Document:

Exhibit 4.3

 Exhibit 4.3 
 EXECUTION COPY 
 PRIMUS TELECOMMUNICATIONS IHC, INC. 
 $57,210,000 14.25% Senior Secured Notes due 2011 
 Registration Rights Agreement 
 February 26, 2007 
 TO THE PURCHASERS (AS DEFINED HEREIN) 
 Ladies and Gentlemen: 
 PRIMUS TELECOMMUNICATIONS IHC, INC., a Delaware corporation (the “Company” or the “Issuer”), has issued and sold, directly or indirectly,
approximately $57,210,000 aggregate principal amount of 14.25% Senior Secured Notes due 2011, guaranteed by the Guarantors, to the Purchasers. As an inducement to the Purchasers to acquire the Notes, the Issuer and the Guarantors agree with the
Purchasers for the benefit of holders (as defined herein) from time to time of the Registrable Securities (as defined herein) as follows: 
  

	 	1.	Certain Definitions. For purposes of this Registration Rights Agreement, the following terms shall have the following respective meanings: 

 “Base Interest” shall mean the interest that would otherwise accrue on the Notes under the terms thereof and the Indenture, without
giving effect to the provisions of this Registration Rights Agreement. 
 The term “broker-dealer” shall mean any broker or
dealer registered with the Commission under the Exchange Act. 
 “Closing Date” shall mean February 26, 2007.

  

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 “Commission” shall mean the United States Securities and Exchange Commission, or any
other federal agency at the time administering the Exchange Act or the Securities Act, whichever is the relevant statute for the particular purpose. 
 “Effective Time,” in the case of (i) an Exchange Offer Registration, shall mean the time and date as of which the Commission declares the Exchange Offer Registration Statement effective or as of which the Exchange
Offer Registration Statement otherwise becomes effective and (ii) a Shelf Registration, shall mean the time and date as of which the Commission declares the Shelf Registration Statement effective or as of which the Shelf Registration Statement
otherwise becomes effective. 
 “Electing Holder” shall mean any holder of Registrable Securities that has returned a
completed and signed Notice and Questionnaire to the Issuer in accordance with Section 3(d)(ii) or 3(d)(iii) hereof. 
 “Exchange
Act” shall mean the Securities Exchange Act of 1934, or any successor thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 “Exchange Agreements” shall mean one or more Exchange and Purchase Agreements entered into by the Purchasers and the Company pursuant to
which the Purchasers acquired the Notes. 
 “Exchange Notes” shall have the meaning assigned thereto in Section 2(a)
hereof. 
 “Exchange Offer” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Exchange Offer Registration” shall have the meaning assigned thereto in Section 3(c) hereof. 
 “Exchange Offer Registration Statement” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Guarantees” means the unconditional guarantee of the payment of principal of, premium, interest and Special Interest (if any) on the
Notes and the Exchange Notes by the Guarantors. 
  

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 “Guarantors” means Primus Telecommunications Group, Incorporated; Primus
Telecommunications Holding, Inc.; TresCom International, Inc.; Least Cost Routing, Inc.; TresCom U.S.A., Inc.; iPrimus USA, Inc.; iPrimus.Com, Inc.; and Primus Telecommunications, Inc.; and any other person that becomes or is required by
Section 10.18 of the Indenture to become a guarantor of the Notes prior to, the completion of the Exchange Offer or the expiration of the period, as set forth in Section 2(b), during which the Shelf Registration Statement is required to be
effective. 
 The term “holder” shall mean, unless the context otherwise indicates, each of the Purchasers and other persons
who acquire Registrable Securities from time to time (including any successors or assigns), in each case for so long as such person is a registered holder of any Registrable Securities. 
 “Indenture” shall mean the Indenture governing the Notes, dated as of February 26, 2007, between the Issuer and U.S. Bank National
Association, as Trustee, as the same shall be amended from time to time. 
 “Notes” shall mean, collectively, the 14.25%
Senior Secured Notes due 2011 of the Issuer, and the Guarantees thereof, issued and sold to the Purchasers pursuant to the Exchange Agreements, and Notes issued in exchange therefor or in lieu thereof pursuant to the Indenture. 
 “Notice and Questionnaire” means a Notice of Registration Statement and Selling Securityholder Questionnaire substantially in the form of
Exhibit A hereto. 
 The term “person” shall mean a corporation, association, partnership, limited liability company,
organization, business, individual, government or political subdivision thereof or governmental agency. 
 “Purchasers” shall
mean, collectively, the “Holders” referred to in the Exchange Agreements that have executed and delivered a signature page to this Registration Rights Agreement. 
 “Registrable Securities” shall mean the Notes; provided, however, that a Note shall cease to be a Registrable Security when (i) in the circumstances contemplated by Section 2(a) hereof, such
Note has been exchanged for an Exchange Note in an Exchange Offer as contemplated in Section 2(a) hereof (provided that, unless clause (ii) of this definition is applicable, any Exchange Note that, pursuant to the penultimate sentence of
Section 2(a), is included in a prospectus for use in connection with resales by broker-dealers shall be deemed to 

  

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be a Registrable Security with respect to Sections 2(a), 5, 6 and 9 hereof until resale of such Registrable Security has been effected within the 180-day
period referred to in Section 2(a)(y)); (ii) in the circumstances contemplated by Section 2(b) hereof, a Shelf Registration Statement registering such Note under the Securities Act has been declared or becomes effective and such Note
has been sold or otherwise transferred by the holder thereof pursuant to and in a manner contemplated by such effective Shelf Registration Statement; (iii) such Note is sold pursuant to Rule 144 under circumstances in which any legend borne by
such Note relating to restrictions on transferability thereof, under the Securities Act or otherwise, is removed by the Issuer or pursuant to the Indenture; (iv) such Registrable Security is eligible to be sold pursuant to paragraph (k) of
Rule 144; or (v) such Registrable Security shall cease to be outstanding. Notwithstanding the foregoing, an Exchange Note shall also be deemed to be a Registrable Security if, at the time of issuance, it is not transferable without restriction
under the Securities Act. 
 “Registration Default” shall have the meaning assigned thereto in Section 2(c) hereof.

 “Registration Default Period” shall have the meaning assigned thereto in Section 2(c) hereof. 
 “Registration Expenses” shall have the meaning assigned thereto in Section 4 hereof. 
 “Resale Period” shall have the meaning assigned thereto in Section 2(a) hereof. 
 “Restricted Holder” shall mean (i) a holder that is an affiliate of the Issuer or the Guarantors within the meaning of Rule 405,
(ii) a holder who has arrangements or understandings with any person to participate in the Exchange Offer for the purpose of distributing Exchange Notes or (iii) a holder that is a broker-dealer, but only with respect to Notes received by
such broker-dealer directly from the Issuer pursuant to the Exchange Agreements, or Exchange Notes received by such broker-dealer in exchange therefor. 
 “Rule 144,” “Rule 405” and “Rule 415” shall mean, in each case, such rule promulgated under the Securities Act (or any successor provision), as the same shall be
amended from time to time. 
  

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 “Securities Act” shall mean the Securities Act of 1933, or any successor thereto, and
the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 “Shelf
Registration” shall have the meaning assigned thereto in Section 2(b) hereof. 
 “Shelf Registration Statement”
shall have the meaning assigned thereto in Section 2(b) hereof. 
 “Special Interest” shall have the meaning assigned
thereto in Section 2(c) hereof. 
 “Trust Indenture Act” shall mean the Trust Indenture Act of 1939, or any successor
thereto, and the rules, regulations and forms promulgated thereunder, all as the same shall be amended from time to time. 
 Unless the
context otherwise requires, any reference herein to a “Section” or “clause” refers to a Section or clause, as the case may be, of this Registration Rights Agreement, and the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Registration Rights Agreement as a whole and not to any particular Section or other subdivision. 
  

	 	2.	Registration Under the Securities Act. 

  

	 	a.	 Except as set forth in Section 2(b) below, the Issuer and the Guarantors agree to file under the Securities Act, as soon as practicable, but no later than 120
days after the Closing Date, a registration statement relating to an offer to exchange (such registration statement, the “Exchange Offer Registration Statement”, and such offer, the “Exchange Offer”) any and all of the Notes for
a like aggregate principal amount of notes issued by the Issuer, and guaranteed by the Guarantors, which notes would be substantially identical in all material respects to the Notes, except that they would have been registered pursuant to an
effective registration statement under the Securities Act and entitled to the benefits of the Indenture, as qualified under the Trust Indenture Act, and do not contain provisions for the additional interest contemplated in Section 2(c) below
(such notes hereinafter called “Exchange Notes”). The Issuer and the Guarantors agree to use their reasonable best efforts to cause the Exchange Offer Registration Statement to become or be declared effective under the Securities Act as
soon as practicable, but no later than 270 days after the Closing Date. The Exchange Offer will be registered under the Securities 

  

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Act on the appropriate form and will comply with the Exchange Act. The Issuer and the Guarantors further agree to use their reasonable efforts to complete
the Exchange Offer promptly (but no later than 35 business days or longer, if required by the federal securities laws, after such registration statement has become effective), hold the Exchange Offer open for at least 20 business days (calculated in
accordance with the Exchange Act) and exchange Exchange Notes for all Registrable Securities that have been properly tendered and not withdrawn on or prior to the expiration of the Exchange Offer. The Exchange Offer will be deemed to have been
“completed” to the extent that the Exchange Notes received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are, upon receipt, transferable by each such holder without restriction
under the Securities Act. The Exchange Offer shall be deemed to have been completed upon the Issuer having exchanged, pursuant to the Exchange Offer, Exchange Notes for a comparable amount of Registrable Securities that have been properly tendered
and not withdrawn before the expiration of the Exchange Offer. The Issuer and the Guarantors agree to the extent necessary and identified by notice of Restricted Holder at least ten business days prior to the Effective Time of the Exchange Offer
Registration Statement (x) to include in the Exchange Offer Registration Statement a prospectus for use in any resales by any holder of Exchange Notes that is a broker-dealer and (y) to keep such Exchange Offer Registration Statement
effective for a period (the “Resale Period”) beginning when Exchange Notes are first issued in the Exchange Offer and ending upon the earlier of the expiration of the 180th day after the Exchange Offer has been completed or such time as
such broker-dealers no longer own any Registrable Securities. With respect to such Exchange Offer Registration Statement, such holders shall have the benefit of the rights of indemnification and contribution set forth in Sections 6(a), (c),
(d) and (e) hereof. 

  

	 	b.	 If (i) on or prior to the time the Exchange Offer is completed, existing law or Commission policy or interpretations are changed such that the Exchange Notes
received by holders, other than Restricted Holders, in the Exchange Offer in exchange for Registrable Securities are not or would not be, upon receipt, transferable by each such holder without restriction under the Securities Act, (ii) the
Exchange Offer has not been completed within 300 days following the Closing Date, or (iii) the Exchange Offer is not available to any Restricted Holder, or the Exchange Notes received by any Restricted Holder in the Exchange Offer are not
transferable without restriction under the Securities Act, the Issuer and the Guarantors shall, in lieu of (or, in the case of clause (iii), in addition to) conducting the Exchange Offer contemplated by Section 2(a), file under the Securities
Act, within 120 days after the time such Restricted Holders give notice to the Issuer and the Guarantors that such obligation to file arises (the “Shelf Obligation Trigger”), no more than one “shelf” registration statement

  

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providing for the registration of, and the sale on a continuous or delayed basis by the holders of, all of the Registrable Securities, pursuant to Rule 415
or any similar rule that may be adopted by the Commission (such filing, the “Shelf Registration” and such registration statement, the “Shelf Registration Statement”). The Issuer and the Guarantors agree to use their reasonable
best efforts (x) to cause the Shelf Registration Statement to become or be declared effective by the Commission no later than 270 days after such Shelf Obligation Trigger and to keep such Shelf Registration Statement continuously effective for
a period ending on the earlier of (i) the second anniversary of the Effective Time or (ii) such time as there are no longer any Registrable Securities outstanding; provided, however, that no holder shall be entitled to be named as a
selling securityholder in the Shelf Registration Statement or to use the prospectus forming a part thereof for resales of Registrable Securities unless such holder is an Electing Holder, and (y) after the Effective Time of the Shelf
Registration Statement, upon the request of any holder of Registrable Securities that is not then an Electing Holder, to take any commercially reasonable action that is permissible by the SEC to enable such holder to use the prospectus forming a
part thereof for resales of Registrable Securities, including, without limitation, any action necessary to identify such holder as a selling securityholder in the Shelf Registration Statement, provided, however, that nothing in this clause
(y) shall relieve any such holder of the obligation to return a completed and signed Notice and Questionnaire to the Issuer in accordance with Section 3(d)(iii) hereof. The Issuer and the Guarantors further agree to supplement or make
amendments to the Shelf Registration Statement, as and when required by the rules, regulations or instructions applicable to the registration form used by the Issuer for such Shelf Registration Statement or by the Securities Act for shelf
registration, and the Issuer agrees to furnish to each Electing Holder copies of any such supplement or amendment prior to its being used and, in any event, promptly following its filing with the Commission. 

  

	 	c.	 In the event that (i) the Issuer and the Guarantors have not filed the Exchange Offer Registration Statement or Shelf Registration Statement on or before the
date on which such registration statement is required to be filed pursuant to Section 2(a) or 2(b), respectively, or (ii) such Exchange Offer Registration Statement or Shelf Registration Statement has not become effective or been declared
effective by the Commission on or before the date on which such registration statement is required to become or be declared effective pursuant to Section 2(a) or 2(b), respectively, or (iii) the Exchange Offer has not been completed within
35 business days after the initial effective date of the Exchange Offer Registration Statement relating to the Exchange Offer (if the Exchange Offer is then required to be made) or (iv) any Exchange Offer Registration Statement or Shelf
Registration Statement required by Section 2(a) or 2(b) hereof is filed and becomes or is declared effective but shall thereafter either be 

  

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withdrawn by the Issuer or shall become subject to an effective stop order issued pursuant to Section 8(d) of the Securities Act suspending the
effectiveness of such registration statement (except as specifically permitted herein) without being succeeded immediately by an additional registration statement filed and declared effective (each such event referred to in clauses (i) through
(iv), a “Registration Default” and each period of time during which a Registration Default has occurred and is continuing, a “Registration Default Period”), then, as liquidated damages for such Registration Default, in addition
to the provisions of Section 9(b), special interest (“Special Interest”), in addition to the Base Interest, shall accrue on the aggregate principal amount of such applicable Notes at a per annum rate of 0.25% for the first 90 days of
the Registration Default Period, at a per annum rate of 0.50% for the second 90 days of the Registration Default Period, at a per annum rate of 0.75% for the third 90 days of the Registration Default Period and at a per annum rate of 1.0% thereafter
for the remaining portion of the Registration Default Period. All accrued Special Interest shall be paid in cash by the Issuer on each Interest Payment Date (as defined in the Indenture). Notwithstanding anything to the contrary herein, the Company
shall not be required to pay Special Interest to a Restricted Holder if such Restricted Holder’s failure to receive Exchange Notes and/or inability to use a Shelf Registration Statement arises from such Restricted Holder’s failure to
comply with its obligations to make the representations set forth in Section 3(c) and/or obligations under Section 3(d)(iii), as applicable, or to provide the information required to be provided by it. Following the cure of all
Registration Defaults, the accrual of Special Interest shall cease. 

  

	 	d.	The Issuer and the Guarantors shall use their reasonable best efforts to take all actions necessary or advisable to be taken by them to ensure that the transactions contemplated
herein are effected as so contemplated in Section 2(a) or 2(b) hereof. 

  

	 	e.	Any reference herein to a registration statement as of any time shall be deemed to include any document permitted to be incorporated, or deemed to be incorporated, therein by
reference as of such time and any reference herein to any post-effective amendment to a registration statement as of any time shall be deemed to include any document permitted to be incorporated, or deemed to be incorporated, therein by reference as
of such time. 

  

	 	3.	Registration Procedures. 

 If the Issuer and the
Guarantors file a registration statement pursuant to Section 2(a) or Section 2(b), the following provisions shall apply: 
  

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	 	a.	At or before the Effective Time of the Exchange Offer or the Shelf Registration, as the case may be, the Issuer shall cause the Indenture to be qualified under the Trust Indenture
Act. 

  

	 	b.	In the event that such qualification would require the appointment of a new trustee under the Indenture, the Issuer shall appoint a new trustee thereunder pursuant to the applicable
provisions of the Indenture. 

