Document:

Exhibit 4.19

 

Exhibit 4.19

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR THE
SECURITIES LAWS OF ANY JURISDICTION. THIS NOTE MAY NOT BE OFFERED, SOLD, HYPOTHECATED, GIVEN,
BEQUEATHED, TRANSFERRED, ASSIGNED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF (“TRANSFERRED”)
EXCEPT PURSUANT TO (I) A REGISTRATION STATEMENT WITH RESPECT TO THIS NOTE THAT IS EFFECTIVE UNDER
SUCH ACT OR APPLICABLE STATE SECURITIES LAW, OR (II) ANY EXEMPTION FROM REGISTRATION UNDER SUCH
ACT, OR APPLICABLE STATE SECURITIES LAW, RELATING TO THE DISPOSITION OF SECURITIES, PROVIDED THAT
AN OPINION OF COUNSEL IS FURNISHED TO THE COMPANY, TO THE EXTENT REASONABLY REQUESTED BY THE
COMPANY, IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO THE COMPANY, TO THE EFFECT THAT AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND/OR APPLICABLE STATE SECURITIES LAW IS
AVAILABLE.

$[            ] New York, New York

April 3, 2007

VIATEL HOLDING (BERMUDA) LIMITED

Senior Secured Increasing Rate Note due 2007

     Viatel Holding (Bermuda) Limited, a company organized under the laws of Bermuda (or its
successor, the “Company”), hereby unconditionally promises to pay to the order of [           ] (the “Holder”), a company incorporated in [ ], the principal amount of
[            ] U.S. Dollars (U.S.$[            ]), on July 1, 2007 (the “Maturity
Date”), and to pay interest at the time, in the form and at the rate set forth herein. Certain
capitalized terms used herein without definition shall have the meanings assigned to them in
Article 9 hereof. This Note is issued in accordance with and subject to the following
terms and conditions:

ARTICLE 1

PRINCIPAL AND INTEREST

Section 1.1. Principal and Interest. 

     (a) The Company shall on the Maturity Date pay to the order of the Holder an amount equal to
the aggregate principal amount of this Note outstanding on the Maturity Date, plus accrued and
unpaid interest thereon, unless and to the extent that this Note is earlier redeemed, repurchased
or repaid in accordance with the terms of this Note.

     (b) Interest shall be payable semi-annually, in arrears, on each July 15 and January 15 after
the issuance of this Note (the “Interest Payment Dates”); provided, however, that the first
Interest Payment Date shall be the Maturity Date. Interest shall accrue on the unpaid principal
amount of this Note at the rate of 12.75% per annum from the Closing Date, or from the most recent
Interest Payment Date for which the applicable interest payment has been made, until the principal
amount of this Note is paid in full; provided, that such interest rate

 

 

shall increase by 0.50% per annum on each Interest Payment Date (such interest rate as of any
date of determination, the “Applicable Rate”). Interest on this Note shall be computed on
the basis of a 360-day year composed of twelve 30-day months.

     (c) If a date for payment of principal or interest is a Legal Holiday, payment shall be made
on the next succeeding day that is not a Legal Holiday, and interest shall accrue for the
intervening period.

     (d) The Holder of this Note must surrender this Note to the Company to collect principal
payments.

     (e) The Company will pay principal and interest in money of the United States that at the time
of payment is legal tender for payment of public and private debts in immediately available funds
(without any counterclaim, setoff, recoupment or deduction whatsoever, and free and clear of, and
without any withholding or deduction for or on account of, any present or future taxes, levies,
imports, duties, charges or fees of any nature) and by wire transfer to a U.S. dollar account
maintained by the Holder with a bank in the United States designated in writing by the Holder. All
payments of interest and principal in respect of this Note shall be made on the due date thereof no
later than 3:00 p.m., New York, New York time. Any payment received by the Holder after 3:00 p.m.,
New York, New York time, on any day, will be deemed to have been received on the following Business
Day.

     (f) The Company agrees that to the extent the Company makes a payment or payments hereunder
which payment or payments, or any part thereof, are subsequently invalidated, declared to be
fraudulent or preferential, set aside and/or required to be repaid to the Company or its successors
under any Bankruptcy Law, state or federal law, common law or equitable cause, then, to the extent
of such payment or repayment, the obligations, or part thereof, under this Note that have been
paid, reduced or satisfied by such amount shall be reinstated and continued in full force and
effect as of the time immediately preceding such initial payment, reduction or satisfaction.

     (g) To the extent lawful, the Company shall pay interest on (i) overdue principal and (ii)
overdue installments (without regard to any applicable grace period or payment blockage) of
interest, in each case at a rate equal to the Applicable Rate plus 2% per annum, compounded
semi-annually.

     (h) To guarantee the due and punctual payment of the principal and interest, if any, on this
Note and all other amounts payable by the Company under this Note when and as the same shall be due
and payable, whether at maturity, by acceleration or otherwise, according to the terms of this
Note, the Guarantors have, jointly and severally, unconditionally guaranteed the Obligations
pursuant to the terms of the Security Trust Agreement.

     (i) This Note and the other Senior Secured Increasing Rate Notes are secured on a
first-priority basis by the Security Interest created by the Security Documents pursuant to, and
subject to the terms of, the Security Trust Agreement.

     (j) If any deduction or withholding for any present or future taxes, assessments or other
governmental charges of (x) Bermuda or any political subdivision or

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governmental authority thereof or therein having power to tax, (y) any jurisdiction, other
than the United States, from or through which payment on this Note is made by the Company or
Guarantors, or any political subdivision or governmental entity thereof or therein having the power
to tax or (z) or any other jurisdiction, other than the United States, in which the Company or
Guarantors are organized, or any political subdivision or governmental authority thereof or therein
having power to tax, shall at any time be required by such jurisdiction (or any such political
subdivision or taxing authority) in respect of any amounts to be paid by the Company or Guarantors
under this Note, the Company or Guarantors will pay to the Holder any additional amounts as may be
necessary in order that the net amounts paid to such Holder who, with respect to any such tax,
assessment or other governmental charge, is not resident in, or a citizen of, such jurisdiction,
after such deduction or withholding, shall be not less than the amount specified in this Note to
which the Holder is entitled.

ARTICLE 2

TRANSFER

     The Company and, by acceptance of this Note, the Holder hereby agree that the following
provisions shall govern the registration, sale, assignment, pledge, transfer, encumbrance or other
disposition of this Note.

     Section 2.1. Note Registration. The Company shall keep at its principal office a
register (the “Register”) in which the Company shall enter the name and address of the
registered holder of this Note. References to the “Holder” of this Note shall mean the
person listed in the Register as the payee of this Note unless the payee shall have presented this
Note to the Company for transfer and the transferee shall have been entered in the Register as a
subsequent holder, in which case the term shall mean such subsequent holder. The registered holder
of this Note may be treated as the owner of it for all purposes.

     Section 2.2. Disposition. (a) This Note may, directly or indirectly, be sold,
assigned, pledged, transferred, encumbered or otherwise disposed of (each, a “transfer”) in
accordance with applicable law.

     (b) A transfer of this Note permitted by paragraph (a) of this Section shall only be effected
by the Holder hereof by delivery of this Note to the Company (with the instrument of assignment
provided on this Note properly completed in accordance with the terms and conditions of this Note),
accompanied by an opinion of counsel, in form and substance, and from counsel, reasonably
satisfactory to the Company, and by such other evidence as the Company may reasonably require of
compliance with the Securities Act and applicable state securities laws and with the provisions of
this Note, at the Company’s principal office or at such other location as the Company shall
designate in writing to the Holder; provided, however, that such transfer of this Note shall become
effective only upon, and shall not be effective for any purpose until, the Company has received
this Note.

     (c) No service charge will be made for any such transfer or assignment.

