agent shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon a certificate of the Company. The Collateral Agent and each Agent may rely
conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as otherwise directed by a court of competent jurisdiction) and shall have no liability to any
Grantor, any Secured Debtholder or any other person as a result of such determination. 
 ARTICLE IV 
 The Collateral Agent 
 SECTION 4.01
Appointment and Authority. (a) Each of the Secured Debtholders hereby irrevocably appoints Wilmington to act on its behalf as the Collateral Agent hereunder and under each of the other Collateral Documents and authorizes the Collateral
Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral Agent by the terms hereof or thereof, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any
Grantor to secure any of the Secured Debt, together with such powers and discretion as are reasonably incidental thereto. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent
pursuant to Section 4.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof) granted under any of the Collateral Documents, or for exercising any rights and remedies thereunder at the direction of the
Required Secured Debtholders, shall be entitled to the benefits, without duplication, of all provisions of this Article IV and the equivalent provision of any Secured Debt Document (as though such co-agents, sub-agents and attorneys-in-fact were the
“Collateral Agent” named therein) as if set forth in full herein with respect thereto. 
 (b) Each Secured Debtholder acknowledges
and agrees that the Collateral Agent shall be entitled, for the benefit of the Secured Debtholders, to sell, transfer or otherwise dispose of or deal with any Collateral as provided herein and in the Collateral Documents. Without limiting the
foregoing, each Secured Debtholder agrees that, in exercising any remedies as a secured creditor in accordance with the terms hereof, neither the Collateral Agent nor any Secured Debtholder shall have any duty or obligation first to marshal or
realize upon any type of Collateral (or any other Collateral securing any of the Secured Debt), or to sell, dispose of or otherwise liquidate all or any portion of such Collateral (or any other Collateral securing any Secured Debt), in any manner
that would maximize the return to any other Secured Debtholder, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by such other Secured Debtholders
from such realization, sale, disposition or liquidation. Each of the Secured Debtholders waives any claim it may now or hereafter have against the Collateral Agent or any other Secured Debtholder of any Series of Secured Debt, in each case acting in
accordance with the terms of this Agreement, arising out of (i) any actions which the Collateral Agent or any such Secured Debtholder takes or omits to take (including, actions with respect to the creation, perfection or 

 
continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale, release or depreciation of, or failure to realize upon, any of
the Collateral and actions with respect to the collection of any claim for all or any part of the Secured Debt from any account debtor, guarantor or any other party) in accordance with the applicable Collateral Documents or any other agreement
related thereto or to the collection of the Secured Debt or the valuation, use, protection or release of any security for the Secured Debt, (ii) any election by any holders of Secured Debt, in any proceeding instituted under the Bankruptcy
Code, of the application of Section 1111(b) of the Bankruptcy Code or (iii) any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any
other Bankruptcy Law by, the Company or any of its Subsidiaries, as debtor-in-possession. Notwithstanding any other provision of this Agreement, the Collateral Agent shall not accept any Collateral in full or partial satisfaction of any Secured Debt
pursuant to Section 9-620 of the Uniform Commercial Code or any similar law of any applicable jurisdiction, without the consent of each Agent representing holders of Secured Debt for whom such Collateral constitutes Collateral. 
 (c) Each Agent acknowledges and agrees that upon execution and delivery of a Joinder Agreement substantially in the form of Annex II by an additional
Senior Class Debt Representative, the Collateral Agent and the Company in accordance with Section 5.13, the Collateral Agent will continue to act in its capacity as Collateral Agent in respect of the then existing Agents and such Additional
Secured Debt Agent. 
 SECTION 4.02 Rights as a Secured Debtholder. (a) The Person serving as the Collateral Agent hereunder
shall have the same rights and powers in its capacity as a Secured Debtholder under any Series of Secured Debt that it holds as any other Secured Debtholder of such Series and may exercise the same as though it were not the Collateral Agent and the
term “Secured Debtholder” or “Secured Debtholders” or (as applicable) “Senior Secured Notes Debtholders”, “Additional Secured Debtholder” and “Additional Secured Debtholders” shall, unless otherwise
expressly indicated or unless the context otherwise requires, include the Person serving as the Collateral Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial
advisor or in any other advisory capacity for and generally engage in any kind of business with the Company or any Subsidiary or other Affiliate thereof as if such Person were not the Collateral Agent hereunder and without any duty to account
therefor to any other Secured Debtholder. 
 SECTION 4.03 Exculpatory Provisions. The Collateral Agent shall not have any duties or
obligations except those expressly set forth herein and in the other Collateral Documents. Without limiting the generality of the foregoing, the Collateral Agent: 
 (i) shall not be subject to any fiduciary or other implied duties of any kind or nature to any Person, regardless of whether an Event
of Default has occurred and is continuing; 
 (ii) shall not have any duty to take any discretionary action or exercise
any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Collateral Documents that the Collateral Agent is required to exercise as directed in writing by the Required Secured Debtholders;
provided that the Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Collateral Agent to liability or that is contrary to any Collateral Document or applicable law;