  

	 	c.	As a condition to its participation in the Exchange Offer pursuant to the terms of this Registration Rights Agreement, each Restricted Holder shall furnish, upon the request of the
Company, a written representation to the Company to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or understanding with any person to
participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer, (C) it is acquiring the Exchange Notes in its ordinary course of business, (D) it is not acting on behalf of any person who could not truthfully make
the foregoing representations and (E) such other representations as may be reasonably necessary under applicable Commission rules, regulations or interpretations. In connection with the Issuer’s and the Guarantors’ obligations with
respect to the registration of Exchange Notes as contemplated by Section 2(a) (the “Exchange Offer Registration”), if applicable, the Issuer and the Guarantors shall, as soon as practicable (or as otherwise specified):

  

	 	i.	prepare and file with the Commission, as soon as practicable but no later than 120 days after the Closing Date, an Exchange Offer Registration Statement on any form which may be
utilized by the Issuer and which shall permit the Exchange Offer and resales of Exchange Notes by broker-dealers during the Resale Period to be effected as contemplated by Section 2(a), and use their reasonable best efforts to cause such
Exchange Offer Registration Statement to become or be declared effective as soon as practicable thereafter, but no later than 270 days after the Closing Date; 

  

	 	ii.	 as soon as practicable prepare and file with the Commission such amendments and supplements to such Exchange Offer Registration Statement and the prospectus
included therein as may be necessary to effect and maintain the effectiveness of such Exchange Offer Registration Statement for the periods and purposes contemplated in Section 2(a) hereof and as may be required by the applicable rules and
regulations of the Commission and the instructions applicable to the form of such Exchange Offer Registration Statement, and promptly provide upon request to each requesting 

  

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broker-dealer holding Exchange Notes such number of copies of the prospectus included therein (as then amended or supplemented), in conformity in all
material respects with the requirements of the Securities Act and the Trust Indenture Act, as such broker-dealer reasonably may request prior to the expiration of the Resale Period, for use in connection with resales of Exchange Notes;

  

	 	iii.	promptly notify (which notification may be satisfied by a filing with the Commission) each broker-dealer holding Exchange Notes that has requested copies of the prospectus included
in such Exchange Offer Registration Statement, and if requested by such broker dealer confirm such advice in writing , (A) when such Exchange Offer Registration Statement or the prospectus included therein or any prospectus amendment or
supplement or post-effective amendment has been filed, and, with respect to such Exchange Offer Registration Statement or any post-effective amendment, when the same has become effective, (B) any request by the Commission for amendments or
supplements to such Exchange Offer Registration Statement or prospectus, or (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Exchange Offer Registration Statement or the initiation or, to the
knowledge of the Issuer, threatening of any proceedings for that purpose, or (D) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Exchange Notes for sale in any jurisdiction or the
initiation or, to the knowledge of the Issuer, threatening of any proceeding for such purpose; 

  

	 	iv.	use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Exchange Offer Registration Statement or any post-effective amendment
thereto as soon as practicable; 

  

	 	v.	 use their reasonable best efforts to (A) register or qualify the Exchange Notes under the securities laws or blue sky laws of no more than five jurisdictions
as are contemplated by Section 2(a) no later than the commencement of the Exchange Offer, (B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings
therein in such jurisdictions until the expiration of the Resale Period and (C) take any and all other actions as may be reasonably necessary or advisable to enable each broker-dealer holding Exchange Notes to consummate the disposition thereof
in such jurisdictions; provided, however, that neither the Issuer nor any 

  

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Guarantor shall be required for any such purpose to (1) qualify as a foreign corporation or limited liability company, as the case may be, in any
jurisdiction wherein it would not otherwise be required to qualify but for the requirements of this Section 3(c)(v), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of
incorporation or by-laws (or other organizational document) or any agreement between it and holders of its ownership interests; 

  

	 	vi.	use their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the
Exchange Offer Registration, the Exchange Offer and the offering and sale of Exchange Notes by broker-dealers during the Resale Period; 

  

	 	vii.	provide a CUSIP number for all Exchange Notes, not later than the applicable Effective Time; 

  

	 	viii.	mail, upon request, to each holder requesting in writing a copy of the prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of
transmittal and related documents; 

  

	 	ix.	utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan in New York City, which may be the Trustee, any new trustee under the
Indenture, or an affiliate of any of them; and 

  

	 	x.	prior to the Effective Time, provide a supplemental letter to the Commission (i) stating that the Issuer and the Guarantors are conducting the Exchange Offer in reliance on the
position of the Commission in Exxon Capital Holdings Corporation (pub. avail. May 13, 1988) and Morgan Stanley and Co., Inc. (pub. avail. June 5, 1991); and (ii) including a representation that neither the Issuer nor any Guarantor has
entered into any arrangement or understanding with any person to distribute the Exchange Notes to be received in the Exchange Offer and that, to the best of the information and belief of the Issuer and each Guarantor, each holder participating in
the Exchange Offer is acquiring the Exchange Notes in the ordinary course of business and has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes. 

  

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 In addition, as soon as practicable after the close of the Exchange Offer, the Issuer shall
(i) accept for exchange all Registrable Securities tendered and not validly withdrawn pursuant to the Exchange Offer; (ii) deliver to the Trustee for cancellation all Notes so accepted for exchange; and (iii) cause the Trustee
promptly to authenticate and deliver to each holder a principal amount of Exchange Notes equal to the principal amount of the Registrable Securities of such Holder so accepted for exchange. 
  

	 	d.	In connection with the Issuer’s and the Guarantors’ obligations with respect to the Shelf Registration, if applicable, the Issuer and the Guarantors shall use commercially
reasonable efforts to, as soon as practicable (or as otherwise specified): 

  

	 	i.	prepare and file with the Commission within the time periods specified in Section 2(b), a Shelf Registration Statement on any form which may be utilized by the Issuer and which
shall register all of the Registrable Securities for resale by the holders thereof in accordance with such method or methods of disposition as may be specified by such of the holders as, from time to time, may be Electing Holders, and use their
reasonable best efforts to cause such Shelf Registration Statement to become or be declared effective within the time periods specified in Section 2(b); 

  

	 	ii.	not less than 21 calendar days prior to the Effective Time of the Shelf Registration Statement, mail the Notice and Questionnaire to the holders of Registrable Securities; no holder
shall be entitled to be named as a selling securityholder in the Shelf Registration Statement as of the Effective Time, and no holder shall be entitled to use the prospectus forming a part thereof for resales of Registrable Securities at any time,
unless such holder has returned a completed and signed Notice and Questionnaire to the Issuer by the deadline for response set forth therein; provided, however, that holders of Registrable Securities shall have at least 14 calendar days from the
date on which the Notice and Questionnaire is first mailed to such holders to return a completed and signed Notice and Questionnaire to the Issuer; 

  

	 	iii.	 upon the request of any holder of Registrable Securities that is not then an Electing Holder, promptly send a Notice and Questionnaire to such holder; provided that
the Issuer shall not be required to take any action to name such holder as a selling securityholder in the Shelf Registration Statement or to enable such holder to use the prospectus forming a part thereof for resales of Registrable 

  

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Securities until such holder has returned a completed and signed Notice and Questionnaire to the Issuer; 

  

	 	iv.	as soon as practicable prepare and file with the Commission such amendments and supplements to such Shelf Registration Statement and the prospectus included therein as may be
necessary to effect and maintain the effectiveness of such Shelf Registration Statement for the period specified in Section 2(b) hereof and as may be required by the applicable rules and regulations of the Commission and the instructions
applicable to the form of such Shelf Registration Statement, and furnish to the Electing Holders copies of any such supplement or amendment simultaneously with or prior to its being used or filed with the Commission; 

  

	 	v.	comply with the provisions of the Securities Act with respect to the disposition of all of the Registrable Securities covered by such Shelf Registration Statement in accordance with
the intended methods of disposition by the Electing Holders provided for in such Shelf Registration Statement; 

  

	 	vi.	promptly notify each of the Electing Holders, and confirm such advice in writing, (A) when such Shelf Registration Statement or the prospectus included therein or any
prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Shelf Registration Statement or any post-effective amendment, when the same has become effective, (B) any request by the Commission for
amendments or supplements to such Shelf Registration Statement or prospectus, or (C) of the issuance by the Commission of any stop order suspending the effectiveness of such Shelf Registration Statement or the initiation or, to the knowledge of
the Issuer, threatening of any proceedings for that purpose, or (D) of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the
initiation or, to the knowledge of the Issuer, threatening of any proceeding for such purpose; 

  

	 	vii.	use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of such Shelf Registration Statement or any post-effective amendment thereto as
soon as practicable; 

  

	 	viii.	 use their reasonable best efforts to (A) register or qualify the Registrable Securities to be included in such Shelf Registration 

  

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Statement under such securities laws or blue sky laws of no more than five jurisdictions that the Electing Holders collectively shall reasonably request,
(B) keep such registrations or qualifications in effect and comply with such laws so as to permit the continuance of offers, sales and dealings therein in such jurisdictions during the period the Shelf Registration is required to remain
effective under Section 2(b) above and (C) take any and all other actions as may be reasonably necessary or advisable to enable each such Electing Holder to consummate the disposition in such jurisdictions of such Registrable Securities;
provided, however, that none of the Issuer and Guarantors shall be required for any such purpose to (1) qualify as a foreign corporation or limited liability company, as the case may be, in any jurisdiction wherein it would not otherwise be
required to qualify but for the requirements of this Section 3(d)(xii), (2) consent to general service of process in any such jurisdiction or (3) make any changes to its certificate of incorporation or by-laws (or other organizational
document) or any agreement between it and holders of its ownership interests; 

  

	 	ix.	use their reasonable best efforts to obtain the consent or approval of each governmental agency or authority, whether federal, state or local, which may be required to effect the
Shelf Registration or the offering or sale in connection therewith or to enable the selling holder or holders to offer, or to consummate the disposition of, their Registrable Securities; 

  

	 	x.	unless any Registrable Securities shall be in book-entry only form, cooperate with the Electing Holders to facilitate the timely preparation and delivery of certificates
representing Registrable Securities to be sold, which certificates, if so required by any securities exchange upon which any Registrable Securities are listed, shall be penned, lithographed or engraved, or produced by any combination of such
methods, on steel engraved borders, and which certificates shall not bear any restrictive legends; 

  

	 	xi.	provide a CUSIP number for all Registrable Securities, not later than the applicable Effective Time; and 

  

	 	xii.	notify in writing each holder of Registrable Securities of any proposal by the Issuer to amend or waive any provision of this Registration Rights Agreement pursuant to
Section 8(g) hereof and of any amendment or waiver effected pursuant thereto, each of which notices shall contain the substance of the amendment or waiver proposed or effected, as the case may be. 

  

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	 	e.	In the event that the Issuer would be required, pursuant to Section 3(d)(vi)(D) above, to notify the Electing Holders, the Issuer shall, as promptly as practicable, but in any
event within ten days, prepare and furnish to each of the Electing Holders a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to purchasers of Registrable Securities, such prospectus conforms in
all material respects to the applicable requirements of the Securities Act and the Trust Indenture Act, and shall not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make
the statements therein not misleading in light of the circumstances then existing. Each Electing Holder agrees that upon receipt of any notice from the Issuer pursuant to Section 3(d)(vi)(D) hereof, such Electing Holder shall forthwith
discontinue the disposition of Registrable Securities pursuant to the Shelf Registration Statement applicable to such Registrable Securities until such Electing Holder shall have received copies of such amended or supplemented prospectus, and if so
directed by the Issuer, such Electing Holder shall deliver to the Issuer all copies, other than permanent file copies, then in such Electing Holder’s possession of the prospectus covering such Registrable Securities at the time of receipt of
such notice. 

  

	 	f.	In the event of a Shelf Registration, in addition to the information required to be provided by each Electing Holder in its Notice and Questionnaire, the Issuer may require such
Electing Holder to furnish to the Issuer such additional information regarding such Electing Holder and such Electing Holder’s intended method of distribution of Registrable Securities as may be required in order to comply with the Securities
Act. Each such Electing Holder agrees to notify the Issuer as promptly as practicable of any inaccuracy or change in information previously furnished by such Electing Holder to the Issuer or of the occurrence of any event in either case as a result
of which any prospectus relating to such Shelf Registration contains or would contain an untrue statement of a material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities
or omits to state any material fact regarding such Electing Holder or such Electing Holder’s intended method of disposition of such Registrable Securities required to be stated therein or necessary to make the statements therein not misleading
in light of the circumstances then existing, and promptly to furnish to the Issuer any additional information required to correct and update any previously furnished information or required so that such prospectus shall not contain, with respect to
such Electing Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the
circumstances then existing. 

  

 15 

	 	4.	Registration Expenses. 

 The Issuer agrees, subject
to the last sentence of this Section 4, to bear and to pay or cause to be paid promptly all expenses incident to the Issuer’s or Guarantors’ performance of or compliance with this Registration Rights Agreement, including (a) all
reasonable fees and expenses in connection with the qualification of the Notes for offering and sale under the securities laws and blue sky laws referred to in Section 3(d)(viii) hereof and determination of their eligibility for investment
under the laws of such jurisdictions as the Electing Holders may designate, including any fees and disbursements of counsel for the Electing Holders in connection with such qualification and determination, (b) all expenses relating to the
preparation, printing, production, distribution and reproduction of each registration statement required to be filed hereunder, each prospectus included therein or prepared for distribution pursuant hereto, each amendment or supplement to the
foregoing, the expenses of preparing the Notes for delivery and the expenses of printing or producing any blue sky or legal investment memoranda and all other documents in connection with the offering, sale or delivery of Notes to be disposed of
(including certificates representing the Notes), (c) messenger, telephone and delivery expenses relating to the offering, sale or delivery of Notes and the preparation of documents referred in clause (b) above, (d) fees and expenses
of the Trustee under the Indenture, any agent of the Trustee and any reasonable fees and expenses for counsel for the Trustee and of any collateral agent or custodian, (e) internal expenses of the Issuer (including all salaries and expenses of
the Issuer’ officers and employees performing legal or accounting duties), (f) fees, disbursements and expenses of counsel and independent certified public accountants of the Issuer (including the expenses of any opinions or “cold
comfort” letters required by or incident to such performance and compliance), (g) reasonable fees, disbursements and expenses of one counsel for the Electing Holders retained in connection with a Shelf Registration, as selected by the
Electing Holders of at least a majority in aggregate principal amount of the Registrable Securities held by Electing Holders (which counsel shall be reasonably satisfactory to the Issuer), (h) any fees charged by securities rating services for
rating the Notes, and (i) reasonable fees, expenses and disbursements of any other persons, including special experts, retained by the Issuer in connection with such registration (collectively, the “Registration Expenses”). To the
extent that any Registration Expenses are incurred, assumed or paid by any holder of Registrable Securities, the Issuer shall reimburse such person for the full amount of the Registration Expenses so incurred, assumed or paid promptly after receipt
of a request therefor. Notwithstanding the foregoing, the holders of the Registrable Securities being registered shall pay all agency fees and commissions and underwriting discounts and commissions attributable to the sale of such Registrable
Securities and the fees and disbursements of any counsel or other advisors or experts retained by such holders (severally or jointly), other than the counsel and experts specifically referred to above. 
  

 16 

	 	5.	Representations, Warranties and Covenants. 

 Except
with respect to clauses (a) and (b) below, the Issuer and the Guarantors, jointly and severally, represent and warrant to, and agree with, each Purchaser and each of the holders Registrable Securities the information set forth in this
Section 5. 
 With respect to clauses (a) and (b) below, the Issuer and the Guarantors, jointly and severally, covenant to each
Purchaser and each of the holders of Registrable Securities that: 
  

	 	a.	Each registration statement covering Registrable Securities and each prospectus (including any preliminary or summary prospectus) contained therein or furnished pursuant to
Section 3(d) or Section 3(c) hereof and any further amendments or supplements to any such registration statement or prospectus, when it becomes effective with the Commission, as the case may be, will conform in all material respects to the
requirements of the Securities Act and the Trust Indenture Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading,
other than from (i) such time as a notice has been given to holders of Registrable Securities pursuant to Section 3(d)(vi)(D) hereof until (ii) such time as the Issuer furnishes an amended or supplemented prospectus pursuant to
Section 3(d) hereof; provided, however, that this covenant shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Issuer by a holder of Registrable Securities
expressly for use therein. 