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ARTICLE 3

OUTSTANDING NOTES

     Section 3.1. (a) Outstanding Notes. The Senior Secured Increasing Rate Notes
outstanding at any time are all the Senior Secured Increasing Rate Notes issued by the Company
except for those cancelled by it and those surrendered to it for cancellation. A Note also ceases
to be outstanding because the Company or any direct or indirect Subsidiary of the Company holds the
Note.

     (b) Direction, Waiver and Consent Requirements. In determining whether the
Noteholders of the required principal amount of Senior Secured Increasing Rate Notes have concurred
in any direction, waiver or consent, Senior Secured Increasing Rate Notes owned by the Company or
any direct or indirect Subsidiary of the Company shall not be considered as though they are
outstanding.

ARTICLE 4

INTENTIONALLY OMITTED

ARTICLE 5

REDEMPTION OF SECURITIES

     Section 5.1. Optional Redemption. This Note along with all other Senior Secured
Increasing Rate Notes shall be redeemable at the option of the Company, in whole and not in part,
on not less than 5 nor more than 20 days prior notice, in cash by wire transfer to a U.S. dollar
account maintained by the Holder with a bank in the United States designated in writing by the
Holder at 100% of the principal amount, plus accrued and unpaid interest to the Redemption Date;
provided, that in the event of a Change of Control prior to or in connection with any such optional
redemption, the Redemption Price will be the greater of the price set forth above and the Change of
Control Put Price.

     Section 5.2. Mandatory Redemption.

     (a) Asset Sales. Not later than the second Business Day following receipt by the
Company or any of its Subsidiaries of any Net Asset Sale Proceeds, except with respect to certain
possible asset sales disclosed to the Noteholders prior to the date hereof, the Company shall send
a notice of redemption in accordance with Section 5.3 below to redeem the Notes in an aggregate
amount equal to such Net Asset Sale Proceeds.

     (b) Insurance/Condemnation Proceeds. Not later than the second Business Day following
the date of receipt by the Company or any of its Subsidiaries of any Net Insurance/Condemnation
Proceeds, the Company shall send a notice of redemption in accordance with Section 5.3 below to
redeem the Notes in an aggregate amount equal to such Net Insurance/Condemnation Proceeds.

     (c) Issuance of Equity Securities. Not later than the second Business Day following
the date of receipt by the Company or any of its Subsidiaries of any cash proceeds
from a

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capital contribution to, or the issuance of any Capital Stock of, the Company or any of
its Subsidiaries to any Person other than the Company or any of its Subsidiaries, the Company shall
send a notice of redemption in accordance with Section 5.3 below and redeem the Notes in an
aggregate amount equal to 100% of such proceeds, net of underwriting discounts and commissions and
other reasonable costs and expenses associated therewith, including reasonable legal fees and
expenses.

     (d) Issuance of Debt. Not later than the second Business Day following the date of
receipt by the Company or any of its Subsidiaries of any cash proceeds from incurrence of any
indebtedness of the Company or any of its Subsidiaries, the Company shall send a notice of
redemption in accordance with Section 5.3 below and shall redeem the Notes in an aggregate amount
equal to 100% of such proceeds, net of underwriting discounts and commissions and other reasonable
costs and expenses associated therewith, including reasonable legal fees and expenses.

     (e) Redemption Price; Redemption Date. Each redemption pursuant to this Section 5.2
shall be made at 100% of the principal amount, plus accrued and unpaid interest to the redemption
date. The redemption date for each such redemption shall be a date that is not less than 5 days
nor more than 10 days after the date the respective notice of redemption shall have been required
to be sent.

     (f) Pro Rata Redemption. In the event that the Company is required to redeem the
Notes pursuant to clauses (a) through (d) of this Section 5.2, and the proceeds required to be used
to redeem the Notes are not sufficient to redeem all of the Notes then outstanding, the Company
shall purchase from each Noteholder an aggregate principal amount of Notes equal to (1) the
aggregate principal amount of Notes required to be redeemed pursuant to Section 5.2 hereof,
multiplied by (2) the quotient of: (A) the aggregate principal amounts of Notes registered in the
name of such Noteholder pursuant to Section 2.1 of the Notes, divided by (B) the aggregate
principal amount of Notes then outstanding. For the avoidance of doubt, pursuant to Section
5.2(e) hereof, the Company shall also pay the accrued and unpaid interest to the redemption date on
each of the redeemed Notes.

     Section 5.3. Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
10 nor more than 40 days prior to the Redemption Date, to the Holder at the Holder’s address
appearing in the Register.

     All notices of redemption shall state:

     (i) the date on which this Note will be redeemed (the “Redemption
Date”);

     (ii) that on the Redemption Date the amount required to be paid in respect of
such redemption in accordance with Section 5.1 or 5.2, as applicable (the
“Redemption Price”) will become due and payable in respect of this Note and
all

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other Senior Secured Increasing Rate Notes, the amount of the Redemption
Price, and that interest thereon will cease to accrue on and after said date; and

     (iii) the place or places (which shall in no event be outside the continental
United States) where the Note is to be surrendered for payment of the Redemption
Price.

     Section 5.4. Notes Payable on Redemption Date. A notice of redemption having been
given as aforesaid, this Note shall on the Redemption Date become due and payable at the Redemption
Price therein specified, and from and after such date (unless the Company shall default in the
payment of the Redemption Price) shall cease to bear interest. Upon surrender of this Note for
redemption in accordance with said notice, this Note shall be paid by the Company at the Redemption
Price.

     If this Note is called for redemption and the Redemption Price for the Note is not paid in
full on the Redemption Date upon surrender thereof for redemption, then the Redemption Date shall
be deemed not to have occurred and in that case (x) the Company will be required to comply with all
provisions of this Article 5 in order to redeem this Note as if the notice required by this
Section 5.3 had not been delivered, (y) all payments of the Redemption Price shall be
allocated first to any accrued and unpaid interest to the Redemption Date and then to the unpaid
principal amount of this Note and (z) the unpaid principal amount of this Note shall, until paid,
continue to bear interest at the rate prescribed herein, and all other terms and conditions of this
Note shall continue to apply.

ARTICLE 6

CHANGE OF CONTROL OFFER

     Section 6.1. Change of Control Offer. (a) Upon a Change of Control, the Holder
shall have the right to require that the Company repurchase all or any part (equal to $1,000 or an
integral multiple thereof) of the Note at a purchase price in cash equal to 101% of the principal
amount thereof plus accrued and unpaid interest thereon, if any, to the date of repurchase (the
“Change of Control Put Price”) (subject to the right of the Holder to receive interest due
on the relevant interest payment date) in accordance with the terms contemplated in Section
6.1(b).

     (b) Within five Business Days following any Change of Control, the Company shall mail a notice
to the Holder (the “Change of Control Offer”) stating:

     (i) that a Change of Control has occurred and that the Holder has the right to
require the Company to purchase all or a portion (equal to $1,000 or an integral
multiple thereof) of the Note at a purchase price in cash equal to 101% of the
principal amount thereof, plus accrued and unpaid interest to the date of repurchase
(subject to the right of the Holder to receive interest due on the relevant interest
payment date if prior to the date of repurchase);

     (ii) the circumstances and relevant facts and financial information regarding
such Change of Control;

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     (iii) the repurchase date (which shall be no earlier than 30 days (or such
shorter time period as may be permitted under applicable laws, rules and
regulations) nor later than 60 days from the date such notice is mailed); and

     (iv) the instructions reasonably determined by the Company, consistent with
this Section 6.01, that the Holder must follow in order to have this Note
purchased.

     (c) If the Holder elects to have the Note purchased, the Holder shall be required to (1)
complete and manually sign the notice on the back of this Note (or complete and manually sign a
facsimile of such notice) and deliver such notice to the Company and (2) surrender the Note to the
Company at the address specified in the notice at least three Business Days prior to the purchase
date. The Holder shall be entitled to withdraw its election if the Company receives not later than
one Business Day prior to the purchase date a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of the Note which was delivered for
purchase by the Holder and a statement that the Holder is withdrawing his election to have the Note
purchased. The Company will issue to the Holder a new Note equal in principal amount to such
unpurchased portion.