 (iii) shall not, except as expressly set forth herein and in the other Collateral
Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Company or any of its Affiliates that is communicated to or obtained by the Person serving as the Collateral Agent or any of
its Affiliates in any capacity; 
 (iv) shall not be liable for any action taken or not taken by it (i) with the consent
or at the request of the Required Secured Debtholders or (ii) in the absence of its own gross negligence or willful misconduct or (iii) in reliance on a certificate of an authorized officer of the Company stating that such action is
permitted by the terms of this Agreement (it being understood and agreed that the Collateral Agent shall be deemed not to have knowledge of any Event of Default under any Series of Secured Debt unless and until notice describing such Event Default
is given to the Collateral Agent by the Agent of such Secured Debt or the Company); and 
 (v) shall not be responsible for or
have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Collateral Document, (ii) the contents of any certificate, report or other document
delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any default,
(iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Collateral Document or any other agreement, instrument or document, or the creation, perfection or priority of any Lien purported to be created by the
Collateral Documents, (v) the value or the sufficiency of any Collateral for any Series of Secured Debt, or (vi) the satisfaction of any condition set forth in any Secured Debt Document, other than to confirm receipt of items expressly
required to be delivered to the Collateral Agent; 
 (vi) shall not have any fiduciary duties of any kind or nature under any
Additional Secured Debt Document (but shall be entitled to all protections provided to the Collateral Agent therein); 
 (vii)
with respect to any Senior Secured Notes Document or any Additional Secured Debt Document, may conclusively assume that the Grantors have complied with all of their obligations thereunder unless advised in writing by the Agent thereunder to the
contrary specifically setting forth the alleged violation; and 
 (viii) may conclusively rely on any certificate of an
officer of the Company provided pursuant to Section 2.04(d). 
 SECTION 4.04 Reliance by Collateral Agent. The Collateral Agent
shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting
or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Collateral 

 
Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any
liability for relying thereon. The Collateral Agent may consult with legal counsel (who may include, but shall not be limited to, counsel for the Company or counsel for the Trustee), independent accountants and other experts selected by it, and
shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
 SECTION 4.05 Delegation of Duties. The Collateral Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Collateral Document by or through any one or more sub-agents appointed by
the Collateral Agent. The Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Affiliates. The exculpatory provisions of this Article shall apply to any such
sub-agent and to the Affiliates of the Collateral Agent and any such sub-agent. 
 SECTION 4.06 Resignation of Collateral Agent. The
Collateral Agent may at any time give notice of its resignation as Collateral Agent under this Agreement and the other Collateral Documents to each Agent and the Company. Upon receipt of any such notice of resignation, the Secured Debtholders shall
have the right, by Act of the Secured Debtholders in consultation with the Company, to appoint a successor, which shall be a bank or trust company with an office in the United States, or an Affiliate of any such bank or trust company with an office
in the United States. If no such successor shall have been so appointed and shall have accepted such appointment within 30 days after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral Agent may, on behalf of
the Secured Debtholders, appoint a successor Collateral Agent meeting the qualifications set forth above (but without the consent of any other Secured Debtholder or the Company); provided that if the Collateral Agent shall notify the Company
and each Agent that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Collateral Agent shall be discharged from its duties and
obligations hereunder and under the Collateral Documents (except that in the case of any collateral security held by the Collateral Agent on behalf of the Secured Debtholders under any of the Collateral Documents, the retiring Collateral Agent shall
continue to hold such collateral security solely for purposes of maintaining the perfection of the security interests of the Secured Debtholders therein until such time as a successor Collateral Agent is appointed but with no obligation to take any
further action pursuant to an Act of the Secured Debtholders or at the request any other Secured Debtholders or any Grantor) and (b) all payments, communications and determinations provided to be made by, to or through the Collateral Agent
shall instead be made by or to each Agent directly, until such time as a successor Collateral Agent has been appointed as provided for above in this Section. Upon the acceptance of a successor’s appointment as Collateral Agent hereunder and
under the Collateral Documents, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Collateral Agent, and the retiring Collateral Agent shall be discharged from all of
its duties and obligations hereunder or under the other Collateral Documents (if not already discharged therefrom as provided above in this Section). After the retiring Collateral Agent’s resignation hereunder and under the other Collateral
Documents, the provisions of this Article and the equivalent provision of any Secured Debt Document shall continue in effect for the benefit of such retiring Collateral Agent, its sub-agents and their (and their Affiliates’) respective
directors, officers, employees, 

 
trustees, agents and advisors in respect of any actions taken or omitted to be taken by any of them while the retiring Collateral Agent was acting as
Collateral Agent. Upon any notice of resignation of the Collateral Agent hereunder and under the Collateral Documents, the Company agrees to use commercially reasonable efforts to transfer (and maintain the validity and priority of) the Liens in
favor of the retiring Collateral Agent under the Collateral Documents to the successor Collateral Agent. 
 SECTION 4.07 Non-Reliance on
Collateral Agent and Other Secured Debtholders. Each Secured Debtholder acknowledges that it has, independently and without reliance upon the Collateral Agent, any Agent or any other Secured Debtholder or any of their Affiliates and based on
such documents and information as it has deemed appropriate, made its own credit analysis (it being understood that the Trustee has made no credit analysis) and decision to enter into this Agreement and the other Secured Debt Documents. Each Secured
Debtholder also acknowledges that it will, independently and without reliance upon the Collateral Agent, any Agent or any other Secured Debtholder or any of their Affiliates and based on such documents and information as it shall from time to time
deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Secured Debt Document or any related agreement or any document furnished hereunder or thereunder. 
 SECTION 4.08 Collateral and Guaranty Matters. Each of the Secured Debtholders irrevocably authorizes the Collateral Agent, at its option and in
its discretion: 
 (i) to release any Lien on any property granted to or held by the Collateral Agent under any
Collateral Document in accordance with Section 2.04 or upon receipt of a certificate of an officer of the Company stating that the releases of such Lien is permitted by the terms of each then extant Secured Debt Document; and 
 (ii) to release any Grantor from its obligations under the Collateral Documents upon receipt of a certificate of an officer of the
Company stating that such release is permitted by the terms of each then extant Secured Debt Document. 
 SECTION 4.09 Expenses. The
Company and each other Grantors agree to pay to the Collateral Agent, within ten Business Days after written demand, the amount of any and all reasonable and documented out-of-pocket expenses, including the reasonable and documented costs of its
legal counsel (including special counsel and any local counsel (including in connection with post-closing work)) and of any experts and agents in connection with (i) the administration of the Collateral Documents (including, without limitation,
in connection with requirements set forth in Sections 4.20, 4.23 4.24 or 4.30 of the Senior Secured Notes Indenture, (ii) the custody or preservation of, or the sale of, collection from, or other realization upon, any of the Collateral,
(iii) the exercise or enforcement (whether through negotiations, legal proceedings or otherwise) of any of the rights of the Collateral Agents or the Secured Debtholders under any of the Secured Debt Documents or (iv) the failure by the
Company or any other Grantor to perform or observe any of the provisions of the Secured Debt Documents applicable to such party. 