  

	 	b.	Any documents incorporated by reference in any prospectus referred to in Section 5(a) hereof, when such prospectus is or was filed with the Commission, as the case may be, will
conform or conformed in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and none of such documents will contain or contained an untrue statement of a material fact or will omit or omitted to state
a material fact required to be stated therein or necessary to make the statements therein not misleading; provided, however, that this covenant shall not apply to any statements or omissions made in reliance upon and in conformity with information
furnished in writing to the Issuer by a holder of Registrable Securities expressly for use therein. 

  

	 	c.	This Registration Rights Agreement has been duly authorized, executed and delivered by the Issuer and the Guarantors and is enforceable against the Issuer and the Guarantors in
accordance with its terms. 

  

 17 

	 	6.	Indemnification. 

  

	 	a.	 Indemnification by the Issuer. The Issuer and the Guarantors, jointly and severally, (i) will indemnify and hold harmless each of the holders of
Exchange Notes included in an Exchange Offer Registration Statement and each of the Electing Holders identified as a selling securityholder in a Shelf Registration Statement against any losses, claims, damages or liabilities, joint or several, to
which they or any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement or
alleged untrue statement of a material fact contained in the Exchange Offer Registration Statement or Shelf Registration Statement, as the case may be, or any amendment thereof or supplement thereto, or any preliminary, final or summary prospectus
contained therein or furnished by the Issuer to any such holders, or Electing Holder, or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, and (ii) will reimburse such holder and such Electing Holder for any reasonable legal or other expenses incurred by them in connection with investigating or defending any such
loss, claim, damage or liability as such expenses are incurred; provided, however, that neither the Issuer nor any Guarantor shall be liable to any such person in any such case to the extent that any such loss, claim, damage or liability arises out
of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement, or preliminary, final or summary prospectus, or any amendment thereof or supplement thereto, in reliance upon
and in conformity with written information furnished to the Issuer by or on behalf of such person expressly for use therein; and provided further, however, that neither the Company nor any Guarantor will be liable to any Purchaser, holder, or
Electing Holder (or any person who controls such party within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) with respect to any untrue statement or alleged untrue statement or omission or alleged
omission of a material fact made in any preliminary prospectus to the extent that any such loss, liability, claim, damage or expense resulted from the fact that such Purchaser, holder or Electing Holder, as the case may be, sold Notes or Exchange
Notes to a Person to whom such Purchaser, holder or Electing Holder, as the case may be, failed to send or give, at or prior to the written confirmation of sale of such securities, a copy of a final prospectus (as amended or supplemented), if the
Company or any Guarantor has previously furnished copies thereof (sufficiently in advance of the closing of such sale to allow for distribution thereof in a timely manner) to such Purchaser, holder or Electing Holder, as the case may be, and the
loss, liability, claim, damage or expense of such Purchaser, holder or Electing 

  

 18 

	 	 
Holder, as the case maybe, resulted from an untrue statement or alleged untrue statement or omission or alleged omission of a material fact contained in or
omitted from such preliminary prospectus which was corrected in such final prospectus. 

  

	 	b.	Indemnification by the Purchasers and the Holders. Each of the holders of Registrable Securities covered by any Exchange Offer Registration Statement and each of the
Electing Holders of Registrable Securities included in a Shelf Registration Statement, severally and not jointly, (i) will indemnify and hold harmless the Issuer and all other holders against any losses, claims, damages or liabilities to which
the Issuer or such other holders may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon an untrue statement
or alleged untrue statement of a material fact contained in such registration statement, or any amendment thereof or supplement thereto, or any preliminary, final or summary prospectus contained therein or furnished by the Issuer to any such holders
or Electing Holder or any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
in each case to the extent, but only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the Issuer by or on behalf
of such holder or Electing Holder expressly for use therein, and (ii) will reimburse the Issuer for any legal or other expenses reasonably incurred by the Issuer in connection with investigating or defending any such action or claim as such
expenses are incurred; provided, however, that no such Electing Holder or holder that is a broker-dealer selling Exchange Notes pursuant to the penultimate sentence of Section 2(a) shall be required to undertake liability to any person under
this Section 6(b) for any amounts in excess of the dollar amount of the proceeds to be received by such Electing Holder or holder from the sale of such Electing Holder’s or holder’s Registrable Securities pursuant to such
registration. 

  

	 	c.	 Notices of Claims, Etc. Promptly after receipt by an indemnified party under subsection (a) or (b) above of written notice of the
commencement of any action, such indemnified party shall, if a claim in respect thereof is to be made against an indemnifying party pursuant to the indemnification provisions of or contemplated by this Section 6, notify such indemnifying party
in writing of the commencement thereof; but the failure so to notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified party except to the extent actually prejudiced thereby . In case any such action
shall be brought against any indemnified 

  

 19 

	 	 
party and it shall notify an indemnifying party of the commencement thereof, such indemnifying party shall be entitled to participate therein and, to the
extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall not, except with the consent of the indemnified party,
be counsel to the indemnifying party), and, after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, such indemnifying party shall not be liable to such indemnified party for any legal
expenses of other counsel or any other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation. Notwithstanding the foregoing, the indemnified party
or parties shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have
been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action within a reasonable time after
notice of commencement of the action or (iii) such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them that are different from or additional to those available to one or all of the
indemnifying parties (in which case the indemnifying party or parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such fees and expenses of counsel shall be
borne by the indemnifying parties; provided, that the indemnifying parties shall only be liable for the legal expenses of one counsel (in addition to any local counsel) for all indemnified parties in each jurisdiction in which any claim or action is
brought. No indemnifying party shall, without the written consent of the indemnified party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (i) includes an unconditional release of
the indemnified party from all liability arising out of such action or claim and (ii) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party.

  

	 	d.	 Contribution. If for any reason the indemnification provisions contemplated by Section 6(a) or Section 6(b) are unavailable to or insufficient to
hold harmless an indemnified party in respect of any losses, claims, damages or liabilities (or actions in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as
a result of such losses, claims, 

  

 20 

	 	 
damages or liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the
indemnified party in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions in respect thereof), as well as any other relevant equitable considerations. The relative fault of such
indemnifying party and indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact relates to information
supplied by such indemnifying party or by such indemnified party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties hereto agree that it would not be
just and equitable if contributions pursuant to this Section 6(d) were determined by pro rata allocation (even if the holders or all of them were treated as one entity for such purpose) or by any other method of allocation which does not take
account of the equitable considerations referred to in this Section 6(d). The amount paid or payable by an indemnified party as a result of the losses, claims, damages, or liabilities (or actions in respect thereof) referred to above shall be
deemed to include any legal or other fees or expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 6(d), no holder shall be
required to contribute any amount in excess of the amount by which the dollar amount of the proceeds received by such holder from the sale of any Registrable Securities exceeds the amount of any damages which such holder has otherwise been required
to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The holders’ obligations in this Section 6(d) to contribute shall be several in proportion to the principal amount of Registrable Securities registered or underwritten, as the
case may be, by them and not joint. 

  

	 	e.	Remedy not Exclusive. The obligations of the Issuer under this Section 6 shall be in addition to any liability which the Issuer may otherwise have and shall extend, upon
the same terms and conditions, to each officer, director and partner of each holder and each person, if any, who controls any holder within the meaning of the Securities Act; and the obligations of the Purchasers and the holders contemplated by this
Section 6 shall be in addition to any liability which the respective Purchaser or holder may otherwise have and shall extend, upon the same terms and conditions, to each officer (including any officer who signed any registration statement),
director, employee, representative or agent of the Issuer and to each person, if any, who controls the Issuer within the meaning of the Securities Act. 

  

 21 

	 	7.	Rule 144. 

 The Issuer and the Guarantors, jointly
and severally, covenant to the holders of Registrable Securities that to the extent any of the Issuer or any Guarantor shall be required to do so under the Exchange Act, it shall timely file the reports required to be filed by it under the Exchange
Act or the Securities Act (including the reports under Section 13 and 15(d) of the Exchange Act referred to in subparagraph (c)(1) of Rule 144 adopted by the Commission under the Securities Act), and shall take such further action as any holder
of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemption provided by
Rule 144 under the Securities Act, or any similar or successor rule or regulation hereafter adopted by the Commission. Upon the request of any holder of Registrable Securities in connection with that holder’s sale pursuant to Rule 144, the
Issuer shall deliver to such holder a written statement as to whether it has complied with such requirements. 
  

	 	8.	Miscellaneous. 

  

	 	a.	Specific Performance. The parties hereto acknowledge that there would be no adequate remedy at law if the Issuer fails to perform any of its obligations hereunder and that
the Purchasers and the holders from time to time of the Registrable Securities may be irreparably harmed by any such failure, and accordingly agree that the Purchasers and such holders, in addition to any other remedy to which they may be entitled
at law or in equity, shall be entitled to compel specific performance of the obligations of the Issuer under this Registration Rights Agreement in accordance with the terms and conditions of this Registration Rights Agreement, in any court of the
United States or any State thereof having jurisdiction. 

  

	 	b.	 Notices. All notices, requests, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been duly given
(i) when delivered by hand, if delivered personally, or by air courier guaranteeing overnight delivery, (ii) when sent by facsimile (with written confirmation of receipt), provided that a copy is mailed by registered or certified mail,
return receipt requested or (iii) three days after being deposited in the first-class mail (registered or certified mail, postage prepaid, return receipt requested) as follows: If to the Issuer, 7901 Jones Branch Drive, Suite 900, McLean,
Virginia, 22102, Attention: John F. DePodesta, and if to a holder, to the address of such holder set forth in the security register or other records of the Issuer, or to such other address as the Issuer or any such holder may have furnished to the
other in writing in 

  

 22 

	 	 
accordance herewith, except that notices of change of address shall be effective only upon receipt. 

  

	 	c.	Parties in Interest. All the terms and provisions of this Registration Rights Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable, by the
parties hereto and the holders from time to time of the Registrable Securities and the respective successors and assigns of the parties hereto and such holders. In the event that any transferee of any holder of Registrable Securities shall acquire
Registrable Securities, in any manner, whether by gift, bequest, purchase, operation of law or otherwise, such transferee shall, without any further writing or action of any kind, be deemed a beneficiary hereof for all purposes and such Registrable
Securities shall be held subject to all of the terms of this Registration Rights Agreement, and by taking and holding such Registrable Securities such transferee shall be entitled to receive the benefits, and be conclusively deemed to have agreed to
be bound by all of the applicable terms and provisions, of this Registration Rights Agreement. If the Issuer shall so request, any such successor, assign or transferee shall agree in writing to acquire and hold the Registrable Securities subject to
all of the applicable terms hereof. 

  

	 	d.	Survival. The respective indemnities, agreements, representations, warranties and each other provision set forth in this Registration Rights Agreement or made pursuant hereto
shall remain in full force and effect regardless of any investigation (or statement as to the results thereof) made by or on behalf of any holder of Registrable Securities, any director, officer or partner of such holder, or any controlling person
of any of the foregoing, and shall survive delivery of and payment for the Registrable Securities pursuant to the Exchange Agreements and the transfer and registration of Registrable Securities by such holder and the consummation of an Exchange
Offer. 

  

	 	e.	Governing Law. This Registration Rights Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

  

	 	f.	Headings. The descriptive headings of the several Sections and paragraphs of this Registration Rights Agreement are inserted for convenience only, do not constitute a part of
this Registration Rights Agreement and shall not affect in any way the meaning or interpretation of this Registration Rights Agreement. 

  

	 	g.	 Entire Agreement; Amendments. This Registration Rights Agreement and the other writings referred to herein (including the Indenture and the form 

  

 23 

	 	 
of Notes) or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to its subject matter. This
Registration Rights Agreement supersedes all prior agreements and understandings between the parties with respect to its subject matter. This Registration Rights Agreement may be amended and the observance of any term of this Registration Rights
Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) only by a written instrument duly executed by the Issuer and the holders of at least a majority in aggregate principal amount of the
Registrable Securities at the time outstanding, provided that no such amendment or waiver shall materially and disproportionately adversely affect the rights of any Restricted Holder under this Registration Rights Agreement without the consent of
such Restricted Holder; and provided further, that each such amendment and waiver effected in accordance with this Section 8(g) shall be binding on the Guarantors. Each holder of any Registrable Securities at the time or thereafter outstanding
shall be bound by any amendment or waiver effected pursuant to this Section 8(g), whether or not any notice, writing or marking indicating such amendment or waiver appears on such Registrable Securities or is delivered to such holder.

  

	 	h.	Inspection. For so long as this Registration Rights Agreement shall be in effect, this Registration Rights Agreement and a complete list of the names and addresses of all the
holders of Registrable Securities shall be made available for inspection and copying, upon reasonable prior notice, on any business day during normal business hours by any holder of Registrable Securities for proper purposes only (which shall
include any purpose related to the rights of the holders of Registrable Securities under the Notes, the Indenture and this Registration Rights Agreement) at the offices of the Issuer at the address thereof set forth in Section 9(c) above and at
the office of the Trustee under the Indenture. 

  

	 	i.	Counterparts. This Registration Rights Agreement may be executed by the parties in counterparts, each of which shall be deemed to be an original, but all such respective
counterparts shall together constitute one and the same instrument. 

  

	 	j.	Severability. In the event that any one of more of the provisions contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable
in any respect for any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all of the
rights and privileges of the parties shall be enforceable to the fullest extent permitted by law. 

  

 24 

	 	k.	Multiple Purchasers. Each Purchaser understands, acknowledges and agrees that multiple Purchasers have executed and delivered this Registration Rights Agreement and the
Exchange Agreements, and that the Company shall not be required to (except as required by applicable law) reveal or disclose the identity of any other Purchaser or the amount of Registrable Securities received by any other Purchaser. Furthermore,
each Purchaser acknowledges and agrees that if at any time any decision or action is required to be taken by the Purchasers in their capacities as holders of a requisite amount of Registrable Securities hereunder (including, without limitation,
under Section 8(g)), the Company shall make the final and binding determination as to whether such decision or action has been properly taken by the requisite holders and shall inform each holder of the same. 

 [SIGNATURE PAGES FOLLOW] 
  

 25 

 If the foregoing is in accordance with your understanding, please sign and return to us counterparts hereof, and upon the
acceptance hereof by you, this letter and such acceptance hereof shall constitute a binding agreement between you and the Issuer. 
  

			
	Very truly yours,
	
	Primus Telecommunications IHC, Inc., a Delaware corporation, as Issuer
		
	By:	 	  
	Name:	 	
	Title:	 	

  

			
	 Primus Telecommunications Group, Incorporated, a Delaware corporation, as a Guarantor
 Primus Telecommunications Holding, Inc., a Delaware corporation, as a Guarantor

		
	By:	 	  
	Name:	 	
	Title:	 	

  

			
	 TresCom International, Inc., a Florida corporation, as a Guarantor
 Least Cost Routing, Inc., a Florida corporation, as a Guarantor
 TresCom U.S.A., Inc., a Florida corporation, as a
Guarantor
 iPrimus USA, Inc., a Delaware corporation, as a Guarantor
 iPrimus.Com, Inc., a Delaware corporation, as a Guarantor
 Primus Telecommunications Inc., a Delaware corporation, as a
Guarantor

		
	By:	 	  
	Name:	 	
	Title:	 	

 PURCHASER SIGNATURE PAGE 
 TO REGISTRATION RIGHTS AGREEMENT 
 IN WITNESS WHEREOF, the undersigned Purchaser has duly
executed and delivered this Registration Rights Agreement as of the first date written above. 
  

			
	PURCHASER
	
	[PURCHASER NAME]
		
	By:	 	  
	Name:	 	  
	Its:	 	  

  

	
	Purchaser Name and Address
	
	Fax Number:
	

 PRIMUS TELECOMMUNICATIONS IHC, INC. 
 AND THE GUARANTORS 
 INSTRUCTION TO DTC PARTICIPANTS 
 (Date of Mailing) 
 URGENT -
IMMEDIATE ATTENTION REQUESTED 
 DEADLINE FOR RESPONSE: [DATE](a) 
 The Depository Trust Company (“DTC”) has identified you as a DTC Participant through which beneficial interests in the Primus Telecommunications IHC,
Inc.’s (the “Issuer”) 14.25% Senior Secured Notes due 2011 (the “Notes”) are held. 
 The Issuer is in the process of registering
the Notes under the Securities Act of 1933, as amended, for resale by the beneficial owners thereof. In order to have their Notes included in the registration statement, beneficial owners must complete and return the enclosed Notice of Registration
Statement and Selling Securityholder Questionnaire. 
 It is important that beneficial owners of the Notes receive a copy of the enclosed materials as
soon as possible as their rights to have the Notes included in the registration statement depend upon their returning the Notice and Questionnaire by [Deadline For Response]. Please forward a copy of the enclosed documents to each
beneficial owner that holds interests in the Notes through you. If you require more copies of the enclosed materials or have any questions pertaining to this matter, please contact the Issuer at 7901 Jones Branch Drive, Suite 900, McLean, Virginia
22102, Attention: John F. DePodesta, not less than 28 calendar days from date of mailing. 