     (d) On the purchase date, the Note, or any portion thereof, purchased by the Company under
this Section 6.1 shall be cancelled, and the Company shall pay the purchase price
determined pursuant to Section 6.1(b)(i) to the Holder.

     (e) The Company shall comply, to the extent applicable, with the requirements of Section 14(e)
of the Exchange Act and any other securities laws or regulations in connection with the repurchase
of the Note pursuant to this Section 6.1. To the extent that the provisions of any
applicable securities laws or regulations require the Company to act in a manner that conflicts
with provisions of this Note relating to Change of Control Offers, the Company shall comply with
the applicable securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 6.1 by virtue thereof.

ARTICLE 7

EVENTS OF DEFAULT

     Section 7.1. Events of Default. The following shall be Events of Default:

     (a) The Company or any Guarantor defaults in any payment of interest on any Senior Secured
Increasing Rate Note, and such default continues for a period of 3 days;

     (b) The Company or any Guarantor (i) defaults in the payment of the principal of any Senior
Secured Increasing Rate Note when the same becomes due and payable at its Maturity Date, upon
required redemption or repurchase, upon declaration or otherwise, or (ii) fails to redeem or
purchase Notes when required pursuant to the terms hereof;

     (c) The Company or any Guarantor fails to comply with Article 6 or Section 5.2
hereof;

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     (d) The Company or any Guarantor fails to comply with any of its covenants in this Note or any
Transaction Document (other than those referred to in paragraphs (a), (b) or
(c) above) and such failure continues for 60 days after written notice of such failure
shall have been delivered to the Company by a Noteholder or the Security Trustee;

     (e) The Company or any Subsidiary pursuant to or within the meaning of any Bankruptcy Law or
otherwise shall be liquidated, dissolved, adjudicated insolvent, or shall fail to pay, or shall
admit in writing its inability to pay its debts as they mature, or shall make a general assignment
for the benefit of creditors; or the Company or any Subsidiary shall apply for or consent to the
appointment of any receiver, custodian, trustee or similar officer for it or for all or any
substantial part of its property, or such receiver, custodian, trustee or similar officer shall be
appointed without the application or consent of the Company or any Subsidiary; or the Company or
any Subsidiary shall institute (by petition, application, answer, consent or otherwise), or take
any action to authorize the institution of, any bankruptcy, insolvency, reorganization,
dissolution, liquidation or similar proceeding relating to the Company or any Subsidiary under the
laws of any jurisdiction or takes any comparable action under any foreign laws relating to
insolvency; or any such proceeding shall be instituted (by petition, application or otherwise)
against the Company or any Subsidiary and such proceeding shall not be dismissed within 60 days
after being instituted;

     (f) (i) Any Security Document or any security interest granted thereby shall be held in any
judicial proceeding to be unenforceable or invalid, or not perfected, or shall cease or fail for
any reason to be in full force and effect or to create or constitute a security interest with the
priority and effect required under the Security Trust Agreement and such default or failure
continues for 10 days after written notice, or (ii) the Company or any Guarantor, or any Person
acting on behalf of such Guarantor, shall deny or disaffirm its obligations under this Note or any
Security Document;

     (g) A representation or warranty made or repeated by the Company or any Guarantor in or in
connection with this Note or any Security Document or in any certificate or statement delivered by
or on behalf of the Company or any Guarantor under or in connection with this Note or any Security
Document is incorrect in any material respect when made or deemed to have been made or repeated;

     (h) The Company and its Subsidiaries (taken as a whole) cease to carry on all or a substantial
part of its business;

     (i) Any litigation, arbitration or administrative proceedings of or before any court, arbitral
body or agency have been started against the Company or any Subsidiary where there is a reasonable
likelihood of an adverse outcome to the Company or any Subsidiary where that outcome is of a nature
which would have a Material Adverse Effect; or

     (j) All or a material part of the undertakings, assets, rights or revenues of, or shares or
other ownership interests in, the Company or any material Subsidiary are seized, expropriated,
nationalised or otherwise compulsory acquired by or under the authority of any government or
government entity.

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     Section 7.2. Acceleration of Maturity; Rescission and Annulment. If an Event of
Default (other than an Event of Default specified in Section 7.1(e)) occurs and is
continuing, then and in every such case the Majority Noteholders may declare the principal of, and
all accrued and unpaid interest under, all Senior Secured Increasing Rate Notes, including this
Note, to be due and payable immediately, by a notice in writing to the Company, and upon any such
declaration such principal and interest shall become due and payable immediately. If an Event of
Default specified in Section 7.1(e) occurs, the principal of and interest on this Note
shall ipso facto become and be immediately due and payable in cash without any declaration or other
act on the part of any Holders.

     Notwithstanding any of the foregoing, at any time after such a declaration of acceleration has
been made and before a judgment or decree for payment of the money due has been obtained, the
Majority Noteholders may rescind and annul such declaration and its consequences by notice to the
Company in writing of their desire to do so. No such rescission and annulment shall affect any
subsequent default or impair any right consequent thereon.

ARTICLE 8

COVENANTS

     Section 8.1. Payment of Notes. The Company shall promptly pay the principal of and
interest on this Note on the dates and in the manner provided herein. The Company shall, to the
extent lawful, pay interest on overdue principal and overdue installments of interest to the extent
and in the manner set forth in Section 1.1(g) of this Note.

     Section 8.2. Compliance with Bye-Laws. The Company shall, and shall cause all of
its Subsidiaries to, comply with all of the terms and conditions of Section 76A and Schedule 2 of
the Bye-Laws.

     Section 8.3. Compliance Certificate. The Company shall deliver to the Holder within
120 days after the end of each fiscal year of the Company an Officers’ Certificate stating that in
the course of the performance by the signers of their duties as Officers of the Company they would
normally have knowledge of any Default and whether or not the signers know of any Default that
occurred during such period. If they do, the certificate shall describe the Default, its status
and what action the Company is taking or proposes to take with respect thereto.

ARTICLE 9

DEFINITIONS

     Section 9.1. Definitions. The following terms shall have the meanings set forth
below:

     “Additional Notes” means additional Senior Secured Increasing Rate Notes due 2007,
having terms and conditions identical to those of this Note, and which are issued in face

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amount
equal to interest that would otherwise be payable in cash on this Note or on such Notes or any
other Senior Secured Increasing Rate Note.

     “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 the purposes of this definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     “Asset Sale” means the sale by the Company or any of its Subsidiaries to any Person
other than Company or any of its wholly-owned Subsidiaries of (i) any of the Capital Stock of any
of the Company’s Subsidiaries, (ii) all or substantially all of the assets of any division or line
of business of the Company or any of its Subsidiaries, or (iii) any other assets (whether tangible
or intangible) of the Company or any of its Subsidiaries (other than inventory sold in the ordinary
course of business).

     “Bankruptcy Law” means Title 11, United States Code, or any similar Federal, state or
foreign law for the relief of debtors.

     “Board of Directors” means the Board of Directors or any committee thereof duly
authorized to act on behalf of the Board of Directors.

     “Business Day” means each day which is not a Legal Holiday.

     “Bye-Laws” means the Bye-Laws of the Company.

     “Capital Stock” of any Person means any and all shares, partnership, membership or
other interests, participations or other equivalents of or interests in (however designated) equity
of such Person, including any Preferred Stock (but excluding any debt securities convertible into
such equity) and any rights to purchase, warrants, options or similar interests with respect to the
foregoing.