 SECTION 4.10 No Obligation With Respect to Perfection. Notwithstanding anything contained herein
or in any Secured Debt Documents to the contrary, the Collateral Agent shall not be required to file financing statements or take any other action to perfect the Liens created by the Collateral Documents unless the Collateral Agent has received
instructions under an Act of the Secured Debtholders to make a particular filing or to take a particular action and received all information necessary to properly complete such filing or action. The Company shall take all action as may be reasonably
necessary or required in order to perfect the Liens created by the Collateral Documents and to maintain perfected security interests, in each case to the extent required by the Secured Debt Documents. When required by law and by the Secured Debt
Documents to ensure their continued effectiveness, the Company shall continue all financing statements, charges or other registrations which have been filed or registered to perfect the Liens created by the Collateral Documents. The Collateral Agent
shall have no liability to any Agent or the Secured Debtholders in the event that the Company or any other Grantor fails to take the actions required to perfect and maintain perfection of the Liens to be granted under the Collateral Documents.

 SECTION 4.11 Consultation with Experts. The Collateral Agent may consult with legal counsel, independent public accountants and any
other experts selected by it (including counsel, accountants and experts of the Company) and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with the advice of such counsel, accountants or experts.

 SECTION 4.12 Indemnity. Each Agent, on behalf of the Secured Debtholders for which it acts in such capacity (ratably in accordance
with their respective percentages of the Secured Debt), hereby agree to indemnify the Collateral Agent, and each of the Collateral Agent’s directors, officers, affiliates, representatives and agents (each an “Indemnitee”) from
and hold each Indemnitee harmless against, any and all liabilities, obligations, losses, damages, penalties, actions, judgments, deficiencies, suits, costs, expenses (including reasonable attorneys’ fees and expenses), and disbursements of any
kind or nature whatsoever which may be imposed on, incurred by, or asserted against an Indemnitee in any way relating to or arising out of any action taken, omitted to be taken or to be taken by the Collateral Agent (or any of the other Indemnitees)
on behalf of the Secured Debtholders within the scope of the Collateral Agent’s authority as provided in this Agreement or any Collateral Document; provided, however, that neither such Agent nor any Secured Debtholder shall be
liable to an Indemnitee for any portion of the foregoing to the extent caused by such Indemnitee’s gross negligence or willful misconduct. 
 ARTICLE V 
 Miscellaneous 
 SECTION 5.01 Notices. All notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows: 
 (a) if to the Collateral Agent or the Trustee, to it at CCS-Corporate Capital Markets, 50 South
Sixth Street, Suite 1290, Minneapolis, MN 55402-1544 Attention of: Jane Y. Schweiger (Fax No. 612-217-5651); and 
 (b)
if the Company or any Grantor, to it at Wessex House, 45 Reid Street Hamilton HM12, Bermuda Attention: Corporate Secretary (Fax. No. +1-441- 29608606), with a copy to Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022,
Attention: Dennis D. Lamont, Esq. (Fax No. 212-751-4864); 

 (c) if to any other Additional Secured Debt Agent, to it at the address set forth in the
applicable Joinder Agreement. 
 Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the
other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day
thereafter (in all other cases) if delivered by hand or overnight courier service or sent by telecopy or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly
addressed) to such party as provided in this Section 5.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 5.01. As agreed to in writing among the Collateral Agent and each Agent
from time to time, notices and other communications may also be delivered by e-mail to the e-mail address of a representative of the applicable person provided from time to time by such person. 
 SECTION 5.02 Waivers; Amendment; Joinder Agreements. (a) No failure or delay on the part of any party hereto in exercising any right or power
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the
exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 
 (b) Except as otherwise expressly provided, including pursuant Section 2.04(c), Section 2.04(d) and Section 5.16 hereof, neither this Agreement nor any provision hereof may be terminated, waived,
amended or modified (other than pursuant to any Joinder Agreement) except pursuant to an agreement or agreements in writing entered into by each Agent and the Collateral Agent (and with respect to any such termination, waiver, amendment or
modification which by the terms of this Agreement requires the Company’s consent or which increases the obligations or reduces the rights of the Company or any other Grantor, with the consent of the Company). 
 (c) Notwithstanding the foregoing, without the consent of any Secured Debtholder, any Agent may become a party hereto by execution and delivery of a
Joinder Agreement in accordance with Section 5.13 and upon such execution and delivery, such Agent and the Additional Secured Debtholders and Additional Secured Debt of the Series for which such Agent is acting shall be subject to the terms
hereof and the terms of the other Collateral Documents applicable thereto. 
 (d) Notwithstanding the foregoing, without the consent of any
other Agent or Secured Debtholder, the Collateral Agent may effect amendments and modifications to this Agreement to the extent necessary to reflect any incurrence of any Additional Secured Debt in compliance with the Senior Secured Notes Indenture.

 (e) Notwithstanding the foregoing, any Grantor may become a party hereto by execution and delivery to the
Collateral Agent of counterpart hereto in accordance with Section 5.15. 
 SECTION 5.03 Parties in Interest. This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Secured Debtholders, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.