 PRIMUS TELECOMMUNICATIONS IHC, INC. 
 AND THE GUARANTORS 
 Notice of Registration Statement 
 and  
 Selling Securityholder Questionnaire 
 (Date) 
 Reference is hereby made to the Registration Rights
Agreement (the “Registration Rights Agreement”) between Primus Telecommunications IHC, Inc. (the “Issuer”), and the Guarantors named therein, and the Purchasers party thereto. Pursuant to the Registration Rights Agreement, the
Issuer and the Guarantors have filed with the United States Securities and Exchange Commission (the “Commission”) a registration statement on Form S-_ (the “Shelf Registration Statement”) for the registration and resale under
Rule 415 of the Securities Act of 1933, as amended (the “Securities Act”), of the Issuer’s 14.25% Senior Secured Notes due 2011 (the “Notes”). A copy of the Registration Rights Agreement is attached hereto. All capitalized
terms not otherwise defined herein shall have the meanings ascribed thereto in the Registration Rights Agreement. 
 Each beneficial owner of Registrable
Securities is entitled to have the Registrable Securities beneficially owned by it included in the Shelf Registration Statement. In order to have Registrable Securities included in the Shelf Registration Statement, this Notice of Registration
Statement and Selling Securityholder Questionnaire (“Notice and Questionnaire”) must be completed, executed and delivered to the Issuer’s counsel at the address set forth herein for receipt ON OR BEFORE [Deadline for Response].
Beneficial owners of Registrable Securities who do not complete, execute and return this Notice and Questionnaire by such date (i) will not be named as selling securityholders in the Shelf Registration Statement and (ii) may not use the
Prospectus forming a part thereof for resales of Registrable Securities. 
 Certain legal consequences arise from being named as a selling securityholder in
the Shelf Registration Statement and related prospectus. Accordingly, holders and beneficial owners of Registrable Securities are advised to consult their own securities law counsel regarding the 

 
consequences of being named or not being named as a selling securityholder in the Shelf Registration Statement and related prospectus. 
 ELECTION 
 The undersigned holder (the “Selling
Securityholder”) of Registrable Securities hereby elects to include in the Shelf Registration Statement the Registrable Securities beneficially owned by it and listed below in Item (3). The undersigned, by signing and returning this Notice and
Questionnaire, agrees to be bound with respect to such Registrable Securities by the terms and conditions of this Notice and Questionnaire and the Registration Rights Agreement, including, without limitation, Section 6 of the Registration
Rights Agreement, as if the undersigned Selling Securityholder were an original party thereto. 
 Upon any sale of Registrable Securities pursuant to the
Shelf Registration Statement, the Selling Securityholder will be required to deliver to the Issuer and the Trustee the Notice of Transfer Pursuant to Registration Statement set forth in Exhibit B to the Registration Rights Agreement. 
 The Selling Securityholder hereby provides the following information to the Issuer and represents and warrants that such information is accurate and complete:

 QUESTIONNAIRE 
 (1) (a) Full Legal
Name of Selling Securityholder: 
 (b) Full Legal Name of Registered Holder (if not the same as in (a) above) of Registrable Securities Listed in Item
(3) below: 
 (c) Full Legal Name of DTC Participant (if applicable and if not the same as (b) above) Through Which Registrable Securities Listed
in Item (3) below are Held: 

 (2) Address for Notices to Selling Securityholder: 
  

	
	   
	
	   
	
	   
	

 Telephone: _____________________________________ 
 Fax: _____________________________________ 
 Contact Person: _____________________________________ 
 (3) Beneficial Ownership of Notes: 
 Except as set forth
below in this Item (3), the undersigned does not beneficially own any Notes. 
 (a) Principal amount of Registrable Securities beneficially owned:

 CUSIP No(s). of such Registrable Securities:___________________________ 
 (b) Principal amount of Notes other than Registrable Securities beneficially owned:____________________________________________________ 
 CUSIP No(s). of such other Notes: _______________________ 
 (c) Principal amount of Registrable Securities
which the undersigned wishes to be included in the Shelf Registration Statement: _____________________ 
 CUSIP No(s). of such Registrable
Securities to be included in the Shelf Registration Statement:_______________________________________ 
 (4) Beneficial Ownership of Other Securities of the
Issuer: 
 Except as set forth below in this Item (4), the undersigned Selling Securityholder is not the beneficial or registered owner of any
other securities of the Issuer other than the Notes listed above in Item (3). 

 State any exceptions here: 
 (5) Relationships with the Issuer: 
 Except as set forth below, neither the Selling Securityholder nor any of its affiliates,
officers, directors or principal equity holders (5% or more) has held any position or office or has had any other material relationship with the Issuer (or their respective predecessors or affiliates) during the past three years. 
 State any exceptions here: 
 (6) Plan of Distribution: 
 Except as set forth below, the undersigned Selling Securityholder intends to distribute the Registrable Securities listed above in Item (3) only as
follows (if at all): Such Registrable Securities may be sold from time to time directly by the undersigned Selling Securityholder or, alternatively, through broker-dealers. Such Registrable Securities may be sold in one or more transactions at fixed
prices, at prevailing market prices at the time of sale, at varying prices determined at the time of sale, or at negotiated prices. Such sales may be effected in transactions (which may involve crosses or block transactions) (i) on any national
securities exchange or quotation service on which the Registered Notes may be listed or quoted at the time of sale, (ii) in the over-the-counter market, (iii) in transactions otherwise than on such exchanges or services or in the
over-the-counter market, or (iv) through the writing of options. In connection with sales of the Registrable Securities or otherwise, the Selling Securityholder may enter into hedging transactions with broker-dealers, which may in turn engage
in short sales of the Registrable Securities in the course of hedging the positions they assume. The Selling Securityholder may also sell Registrable Securities short and deliver Registrable Securities to close out such short positions, or loan or
pledge Registrable Securities to broker-dealers that in turn may sell such Notes. 
 State any exceptions here: 
 By signing below, the Selling Securityholder acknowledges that it understands its obligation to comply, and agrees that it will comply, with the provisions of the
Exchange Act, including, without limitation, Regulation M. 
 In the event that the Selling Securityholder transfers all or any portion of the Registrable
Securities listed in Item (3) above after the date on which such information is provided to the Issuer, the Selling Securityholder agrees to notify the transferee(s) at the time of the transfer of 

 
its rights and obligations under this Notice and Questionnaire and the Registration Rights Agreement. 
 By signing below, the Selling Securityholder consents to the disclosure of the information contained herein in its answers to Items (1) through (6) above and
the inclusion of such information in the Shelf Registration Statement and related Prospectus. The Selling Securityholder understands that such information will be relied upon by the Issuer in connection with the preparation of the Shelf Registration
Statement and related Prospectus. 
 In accordance with the Selling Securityholder’s obligation under Section 3(d) of the Registration Rights
Agreement to provide such information as may be required by law for inclusion in the Shelf Registration Statement, the Selling Securityholder agrees to promptly notify the Issuer of any inaccuracies or changes in the information provided herein
which may occur subsequent to the date hereof at any time while the Shelf Registration Statement remains in effect. All notices hereunder and pursuant to the Registration Rights Agreement shall be made in accordance with the requirements hereunder
and thereunder in writing, by hand-delivery, by fax (with written confirmation, provided a copy is sent by registered or certified mail, return receipt requested), by first-class registered or certified mail, return receipt requested, or by air
courier guaranteeing overnight delivery as follows: 
 (i) To the Issuer: 
 _____________________________________________ 
 _____________________________________________ 
 _____________________________________________ 
 _____________________________________________ 
 _____________________________________________ 
 (ii) With a copy to Issuer’s counsel: 
 _____________________________________________ 
 _____________________________________________ 

 _____________________________________________ 
 _____________________________________________ 
 _____________________________________________ 
 Once this Notice and Questionnaire is executed by the Selling Securityholder and received by the Issuer’s counsel, the terms of this Notice and Questionnaire, and
the representations and warranties contained herein, shall be binding on, shall inure to the benefit of and shall be enforceable by the respective successors, heirs, personal representatives, and assigns of the Issuer and the Selling Securityholder
(with respect to the Registrable Securities beneficially owned by such Selling Securityholder and listed in Item (3) above). This Registration Rights Agreement shall be governed in all respects by the laws of the State of New York without
giving effect to any provisions relating to conflicts of laws. 
  

	
	  

 IN WITNESS WHEREOF, the undersigned, by authority duly given, has caused this Notice and Questionnaire to be
executed and delivered either in person or by its duly authorized agent. 
 Dated: ___________________________ 
 ______________________________________________________________ 
 Selling
Securityholder 
 (Print/type full legal name of beneficial owner of Registrable Securities) 
  

			
		
	By	 	  
	Name:	 	
	Title:	 	

 PLEASE RETURN THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE FOR RECEIPT ON OR BEFORE [DEADLINE FOR RESPONSE]
TO THE ISSUER’ COUNSEL AT: 
  

	
	   
	
	   
	
	   
	
	   
	
	   
	

 NOTICE OF TRANSFER PURSUANT TO REGISTRATION STATEMENT 
 [Name of Trustee] 
 PRIMUS TELECOMMUNICATIONS IHC, INC. 
 AND THE GUARANTORS 
 c/o [Name of Trustee] 
 ________________________ 
 ________________________ 
 Attention: Trust Officer 
 Re: PRIMUS TELECOMMUNICATIONS IHC,
INC.’S (the “Issuer”) 14.25% Senior Secured Notes due 2011 
 Dear Sirs: 
 Please be advised that                      has transferred
$                     aggregate principal amount of the above-referenced Notes pursuant to an effective Registration Statement on Form S-_
(File No. 333-                    ) filed by the Issuer. 
 We hereby certify that the prospectus delivery requirements, if any, of the Securities Act of 1933, as amended, have been satisfied and that the above-named beneficial owner of the Notes is named as a “Selling
Holder” in the prospectus dated [date] or in supplements thereto, and that the aggregate principal amount of the Notes transferred are the Notes listed in such prospectus opposite such owner’s name. 
 Dated: _______________ 
  

			
	Very truly yours,
		
	  	 	  
	(Name)
		
	By:	 	  
	(Authorized Signature)Exhibit 4.4

 Exhibit 4.4 
 EXECUTION COPY 
  

 COLLATERAL AGREEMENT 
 made by 
 PRIMUS TELECOMMUNICATIONS IHC, INC. 
 and certain of its Affiliates 
 in favor of 
 U.S. BANK NATIONAL ASSOCIATION,

 as Collateral Agent 
 Dated as
of February 26, 2007 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 SECTION 1. DEFINED TERMS
	  	1
	 1.1
	  	Definitions	  	1
	 1.2
	  	Other Definitional Provisions	  	5
		
	 SECTION 2. GRANT OF SECURITY INTEREST
	  	5
		
	 SECTION 3. REPRESENTATIONS AND WARRANTIES
	  	6
	 3.1
	  	Title; No Other Liens	  	6
	 3.2
	  	Perfected Second Priority Liens	  	7
	 3.3
	  	Jurisdiction of Organization; Chief Executive Office	  	7
	 3.4
	  	Inventory and Equipment	  	7
	 3.5
	  	Farm Products	  	7
	 3.6
	  	Investment Property	  	7
	 3.7
	  	Receivables	  	8
	 3.8
	  	Intellectual Property	  	8
	 3.9
	  	Vehicles	  	9
	 3.10
	  	Deposit Accounts and Securities Accounts	  	9
		
	 SECTION 4. COVENANTS
	  	9
	 4.1
	  	Delivery of Instruments and Chattel Paper	  	9
	 4.2
	  	Maintenance of Insurance	  	9
	 4.3
	  	Payment of Obligations.	  	9
	 4.4
	  	Maintenance of Perfected Security Interest; Further Documentation	  	10
	 4.5
	  	Changes in Name, etc.	  	10
	 4.6
	  	Notices	  	10
	 4.7
	  	Investment Property	  	11
	 4.8
	  	Receivables	  	12
	 4.9
	  	Intellectual Property	  	12
	 4.10
	  	Commercial Tort Claims	  	14
		
	 SECTION 5. REMEDIAL PROVISIONS
	  	14
	 5.1
	  	Certain Matters Relating to Receivables	  	14
	 5.2
	  	Communications with Obligors; Grantors Remain Liable	  	15
	 5.3
	  	Pledged Stock	  	15
	 5.4
	  	Proceeds to be Turned Over To Collateral Agent	  	16
	 5.5
	  	Application of Proceeds	  	16
	 5.6
	  	Code and Other Remedies	  	16
	 5.7
	  	Registration Rights	  	17
	 5.8
	  	Deficiency	  	18
		
	SECTION 6. THE COLLATERAL AGENT	  	18
	 6.1
	  	Collateral Agent’s Appointment as Attorney-in-Fact, etc	  	18
	 6.2
	  	Duty of Collateral Agent	  	20

  

 i 

					
	 	  	 	  	Page
	 6.3
	  	Execution of Financing Statements	  	20
	 6.4
	  	Authority of Collateral Agent	  	21
		
	SECTION 7. MISCELLANEOUS	  	21
	 7.1
	  	Amendments in Writing	  	21
	 7.2
	  	Notices	  	21
	 7.3
	  	No Waiver by Course of Conduct; Cumulative Remedies	  	21
	 7.4
	  	Enforcement Expenses; Indemnification	  	21
	 7.5
	  	Successors and Assigns	  	22
	 7.6
	  	Set-Off	  	22
	 7.7
	  	Counterparts	  	22
	 7.8
	  	Severability	  	22
	 7.9
	  	Section Headings	  	23
	 7.10
	  	Integration	  	23
	 7.11
	  	GOVERNING LAW	  	23
	 7.12
	  	Submission To Jurisdiction; Waivers	  	23
	 7.13
	  	Acknowledgements	  	23
	 7.14
	  	Additional Grantors	  	24
	 7.15
	  	Releases	  	24
	 7.16
	  	Approvals	  	24
	 7.17
	  	WAIVER OF JURY TRIAL	  	25
	 7.18
	  	Intercreditor Agreement	  	25

  

 ii 

 Schedules 
  

			
	 Schedule 1
	  	[intentionally omitted]
	 Schedule 2
	  	Description of Pledged Securities
	 Schedule 3
	  	Filings and Other Actions Required to Perfect Security Interest
	 Schedule 4
	  	Jurisdiction of Organization, Identification Number and Location of Chief Executive Office
	 Schedule 5
	  	Locations of Inventory and Equipment
	 Schedule 6
	  	Intellectual Property
	 Schedule 7
	  	Existing Prior Liens
	 Schedule 8
	  	Deposit Accounts and Securities Accounts
	 Schedule 9
	  	Receivables
		
	 Annexes
	  	
		
	 Annex I
	  	Assumption Agreement
	 Annex II
	  	Acknowledgment and Consent

  

 iii 

 COLLATERAL AGREEMENT, dated as of February 26, 2007, made by each of the signatories hereto
(together with any other entity that may become a party hereto as provided herein, the “Grantors”), in favor of U.S. Bank National Association, as Collateral Agent (in such capacity, the “Collateral Agent”) for the
holders (the “Holders”) from time to time of the 14.25% Senior Secured Notes due 2011 (the “Notes”) issued by PRIMUS Telecommunications IHC, Inc. (the “Company”) pursuant to the Indenture, dated as
of February 26, 2007 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), among the Company, the other Grantors, and U.S. Bank National Association, as trustee. 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the terms of the Indenture, the Company has issued to the Holders the Notes upon the terms and subject to the conditions set forth
therein, and the other Grantors have guaranteed the obligations of the Company thereunder; 
 WHEREAS, the Company is a member of an
affiliated group of companies that includes each other Grantor; 
 WHEREAS, the proceeds of the extensions of credit under the Notes will be
used in part to enable the Company to make valuable transfers to one or more of the other Grantors in connection with the operation of their respective businesses; 
 WHEREAS, the Company and the other Grantors are engaged in related businesses, and each Grantor will derive substantial direct and indirect benefit from the extensions of credit under the Notes; and 
 WHEREAS, it is a condition precedent to the obligation of the Holders to purchase the Notes that the Grantors shall have executed and delivered this
Agreement to the Collateral Agent; 
 NOW, THEREFORE, in consideration of the premises and to induce the Holders to purchase the Notes, each
Grantor hereby agrees with the Collateral Agent, for the benefit of the Secured Parties, as follows: 
 SECTION 1. DEFINED TERMS 

1.1 Definitions. (a) Unless otherwise defined herein, terms defined in the Indenture and used herein shall have the meanings given to them in
the Indenture and the following terms are used herein as defined in the New York UCC: Accounts, Certificated Security, Chattel Paper, Commercial Tort Claims, Documents, Equipment, Farm Products, General Intangibles, Goods, Instruments, Inventory,
Letter-of-Credit Rights and Supporting Obligations. 