     “Change of Control” means the occurrence (x) of a Liquidity Event (as defined in the
Existing Notes), (y) of the adoption of a plan relating to the liquidation or dissolution of the
Company, or (z) at any time following the occurrence of a Liquidity Event, of any of the following
events:

     (a) (i) any “person” (as such term is used in Section 13(d)(3) of the Exchange Act), other
than one or more Permitted Holders, becomes the beneficial owner (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act, except that a person shall be deemed to have
“beneficial ownership” of all shares that any such person has the right to acquire, whether such
right is exercisable immediately or only after the passage of time), directly or indirectly, of
more than 40% of the total voting power of the Voting Stock of the Company, whether as a result of
issuance of securities of the Company, any merger, consolidation, liquidation or dissolution of the
Company, any direct or indirect transfer of securities by any Permitted Holder or otherwise, and
(ii) the Permitted Holders “beneficially own” (as defined in clause (i) above), directly or
indirectly, in the aggregate a lesser percentage of the total voting power of the Voting Stock of
the

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Company, than such other person and do not have the right or ability by voting power, contract
or otherwise to elect or designate for election a majority of the Board of Directors; or

     (b) during any period of two consecutive years, individuals who at the beginning of such
period constituted the Board of Directors (together with any new directors or members of such
governing body, as the case may be, whose designation or election to such Board of Directors, or
whose nomination for election by the shareholders of the Company, (x) was approved by a vote of a
majority of the directors of the Company then still in office who were either directors or members
of such governing body, as the case may be, at the beginning of such period or whose election or
nomination for election was previously so approved or (y) was effected in accordance with Sections
83A, 83B and 83C of the Bye-Laws), cease for any reason to constitute a majority of the Board of
Directors, then in office; or

     (c) the merger or consolidation of the Company with or into another Person or the merger of
another Person with or into the Company, or the sale of all or substantially all the assets of the
Company to another Person (other than a Person that is controlled by the Permitted Holders), and,
in the case of any such merger or consolidation, the securities of the Company that are outstanding
immediately prior to such transaction and which represent 100% of the aggregate voting power of the
Voting Stock of the Company are changed into or exchanged for cash, securities or property, unless
pursuant to such transaction such securities are changed into or exchanged for, in addition to any
other consideration, securities of the surviving Person or transferee that represent immediately
after such transaction, at least a majority of the aggregate voting power of the Voting Stock of
the surviving Person or transferee or a Person controlling such surviving Person or transferee.

     “Change of Control Offer” has the meaning set forth in Section 6.1(b).

     “Change of Control Put Price” has the meaning set forth in Section 6.1(a).

     “Closing Date” means April 3, 2007.

     “Common Shares” means the Common Shares of the Company, par value $0.01 per share.

     “Company” has the meaning set forth in the preamble.

     “Deed of Priorities” means the Deed of Priorities dated June 23, 2005 by and between
the Security Trustee, as security trustee for the Initial Purchasers, and The Law Debenture Trust
Company, p.l.c., as security trustee for the holders of the Existing Notes.

     “Default” means any event which is, or after notice or passage of time or both would
be, an Event of Default.

     “Event of Default” has the meaning set forth in Section 7.1.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

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     “Existing Notes” means the Company’s 8% Convertible Senior Secured Notes due 2014.

     “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any indebtedness of any other Person and any obligation, direct or
indirect, contingent or otherwise, of such Person (a) to purchase or pay (or advance or supply
funds for the purchase or payment of) such indebtedness of such other Person (whether arising by
virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise)
or (b) entered into for purposes of assuring in any other manner the obligee of such indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in
part); provided, however, that the term “Guarantee” shall not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee” used as a
verb has a corresponding meaning.

     “Guarantors” means VTL (UK) Limited, Viatel Broadband Limited, Viatel Internet
Limited, and each other Subsidiary that may issue a Guarantee of this Note under the Security Trust
Agreement or other guarantee agreement.

     “Holder” has the meaning set forth in the preamble, as further described in
Section 2.1.

     “Initial Purchasers” means the “Purchasers” as defined in the Purchase Agreement.

“Interest Payment Date” has the meaning set forth in Section 1.1(b).

     “Legal Holiday” is a Saturday, a Sunday or other day on which banking institutions are
not open for general business in London or New York.

     “Letter Agreement” means that certain Letter Agreement dated as of June 23, 2005, by
and between the Company, the holders of the Existing Notes and the Initial Purchasers.

     “Majority Noteholders” means, at any time, the Noteholders holding a majority of the
principal amount of the Senior Secured Increasing Rate Notes outstanding at such time.

     “Material Adverse Effect” means a material adverse effect on the assets, liabilities,
business, condition (financial or otherwise), results of operations or prospects of the Company and
its Subsidiaries taken as a whole, or any other circumstance that in any manner would be expected
to materially adversely affect the interests of the Holder in the Note.

     “Maturity Date” has the meaning set forth in the preamble.

     “Morgan Stanley” means Morgan Stanley & Co. Incorporated.

     “Net Asset Sale Proceeds” means, with respect to any Asset Sale, an amount equal to:
(i) cash payments (including any Cash received by way of deferred payment pursuant to, or by
monetization of, a note receivable or otherwise, but only as and when so received) received

12

 

by the
Company or any of its Subsidiaries from such Asset Sale, minus (ii) any bona fide direct
costs (including, without limitation, transaction costs) incurred in connection with such Asset
Sale, including (a) all income or gains taxes payable at any time by the seller as a result of any
gain recognized in connection with such Asset Sale, (b) payment of the outstanding principal amount
of, premium or penalty, if any, and interest on any Indebtedness (other than the Senior Secured
Increasing Rate Notes) that is secured by a Security Interest on the stock or assets in question
and that is required to be repaid under the terms thereof as a result of such Asset Sale and (c) a
reasonable reserve for any indemnification payments (fixed or contingent) attributable to seller’s
indemnities and representations and warranties to purchaser in respect of such Asset Sale
undertaken by the Company or any of its Subsidiaries in connection with such Asset Sale.

     “Net Insurance/Condemnation Proceeds” means an amount equal to: (i) any cash payments
or proceeds received by the Company or any of its Subsidiaries (a) under any casualty insurance
policy in respect of a covered loss thereunder or (b) as a result of the taking of any assets of
the Company or any of its Subsidiaries by any Person pursuant to the power of eminent domain,
condemnation or otherwise, or pursuant to a sale of any such assets to a purchaser with such power
under threat of such a taking, minus (ii) (a) any actual and reasonable costs incurred by
the Company or any of its Subsidiaries in connection with the adjustment or settlement of any
claims of the Company or such Subsidiary in respect thereof, and (b) any bona fide direct costs
incurred in connection with any sale of such assets as referred to in clause (i)(b) of this
definition, including income taxes payable as a result of any gain recognized in connection
therewith and (c) any amounts required to be applied to the repayment of any indebtedness secured
by a lien which is prior to any liens of the Noteholders on the asset or assets that are subject to
the taking, condemnation or casualty but excluding, however, an aggregate of $1,000,000 of such
proceeds.

     “Note Documents” means this Note, the Security Trust Agreement, the Deed of Priorities
and the Security Documents.

     “Noteholders” means all registered owners of the Senior Secured Increasing Rate Notes.

     “Notes” means this Note, as amended, supplemented, extended, restated, renewed,
replaced, refinanced or otherwise modified, in each case from time to time and whether in whole or
in part. “Notes” means the collective reference to the Company’s Senior Secured Increasing
Rate Notes Due 2007, issued July 1, 2005, as amended (the “2005 Notes”), the Company’s
Tranche A Senior Secured Increasing Rate Notes Due 2007, issued March 14, 2006, as amended (the
“March 2006 Notes”), the Company’s Tranche B Senior Secured Increasing Rate Notes Due 2007,
issued December 21, 2006, as amended (the “December 2006 Notes”), and the Company’s Tranche
C Senior Secured Increasing Rate Notes Due 2007, issued April 3,
2007 (the “April 2007 Notes”) and all Additional Notes (as defined in each of the 2005
Notes, March 2006 Notes, December 2006 Notes and April 2007 Notes).