 SECTION 5.04 Survival of Agreement. All covenants, agreements, representations and warranties made by any party in this Agreement
shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. 
 SECTION 5.05 Counterparts. This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to
this Agreement by facsimile or electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 
 SECTION 5.06 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or
unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable
provisions. 
 SECTION 5.07 Governing Law; Jurisdiction. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.  
 SECTION 5.08 Submission to Jurisdiction Waivers; Consent to Service of
Process. The Collateral Agent and each Agent, on behalf of itself and the Secured Debtholders of the Series for whom it is acting, irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the Collateral Documents, or
for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of the courts of the State of New York in the County of New York, the courts of the United States of America for the Southern District of
New York, and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought in
such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same;

 (c) agrees that service of process in any such action or proceeding may be effected
by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Agent) at the address referred to in Section 5.01; 
 (d) agrees that nothing herein shall affect the right of any other party hereto (or any Secured Debtholder) to effect service of
process in any other manner permitted by law or shall limit the right of any party hereto (or any Secured Debtholder) to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred to in this Section 5.08 any special, exemplary, punitive or
consequential damages. 
 SECTION 5.09 WAIVER OF JURY TRIAL; SUBMISSION TO JURISDICTION. (a) EACH PARTY HERETO HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.09. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW
YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE WHICH ARE LOCATED IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. EACH PARTY HERETO HEREBY FURTHER IRREVOCABLY WAIVES ANY CLAIM THAT ANY SUCH COURTS LACK PERSONAL JURISDICTION OVER SUCH PARTY, AND AGREES NOT TO
PLEAD OR CLAIM IN ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT BROUGHT IN ANY OF THE AFORESAID COURTS THAT ANY SUCH COURT LACKS PERSONAL JURISDICTION OVER SUCH PARTY. 
 SECTION 5.10 Headings. Article, Section and Annex headings used herein are for convenience of reference only, are not part of this Agreement and
are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

 SECTION 5.11 Conflicts. In the event of any conflict or inconsistency between the provisions of
this Agreement and the provisions of any of the Collateral Documents or any of the other Secured Debt Documents, the provisions of this Agreement shall control. 
 SECTION 5.12 Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Secured Debtholders in relation to
one another. None of the Company, any other Grantor or any other creditor thereof shall have any rights or obligations hereunder, except as expressly provided in this Agreement (provided that nothing in this Agreement (other than
Section 2.04, 2.08, 2.09 or Article V) is intended to or will amend, waive or otherwise modify the provisions of the Senior Secured Notes Indenture or any Additional Secured Debt Documents), and none of the Company or any other Grantor may rely
on the terms hereof (other than Sections 2.04, 2.08, 2.09 and Article V). Nothing in this Agreement is intended to or shall impair the obligations of any Grantor, which are absolute and unconditional, to pay the Secured Debt as and when the same
shall become due and payable in accordance with their terms. 
 SECTION 5.13 Additional Senior Debt. Any additional class or series of
Additional Secured Debt (the “Senior Class Debt”) may be secured by a Lien and may be Guaranteed by the Grantors on a pari passu senior basis, in each case under and pursuant to the Additional Secured Debt Documents, if and subject
to the condition that the Additional Secured Debt Agent of any such Senior Class Debt (each, a “Senior Class Debt Representative”), acting on behalf of the holders of such Senior Class Debt (such Agent and holders in respect of any
Senior Class Debt being referred to as the “Senior Class Debt Parties”), becomes a party to this Agreement by satisfying the conditions set forth in clauses (i) through (iv) of the immediately succeeding paragraph.

 In order for a Senior Class Debt Representative to become a party to this Agreement: 
 (i) such Senior Class Debt Representative, the Collateral Agent and the Company shall have executed and delivered an instrument
substantially in the form of Annex II (with such changes as may be reasonably approved by the Collateral Agent and such Senior Class Debt Representative) pursuant to which such Senior Class Debt Representative becomes an Agent hereunder, and the
Senior Class Debt in respect of which such Senior Class Debt Representative is the Agent and the related Senior Class Debt Parties become subject hereto and bound hereby; and 
 (ii) the Company shall have (x) delivered to the Collateral Agent true and complete copies of each of the Additional Secured
Debt Documents relating to such Senior Class Debt, certified as being true and correct by a Responsible Officer of the Company and (y) identified the obligations to be designated as Additional Secured Debt and the initial aggregate principal
amount or face amount thereof. 
 SECTION 5.14 Integration. This Agreement together with the other Secured Debt Documents and the
Collateral Documents represents the agreement of each of the Grantors and the Secured Debtholders with respect to the subject matter hereof and there are no promises, undertakings, representations or warranties by any Grantor, the Collateral Agent,
any or any other Secured Debtholder relative to the subject matter hereof not expressly set forth or referred to herein or in the other Secured Debt Documents or the Collateral Documents. 

 SECTION 5.15 Grantors; Additional Grantors. The Grantors existing on the date hereof hereby
covenant and agree to cause each Subsidiary of the Company or direct or indirect parent of the Company which becomes a Grantor after the date hereof to contemporaneously become a party hereto by executing and delivering a counterpart hereto to the
Collateral Agent. The parties hereto further agree that, notwithstanding any failure to take the actions required by the immediately preceding sentence, each Person which becomes a Grantor at any time (and any security granted by any such Person)
shall be subject to the provisions hereof as fully as if same constituted a Grantor party hereto and had complied with the requirements of the immediately preceding sentence. 
 SECTION 5.16 Further Assurances. Notwithstanding anything herein or in any Collateral Document to the contrary, the Company, the Guarantors, the
Trustee, any Additional Secured Debt Agent and the Collateral Agent may amend or supplement this Agreement or the other Collateral Documents, or enter into additional Collateral Documents, without the consent of any other Secured Debtholder:

 (i) to cure any ambiguity, defect or inconsistency; 
 (ii) to make any change that would provide any additional rights or benefits to the Secured Parties, that does not adversely affect
the legal rights hereunder of any Secured Party, or that is necessary or desirable to perfect or register (or similarly give effect to) the security interest granted pursuant to any Collateral Document in any jurisdiction; 
 (iii) to conform the text of this Agreement or the other Collateral Documents to any provision of the “Description of
Notes” section of the Company’s Offering Memorandum, dated September 11, 2009, relating to the offering of the Initial Notes, to the extent that such provision in that “Description of Notes” was intended to be a verbatim
recitation of a provision of this Agreement or the other Collateral Documents as certified in an Officer’s Certificate delivered to the Trustee; 
 (iv) to enter into additional or supplemental Collateral Documents or any amendment to this Agreement that adds additional creditors permitted to become party thereto as contemplated under this Agreement; or

 (v) to release any Collateral from the Lien of the Collateral Documents in accordance with the terms hereof and the
Secured Debt Documents. 
 SECTION 5.17 Excluded Assets. Notwithstanding anything herein or in any Collateral Document to the
contrary, no Collateral Document shall impose upon the Company or any other Grantor any condition, covenant or default, or require the Company or any other Grantor to make an representation or warranty, relating to the creation or perfection or
registration (or compliance with any equivalent filing requirement) of any security interests in any Excluded Asset. Each Collateral Document shall be deemed to provide (unless such Collateral Document already so expressly provides) that all
representations, warranties, covenants, defaults and other obligations contained therein with respect to the Company or any other Grantor are subject to the “override” provision described in the immediately preceding sentence. 