 (b) The following terms shall have the following meanings: 
 “Agreement”: this Collateral Agreement, as the same may be amended, supplemented or otherwise modified from time to time.

 “Collateral”: as defined in Section 3. 
 “Collateral Account”: any collateral account established by the Collateral Agent as provided in Section 5.1 or 5.4.

 “Company Obligations”: the collective reference to the unpaid principal of and interest on the Notes and
all other obligations and liabilities of the Company to the Collateral Agent or any Secured Party, whether direct or indirect, absolute or contingent, due or to become due, or now existing or hereafter incurred, which may arise under, out of, or in
connection with, this Agreement, the Notes, the Indenture, the other Collateral Documents, or any other document made, delivered or given in connection with any of the foregoing, and in each case whether on account of principal, interest,
reimbursement obligations, fees, indemnities, cost, expense or otherwise (including, without limitation, all fees and disbursements of counsel to the Collateral Agent or to any other Secured Party that are required to be paid by the Company pursuant
to the terms of any of the foregoing agreements). 
 “Copyrights”: (i) all copyrights arising under the
laws of the United States, any other country or any political subdivision thereof, whether registered or unregistered and whether published or unpublished (including, without limitation, those listed in Schedule 6), all
registrations and recordings thereof, and all applications in connection therewith, including, without limitation, all registrations, recordings and applications in the United States Copyright Office, and (ii) the right to obtain all renewals
thereof. 
 “Copyright Licenses”: any written agreement naming any Grantor as licensor or licensee
(including, without limitation, those listed in Schedule 6), granting any right under any Copyright, including, without limitation, the grant of rights to manufacture, distribute, exploit and sell materials derived from any Copyright.

 “Deposit Account”: as defined in the Uniform Commercial Code of any applicable jurisdiction and, in any
event, including, without limitation, any demand, time, savings, passbook or like account maintained with a depositary institution. 
 “Domestic Perfection Action”: any of (a) filing of financing statements under the Uniform Commercial Code in effect in any jurisdiction in the United States, (b) filings with the United States Copyright Office or
the United States Patent and Trademark Office, (c) execution and delivery of deposit account control agreements or securities account control agreements in respect of any deposit account or securities account maintained in the United States and
(d) possession in the United States of stock certificates, promissory notes, and other instruments and similar collateral. 
 “Excluded Assets”: the collective reference to (i) any contract, General Intangible, Copyright License, Patent License or Trademark License (“Intangible Assets”), or any other Property in each case to
the extent the grant by the relevant Grantor of a security interest pursuant to this Agreement in such Grantor’s right, title and 

  

 2 

 
interest in such Intangible Asset or other Property (A) is prohibited by legally enforceable provisions of any contract, agreement, instrument or
indenture governing such Intangible Asset or other Property, or by any law, (B) would give any other party to such contract, agreement, instrument or indenture a legally enforceable right to terminate its obligations thereunder or (C) is
permitted only with the consent of another party, if the requirement to obtain such consent is legally enforceable and such consent has not been obtained; provided, that in any event any Receivable or any money or other amounts due or to
become due under any such contract, agreement, instrument or indenture shall not be Excluded Assets to the extent that any of the foregoing is (or if it contained a provision limiting the transferability or pledge thereof would be) subject to
Section 9-406 of the New York UCC, (ii) Foreign Subsidiary Voting Stock excluded from the definition of “Pledged Stock” set forth in this Section 1.1, and (iii) all assets of Primus Telecommunications International,
Inc. other than Pledged Stock. 
 “Foreign Subsidiary”: any Subsidiary organized under the laws of any
jurisdiction outside the United States of America. 
 “Foreign Subsidiary Voting Stock”: the voting Capital
Stock of any Foreign Subsidiary owned directly by the Company or any other Grantor. For avoidance of doubt, Foreign Subsidiary Voting Stock shall not include any voting Capital Stock of any Foreign Subsidiary owned by another Foreign Subsidiary.

 “Guarantor Obligations”: with respect to any Guarantor, the collective reference to all obligations and
liabilities of such Guarantor which may arise under or in connection with the Indenture or any Collateral Document to which such Guarantor is a party, in each case whether on account of guarantee obligations, reimbursement obligations, fees,
indemnities, costs, expenses or otherwise (including, without limitation, all fees and disbursements of counsel to the Collateral Agent or to any Secured Party that are required to be paid by such Guarantor pursuant to the terms of this Agreement,
the Indenture or any other Collateral Document). 
 “Guarantors”: the collective reference to each Grantor
other than the Company. 
 “Intellectual Property”: the collective reference to all rights, priorities and
privileges relating to intellectual property, whether arising under United States, multinational or foreign laws or otherwise, including, without limitation, the Copyrights, the Copyright Licenses, the Patents, the Patent Licenses, the Trademarks
and the Trademark Licenses, and all rights to sue at law or in equity for any infringement or other impairment thereof, including the right to receive all proceeds and damages therefrom. 
 “Intercompany Note”: any promissory note evidencing loans made by any Grantor to any other Grantor. 
 “Intercreditor Agreement”: the Intercreditor Agreement, dated the date hereof, by and among the Grantors, Lehman
Commercial Paper, Inc, and the Collateral Agent. 
 “Investment Property”: the collective reference to
(i) all “investment property” as such term is defined in Section 9-102(a)(49) of the New York UCC (other than any 

  

 3 

 
Foreign Subsidiary Voting Stock excluded from the definition of “Pledged Stock” in this Section 1.1) and (ii) whether or not constituting
“investment property” as so defined, all Pledged Notes and all Pledged Stock. 
 “Issuers”: the
collective reference to each issuer of any Investment Property. 
 “New York UCC”: the Uniform Commercial
Code as from time to time in effect in the State of New York. 
 “Obligations”: (i) in the case of the
Company, the Company Obligations, and (ii) in the case of each Guarantor, its Guarantor Obligations. 
 “Patents”: (i) all letters patent of the United States, any other country or any political subdivision thereof, all reissues and extensions thereof and all goodwill associated therewith, including, without limitation,
any of the foregoing referred to in Schedule 6, (ii) all applications for letters patent of the United States or any other country and all divisions, continuations and continuations-in-part thereof, including, without limitation, any of
the foregoing referred to in Schedule 6, and (iii) all rights to obtain any reissues or extensions of the foregoing. 
 “Patent License”: all agreements, whether written or oral, providing for the grant by or to any Grantor of any right to manufacture, use or sell any invention covered in whole or in part by a Patent, including, without
limitation, any of the foregoing referred to in Schedule 6. 
 “Pledged Notes”: all promissory notes,
if any, listed on Schedule 2, all Intercompany Notes at any time issued to any Grantor and all other promissory notes issued to or held by any Grantor (other than promissory notes issued in connection with extensions of trade credit by any
Grantor in the ordinary course of business). 
 “Pledged Securities”: the collective reference to the Pledged
Notes and the Pledged Stock. 
 “Pledged Stock”: the shares of Capital Stock listed on Schedule 2,
together with any other shares, stock certificates, options or rights of any nature whatsoever in respect of the Capital Stock of any Person that may be issued or granted to, or held directly by, any Grantor while this Agreement is in effect;
provided that in no event shall more than 65% of the total outstanding Foreign Subsidiary Voting Stock of any Foreign Subsidiary be required to be pledged hereunder. 
 “Proceeds”: all “proceeds” as such term is defined in Section 9-102(a)(64) of the Uniform Commercial Code
in effect in the State of New York on the date hereof and, in any event, including, without limitation, all dividends or other income from the Investment Property, collections thereon or distributions or payments with respect thereto. 
 “Receivable”: any right to payment for goods sold, leased, licensed, assigned or otherwise disposed of, or for services
rendered, whether or not such right is evidenced by 

  

 4 

 
an Instrument or Chattel Paper and whether or not it has been earned by performance (including, without limitation, any Account). 
 “Secured Parties”: the collective reference to the Collateral Agent, the Trustee and the Holders. 
 “Securities Account”: as defined in the Uniform Commercial Code of any applicable jurisdiction. 
 “Securities Act”: the Securities Act of 1933, as amended. 
 “Trademarks”: (i) all trademarks, trade names, corporate names, company names, business names, fictitious business
names, trade styles, service marks, logos and other source or business identifiers, and all goodwill associated therewith, now existing or hereafter adopted or acquired, all registrations and recordings thereof, and all applications in connection
therewith, whether in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or any other country or any political subdivision thereof, or otherwise, and all common-law rights related
thereto, including, without limitation, any of the foregoing referred to in Schedule 6, and (ii) the right to obtain all renewals thereof. 
 “Trademark License”: any agreement, whether written or oral, providing for the grant by or to any Grantor of any right to use any Trademark, including, without limitation, any of the foregoing
referred to in Schedule 6. 
 “Vehicles”: all cars, trucks, trailers, construction and earth moving
equipment and other vehicles covered by a certificate of title law of any state and all tires and other appurtenances to any of the foregoing. 
 1.2 Other Definitional Provisions. (a) The words “hereof,” “herein”, “hereto” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole
and not to any particular provision of this Agreement, and Section and Schedule references are to this Agreement unless otherwise specified. 
 (b) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 (c) Where the context requires, terms relating to the Collateral or any part thereof, when used in relation to a Grantor, shall refer to such Grantor’s Collateral or the relevant part thereof. 
 SECTION 2. GRANT OF SECURITY INTEREST 
 Each
Grantor hereby assigns and transfers to the Collateral Agent, and hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in, all of the following property now owned or at any time hereafter
acquired by such Grantor or in which such Grantor now has or at any time in the future may acquire any right, title or interest (collectively, the “Collateral”), as collateral security for the prompt and complete payment and 

  

 5 

 
performance when due (whether at the stated maturity, by acceleration or otherwise) of such Grantor’s Obligations: 
  

	 	(a)	all Accounts; 

  

	 	(b)	all Chattel Paper; 

  

	 	(c)	all Deposit Accounts; 

  

	 	(d)	all Documents; 

  

	 	(e)	all Equipment; 

  

	 	(f)	all General Intangibles; 

  

	 	(g)	all Instruments; 

  

	 	(h)	all Intellectual Property; 

  

	 	(i)	all Inventory; 

  

	 	(j)	all Investment Property; 

  

	 	(k)	all Vehicles; 

  

	 	(l)	all Letter-of-Credit Rights; 

  

	 	(m)	all Commercial Tort Claims to the extent they have been notified to the Collateral Agent pursuant to Section 4.10; 

  

	 	(n)	all Goods and other property not otherwise described above; 

  

	 	(o)	all books and records pertaining to the Collateral; and 

  

	 	(p)	to the extent not otherwise included, all Proceeds and products of any and all of the foregoing, all Supporting Obligations in respect of any of the foregoing and all collateral
security and guarantees given by any Person with respect to any of the foregoing; 

 provided, that the Collateral shall not include any
Excluded Assets. 
 SECTION 3. REPRESENTATIONS AND WARRANTIES 
 To induce each of the Holders to purchase the Notes, each Grantor hereby represents and warrants to the Collateral Agent and each Secured Party that: 
 3.1 Title; No Other Liens. Except for the security interest granted to the Collateral Agent for the ratable benefit of the Secured Parties
pursuant to this Agreement and the other Liens permitted to exist on the Collateral by the Indenture, such Grantor owns its right, title 

  

 6 

 
and interest in and to each item of the Collateral free and clear of any and all Liens or claims of others. No financing statement or other public notice
with respect to all or any part of the Collateral is on file or of record in any public office, except (a) such as have been filed in favor of the Collateral Agent, for the ratable benefit of the Secured Parties, pursuant to this Agreement,
(b) or as are permitted by the Indenture or (c) as described on Schedule 7. For the avoidance of doubt, it is understood and agreed that any Grantor may, as part of its business, grant licenses to third parties to use Intellectual Property
owned or developed by a Grantor. For purposes of this Agreement and the other Loan Documents, such licensing activity shall not constitute a “Lien” on such Intellectual Property. Each of the Collateral Agent and each Secured Party
understands that any such licenses may be exclusive to the applicable licensees, and such exclusivity provisions may limit the ability of the Collateral Agent to utilize, sell, lease or transfer the related Intellectual Property or otherwise realize
value from such Intellectual Property pursuant hereto. 
 3.2 Perfected Second Priority Liens. Subject to Section 7.18 hereof,
the security interests granted by such Grantor pursuant to this Agreement (a) upon completion of the filings and other actions specified on Schedule 3 (which, in the case of all filings and other documents referred to on said
Schedule except with respect to (i) Vehicles and (ii) other Collateral in respect of which a security interest cannot be perfected by Domestic Perfection Actions, have been delivered to the Collateral Agent in completed and duly executed
form, will constitute valid perfected security interests in all of the Collateral with respect to which perfection may be accomplished by Domestic Perfection Actions in favor of the Collateral Agent, for the ratable benefit of the Secured Parties,
as collateral security for such Grantor’s Obligations, enforceable in accordance with the terms hereof and (b) are prior to all other Liens on the Collateral in existence on the date hereof except for (i) Liens permitted by the
Indenture to have priority over the Liens on the Collateral and (ii) Liens described on Schedule 7. 
 3.3 Jurisdiction of
Organization; Chief Executive Office. On the date hereof, such Grantor’s jurisdiction of organization, identification number from the jurisdiction of organization (if any), and the location of such Grantor’s chief executive office or
sole place of business or principal residence, as the case may be, are specified on Schedule 4. Such Grantor has furnished to the Collateral Agent a certified charter, certificate of incorporation or other organization document and long-form
good standing certificate as of a date which is recent to the date hereof. 
 3.4 Inventory and Equipment. On the date hereof, the
material portion of Inventory and the Equipment (other than mobile goods) are kept at the locations listed on Schedule 5. 
 3.5
Farm Products. None of the Collateral constitutes, or is the Proceeds of, Farm Products. 
 3.6 Investment Property. (a) The
shares of Pledged Stock pledged by such Grantor hereunder constitute all the issued and outstanding shares of all classes of the Capital Stock of each Issuer owned by such Grantor or, in the case of Foreign Subsidiary Voting Stock, if less, 65% of
the outstanding Foreign Subsidiary Voting Stock of each relevant Issuer. 
 (b) To the knowledge of such Grantor, all the shares of the
Pledged Stock have been duly and validly issued and are fully paid and nonassessable. 
  

 7 

 (c) To the knowledge of such Grantor, each of the Pledged Notes constitutes the legal, valid and binding
obligation of the obligor with respect thereto, enforceable in accordance with its terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally, general equitable principles (whether considered in a proceeding in equity or at law) and an implied covenant of good faith and fair dealing. 
 (d) Such Grantor is the record and beneficial owner of, and has good and marketable title to, the Investment Property pledged by it hereunder, free of
any and all Liens or options in favor of, or claims of, any other Person, except the security interest created by this Agreement or as permitted by the Indenture. 
 3.7 Receivables. (a) Schedule 9 is a list of the Receivables evidenced by any Instrument or Chattel Paper which has been delivered to the Collateral Agent. 
 (b) None of the obligors on any Receivable is a Governmental Authority, except for Receivables the face amount of which in the aggregate constitute not
more than 5% of the face amount of all Receivables. 
 (c) The amounts represented by such Grantor to the Secured Parties from time to time
as owing to such Grantor in respect of the Receivables will at such times be accurate in all material respects. 
 3.8 Intellectual
Property. (a) Schedule 6 lists all material Intellectual Property owned by such Grantor in its own name on the date hereof. 
 (b)
On the date hereof, to its knowledge, all material Intellectual Property of such Grantor described on Schedule 6 is valid, subsisting, unexpired and enforceable, has not been abandoned and does not infringe upon the intellectual property
rights of any other Person. 
 (c) Except (i) for licensing or franchise agreements between any two or more of Parent and its
Subsidiaries, (ii) the licensing of one provisional patent to various companies to enable them to provide void services, (iii) the licensing of Trademarks to independent sales agents, and (iv) as set forth in Schedule 6, on the
date hereof, none of the Intellectual Property is the subject of any licensing or franchise agreement pursuant to which such Grantor is the licensor or franchisor. 
 (d) No holding, decision or judgment has been rendered by any Governmental Authority which would limit, cancel or question the validity of, or such Grantor’s rights in, any Intellectual Property in any respect
that could reasonably be expected to have a Material Adverse Effect. 
 (e) No action or proceeding is pending, or, to the knowledge of such
Grantor, threatened, on the date hereof (i) seeking to limit, cancel or question the validity of any material Intellectual Property or such Grantor’s ownership interest therein, or (ii) which, if adversely determined, would have a
material adverse effect on the value of any material Intellectual Property. 
  