     “Obligations” means all obligations of the Company and the Guarantors under this Note
and the other Note Documents, including obligations to the Security Trustee, whether for payment of
principal of or interest on this Note and all other monetary obligations of the

13

 

Company and the
Guarantors under this Note and the other Note Documents, whether for fees, expenses,
indemnification or otherwise.

     “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief
Financial Officer, the President, any Vice President, the Treasurer, any Assistant Treasurer, the
Secretary or any Assistant Secretary of the Company. “Officer” of a Guarantor has a correlative
meaning.

     “Officers’ Certificate” means a certificate signed by two Officers of each Person
issuing such certificate. For the avoidance of doubt, any Officers’ Certificate to be delivered by
the Company pursuant to this Note shall be signed by two Officers of the Company.

     “Permitted Holders” means Morgan Stanley and its Affiliates and any Person acting in
the capacity of an underwriter in connection with a public or private offering of the Company’s
Capital Stock.

     “Person” means any individual, corporation, partnership, limited liability company,
joint venture, association, joint-stock company, trust, unincorporated organization, government or
any agency or political subdivision thereof or any other entity.

     “Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock
of any class or classes (however designated) that is preferred as to the payment of dividends, or
as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of
such Person, over shares of Capital Stock of any other class of such Person.

     “Purchase Agreement” means the Investment and Note Purchase Agreement, dated as of
June 23, 2005, by and among the Company and the Initial Purchasers.

     “Redemption Date” has the meaning set forth in Section 5.3(i).

     “Redemption Price” has the meaning set forth in Section 5.1.

     “Register” has the meaning set forth in Section 2.1.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Security Documents” means the Security Trust Agreement and any mortgages, charges,
assignments or other Security Interests from time to time granted by the Company or the Guarantors
to the Security Trustee pursuant to the Security Trust Agreement or any other such security
document.

     “Security Interest” means any mortgage, sub-mortgage, security assignment, standard
security, charge, sub-charge, pledge, lien, right of set-off or other encumbrance or security
interest of any kind, however created or arising.

     “Senior Secured Increasing Rate Notes” means this Note and each other Senior Secured
Increasing Rate Note of the Company issued on the date of issuance set forth above pursuant to the
Purchase Agreement.

14

 

     “Security Trust Agreement” means the Security Trust and Intercreditor Deed, dated as
of June 23, 2005, as amended, by and among the Company, the Guarantors, the Security Trustee and
the Noteholders.

     “Security Trustee” means The Law Debenture Trust Corporation p.l.c. and its successors
and assigns under the Security Trust Agreement.

     “Subsidiary” of any Person means any corporation, association, partnership or other
business entity of which more than 50% of the total Voting Stock is at the time owned or
controlled, directly or indirectly, by (a) such Person, (b) such Person and one or more
Subsidiaries of such Person or (c) one or more Subsidiaries of such Person.

     “Transaction Documents” means the Senior Secured Increasing Rate Notes, the Purchase
Agreement, the Security Documents, and the Letter Agreement, the Deed of Priorities.

     “transfer” has the meaning set forth in Section 2.2.

     “Voting Stock” of a Person means all classes of Capital Stock or other interests
(including partnership interests) of such Person then outstanding and normally entitled at the time
to vote in the election of directors, managers or trustees thereof.

     Section 9.2. Interpretation. Unless the context otherwise requires:

     (i) a term has the meaning assigned to it;

     (ii) an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles;

     (iii) references to “generally accepted accounting principles” shall mean
generally accepted accounting principles in effect as of the time when and for the
period as to which such accounting principles are to be applied;

     (iv) “or” is not exclusive;

     (v) words in the singular include the plural, and in the plural include the
singular;

     (vi) provisions apply to successive events and transactions;

     (vii) “including” means including without limitation; and

     (viii) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, supplemented or otherwise modified.

15

 

ARTICLE 10

MISCELLANEOUS

     Section 10.1. Notices. Any notice or communication to be given according to the
terms of this Note shall be governed by the terms and conditions for the giving of notices under
Section 9.04 of the Purchase Agreement. Failure to mail a notice or communication to a Noteholder
or any defect in it shall not affect its sufficiency with respect to other Noteholders.

     Section 10.2. No Recourse Against Others. A director, officer, employee, creditor or
shareholder, as such, of the Company shall not have any liability for any obligations of the
Company under this Note or for any claim based on, in respect of or by reason of such obligations
or their creation. Each Noteholder by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of this Note.

     Section 10.3. Amendment. The provisions of this Note may be amended, modified or
waived if the Majority Noteholders shall, by written consent delivered to the Company, consent to
such amendment, modification or waiver; provided, however, that no such waiver shall extend to or
affect any covenant set forth herein except to the extent so expressly waived and, until such
waiver shall become effective, the obligations of the Company in respect of any such covenant shall
remain in full force and effect; and provided further that no such amendment, modification or
waiver (i) which would modify any requirement hereunder that any particular action be taken by all
of the Noteholders, or by Noteholders of a specified percentage of the aggregate principal amount
of the outstanding Senior Secured Increasing Rate Notes, shall be effective unless consented to by
all of the Noteholders or by Noteholders of such specified percentage, respectively, or (ii) which
would extend the due date for, or reduce the amount of, or form of, any payment of principal of or
interest on any Senior Secured Increasing Rate Note shall be made without the consent of the
Noteholder of such Senior Secured Increasing Rate Note. Any such amendment, modification or waiver
consented to by the Majority Noteholders shall be binding on all Noteholders.

     Section 10.4. Governing Law; Jurisdiction; Waiver of Trial by Jury. (a) This Note
shall be construed in accordance with the internal laws of the State of New York without regard to
the conflicts of laws provisions thereof. The Company hereby irrevocably submits to the
jurisdiction of any court of the State of New York located in the County of New York or the United
States District Court for the Southern District of the State of New York, any appellate courts from
any thereof (any such court, a “New York Court”) or any court of the United Kingdom located
in London, or any appellate courts from any thereof (any such court, a “U.K. Court”), for
the purpose of any suit, action or other proceeding arising out of or relating to this Note or
under any applicable securities laws and arising out of the foregoing, which is brought by or
against the Company, and the Company hereby irrevocably agrees that all claims in respect of any
such suit, action or proceeding will be heard and determined in any New York Court or
U.K. Court. The Company hereby agrees not to commence any action, suit or proceeding relating
to this Note other than in a New York Court except to the extent mandated by applicable law. The
Company hereby waives any objection that it may now or hereafter have to the venue of any such
suit, action or proceeding in any such court or that such suit, action or proceeding was brought in
an inconvenient court and agree not to plead or claim the same. EACH PARTY TO THIS NOTE HEREBY
EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY

16

 

CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING
UNDER THIS NOTE OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE
PARTIES HERETO OR ANY OF THEM WITH RESPECT THIS NOTE, OR THE TRANSACTIONS RELATED HERETO, IN EACH
CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR
OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE
OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT ANY PARTY TO THIS NOTE MAY FILE
AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT
OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.

     (a) The submission to the jurisdiction referred to in the preceding paragraph shall not limit
the right of the Holder to take proceedings against the Company in courts of any other competent
jurisdiction nor shall the taking of proceedings against the Company in any one or more
jurisdictions preclude the taking of proceedings against the Company in any other jurisdiction
(whether concurrently or not) if and to the extent permitted by applicable law.