 SECTION 5.18 German Parallel Debt Provisions. 
 (a) Debt owed to Collateral Agent for German Security. 
 (i) Each Grantor hereby irrevocably and unconditionally undertakes to pay to the Collateral Agent as creditor in its own right and not as
a representative of the Secured Debtholders amounts equal to any amounts owing from time to time by such Grantor to any Secured Debtholder under any Secured Debt Documents as and when those amounts are due for payment under the relevant Secured Debt
Document. 
 (ii) Each Grantor and the Collateral Agent acknowledge that the obligations of each Grantor under the immediately
preceding paragraph (i) are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of that Grantor to any Secured Debtholder (its “Corresponding Debt”) nor shall
the amounts for which each Grantor is liable under paragraph (i) (its “Parallel Debt”) be limited or affected in any way by its Corresponding Debt provided that: 
 (1) the Parallel Debt of each Grantor shall be decreased to the extent that its Corresponding Debt has been irrevocably paid or (in
the case of guarantee obligations) discharged; and 
 (2) the Corresponding Debt of each Grantor shall be decreased to
the extent that its Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged. 
 (iii) The
Collateral Agent acts in its own name and not as a trustee, and its claims in respect of the Parallel Debt shall not be held on trust. The security granted under the Secured Debt Documents to the Collateral Agent to secure the Parallel Debt is
granted to the Collateral Agent in its capacity as creditor of the Parallel Debt and shall not be held on trust. 
 (iv) All
monies received or recovered by the Collateral Agent pursuant to this Section 5.18(a), and all amounts received or recovered by the Collateral Agent from or by the enforcement of any Collateral granted to secure the Parallel Debt, shall be
applied in accordance with this Agreement. 
 (v) Without limiting or affecting the Collateral Agent’s rights against the
Grantors (whether under this Section 5.18(a) or under any other provision of the Secured Debt Documents), each Grantor acknowledges that: 
 (1) nothing in this Section 5.18(a) shall impose any obligation on the Collateral Agent to advance any sum to any Grantor or otherwise under any Secured Debt Document, except in its capacity as Holder (if
applicable); and 

 (2) for the purpose of any vote taken under any Secured Debt Document, the Collateral
Agent shall not be regarded as having any participation in the then outstanding Notes other than those which it has in its capacity as Holder (if applicable). 
 (b) Appointment of Collateral Agent for German Security. 
 (i) For the purposes of
German Security (as defined below) in addition to the provision set out in Section 4.01, the specific provisions set out in this Section 5.18(b) shall be applicable. In the case of any inconsistency the provisions set out in this
Section 5.18(b) shall prevail. 
 (ii) With respect to German Security (where “German Security”
means any security interest created under the Collateral Documents which are governed by German law), the Collateral Agent shall in case of German Security constituted by non-accessory (nicht akzessorische) security interests, hold,
administer and, as the case may be, enforce or release such German Security in its own name, but for the account of the Secured Debtholders. 
 (iii) In the case of German Security constituted by accessory (akzessorische) security interests created by way of pledge or other accessory instruments, hold (with regard to its own rights under
Section 5.18(a)), administer and, as the case may be, enforce or release such German Security in the name of and for and on behalf of the Secured Debtholders and in its own name on the basis of the abstract acknowledgement of indebtedness
pursuant to Section 5.18(a), but in each case for the account of the Secured Debtholders. 
 (iv) For the purposes of
performing its rights and obligations as Collateral Agent under any accessory (akzessorische) German Security, each Secured Debtholder hereby authorizes the Collateral Agent to act as its agent (Stellvertreter), and releases the
Collateral Agent from the restrictions imposed by Section 181 German Civil Code (Bürgerliches Gesetzbuch). At the request of the Collateral Agent, each Secured Debtholder shall provide the Collateral Agent with a separate written
power of attorney (Spezialvollmacht) for the purposes of executing any relevant agreements and documents on their behalf. Each Secured Debtholder hereby ratifies and approves all acts previously done by the Collateral Agent on such Secured
Debtholders’ behalf. 
 (v) The Collateral Agent accepts its appointment as administrator of the German Security on the
terms and subject to the conditions set out in this Agreement and the Secured Debtholders, the Collateral Agent and all other parties to this Agreement agree that, in relation to the German Security, no Secured Debtholder shall exercise any
independent power to enforce any German Security or take any other action in relation to the enforcement of the German Security, or make or receive any declarations in relation thereto. 
 (vi) Each Secured Debtholder hereby instructs the Collateral Agent (with the right of sub-delegation) to enter into any documents
evidencing German Security and to make and accept all declarations and take all actions it considers necessary or useful in 