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 3.9 Vehicles. To its knowledge, the aggregate book value of all Vehicles owned by all Grantors is
less than $500,000. 
 3.10 Deposit Accounts and Securities Accounts. Schedule 8 lists each Deposit Account and each Securities
Account maintained by such Grantor. 
 SECTION 4. COVENANTS 
 Each Grantor covenants and agrees with the Collateral Agent and the Secured Parties that, from and after the date of this Agreement until the Obligations shall have been paid in full: 
 4.1 Delivery of Instruments and Chattel Paper. If any amount payable under or in connection with any of the Collateral shall be or become
evidenced by any Instrument, Certificated Security or Chattel Paper, such Instrument, Certificated Security or Chattel Paper shall, not later than the end of the fiscal quarter in which any such amount becomes so evidenced, be delivered to the
Collateral Agent, duly indorsed in a manner satisfactory to the Collateral Agent, to be held as Collateral pursuant to this Agreement; provided, that the Grantors shall not be obligated to deliver to the Collateral Agent any Instruments or
Chattel Paper held by any Grantor at any time to the extent that the aggregate face amount of all such Instruments and Chattel Paper held by all Grantors at such time does not exceed $3,000,000 or such Instruments and Chattel Paper reflect an
agreement between any two or more of Parent and its Subsidiaries. 
 4.2 Maintenance of Insurance. (a) Such Grantor will maintain,
with financially sound and reputable companies, insurance policies insuring the Inventory, Equipment and Vehicles against loss by fire, explosion, theft and such other casualties as may be reasonably satisfactory to the Collateral Agent and such
policies to be in such form and amounts and having such coverage as may be reasonably satisfactory to the Collateral Agent. 
 (b) All such
insurance shall (i) provide that no cancellation, material reduction in amount or material change in coverage thereof shall be effective until the applicable insurer has complied with applicable state law (ii) name the Collateral Agent as
additional insured party or loss payee, and (iii) be reasonably satisfactory in all other respects to the Collateral Agent. 
 (c) The
Company shall deliver to the Collateral Agent such additional information concerning such insurance as the Collateral Agent may from time to time reasonably request. 
 4.3 Payment of Obligations. Such Grantor will pay and discharge or otherwise satisfy at or before maturity or before they become delinquent, as the case may be, all taxes, assessments and governmental charges
or levies imposed upon the Collateral or in respect of income or profits therefrom, as well as all claims of any kind (including, without limitation, claims for labor, materials and supplies) against or with respect to the Collateral, except that no
such tax, assessment, charge, levy or claim need be paid if the amount or validity thereof is currently being contested in good faith by appropriate proceedings, reserves in conformity with GAAP with respect thereto have been provided on the books
of such Grantor and such proceedings could not reasonably be expected to result in the sale, forfeiture or loss of any 

  

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material portion of the Collateral or such Grantor’s interest in such material portion of the Collateral. 
 4.4 Maintenance of Perfected Security Interest; Further Documentation. (a) Such Grantor shall maintain the security interest created by this
Agreement as a perfected security interest in the manner, and having at least the priority described in Section 3.2 and shall defend such security interest against the claims and demands of all Persons whomsoever. 
 (b) Such Grantor will furnish to the Collateral Agent from time to time statements and schedules further identifying and describing the assets and
property of such Grantor and such other reports in connection with the Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 
 (c) At any time and from time to time, upon the written request of the Collateral Agent, and at the sole expense of such Grantor, such Grantor will promptly and duly execute and deliver, and have recorded, such
further instruments and documents and take such further actions as the Collateral Agent may reasonably request for the purpose of obtaining or preserving the full benefits of this Agreement and of the rights and powers herein granted, including,
without limitation, (i) the filing of any financing or continuation statements under the Uniform Commercial Code (or other similar laws) in effect in any jurisdiction in the United States with respect to the security interests created hereby
and (ii) in the case of Investment Property, Deposit Accounts and Letter-of-Credit Rights, taking, to the extent required by the Indenture, any actions necessary to enable the Collateral Agent to obtain “control” (within the meaning
of the applicable Uniform Commercial Code) with respect thereto. 
 4.5 Changes in Name, etc. Such Grantor will not, except upon 15
days’ prior written notice to the Collateral Agent and delivery to the Collateral Agent of all additional financing statements and other documents reasonably requested by the Collateral Agent to maintain the validity, perfection and priority of
the security interests provided for herein: 
 (i) change its jurisdiction of organization or the location of its chief
executive office or sole place of business or principal residence from that referred to in Section 3.3; or 
 (ii) change
its name. 
 4.6 Notices. Such Grantor will advise the Collateral Agent: 
 (a) No less often than on a quarterly basis, in reasonable detail, of any Lien (other than security interests created hereby or Liens permitted under the
Indenture) on any of the Collateral which would adversely affect the ability of the Collateral Agent to exercise any of its remedies hereunder; and 
 (b) Promptly, in reasonable detail, of the occurrence of any other event which could reasonably be expected to have a material adverse effect on the aggregate value of the Collateral or on the security interests created hereby. 

 

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 4.7 Investment Property. (a) If such Grantor shall become entitled to receive or shall
receive any certificate (including, without limitation, any certificate representing a dividend or a distribution in connection with any reclassification, increase or reduction of capital or any certificate issued in connection with any
reorganization), option or rights in respect of the Capital Stock of any Issuer of Pledged Stock, whether in addition to, in substitution of, as a conversion of, or in exchange for, any shares of the Pledged Stock, or otherwise in respect thereof,
such Grantor shall accept the same as the agent of the Collateral Agent and the Secured Parties, hold the same in trust for the Collateral Agent and the Secured Parties and deliver the same promptly to the Collateral Agent in the exact form
received, duly indorsed by such Grantor to the Collateral Agent, if required, together with an undated stock power covering such certificate duly executed in blank by such Grantor and with, if the Collateral Agent so requests, signature guaranteed,
to be held by the Collateral Agent, subject to the terms hereof, as additional collateral security for the Obligations. Any sums paid upon or in respect of the Investment Property pledged hereunder upon the liquidation or dissolution of any Issuer
shall be paid over to the Collateral Agent to be held by it hereunder as additional collateral security for the Obligations, and in case any distribution of capital shall be made on or in respect of such Investment Property, or any property shall be
distributed upon or with respect to such Investment Property pursuant to the recapitalization or reclassification of the capital of any Issuer or pursuant to the reorganization thereof, the property so distributed shall, unless otherwise subject to
a perfected security interest in favor of the Collateral Agent, be delivered to the Collateral Agent promptly to be held by it hereunder as additional collateral security for the Obligations. If any sums of money or property so paid or distributed
in respect of such Investment Property shall be received by such Grantor, such Grantor shall, until such money or property is paid or delivered to the Collateral Agent, hold such money or property in trust for the Secured Parties, segregated from
other funds of such Grantor, as additional collateral security for the Obligations. Notwithstanding the foregoing, the Grantors shall not be required to pay over to the Collateral Agent or deliver to the Collateral Agent as Collateral any proceeds
of any liquidation or dissolution of any Issuer, or any distribution of capital or property in respect of any Investment Property, to the extent that (i) such liquidation, dissolution or distribution, if treated as a Disposition of the relevant
Issuer, would be permitted by the Indenture and (ii) the proceeds thereof are applied toward prepayment of Notes to the extent required by Indenture. 
 (b) Without the prior written consent of the Collateral Agent, such Grantor will not (i) except as otherwise permitted by the Indenture, vote to enable, or take any other action to permit, any Issuer to issue any
stock or other equity securities of any nature or to issue any other securities convertible into or granting the right to purchase or exchange for any stock or other equity securities of any nature of any Issuer, unless such securities are delivered
to the Collateral Agent, concurrently with the issuance thereof, to be held by the Collateral Agent as Collateral, (ii) sell, assign, transfer, exchange, or otherwise dispose of, or grant any option with respect to, the Investment Property
pledged hereunder or Proceeds thereof (except pursuant to a transaction expressly permitted by the Indenture), (iii) create, incur or permit to exist any Lien or option in favor of, or any claim of any Person with respect to, any of such
Investment Property or Proceeds thereof, or any interest therein, except for the security interests created by this Agreement and Permitted Liens or (iv) enter into any agreement or undertaking restricting the 

  

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right or ability of such Grantor or the Collateral Agent to sell, assign or transfer any of the Pledged Securities or Proceeds thereof. 
 (c) In the case of each Grantor which is an Issuer, such Issuer agrees that (i) it will be bound by the terms of this Agreement relating to the
Pledged Securities issued by it and will comply with such terms insofar as such terms are applicable to it, (ii) it will notify the Collateral Agent promptly in writing of the occurrence of any of the events described in Section 4.7(a)
with respect to the Pledged Securities issued by it and (iii) the terms of Sections 5.3(c) and 5.7 shall apply to it, mutatis mutandis, with respect to all actions that may be required of it pursuant to Section 5.3(c) or 5.7
with respect to the Pledged Securities issued by it. 
 (d) Each Issuer that is a partnership or a limited liability company
(i) confirms that none of the terms of any equity interest issued by it provides that such equity interest is a “security” within the meaning of Sections 8-102 and 8-103 of the New York UCC (a “Security”),
(ii) agrees that it will take no action to cause or permit any such equity interest to become a Security, (iii) agrees that it will not issue any certificate representing any such equity interest and (iv) agrees that if,
notwithstanding the foregoing, any such equity interest shall be or become a Security, such Issuer will (and the Grantor that holds such equity interest hereby instructs such Issuer to) comply with instructions originated by the Collateral Agent
without further consent by such Grantor. 
 4.8 Receivables. (a) Other than in the ordinary course of business consistent with its
past practice, or unless the applicable Grantor concludes that any of the following is in the best interest of such Grantor, such Grantor will not (i) grant any extension of the time of payment of any Receivable, (ii) compromise or settle
any Receivable for less than the full amount thereof, (iii) release, wholly or partially, any Person liable for the payment of any Receivable, (iv) allow any credit or discount whatsoever on any Receivable or (v) amend, supplement or
modify any Receivable in any manner that could adversely affect the value thereof. 
 (b) Such Grantor will deliver to the Collateral Agent
no less often than on a quarterly basis a copy of each material demand, notice or document received by it that questions or calls into doubt the validity or enforceability of more than 5% of the aggregate amount of the then outstanding Receivables.

 4.9 Intellectual Property. (a) Such Grantor (either itself or through licensees) will (i) to such extent as such Grantor
determines it is desirable to do so, continue to use each material Trademark on each and every material trademark class of goods applicable to its current line as reflected in its current catalogs, brochures and price lists in order to maintain such
Trademark in full force free from any claim of abandonment for non-use, (ii) maintain the quality of products and services offered under such Trademark, (iii) use such Trademark with the appropriate notice of registration and all other
notices and legends required by applicable Requirements of Law, and (iv) not (and not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby such Trademark may become invalidated or materially impaired
in any way. 
  

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 (b) Such Grantor (either itself or through licensees) will not do any act, or omit to do any act, whereby
any material Patent may become forfeited, abandoned or dedicated to the public. 
 (c) Such Grantor (either itself or through licensees) will
not (and will not permit any licensee or sublicensee thereof to) do any act or knowingly omit to do any act whereby any material portion of any material Copyrights may become invalidated or otherwise impaired. Such Grantor will not (either itself or
through licensees) do any act whereby any material portion of any material Copyrights may fall into the public domain. 
 (d) Such Grantor
(either itself or through licensees) will not do any act that knowingly uses any material Intellectual Property to infringe upon the intellectual property rights of any other Person. 
 (e) Such Grantor will promptly notify the Collateral Agent in writing if it knows, or has reason to know, that any application or registration relating
to any material Intellectual Property may become forfeited, abandoned or dedicated to the public, or of any adverse determination or development (including, without limitation, the institution of, or any such determination or development in, any
proceeding in the United States Patent and Trademark Office, or the United States Copyright Office or any court in the United States regarding such Grantor’s ownership of, or the validity of, any material Intellectual Property or such
Grantor’s right to register the same or to own and maintain the same. 
 (f) Whenever such Grantor, either by itself or through any
agent, employee, licensee or designee, shall file an application for the registration of any material Intellectual Property with the United States Patent and Trademark Office or the United States Copyright Office, such Grantor shall report such
filing to the Collateral Agent no less often than on a quarterly basis. Such Grantor shall execute and deliver, and have recorded, any and all agreements, instruments, documents, and papers as are required to evidence the Collateral Agent’s and
the Secured Parties’ security interest in any material Copyright, Patent or Trademark and the goodwill and general intangibles of such Grantor relating thereto or represented thereby. 
 (g) Such Grantor will take all reasonable and necessary steps, including, without limitation, in any proceeding before the United States Patent and
Trademark Office or the United States Copyright Office, that such Grantor determines may be desirable to maintain and pursue each application relating to any material Intellectual Property (and to obtain the relevant registration) and to maintain
each registration of the material Intellectual Property, including, without limitation, filing of applications for renewal, affidavits of use and affidavits of incontestability. 
 In the event that any material Intellectual Property is infringed, misappropriated or diluted by a third party, such Grantor shall (i) take such
actions as such Grantor shall reasonably deem appropriate under the circumstances to protect such Intellectual Property and (ii) if such Intellectual Property is of material economic value, notify the Collateral Agent after it learns thereof no
less often than on a quarterly basis and, if such Grantor determines in its reasonable judgment that legal action is appropriate, take legal action to contest the infringement, misappropriation or dilution, to seek injunctive relief where
appropriate and to recover any and all damages for such infringement, misappropriation or dilution. 
  

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 4.10 Commercial Tort Claims. If any Grantor shall at any time commence a suit, action or
proceeding with respect to any Commercial Tort Claim held by it with a value which such Grantor reasonably believes to be of $ 3,000,000 or more, such Grantor shall promptly notify the Collateral Agent thereof no less often than on a quarterly basis
in a writing signed by such Grantor and describing the details thereof and shall grant to the Collateral Agent for the benefit of the Secured Parties in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, with such writing to be in form and substance reasonably satisfactory to the Collateral Agent. 
 SECTION 5. REMEDIAL PROVISIONS

 5.1 Certain Matters Relating to Receivables. (a) The Collateral Agent shall have the right, at any time after the occurrence and
during the continuance of an Event of Default, to make test verifications of the Receivables in any manner and through any medium that it reasonably considers advisable, and each Grantor shall furnish all such assistance and information as the
Collateral Agent may reasonably require in connection with such test verifications. At any time and from time to time after the occurrence and during the continuance of an Event of Default, upon the Collateral Agent’s request and at the expense
of the relevant Grantor, such Grantor shall cause independent public accountants or others satisfactory to the Collateral Agent to furnish to the Collateral Agent reports showing reconciliations, aging and test verifications of, and trial balances
for, the Receivables. 
 (b) The Collateral Agent hereby authorizes each Grantor to collect such Grantor’s Receivables, subject to the
Collateral Agent’s direction and control after the occurrence and during the continuance of an Event of Default, and the Collateral Agent may curtail or terminate said authority at any time after the occurrence and during the continuance of an
Event of Default. If required by the Collateral Agent at any time after the occurrence and during the continuance of an Event of Default, any payments of Receivables, when collected by any Grantor, (i) shall be forthwith (and, in any event,
within two Business Days) deposited by such Grantor in the exact form received, duly indorsed by such Grantor to the Collateral Agent if required, in a Collateral Account maintained under the sole dominion and control of the Collateral Agent,
subject to withdrawal by the Collateral Agent for the account of the Secured Parties only as provided in Section 5.5, and (ii) until so turned over, shall be held by such Grantor in trust for the Collateral Agent and the Secured Parties,
segregated from other funds of such Grantor. Each such deposit of Proceeds of Receivables shall be accompanied by a report identifying in reasonable detail the nature and source of the payments included in the deposit. 
 (c) At any time after the occurrence and during the continuance of an Event of Default, at the Collateral Agent’s request, each Grantor shall
deliver to the Collateral Agent all original and other documents evidencing, and relating to, the agreements and transactions which gave rise to the Receivables, including, without limitation, all original orders, invoices and shipping receipts.