     (b) The Company agrees that the process by which any suit, action or proceeding is begun in
connection with this Note may be served on it at its principal place of business in the United
Kingdom for the time being. If the Company ceases to have a principal place of business in the
United Kingdom, it shall immediately appoint a further person in the United Kingdom to accept
service of process on its behalf in such jurisdiction. Nothing contained herein shall affect the
right of the Company or the Holder to serve process in any other manner permitted by law. In
addition, the Company acknowledges and agrees that (a) it has, by separate letter, irrevocably
appointed CT Corporation System, as its authorized agent upon which process may be served in any
suit or proceeding against the Company arising out of or relating to this Note or under any
securities laws of the United States or any state thereof and arising out of the foregoing, (b) it
has, prior to the date hereof, paid such agent an amount in cash sufficient to procure such agent’s
services for three years from the date hereof and (c) service of process upon such agent, and
written notice of said service to the Company by the person serving the same to the address
provided above, shall be deemed in every respect effective service of process upon the Company in
any such suit or proceeding. The Company agrees to take any and all action as may be necessary to
maintain such designation and appointment of such agent in full force and effect for a period of at
least three years from the date of this Note.

     Section 10.5. Successors. All agreements of the Company in this Note shall bind its
successor.

     Section 10.6. Severability. If any one or more of the provisions contained in this
Note shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other provisions of this Note
and such provision shall be interpreted to the fullest extent permitted by the law; provided that
the Company and the Holder shall use their reasonable best efforts to find and employ an
alternative means to achieve the same or substantially the same result as that contemplated by such
provision.

17

 

     Section 10.7. Headings, etc. The headings of the Articles and Sections of this Note
have been inserted for convenience of reference only, are not to be considered a part hereof, and
shall in no way modify or restrict any of the terms or provisions hereof.

     Section 10.8. Enforcement. The Company agrees to pay all fees (including legal fees)
and expenses which the Holder may reasonably incur as a result of any contest by the Holder of the
liability of the Company under any provision of this Note in which a final and non-appealable
decision or settlement is made that the Company is liable to the Holder in substantially such a
manner as is claimed by the Holder.

     Section 10.9. Specific Performance. The Company acknowledges that the Holder would
not have an adequate remedy at law for money damages in the event that the terms of this Note were
not performed in accordance with its terms, and therefore agrees that the Holder shall be entitled
to (in addition to any other remedy to which the Holder may be entitled, at law or in equity)
injunctive relief, including specific performance, to enforce such obligations, without the posting
of any bond and if any action should be brought in equity to enforce any of the provisions of this
Note, the Company shall not raise the defense that there is an adequate remedy at law.

     Section 10.10. Non-Waiver; Remedies Cumulative. Holder shall not, by any act of
omission or commission, be deemed to waive any of its rights or remedies hereunder unless such
waiver be in writing and signed by Holder and then only to the extent specifically set forth
therein; a waiver on one occasion shall not, except as specifically set forth therein, be construed
as continuing or as a bar to or waiver of a right or remedy on any other occasion. All remedies
conferred upon Holder by this Note shall be cumulative and none is exclusive, and such remedies may
be exercised concurrently or consecutively at Holder’s option.

     Section 10.11. Waiver. The Company hereby waives presentment for payment, protest
and demand, and, except as specifically set forth or required herein or hereunder, notice of
protest, intent, demand, dishonor and nonpayment of this Note and all other notices of any kind.

     Section 10.12. Assignment. This Note and the rights, duties and obligations
hereunder may not be assigned or delegated by the Company without the prior written consent of the
Holder.

     Section 10.13. Entire Agreement. This Note and the agreements, documents and
instruments executed in connection herewith, constitutes the entire agreement of the Company and
the Holder with respect to the subject matter hereof and supersedes all prior and contemporaneous
agreements, representations, understandings, negotiations and discussions
between the Company and the Holder, whether oral or written, with respect to the subject
matter hereof.

18

 

     Section 10.14. Time of the Essence. Time is of the essence with respect to all of
the obligations and agreements specified in this Note.

	 	 	 	 	 
	 	VIATEL HOLDING (BERMUDA) LIMITED

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

19

 

[FORM OF ASSIGNMENT]

     The undersigned Holder, hereby  *  to                     
(herein called the “Assignee”),  **  interest of the undersigned
in this Note, with the effect and subject to the provisions set forth in this Note, such assignment
to be effected by delivery of this Note to the Company with this assignment properly completed in
accordance with the terms and conditions of this Note, such transfer or assignment to become
effective on, and not to be effective for any purpose until, the Company has acknowledged such
transfer or assignment and executed and delivered a new Note to the (partial) Assignee registered
in the name of the (partial) Assignee (and, in the case of a partial assignment, a new Note to the
undersigned Holder).

	 	 	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Signature

	 	 	 	 	 	 	 	 	(Use exact name of Holder as shown on this Note)

Fill in for registration of new Note:

                    

                    

                    

Please print address of Assignee (including zip code)

The undersigned, [insert name of assignee], hereby agrees to execute any documents reasonably
requested by the Company or the Majority Noteholders to effect the foregoing.

 

Signature of Assignee

 

			
	*	 	Insert, as appropriate, the words “transfers”, “assigns”, or followed by a description of the
obligation, “pledges as security for”.
	 
	**	 	Insert, as appropriate, the words “(100%) the entire” or, preceded by a percentage less than
100% in parentheses, “a partial”.

          Notice of the foregoing assignment is hereby acknowledged and approved.

	 	 	 	 	 
	 	VIATEL HOLDING (BERMUDA) LIMITED

 	 
	 	By  	 	 
	 	 	 	 
	 	 	 	 
	 

Dated:                                         

A-1

 

[FORM OF OPTION OF HOLDER TO ELECT PURCHASE PURSUANT TO SECTION 6.1 – CHANGE OF CONTROL]

TO VIATEL HOLDING (BERMUDA) LIMITED:

The undersigned Holder hereby elects to have the Company repurchase [all] [ *
principal amount] of this Note pursuant to Section 6.1 of this Note.

	 	 	 	 	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Signature

	 	 	 	 	 	 	 	 	(Use exact name of Holder as shown on this Note)

 

			
	*	 	If Note to be repurchased in part, state the amount ($1,000 or integral multiple thereof)

A-2Exhibit 4.20

 

Exhibit 4.20

AMENDMENT TO NOTES

Relating to the Company’s Senior Secured Increasing Rate Notes Due 2007, issued July 1, 2005,
Tranche A Senior Secured Increasing Rate Notes Due 2007, issued March 14, 2006, Tranche B Senior
Secured Increasing Rate Notes Due 2007, issued December 21, 2006, and Tranche C Senior Secured
Increasing Rate Notes Due 2007, issued April 3, 2007

     This AMENDMENT (this “Amendment”), dated as of June 27, 2007, among VIATEL HOLDING
(BERMUDA) LIMITED (the “Company”) and the holders (the “Noteholders”) of the
Company’s Senior Secured Increasing Rate Notes Due 2007, issued July 1, 2005, as amended (the
“2005 Notes”), Tranche A Senior Secured Increasing Rate Notes Due 2007, issued March 14,
2006, as amended (the “March 2006 Notes”), Tranche B Senior Secured Increasing Rate Notes
Due 2007, issued December 21, 2006, as amended (the “December 2006 Notes”), and Tranche C
Senior Secured Increasing Rate Notes Due 2007, issued April 3, 2007 (the “April 2007
Notes”, and together with the 2005 Notes, the March 2006 Notes, the December 2006 Notes, and
all Additional Notes (as defined in the 2005 Notes, March 2006 Notes, December 2006 Notes and April
2007 Notes) issued pursuant thereto, the “Notes”), issued pursuant to that certain
Investment and Note Purchase Agreement dated as of June 23, 2005, by and among the Company and the
purchasers named therein, as amended (the “Note Purchase Agreement”) is made with reference
to the Note Purchase Agreement and the Notes.