 
connection with any German Security on behalf of such Secured Debtholder. The Collateral Agent shall further be entitled to rescind, release, amend and/or
execute new and different documents securing the German Security if so required pursuant to this Agreement, the German Security or mandatory law. 
 SECTION 5.19 Italian Appointment Provisions. The Collateral Agent will act in the name and on behalf of the Secured Debtholders as mandatario con rappresentanza for the purpose of executing any Collateral Document which is
expressed to be governed by Italian law. In this respect, the Collateral Agent, acting as instructed by the Required Secured Debtholders or pursuant to an Act of the Secured Debtholders, as the case may be, its capacity as mandatario con
rappresentanza will have the power to negotiate and approve the terms and conditions of such Collateral, execute any other agreement or instrument, give or receive any notice and take any other action in relation to the creation, perfection,
maintenance, enforcement and release of the security created thereunder in the name and on behalf of the Secured Debtholders. 
 SECTION 5.20
Danish Appointment Provisions. Each Secured Debtholder hereby appoints and authorizes the Collateral Agent (i) to enter into each of the Collateral Documents governed by Danish law for itself and on behalf of the other Secured
Debtholders as their agent and each Grantor organized under the laws of Denmark acknowledges that each Secured Debtholder (including, without limitation, any new Secured Debtholder) will be a party to such Collateral Documents and (ii) to hold
the Collateral so granted to the benefit of itself and for and on behalf of and for the benefit of all other Secured Debtholders as their agent. 
 [Signature pages follow] 

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

					
	 WILMINGTON TRUST FSB
 As Collateral
Agent

		
	By:	 	/s/ Jane Schweiger
		 	Name:	 	Jane Schweiger
		 	Title:	 	Vice President
	
	 WILMINGTON TRUST FSB
 As
Trustee

		
	By:	 	/s/ Jane Schweiger
		 	Name:	 	Jane Schweiger
		 	Title:	 	Vice President

 [Signature Page to Collateral Agency Agreement] 

			
	GLOBAL CROSSING LIMITED
		
	By:	 	/s/ Mitchell Sussis
		 	Name: Mitchell Sussis
		 	Title: Senior Vice President and Secretary

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING HOLDINGS LIMITED
 ATLANTIC CROSSING LTD.
 GLOBAL CROSSING ASIA HOLDINGS LTD.
 GLOBAL CROSSING AUSTRALIA HOLDINGS LTD.
 GLOBAL CROSSING NETWORK CENTER LTD.
 GLOBAL CROSSING INTERNATIONAL, LTD.
 OLD GMS HOLDINGS
LTD.
 SOUTH AMERICAN CROSSING HOLDINGS LTD.
 GLOBAL
CROSSING INTERNATIONAL NETWORKS LTD.
 GC CRYSTAL HOLDINGS LTD.
 PAC PANAMA LTD.
 GLOBAL CROSSING TELECOMMUNICATIONS – CANADA, LTD.
 RACAL TELECOMMUNICATIONS, INC.
 INTERNATIONAL OPTICAL NETWORK L.L.C.
 GLOBAL CROSSING BANDWIDTH, INC.
 GLOBAL CROSSING NORTH AMERICA,
INC.
 GLOBAL CROSSING DEVELOPMENT CO.
 GLOBAL
CROSSING EMPLOYEE SERVICES INC.
 GLOBAL CROSSING LOCAL SERVICES, INC.
 GLOBAL CROSSING NORTH AMERICAN HOLDINGS, INC.
 GLOBAL CROSSING NORTH AMERICAN NETWORKS, INC.
 GLOBAL CROSSING TELECOMMUNICATIONS, INC.
 ALC COMMUNICATIONS
CORPORATION
 BUDGET CALL LONG DISTANCE, INC.
 GLOBAL CROSSING ADVANCED CARD SERVICES, INC.
 GT LANDING II CORP.
 US CROSSING, INC.
 GLOBAL CROSSING TELEMANAGEMENT, INC.
 GLOBAL CROSSING TELEMANAGEMENT VA, LLC
 GLOBAL CROSSING AMERICAS
SOLUTIONS, INC.
 AMERITEL MANAGEMENT, INC.

		
	By:	 	/s/ Mitchell Sussis
		 	Name: Mitchell Sussis
		 	Title: Vice President
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	 IMPSAT FIBER NETWORKS, INC.
 As a
Guarantor

		
	By:	 	/s/ Mitchell Sussis
		 	Name: Mitchell Sussis
		 	Title: Senior Vice President, Legal

 [Signature Page to Collateral Agency Agreement] 

			
	 GC IMPSAT HOLDINGS I PLC
 GC IMPSAT
HOLDINGS II LIMITED
 GC IMPSAT HOLDINGS III LIMITED

		
	By:	 	/s/ Mitchell Sussis
		 	Name: Mitchell Sussis
		 	Title: Secretary
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	GLOBAL CROSSING AUSTRALIA PTY LIMITED
	As a Guarantor
		
	By:	 	/s/ Mitchell Sussis
		 	 Name: Mitchell Sussis
 as attorney under power of
attorney

		
	By:	 	/s/ Jon Fisse
		 	 Name: Jon Fisse
 as attorney under power of attorney

 [Signature Page to Collateral Agency Agreement] 

			
	GLOBAL CROSSING BELGIË BVBA, in liquidation, represented by its liquidator, GLOBAL CROSSING PEC BELGIUM BVBA, represented by Mr. Arthur Eshuis

	As a Guarantor
		
	By:	 	/s/ Arthur Eshuis
		 	Name: Arthur Eshuis
		 	Title:

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING PEC BELGIUM BVBA
 GLOBAL CROSSING PEC DANMARK APS
 FIBERNET GMBH
 GLOBAL CROSSING PEC DEUTSCHLAND GMBH
 GLOBAL CROSSING IRELAND LIMITED
 GLOBAL CROSSING SERVICES EUROPE LIMITED
 GLOBAL CROSSING SERVICES IRELAND LIMITED
 GC IMPSAT HOLDINGS NEDERLAND B.V.
 GLOBAL CROSSING PEC HOLDINGS
B.V.
 GC PAN EUROPEAN CROSSING NETWORKS B.V.
 GLOBAL CROSSING PEC NEDERLAND B.V.
 GLOBAL CROSSING NEDERLAND B.V.
 GLOBAL CROSSING PEC ESPAÑA S.A.
 GLOBAL CROSSING SVERIGE AB
 FIBERNET HOLDINGS LIMITED
 GLOBAL CROSSING (BIDCO)
LIMITED
 GLOBAL CROSSING EUROPE LIMITED
 GLOBAL
CROSSING FINANCIAL MARKETS LIMITED
 PAN AMERICAN CROSSING UK LTD.
 GC PAN EUROPEAN CROSSING UK LIMITED

		
	By:	 	/s/ Bernard Keogh
		 	Name: Bernard Keogh
		 	Title: Director
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING PEC LUXEMBOURG I S.À.R.L.
 GLOBAL CROSSING PEC LUXEMBOURG II S.À.R.L.