 (d) At any time after the occurrence and during the continuance of an Event of Default, each Grantor will cooperate with the Collateral
Agent to establish a system of lockbox accounts, under the sole dominion and control of the Collateral Agent, into which all Receivables shall be paid and from which all collected funds will be transferred to a Collateral Account. 
  

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 5.2 Communications with Obligors; Grantors Remain Liable. (a) The Collateral Agent in its own name
or in the name of others may at any time after the occurrence and during the continuance of an Event of Default communicate with obligors under the Receivables to verify with them to the Collateral Agent’s satisfaction the existence, amount and
terms of any Receivables. 
 (b) Upon the request of the Collateral Agent at any time after the occurrence and during the continuance of an
Event of Default, each Grantor shall promptly notify obligors on the Receivables in writing that the Receivables have been assigned to the Collateral Agent for the ratable benefit of the Secured Parties and that payments in respect thereof shall be
made directly to the Collateral Agent. 
 (c) Anything herein to the contrary notwithstanding, each Grantor shall remain liable under each of
the Receivables (or any agreement giving rise thereto) to observe and perform all the conditions and obligations to be observed and performed by it thereunder, all in accordance with the terms of any agreement giving rise thereto. Neither the
Collateral Agent nor any Secured Party shall have any obligation or liability under any Receivable (or any agreement giving rise thereto) by reason of or arising out of this Agreement or the receipt by the Collateral Agent or any Secured Party of
any payment relating thereto, nor shall the Collateral Agent or any Secured Party be obligated in any manner to perform any of the obligations of any Grantor under or pursuant to any Receivable (or any agreement giving rise thereto), to make any
payment, to make any inquiry as to the nature or the sufficiency of any payment received by it or as to the sufficiency of any performance by any party thereunder, to present or file any claim, to take any action to enforce any performance or to
collect the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
 5.3 Pledged
Stock. (a) Unless an Event of Default shall have occurred and be continuing and the Collateral Agent shall have given notice to the relevant Grantor of the Collateral Agent’s intent to exercise its corresponding rights pursuant to
Section 6.3(b), each Grantor shall be permitted to receive all cash dividends paid in respect of the Pledged Stock and all payments made in respect of the Pledged Notes, in each case paid in the normal course of business of the relevant Issuer,
and to exercise all voting, corporate and other rights with respect to the Pledged Securities; provided, however, that no vote shall be cast or corporate right exercised or other action taken which, in the Collateral Agent’s
reasonable judgment, would impair the Collateral or which would be inconsistent with or result in any violation of any provision of the Indenture or this Agreement. 
 (b) If an Event of Default shall occur and be continuing and the Collateral Agent shall give notice of its intent to exercise such rights to the relevant Grantor or Grantors, (i) the Collateral Agent shall have
the right to receive any and all cash dividends, payments or other Proceeds paid in respect of the Pledged Securities and make application thereof to the Obligations in the order set forth in Section 5.5, and (ii) any or all of the Pledged
Securities shall be registered in the name of the Collateral Agent or its nominee, and the Collateral Agent or its nominee may thereafter exercise (x) all voting, corporate and other rights pertaining to such Pledged Securities at any meeting
of shareholders of the relevant Issuer or Issuers or otherwise and (y) any and all rights of conversion, exchange and subscription and any other rights, privileges or options pertaining to such Pledged Securities as if it were the absolute
owner thereof (including, without limitation, the right to exchange at its discretion any and all of the 

  

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Pledged Securities upon the merger, consolidation, reorganization, recapitalization or other fundamental change in the corporate structure of any Issuer, or
upon the exercise by any Grantor or the Collateral Agent of any right, privilege or option pertaining to such Pledged Securities, and in connection therewith, the right to deposit and deliver any and all of the Pledged Securities with any committee,
depositary, transfer agent, registrar or other designated agency upon such terms and conditions as the Collateral Agent may determine), all without liability except to account for property actually received by it, but the Collateral Agent shall have
no duty to any Grantor to exercise any such right, privilege or option and shall not be responsible for any failure to do so or delay in so doing. 
 (c) Each Grantor hereby authorizes and instructs each Issuer of any Pledged Securities pledged by such Grantor hereunder to (i) comply with any instruction received by it from the Collateral Agent in writing that (x) states that
an Event of Default has occurred and is continuing and (y) is otherwise in accordance with the terms of this Agreement, without any other or further instructions from such Grantor, and each Grantor agrees that each Issuer shall be fully
protected in so complying, and (ii) unless otherwise expressly permitted hereby, pay any dividends or other payments with respect to the Pledged Securities directly to the Collateral Agent. 
 5.4 Proceeds to be Turned Over To Collateral Agent. In addition to the rights of the Collateral Agent and the Secured Parties specified in
Section 5.1 with respect to payments of Receivables, if an Event of Default shall occur and be continuing, all Proceeds received by any Grantor consisting of cash, checks and Instruments shall be held by such Grantor in trust for the Collateral
Agent and the Secured Parties, segregated from other funds of such Grantor, and shall, forthwith upon receipt by such Grantor, be turned over to the Collateral Agent in the exact form received by such Grantor (duly indorsed by such Grantor to the
Collateral Agent, if required). All Proceeds received by the Collateral Agent hereunder shall be held by the Collateral Agent in a Collateral Account maintained under its sole dominion and control. All Proceeds while held by the Collateral Agent in
a Collateral Account (or by such Grantor in trust for the Collateral Agent and the Secured Parties) shall continue to be held as collateral security for all the Obligations and shall not constitute payment thereof until applied as provided in
Section 5.5. 
 5.5 Application of Proceeds. At such intervals as may be agreed upon by the Company and the Collateral Agent, or,
if an Event of Default shall have occurred and be continuing, at any time at the Collateral Agent’s election, the Collateral Agent may apply all or any part of Proceeds constituting Collateral, whether or not held in any Collateral Account, in
payment of the Obligations in accordance with the provisions of the Indenture. Any balance of such proceeds remaining after the Obligations shall have been paid in full shall be paid over to the Grantors or to whomsoever may be lawfully entitled to
receive the same. 
 5.6 Code and Other Remedies. If an Event of Default shall occur and be continuing, the Collateral Agent, on
behalf of the Secured Parties, may exercise, in addition to all other rights and remedies granted to them in this Agreement and in any other instrument or agreement securing, evidencing or relating to the Obligations, all rights and remedies of a
secured party under the New York UCC or any other applicable law. Without limiting the generality of the foregoing, the Collateral Agent, without demand of performance or other demand, presentment, protest, advertisement or notice of any kind
(except any notice required by 

  

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law referred to below) to or upon any Grantor or any other Person (all and each of which demands, defenses, advertisements and notices are hereby waived),
may in such circumstances forthwith collect, receive, appropriate and realize upon the Collateral, or any part thereof, and/or may forthwith sell, lease, assign, give option or options to purchase, or otherwise dispose of and deliver the Collateral
or any part thereof (or contract to do any of the foregoing), in one or more parcels at public or private sale or sales, at any exchange, broker’s board or office of the Collateral Agent or any Secured Party or elsewhere upon such terms and
conditions as it may deem advisable and at such prices as it may deem best, for cash or on credit or for future delivery without assumption of any credit risk. The Collateral Agent or any Secured Party shall have the right upon any such public sale
or sales, and, to the extent permitted by law, upon any such private sale or sales, to purchase the whole or any part of the Collateral so sold, free of any right or equity of redemption in any Grantor, which right or equity is hereby waived and
released. Each Grantor further agrees, at the Collateral Agent’s request, to assemble the Collateral and make it available to the Collateral Agent at places which the Collateral Agent shall reasonably select, whether at such Grantor’s
premises or elsewhere. The Collateral Agent shall apply the net proceeds of any action taken by it pursuant to this Section 5.6 with respect to any Grantor’s Collateral, after deducting all reasonable costs and expenses of every kind
incurred in connection therewith or incidental to the care or safekeeping of any of the Collateral of such Grantor or in any way relating to the Collateral of such Grantor or the rights of the Collateral Agent and the Secured Parties hereunder with
respect thereto, including, without limitation, reasonable attorneys’ fees and disbursements, to the payment in whole or in part of the Obligations of such Grantor, in the order specified in Section 5.5, and only after such application and
after the payment by the Collateral Agent of any other amount required by any provision of law, including, without limitation, Section 9-615(a)(3) of the New York UCC, need the Collateral Agent account for the surplus, if any, to any Grantor.
To the extent permitted by applicable law, each Grantor waives all claims, damages and demands it may acquire against the Collateral Agent or any Secured Party arising out of the exercise by them of any rights hereunder. If any notice of a proposed
sale or other disposition of Collateral shall be required by law, such notice shall be deemed reasonable and proper if given at least 10 days before such sale or other disposition. 
 5.7 Registration Rights. (a) If the Collateral Agent shall determine to exercise its right to sell any or all of the Pledged Stock pursuant to
Section 5.6, and if in the opinion of the Collateral Agent it is necessary or advisable to have the Pledged Stock, or that portion thereof to be sold, registered under the provisions of the Securities Act, the relevant Grantor will cause the
Issuer thereof to (i) execute and deliver, and cause the directors and officers of such Issuer to execute and deliver, all such instruments and documents, and do or cause to be done all such other acts as may be, in the opinion of the
Collateral Agent, necessary or advisable to register the Pledged Stock, or that portion thereof to be sold, under the provisions of the Securities Act, (ii) use its best efforts to cause the registration statement relating thereto to become
effective and to remain effective for a period of one year from the date of the first public offering of the Pledged Stock, or that portion thereof to be sold, and (iii) make all amendments thereto and/or to the related prospectus which, in the
opinion of the Collateral Agent, are necessary or advisable, all in conformity with the requirements of the Securities Act and the rules and regulations of the Securities and Exchange Commission applicable thereto. Each Grantor agrees to cause such
Issuer to comply with the provisions of the securities or “Blue Sky” laws of any and all jurisdictions which the Collateral Agent shall designate and to make available to its 

  

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security holders, as soon as practicable, an earnings statement (which need not be audited) which will satisfy the provisions of Section 11(a) of the
Securities Act. 
 (b) Each Grantor recognizes that the Collateral Agent may be unable to effect a public sale of any or all the Pledged
Stock, by reason of certain prohibitions contained in the Securities Act and applicable state securities laws or otherwise, and may be compelled to resort to one or more private sales thereof to a restricted group of purchasers which will be obliged
to agree, among other things, to acquire such securities for their own account for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges and agrees that any such private sale may result in prices and other
terms less favorable than if such sale were a public sale and, notwithstanding such circumstances, agrees that any such private sale shall be deemed to have been made in a commercially reasonable manner. The Collateral Agent shall be under no
obligation to delay a sale of any of the Pledged Stock for the period of time necessary to permit the Issuer thereof to register such securities for public sale under the Securities Act, or under applicable state securities laws, even if such Issuer
would agree to do so. 
 (c) Each Grantor agrees to use its best efforts to do or cause to be done all such other acts as may be necessary to
make such sale or sales of all or any portion of the Pledged Stock pursuant to this Section 5.7 valid and binding and in compliance with any and all other applicable Requirements of Law. Each Grantor further agrees that a breach of any of the
covenants contained in this Section 5.7 will cause irreparable injury to the Collateral Agent and the Secured Parties, that the Collateral Agent and the Secured Parties have no adequate remedy at law in respect of such breach and, as a
consequence, that each and every covenant contained in this Section 5.7 shall be specifically enforceable against such Grantor, and such Grantor hereby waives and agrees not to assert any defenses against an action for specific performance of
such covenants except for a defense that no Event of Default has occurred under the Indenture. 
 5.8 Deficiency. Each Grantor shall
remain liable for any deficiency if the proceeds of any sale or other disposition of the Collateral are insufficient to pay its Obligations and the fees and disbursements of any attorneys employed by the Collateral Agent or any Secured Party to
collect such deficiency. 
 SECTION 6. THE COLLATERAL AGENT 
 6.1 Collateral Agent’s Appointment as Attorney-in-Fact, etc. (a) Each Grantor hereby irrevocably constitutes and appoints the Collateral Agent and any officer or agent thereof, with full power of
substitution, as its true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of such Grantor and in the name of such Grantor or in its own name, for the purpose of carrying out the terms of this Agreement,
to take any and all appropriate action and to execute any and all documents and instruments which may be necessary or desirable to accomplish the purposes of this Agreement, and, without limiting the generality of the foregoing, each Grantor hereby
gives the Collateral Agent the power and right, but not the obligation, on behalf of such Grantor, without notice to or assent by such Grantor, to do any or all of the following: 
 (i) in the name of such Grantor or its own name, or otherwise, take possession of and indorse and collect any checks, drafts, notes,
acceptances or other 

  

 18 

 
instruments for the payment of moneys due under any Receivable or with respect to any other Collateral and file any claim or take any other action or
proceeding in any court of law or equity or otherwise deemed appropriate by the Collateral Agent for the purpose of collecting any and all such moneys due under any Receivable or with respect to any other Collateral when payable; 
 (ii) in the case of any Intellectual Property, execute and deliver, and have recorded, any and all agreements, instruments, documents and
papers as the Collateral Agent may request to evidence the Collateral Agent’s and the Secured Parties’ security interest in such Intellectual Property and the goodwill and general intangibles of such Grantor relating thereto or represented
thereby; 
 (iii) pay or discharge taxes and Liens levied or placed on or threatened against the Collateral, effect any
repairs or any insurance called for by the terms of this Agreement and pay all or any part of the premiums therefor and the costs thereof; 
 (iv) execute, in connection with any sale provided for in Section 5.6 or 5.7, any indorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral; 
 (v) (1) direct any party liable for any payment under any of the Collateral to make payment of any and all moneys due or to become due
thereunder directly to the Collateral Agent or as the Collateral Agent shall direct; (2) ask or demand for, collect, and receive payment of and receipt for, any and all moneys, claims and other amounts due or to become due at any time in
respect of or arising out of any Collateral; (3) sign and indorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications, notices and other documents in
connection with any of the Collateral;(4) commence and prosecute any suits, actions or proceedings at law or in equity in any court of competent jurisdiction to collect the Collateral or any portion thereof and to enforce any other right in respect
of any Collateral; (5) defend any suit, action or proceeding brought against such Grantor with respect to any Collateral;(6) settle, compromise or adjust any such suit, action or proceeding and, in connection therewith, give such discharges or
releases as the Collateral Agent may deem appropriate; (7) assign any Copyright, Patent or Trademark (along with the goodwill of the business to which any such Copyright, Patent or Trademark pertains), throughout the world for such term or
terms, on such conditions, and in such manner, as the Collateral Agent shall in its sole discretion determine; and (8) generally, sell, transfer, pledge and make any agreement with respect to or otherwise deal with any of the Collateral as
fully and completely as though the Collateral Agent were the absolute owner thereof for all purposes, and do, at the Collateral Agent’s option and such Grantor’s expense, at any time, or from time to time, all acts and things which the
Collateral Agent deems necessary to protect, preserve or realize upon the Collateral and the Collateral Agent’s and the Secured Parties’ security interests therein and to effect the intent of this Agreement, all as fully and effectively as
such Grantor might do; and 
 (vi) license or sublicense whether on an exclusive or non-exclusive basis, any Intellectual
Property for such term and on such conditions and in such manner as the Collateral Agent shall in its sole judgment determine and, in connection therewith, such 

  