W I T N E S S E T H :

     WHEREAS, the Company issued and sold US$16,000,000 in aggregate principal amount of Notes on
July 1, 2005, US$8,802,600 in aggregate principal amount of Notes on March 14, 2006, US$13,011,120
in aggregate principal amount of Notes on December 21, 2006, and US$13,011,120 in aggregate
principal amount of Notes on April 3, 2007, which Notes are held by the Noteholders in the amounts
set forth opposite their respective names on Schedule I hereto;

     WHEREAS, the Notes currently provide that the Company shall on the Maturity Date (as defined
in the Notes) pay the Noteholders an amount equal to the aggregate principal amount of the Notes
then outstanding, plus accrued and unpaid interest thereon;

     WHEREAS, the Notes currently define the Maturity Date as July 1, 2007;

     WHEREAS, the Company hereby requests that the Noteholders amend the Notes to extend the
Maturity Date of the Notes from July 1, 2007 to July 1, 2008;

     WHEREAS, the Noteholders have agreed to such extension provided that the interest rate
applicable to each series of Notes is increased by 1% per annum as of July 1, 2007;

     NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the Company and the Noteholders agree as follows:

A. Definitions

 

 

     Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in
the Notes.

B. Amendment to the Notes

     1. The preamble of the Notes is hereby amended by deleting the reference to “July 1, 2007” in
the first sentence thereof and substituting therefor the following:

“July 1, 2008”

     2. Section 1.1(b) of the 2005 Notes is hereby amended by deleting such section and
substituting therefor the following:

“(b) Interest shall be payable semi-annually, in arrears, on each July 15 and
January 15 after the issuance of this Note (the “Interest Payment Dates”);
provided, however, that the first Interest Payment Date shall be January 15, 2006.
Interest shall accrue on the unpaid principal amount of this Note at the rate of 12%
per annum from the Closing Date, or from the most recent Interest Payment Date for
which the applicable interest payment has been made, until June 30, 2007; provided
further, that interest shall accrue on the unpaid principal amount of this Note at
the rate of 14.5% per annum from July 1, 2007, or from the most recent Interest
Payment Date for which the applicable interest payment has been made, until the
principal amount of this Note is paid in full; provided further, that such interest
rate shall increase by 0.50% per annum on each Interest Payment Date beginning on
January 15, 2006 (such interest rate as of any date of determination, the
“Applicable Rate”). Notwithstanding the foregoing, interest accruing before
January 15, 2008 may, at the election of the Company, be paid on the applicable
Interest Payment Date in the form of Additional Notes. Interest on this Note shall
be computed on the basis of a 360-day year composed of twelve 30-day months.”

     3. Section 1.1(b) of the March 2006 Notes is hereby amended by deleting such section and
substituting therefor the following:

“(b) Interest shall be payable semi-annually, in arrears, on each July 15 and
January 15 after the issuance of this Note (the “Interest Payment Dates”);
provided, however, that the first Interest Payment Date shall be July 15, 2006.
Interest shall accrue on the unpaid principal amount of this Note at the rate of
12.5% per annum from the Closing Date, or from the most recent Interest Payment Date
for which the applicable interest payment has been made, until June 30, 2007;
provided further, that interest shall accrue on the unpaid principal amount of this
Note at the rate of 14.5% per annum from July 1, 2007, or from the most recent
Interest Payment Date for which the applicable interest payment has been made, until
the principal amount of this Note is paid in full; provided further, that such
interest rate shall increase by 0.50% per annum on each Interest Payment Date
beginning on July 15, 2006 (such interest rate as of any date of determination, the
“Applicable Rate”). Notwithstanding the foregoing, interest

-2-

 

accruing before January 15, 2008 may, at the election of the Company, be paid on the
applicable Interest Payment Date in the form of Additional Notes. Interest on this
Note shall be computed on the basis of a 360-day year composed of twelve 30-day
months.”

     4. Section 1.1(b) of the December 2006 Notes and the April 2007 Notes is hereby amended by
deleting such section and substituting therefor the following:

“(b) Interest shall be payable semi-annually, in arrears, on each July 15 and
January 15 after the issuance of this Note (the “Interest Payment Dates”);
provided, however, that the first Interest Payment Date shall be July 15, 2007.
Interest shall accrue on the unpaid principal amount of this Note at the rate of
12.75% per annum from the Closing Date, or from the most recent Interest Payment
Date for which the applicable interest payment has been made, until June 30, 2007;
provided further, that interest shall accrue on the unpaid principal amount of this
Note at the rate of 13.75% per annum from July 1, 2007, or from the most recent
Interest Payment Date for which the applicable interest payment has been made, until
the principal amount of this Note is paid in full; provided further, that such
interest rate shall increase by 0.50% per annum on each Interest Payment Date
beginning on July 15, 2007 (such interest rate as of any date of determination, the
“Applicable Rate”). Notwithstanding the foregoing, interest accruing before
January 15, 2008 may, at the election of the Company, be paid on the applicable
Interest Payment Date in the form of Additional Notes. Interest on this Note shall
be computed on the basis of a 360-day year composed of twelve 30-day months.”

     5. Article 10 of the Notes is hereby amended by inserting the following section 10.15 at the
end of such article:

“Section 10.15. Usury Savings. Notwithstanding anything herein to the
contrary, if at any time the applicable interest rate, together with all fees and
charges that are treated as interest under applicable law (collectively, the
“Charges”), as provided for herein or in any other document executed in
connection herewith, or otherwise contracted for, charged, received, taken or
reserved by any of the Noteholders, shall exceed the maximum lawful rate (the
“Maximum Rate”) that may be contracted for, charged, taken, received or
reserved by such Noteholder in accordance with applicable law, the rate of interest
payable hereunder, together with all Charges payable to such Noteholder, shall be
limited to the Maximum Rate. In the event that the Noteholders ever receive any
amount as a result of interest and other Charges paid in excess of the Maximum Rate,
such amount which would be excessive interest shall be applied to the reduction of
the principal sum hereof, and if the principal sum is paid in full, any remaining
excess shall forthwith be paid to the Company.”

     6. Section 9.1 of the Notes is hereby amended by inserting the following new definitions in
alphabetical order:

-3-

 

          ““Charges” has the meaning set forth in Section 10.15.”

          ““Maximum Rate” has the meaning set forth in Section 10.15.”

C. Action of the holder of the Special Share

     Each of Morgan Stanley & Co. Incorporated, Värde Partners, Inc. and Stonehill Institutional
Partners, L.P., each in its capacity as a holder of Existing Notes, hereby consents to Morgan
Stanley & Co. Incorporated, as holder of the Special Share (as defined in the Note Purchase
Agreement), consenting to the Company’s execution of this Amendment and entry into the transactions
related thereto.

D. Conditions to Effectiveness

     1. This Amendment shall take effect on the date (the “Amendment Effective Date”) on or
before July 1, 2007 when all of the following shall have occurred:

          (a) Each of the Company and the Noteholders shall have signed a counterpart hereof (whether
the same or different counterparts) and shall have delivered (including by way of e-mail or
telecopier) the same to each other;

          (b) The Company shall have delivered to the Noteholders such other documents, agreements,
instruments and information as the Noteholders may reasonably request;

          (c) The Company shall have paid in full all outstanding statements for fees and expenses of
the Noteholders (including, without limitation, the fees and disbursements of Wachtell, Lipton,
Rosen & Katz), incurred in connection with this Amendment and all other documents delivered in
connection herewith and therewith; and

          (d) The Company, the Law Debenture Trust Corporation P.L.C., the Noteholders and certain
subsidiaries of the Company shall have executed and delivered to the Noteholders an executed
counterpart of the Amendment to Security Trust and Intercreditor Deed dated                      ___, 2007 which
amendment shall be in form and substance satisfactory to the Noteholders.