		
	By:	 	/s/ Arthur Eshuis
		 	Name: Arthur Eshuis
		 	Title: Manager
		
	By:	 	/s/ Bernard Keogh
		 	Name: Bernard Keogh
		 	Title: Manager
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	GLOBAL CROSSING PEC SWITZERLAND AG
	As a Guarantor
		
	By:	 	/s/ Bernard Keogh
		 	Name: Bernard Keogh
		 	Title: Director
		
	By:	 	/s/ Qamar Qadeer
		 	Name: Qamar Qadeer
		 	Title: Director

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING PERU S.A.
 GLOBAL
CROSSING SERVICIOS, S. DE R.L DE C.V.
 GLOBAL CROSSING MEXICANA, S. DE R.L. DE C.V.
 GLOBAL CROSSING MEXICANA II, S. DE R.L. DE C.V.

		
	By:	 	/s/ Juan Carlos Castañeda Cid del Prado
		 	Name: Juan Carlos Castañeda Cid del Prado
		 	Title: Attorney-in-fact
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING PERU S.A.
 TELECOM
INFRASTRUCTURE HARDWARE S.R.L.
 GLOBAL CROSSING CHILE S.A.
 GLOBAL CROSSING COSTA RICA, SRL
 SAC PANAMA, S.A.
 GLOBAL CROSSING PANAMA, INC.
 GLOBAL CROSSING VENEZUELA, S.A.
 GLOBAL CROSSING COMUNICACIONES ECUADOR S.A.

		
	By:	 	/s/ Kevin Tang
		 	Name: Kevin Tang
		 	Title: Authorized Signatory
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING HONG KONG LIMITED
 GLOBAL CROSSING JAPAN KK
 GLOBAL CROSSING SINGAPORE PTE, LTD.

		
	By:	 	/s/ Jon Fisse
		 	Name: Jon Fisse
		 	Title: Director
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	 G.C. ST. CROIX COMPANY, INC,
 As
Guarantor

		
	By:	 	/s/ Johanna Ravelo
		 	Name: Johanna Ravelo
		 	Title: Vice President & Secretary

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING COMUNICAÇÕES DO BRASIL LTDA.
 IMPSAT PARTICIPAÇÕES E COMERCIAL LTDA.
 SAC BRASIL HOLDING LTDA.
 SAC BRASIL S.A.

		
	By:	 	/s/ Joao Leonardo da S.G. Figueira
		 	Name: Joao Leonardo da S.G. Figueira
		 	Title: VP Corporate Services
	
	for each of the Guarantors listed above

 [Signature Page to Collateral Agency Agreement] 

			
	 GLOBAL CROSSING CYPRUS HOLDINGS LIMITED
 As a Guarantor

		
	By:	 	/s/ Qamar Qadeer
		 	Name: Qamar Qadeer
		 	Title: Director

 [Signature Page to Collateral Agency Agreement] 

 ANNEX I 
 Grantors 
  

	
	
	AUSTRALIA
	
	 Global Crossing Australia Pty. Limited

	
	 BELGIUM

	
	 Global Crossing België bvba

	 Global Crossing PEC Belgium bvba

	
	BERMUDA
	
	 Global Crossing Limited

	 Global Crossing Holdings Limited

	 Atlantic Crossing Ltd

	 Global Crossing Asia Holdings Ltd.

	 Global Crossing Australia Holdings Ltd.

	 Global Crossing Network Center Ltd.

	 Global Crossing International, Ltd.

	 Old GMS Holdings Ltd.

	 South American Crossing Holdings Ltd.

	 Global Crossing International Networks Ltd.

	 GC Crystal Holdings Ltd.

	 PAC Panama Ltd.

	
	BRAZIL
	
	 SAC Brasil Holding Ltda

	 SAC Brasil S.A.

	 Impsat Participacões e Comercial Ltda.

	 Global Crossing Coumunicacões do Brasil Ltda.

	
	CANADA
	
	 Global Crossing Telecommunications–Canada, Ltd.

	 Ameritel Management, Inc.

	
	CHILE
	
	 Global Crossing Chile S.A.

  

	
	
	COSTA RICA

	
	
	 Global Crossing Costa Rica, SRL

	
	CYPRUS
	
	 Global Crossing Cyprus Holdings Limited

	
	DENMARK
	
	 Global Crossing PEC Danmark ApS

	
	ECUADOR
	
	 Global Crossing Comunicaciones Ecuador S.A.

	
	GERMANY
	
	 Fibernet GmbH

	 Global Crossing PEC Deutschland GmbH

	
	HONG KONG
	
	 Global Crossing Hong Kong Limited

	
	IRELAND
	
	 Global Crossing Ireland Limited

	 Global Crossing Services Europe Limited

	 Global Crossing Services Ireland Limited

	
	JAPAN
	
	 Global Crossing Japan KK

	
	LUXEMBOURG
	
	 Global Crossing PEC Luxembourg I s.à.r.l.

	 Global Crossing PEC Luxembourg II s.à.r.l.

	
	MEXICO
	
	 Global Crossing Servicios, S. de R.L. de C.V.

	 Global Crossing Mexicana, S. de R.L. de C.V.

	 Global Crossing Mexicana II, S. de R.L. de C.V.

	
	THE NETHERLANDS
	
	 GC IMPSAT Holdings Nederland B.V.

	 Global Crossing PEC Holdings B.V.

	
	
	 GC Pan European Crossing Networks B.V.

	 Global Crossing PEC Nederland B.V.

	 Global Crossing Nederland B.V.

	
	PANAMA
	
	 SAC Panama S.A.

	 Global Crossing Panama, Inc.

	
	PERU
	
	 Telecom Infrastructure Hardware S.R.L.

	 Global Crossing Peru S.A.

	
	SINGAPORE
	
	 Global Crossing Singapore Pte. Ltd.

	
	SPAIN
	
	 Global Crossing PEC España S.A.

	
	SWEDEN
	
	 Global Crossing Sverige AB

	
	SWITZERLAND
	
	 Global Crossing PEC Switzerland AG

	
	UNITED KINGDOM
	
	 Fibernet Holdings Limited

	 Global Crossing (Bidco) Limited

	 Global Crossing Europe Limited

	 Global Crossing Financial Markets Limited

	 Pan American Crossing UK Ltd

	 GC Impsat Holdings I Plc

	 GC Impsat Holdings II Limited

	 GC Impsat Holdings III Limited

	 GC Pan European Crossing UK Limited

	
	UNITED STATES
	
	 Racal Telecommunications Inc.

	 International Optical Network, L.L.C.

	 Global Crossing Bandwidth, Inc.

	 Global Crossing North America, Inc.

	
	 Global Crossing Development Co.

	 Global Crossing Employee Services Inc.

	 Global Crossing Local Services, Inc.

	 Global Crossing North American Holdings, Inc.

	 Global Crossing North American Networks, Inc.

	 Global Crossing Telecommunications, Inc.

	 ALC Communications Corporation

	 Budget Call Long Distance, Inc.

	 Global Crossing Advanced Card Services, Inc.

	 GT Landing II Corp.

	 US Crossing, Inc.

	 Global Crossing Telemanagement, Inc.

	 Global Crossing Telemanagement VA, LLC

	 Impsat Fiber Networks, Inc.

	 Global Crossing Americas Solutions, Inc.

	
	US VIRGIN ISLANDS
	
	 G.C. St. Croix Company, Inc.

	
	VENEZUELA
	
	 Global Crossing Venezuela S.A.

 ANNEX II 
 FORM OF JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT TO THE COLLATERAL AGENCY AGREEMENT (this
“Joinder”) is executed as of [                 ], [        ] by [Name of Joining Party], a
[State] [Type of Entity] (the “Joining Party”), and delivered to Wilmington Trust FSB (“Wilmington”), as Collateral Agent (together with its successors, in such capacity, the “Collateral Agent”) for the
benefit of the Secured Debtholders (as defined below). Except as otherwise defined herein, terms used herein and defined in the Collateral Agency Agreement (as defined below) shall be used herein as therein defined. 
 W I T N E S S E T H: 
 WHEREAS, reference is made to that certain Indenture, dated as of September 22, 2009 (as it may be amended, restated, supplemented and/or otherwise
modified from time to time, the “Indenture”) by and among Global Crossing Limited (the “Issuer”), Wilmington, as Trustee (together with its permitted successors in such capacity, the “Trustee”) and
the Guarantors party thereto, pursuant to which the Issuer shall issue 12% Senior Secured Notes due 2015 (the “Notes”); 
 WHEREAS, the Trustee, the Collateral Agent, the Issuer, the other Grantors and each Additional Secured Debt Agent from time to time party thereto are parties to a Collateral Agency Agreement, dated as of September 22, 2009 (as amended,
restated, supplemented and/or otherwise modified from time to time, the “Collateral Agency Agreement”); 
 WHEREAS, pursuant
to Section 5.13 of the Collateral Agency Agreement, an Additional Secured Debt Agent may be appointed from time to time to act on behalf of a Series of Additional Secured Debtholders; 
 NOW, THEREFORE, in consideration of the foregoing and other benefits, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows: 
 NOW, THEREFORE, the Joining Party agrees as follows: 
 1. Collateral Agency Agreement. By executing and delivering this Joinder, the Joining Party, as provided in Section 5.13 of the Collateral
Agency Agreement, hereby becomes a party to the Collateral Agency Agreement as an Additional Secured Debt Agent thereunder with the same force and effect as if originally named as an Agent therein and, without limiting the generality of the
foregoing, hereby expressly assumes all obligations and liabilities of an Additional Secured Debt Agent. 
 2. [Name of Additional Secured
Debt Agent] hereby certifies that it is a duly appointed trustee, agent or other representative acting on behalf of a Series of Additional Secured Debtholders. 

 3. This Joinder shall be binding upon the parties hereto and their respective successors and permitted
assigns and shall inure to the benefit of and be enforceable by each of the parties hereto and its successors and permitted assigns. THIS JOINDER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
This Joinder may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Joinder shall prove to be invalid or unenforceable, such
provision shall be deemed to be severable from the other provisions of this Joinder which shall remain binding on all parties hereto. 
 4.
In the event of any conflict between the terms of this Joinder and those of the Collateral Agency Agreement, the terms of the Collateral Agency Agreement shall control. 
 5. Notices. All notices or other communications sent to the Joining Party pursuant to Section 5.01 of the Collateral Agency Agreement shall be delivered to the following address: 
 6. The effective date of this Joinder is [            
    ], [        ]. 
 *    *    * 
  

 2 

 IN WITNESS WHEREOF, the Joining Party has caused this Joinder to be duly executed as of the date first
above written. 
  

					
	[NAME OF ADDITIONAL SECURED DEBT AGENT], AS JOINING PARTY
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 ANNEX II 
  

					
	Accepted and Acknowledged by:
	
	 WILMINGTON TRUST FSB
 AS COLLATERAL AGENT

		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
	
	 GLOBAL CROSSING LIMITED,
 AS
COMPANY

		
	By:	 	 
		 	Name:	 	
		 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00163-of-00352.parquet"}]]