E. Miscellaneous Provisions

     1. In order to induce the Noteholders to enter into this Amendment, the Company hereby
represents and warrants that:

          (a) Except as expressly waived hereby (i) there exists no Default or Event of Default under
the Notes as of the date hereof, and (ii) except as set forth on Schedule II hereto, all
of the representations and warranties contained in the Note Purchase Agreement are true and correct
in all material respects as of the Amendment Effective Date (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date);
and

-4-

 

          (b) The written statements and information contained in this Amendment, the Notes, the Note
Purchase Agreement, the Security Documents, and the amendments thereto, and the other documents,
certificates and statements furnished to the Noteholders on or prior to the Amendment Effective
Date by or on behalf of any of the Company or the Guarantors for use in connection with the
transactions contemplated by this Amendment, the Notes, the Note Purchase Agreement and the
Security Documents, taken as a whole, do not, as of the Amendment Effective Date, contain any
untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements contained therein not misleading. There is no fact known to any Loan Party that could
reasonably be expected to have a Material Adverse Effect (as defined in the Note Purchase
Agreement) that has not been expressly disclosed herein (including without limitation Schedule
II hereto), in the Notes, the Note Purchase Agreement, Security Documents or in any other
documents, certificates and statements furnished to the Noteholders for use in connection with the
transactions contemplated hereby and by the Notes, the Note Purchase Agreement or the Security
Documents.

     2. Except as set forth on Schedule II hereto or as expressly waived hereby, all of the
representations, warranties, terms, covenants, conditions and other provisions of the Notes, the
Note Purchase Agreement and the Security Documents shall remain unamended and unwaived and shall
continue to be, and shall remain, in full force and effect in accordance with their respective
terms. The amendment set forth herein shall be limited precisely as provided for herein to the
provisions expressly waived hereby and shall not be deemed to be an amendment to, waiver of,
consent to, or modification of any other term or provision of the Notes, the Note Purchase
Agreement, the Security Documents or any other document referred to therein or herein or of any
transaction or further or future action on the part of the Company or any Guarantor that would
require the consent of the Noteholders (or any subset thereof) under the Notes, the Note Purchase
Agreement or the Security Documents.

     3. This Amendment is a document executed pursuant to the Notes and shall be construed,
administered and applied in accordance with all of the terms and provisions of the Notes. Any
breach of any representation, warranty, covenant or agreement contained in this Amendment shall be
deemed to be an Event of Default for all purposes of the Notes, the Note Purchase Agreement and the
Security Documents.

     4. The Company hereby agrees that it will take any action that from time to time may be
reasonably necessary to effectuate the agreements contemplated herein.

     5. This Amendment may be executed in any number of separate counterparts, each of which, when
so executed, shall be deemed an original, and all of said counterparts taken together shall be
deemed to constitute but one and the same instrument

     6. This Amendment shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

     7. This Amendment shall be construed in accordance with the internal laws of the State of New
York without regard to the conflicts of laws provisions thereof. Each party hereto hereby
irrevocably submits to the jurisdiction of any court of the State of New York located in the County
of New York or the United States District Court for the Southern District of the State

-5-

 

of New York, any appellate courts from any thereof (any such court, a “New York
Court”) or any court of the United Kingdom located in London, or any appellate courts from any
thereof (any such court, a “U.K. Court”), for the purpose of any suit, action or other
proceeding arising out of or relating to this Amendment or under any applicable securities laws and
arising out of the foregoing, which is brought by or against such party, and each such party hereby
irrevocably agrees that all claims in respect of any such suit, action or proceeding will be heard
and determined in any New York Court or U.K. Court. Each such party hereby agrees not to commence
any action, suit or proceeding relating to this Amendment other than in a New York Court except to
the extent mandated by applicable law. Each such party hereby waives any objection that it may now
or hereafter have to the venue of any such suit, action or proceeding in any such court or that
such suit, action or proceeding was brought in an inconvenient court and agree not to plead or
claim the same. EACH PARTY TO THIS AMENDMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF
ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AMENDMENT OR IN ANY WAY CONNECTED
WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT
THIS AMENDMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND
CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL
WITHOUT A JURY, AND THAT ANY PARTY TO THIS AMENDMENT AND CONSENT MAY FILE AN ORIGINAL COUNTERPART
OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES
HERETO TO THE AMENDMENT OF THEIR RIGHT TO TRIAL BY JURY.

     8. If any one or more of the provisions contained in this Amendment shall, for any reason, be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Amendment and such provision shall
be interpreted to the fullest extent permitted by the law; provided that the Company and each
Noteholder shall use their reasonable best efforts to find and employ an alternative means to
achieve the same or substantially the same result as that contemplated by such provision.

[Remainder of Page Left Intentionally Blank]

-6-

 

     IN WITNESS WHEREOF, the undersigned have caused this Amendment to be duly executed and
delivered as of the date first above written.

	 	 	 	 	 
	 	VIATEL HOLDING (BERMUDA) LIMITED

 	 
	 	By:  	/s/ Lucy Woods
 	 
	 	 	Name:  	Lucy Woods 	 
	 	 	Title:  	CEO 	 
	 

SIGNATURE PAGE TO AMENDMENT TO NOTES

 

 

	 	 	 	 	 
	 	MORGAN STANLEY & CO. INCORPORATED

 	 
	 	By:  	/s/ Thomas Doster
 	 
	 	 	Name:  	Thomas Doster 	 
	 	 	Title:  	Managing Director 	 
	 

SIGNATURE PAGE TO AMENDMENT TO NOTES

 

 

	 	 	 	 	 
	 	VÄRDE PARTNERS, INC.

 	 
	 	By:  	/s/ George G Hicks
 	 
	 	 	Name:  	George G Hicks 	 
	 	 	Title:  	Managing Partner 	 
	 

SIGNATURE PAGE TO AMENDMENT TO NOTES

 

 

	 	 	 	 	 
	 	STONEHILL INSTITUTIONAL PARTNERS, L.P.

 	 
	 	By:  	/s/ Chris Wilson
 	 
	 	 	Name:  	Christopher Wilson 	 
	 	 	Title:  	Managing Member, Stonehill
 Advisors LLC,
its agent 	 
	 

SIGNATURE PAGE TO AMENDMENT TO NOTES

 

 

SCHEDULE I

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Principal Amount	 	Principal Amount	 	Principal Amount	 	Principal Amount
	 	 	 	 	of Notes issued	 	of Notes issued	 	of Notes issued	 	of Notes issued
	Purchasers	 	Address	 	July 1, 2005	 	March 14, 2006	 	December 21, 2006	 	April 3, 2007
	Morgan
	 	Morgan Stanley & Co.	 	US$	12,631,579.00	 	 	US$	6,949,421.00	 	 	US$	10,271,936.84	 	 	US$	10,271,936.84	 
	Stanley & Co.
	 	Incorporated	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Incorporated
	 	1585 Broadway	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	New York, NY 10036	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Attn:  Thomas E. Doster	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Tel:  (212) 761-0841	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Fax:  (212) 507-4756	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Värde
	 	Värde Partners, Inc.	 	US$	3,062,201.00	 	 	US$	1,684,708.00	 	 	US$	2,490,166.51	 	 	US$	2,490,166.51	 
	Partners, Inc.
	 	8500 Normandale Lake	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Boulevard	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Suite 1570	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Minneapolis, MN	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	55437-3813	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Attn:  George G. Hicks	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Tel:  (952) 893-1554	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Fax: (952)893-9613	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Stonehill
	 	Stonehill Institutional	 	US$	306,220.00	 	 	US$	168,471.00	 	 	US$	249,016.65	 	 	US$	249,016.65	 
	Institutional
	 	Partners LP	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Partners LP
	 	885 Third Avenue, 30th	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 floor	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	New York, NY 10022	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Attn: Chris Wilson	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Anne Mauro	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Steve Nelson	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Tel: (212) 739-7474	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Fax: (212) 838-2291	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Total
	 	 	 	$	16,000,000.00	 	 	$	8,802.600.00	 	 	$	13,011,120.00	 	 	$	13,011,120.00

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