 19 

 
Grantor hereby grants to the Collateral Agent for the benefit of the Secured Parties a royalty-free, world-wide irrevocable license of its Intellectual
Property. 
 Anything in this Section 6.1 (a) to the contrary notwithstanding, the Collateral Agent agrees that it will not
exercise any rights under the power of attorney provided for in this Section 6.1(a) unless an Event of Default shall have occurred and be continuing. 
 (b) If any Grantor fails to perform or comply with any of its agreements contained herein, the Collateral Agent, at its option, but without any obligation so to do, may perform or comply, or otherwise cause
performance or compliance, with such agreement. 
 (c) The expenses of the Collateral Agent incurred in connection with actions undertaken as
provided in this Section 6.1, together with interest thereon at a rate per annum equal to the rate per annum at which interest would then be payable under the Indenture, from the date of payment by the Collateral Agent to the date reimbursed by
the relevant Grantor, shall be payable by such Grantor to the Collateral Agent on demand. 
 (d) Each Grantor hereby ratifies all that said
attorneys shall lawfully do or cause to be done by virtue hereof. All powers, authorizations and agencies contained in this Agreement are coupled with an interest and are irrevocable until this Agreement is terminated and the security interests
created hereby are released. 
 6.2 Duty of Collateral Agent. The Collateral Agent’s sole duty with respect to the custody,
safekeeping and physical preservation of the Collateral in its possession, under Section 9-207 of the New York UCC or otherwise, shall be to deal with it in the same manner as the Collateral Agent deals with similar property for its own
account. Neither the Collateral Agent, any Secured Party nor any of their respective officers, directors, employees or agents shall be liable for failure to demand, collect or realize upon any of the Collateral or for any delay in doing so or shall
be under any obligation to sell or otherwise dispose of any Collateral upon the request of any Grantor or any other Person or to take any other action whatsoever with regard to the Collateral or any part thereof. The powers conferred on the
Collateral Agent and the Secured Parties hereunder are solely to protect the Collateral Agent’s and the Secured Parties’ interests in the Collateral and shall not impose any duty upon the Collateral Agent or any Secured Party to exercise
any such powers. The Collateral Agent and the Secured Parties shall be accountable only for amounts that they actually receive as a result of the exercise of such powers, and neither they nor any of their officers, directors, employees or agents
shall be responsible to any Grantor for any act or failure to act hereunder, except for their own gross negligence or willful misconduct. 
 6.3 Execution of Financing Statements. Pursuant to any applicable law, each Grantor authorizes the Collateral Agent to file or record financing statements and other filing or recording documents or instruments with respect to the
Collateral without the signature of such Grantor in such form and in such offices as the Collateral Agent determines appropriate to perfect the security interests of the Collateral Agent under this Agreement. Each Grantor authorizes the Collateral
Agent to use the collateral description “all personal property” or “all assets” in any such financing statements. Each Grantor hereby ratifies and authorizes the filing 

  

 20 

 
by the Collateral Agent of any financing statement with respect to the Collateral made prior to the date hereof. 
 6.4 Authority of Collateral Agent. Each Grantor acknowledges that the rights and responsibilities of the Collateral Agent under this Agreement
with respect to any action taken by the Collateral Agent or the exercise or non-exercise by the Collateral Agent of any option, voting right, request, judgment or other right or remedy provided for herein or resulting or arising out of this
Agreement shall, as between the Collateral Agent and the Secured Parties, be governed by the Indenture and by such other agreements with respect thereto as may exist from time to time among them, but, as between the Collateral Agent and the
Grantors, the Collateral Agent shall be conclusively presumed to be acting as agent for the Secured Parties with full and valid authority so to act or refrain from acting, and no Grantor shall be under any obligation, or entitlement, to make any
inquiry respecting such authority. The Collateral Agent is entitled to all protections hereunder that is has as trustee under the Indenture. 
 SECTION 7. MISCELLANEOUS 
 7.1 Amendments in Writing. None of the terms or provisions of this Agreement may be waived,
amended, supplemented or otherwise modified except in accordance with Section 9.01 or Section 9.02, as applicable, of the Indenture. 
 7.2 Notices. All notices, requests and demands to or upon the Collateral Agent or any Grantor hereunder shall be effected in the manner provided for in Section ___ of the Indenture. 
 7.3 No Waiver by Course of Conduct; Cumulative Remedies. Neither the Collateral Agent nor any Secured Party shall by any act (except by a written
instrument pursuant to Section 7.1), delay, indulgence, omission or otherwise be deemed to have waived any right or remedy hereunder or to have acquiesced in any Default or Event of Default. No failure to exercise, nor any delay in exercising,
on the part of the Collateral Agent or any Secured Party, any right, power or privilege hereunder shall operate as a waiver thereof. No single or partial exercise of any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A waiver by the Collateral Agent or any Secured Party of any right or remedy hereunder on any one occasion shall not be construed as a bar to any right or remedy which the
Collateral Agent or such Secured Party would otherwise have on any future occasion. The rights and remedies herein provided are cumulative, may be exercised singly or concurrently and are not exclusive of any other rights or remedies provided by
law. 
 7.4 Enforcement Expenses; Indemnification. (a) Each Grantor agrees to pay, or reimburse each Secured Party and the Collateral
Agent for, all its costs and expenses incurred in enforcing (other than any such enforcement determined by a final, non-appealable judgment of a court to have been in bad faith) or preserving any rights under this Agreement, the Indenture and the
other Collateral Documents to which such Grantor is a party, including, without limitation, the fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Secured Party and of counsel to the Collateral
Agent. 
  

 21 

 (b) Each Grantor agrees to pay, and to save the Collateral Agent and the Secured Parties harmless from,
any and all liabilities with respect to, or resulting from any delay in paying, any and all stamp, excise, sales or other taxes which may be payable or determined to be payable with respect to any of the Collateral or in connection with any of the
transactions contemplated by this Agreement. 
 (c) The agreements in this Section shall survive repayment of the Obligations and all other
amounts payable under the Indenture, the Notes and the other Collateral Documents. 
 7.5 Successors and Assigns. This Agreement shall
be binding upon the successors and assigns of each Grantor and shall inure to the benefit of the Collateral Agent and the Secured Parties and their successors and assigns; provided that no Grantor may assign, transfer or delegate any of its
rights or obligations under this Agreement without the prior written consent of the Collateral Agent. 
 7.6 Set-Off. Each Grantor
hereby irrevocably authorizes the Collateral Agent and each Secured Party at any time and from time to time while an Event of Default shall have occurred and be continuing, without notice to such Grantor or any other Grantor, any such notice being
expressly waived by each Grantor, to set-off and appropriate and apply any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case
whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by the Collateral Agent or such Secured Party to or for the credit or the account of such Grantor, or any part thereof in such amounts as the
Collateral Agent or such Secured Party may elect, against and on account of the obligations and liabilities of such Grantor to the Collateral Agent or such Secured Party hereunder, in any currency, whether arising hereunder, under the Indenture, the
Notes or any other Collateral Document, as the Collateral Agent or such Secured Party may elect, whether or not the Collateral Agent or any Secured Party has made any demand for payment and although such obligations, liabilities and claims may be
contingent or unmatured. The Collateral Agent and each Secured Party shall notify such Grantor promptly of any such set-off and the application made by the Collateral Agent or such Secured Party of the proceeds thereof, provided that the
failure to give such notice shall not affect the validity of such set-off and application. The rights of the Collateral Agent and each Secured Party under this Section are in addition to other rights and remedies (including, without limitation,
other rights of set-off) which the Collateral Agent or such Secured Party may have. 
 7.7 Counterparts. This Agreement may be
executed by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 
 7.8 Severability. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in
any other jurisdiction. 
  

 22 

 7.9 Section Headings. The Section headings used in this Agreement are for convenience of reference
only and are not to affect the construction hereof or be taken into consideration in the interpretation hereof. 
 7.10 Integration.
This Agreement, the Indenture, the Notes and the other Collateral Documents represent the agreement of the Grantors, the Collateral Agent and the Secured Parties with respect to the subject matter hereof and thereof, and there are no promises,
undertakings, representations or warranties by the Collateral Agent or any Secured Party relative to subject matter hereof and thereof not expressly set forth or referred to herein or in the Indenture, the Notes and the other Collateral Documents.

 7.11 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK. 
 7.12 Submission To Jurisdiction; Waivers. Each Grantor hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Collateral Documents to which it is
a party, 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, 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 Grantor at its address referred to in Section 7.2 or at such other address of which the Collateral Agent shall have been notified pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the right 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 any special, exemplary, punitive or consequential damages. 
 7.13
Acknowledgements. Each Grantor hereby acknowledges that: 
 (a) it has been advised by counsel in the negotiation, execution and
delivery of this Agreement and the other Collateral Documents to which it is a party; 
 (b) neither the Collateral Agent nor any Secured
Party has any fiduciary relationship with or duty to any Grantor arising out of or in connection with this Agreement or 

  

 23 

 
any of the other Collateral Documents, and the relationship between the Grantors, on the one hand, and the Collateral Agent and Secured Parties, on the other
hand, in connection herewith or therewith is solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the
other Collateral Documents or otherwise exists by virtue of the transactions contemplated hereby among the Secured Parties or among the Grantors and the Secured Parties. 
 7.14 Additional Grantors. Each Affiliate of the Company that is required to become a party to this Agreement pursuant to the Indenture shall become a Grantor for all purposes of this Agreement upon execution
and delivery by such Affiliate of the Company of an Assumption Agreement in the form of Annex 1 hereto. 
 7.15 Releases. The
Collateral shall be released from the Liens created hereby at the times, and to the extent, provided under Section ___ of the Indenture and Section 5.1 of the Intercreditor Agreement, and (in the case of a complete release of the Collateral)
this Agreement and all obligations (other than those expressly stated to survive such termination) of the Collateral Agent and each Grantor hereunder shall terminate, all without delivery of any instrument or performance of any act by any party, and
all rights to the Collateral shall revert to the Grantors. At the request and sole expense of any Grantor following any such termination, the Collateral Agent shall deliver to such Grantor, on a date to be reasonably specified by such Grantor, any
Collateral held by the Collateral Agent hereunder, and execute and deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
 7.16 Approvals. Any provision contained herein to the contrary notwithstanding, no action shall be taken hereunder by the Collateral Agent with
respect to the Collateral unless and until all applicable requirements, if any, under applicable federal and state laws and the respective rules and regulations thereunder and thereof, as well as any other laws, rules and regulations of any
Governmental Authority applicable to or having jurisdiction over any Grantor, have in the reasonable judgment of the Collateral Agent been fully satisfied to the extent necessary to take such action and there have been obtained such consents,
approvals and authorizations as may be required to be obtained from applicable federal, state and local regulatory authorities and municipalities and any other Governmental Authority under the terms of any franchise, license or similar operating
right held by such Grantor in order to take such action. It is the intention of the parties hereto that the grant to the Collateral Agent of security interests in the Collateral, and all rights and remedies by the Collateral Agent with respect to
the Collateral, shall in all relevant aspects be subject to and governed by said statutes, rules and regulations and that nothing in this Agreement shall be construed to diminish the control exercised by any Grantor, except in accordance with the
provisions of any statutory requirements and rules and regulations. By its acceptance of this Agreement, the Collateral Agent agrees that it will not take any action pursuant to this Agreement which constitutes or results in any assignment of a
license or franchise or any change of control over the communications properties owned and operated by any Grantor, if such assignment of license or franchise or change of control would, under then existing law or under any franchise, require the
prior approval of Governmental Authority, without first obtaining such approval. Upon the exercise by the Collateral Agent of any power, right, privilege or remedy pursuant to this Agreement which requires any consent, approval, recording,
qualification or authorization of any Governmental 

  

 24 

 
Authority, each Grantor will execute and deliver, or will cause the execution and delivery of, all applications, certificates, instruments and other
documents and papers that the Collateral Agent may reasonably require in order for such governmental consent, approval, recording, qualification or authorization to be obtained. Each Grantor agrees to use its best efforts to cause such governmental
consents, approvals, recordings, qualifications and authorizations to be forthcoming. 
 7.17 WAIVER OF JURY TRIAL. EACH
GRANTOR AND, BY ACCEPTANCE OF THE BENEFITS HEREOF, EACH AGENT AND EACH SECURED PARTY, HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY
COUNTERCLAIM THEREIN. 
 7.18 Intercreditor Agreement. Notwithstanding any provision to the contrary in this Collateral Agreement,
this Collateral Agreement, the lien and security interest granted to the Collateral Agent pursuant to this Collateral Agreement, and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the provisions of the
Intercreditor Agreement, as the same may be amended, supplemented, modified or replaced from time to time. The Collateral Agent, on behalf of the Secured Parties, acknowledges and agrees to be bound by the provisions of the Intercreditor Agreement.
In the event of any conflict between the terms of the Intercreditor Agreement and this Collateral Agreement, the terms of the Intercreditor Agreement shall govern. Without limiting the generality of the foregoing, and notwithstanding anything herein
to the contrary, all rights and remedies of the Collateral Agent shall be subject to the terms of the Intercreditor Agreement, and until the Discharge of First Lien Obligations (as such term is defined in the Intercreditor Agreement), any obligation
of any Grantor hereunder with respect to the delivery or control of any Collateral, the notation of any lien on any certificate of title, bill of lading or other Document, the giving of any notice to any bailee or other Person or the provision of
voting rights shall be deemed to be satisfied if the Grantor complies with the requirements of the similar provision of the applicable First Lien Collateral Documents. Until the Discharge of First Lien Obligations, the delivery of any Collateral to
the First Lien Collateral Agent pursuant to the First Lien Collateral Documents shall satisfy any delivery requirement hereunder. 
  

 25 

 IN WITNESS WHEREOF, each of the undersigned has caused this Collateral Agreement to be duly executed and
delivered as of the date first above written. 
  

			
	 PRIMUS TELECOMMUNICATIONS IHC, INC.
  
 PRIMUS TELECOMMUNICATIONS
INTERNATIONAL, INC.
  

TRESCOM INTERNATIONAL, INC.
  
 LEAST COST ROUTING, INC.
  
 TRESCOM U.S.A.,
INC.
  
 iPRIMUS.COM, INC.
  

		
	By:	 	  
		 	Name:
		 	Title:

  

			
	 PRIMUS TELECOMMUNICATIONS, INC.
  
 iPRIMUS USA, INC.

		
	By:	 	  
		 	Name:
		 	Title:

 Signature Page to Collateral Agreement 
  

 26 

 Schedule 1 
 [Intentionally Omitted] 

 Schedule 2 
 DESCRIPTION OF PLEDGED SECURITIES 
 Pledged Stock: 
  

							
	 Issuer
	  	Class of Stock	  	Stock Certificate No.	  	No. of Shares
		  		  		  	
		  		  		  	

 Pledged Notes: 
  

					
	 Issuer
	  	Payee	  	Principal Amount
		  		  	
		  		  	

 Schedule 3 
 FILINGS AND OTHER ACTIONS 
 REQUIRED TO PERFECT SECURITY INTERESTS 
 Uniform Commercial Code Filings 
 [List
each office where a is financing statement to be filed] 
 Patent and Trademark Filings 
 [List all filings] 
 Actions with respect
to Pledged Stock 
 Other Actions 
 [Describe other actions to be taken] 

 Schedule 4 
 JURISDICTION OF ORGANIZATION, IDENTIFICATION NUMBER AND 
 LOCATION OF CHIEF EXECUTIVE OFFICE 
  

							
	 Grantor
	  	Jurisdiction of
Organization	  	Identification
Number	  	Location of Chief
Executive Office
		  		  		  	
		  		  		  	

 Schedule 5 
 LOCATIONS OF INVENTORY AND EQUIPMENT 
  

			
	 Grantor
	  	Locations
		  	

 Schedule 6 
 INTELLECTUAL PROPERTY 
  

	I.	Copyrights and Copyright Licenses: 

  

	II.	Patents and Patent Licenses: 

  

	III.	Trademarks and Trademark Licenses: 

 Schedule 7 
 EXISTING PRIOR LIENS 

 Schedule 8 
 DEPOSIT ACCOUNTS AND SECURITIES ACCOUNTS 

 Schedule 9 
 RECEIVABLES 

 Annex I 
 to 
 Collateral Agreement 
 ASSUMPTION AGREEMENT, dated as of ________________, 200__, made by ______________________________, a ______________ corporation (the “Additional Grantor”), in favor of U.S. Bank National Association, as Collateral Agent (in
such capacity, the “Collateral Agent”) for the holders (the “Holders”) of the Notes issued pursuant to the Indenture referred to below. All capitalized terms not defined herein shall have the meaning ascribed to
them in the Collateral Agreement referred to below. 
 W I T N E S S E T
H : 
 WHEREAS, Primus Telecommunications IHC, Inc. (the “Company”), certain of the Company’s affiliates
and U.S. Bank National Association, as trustee have entered into an Indenture, dated as of February 26, 2007 (as amended, supplemented or otherwise modified from time to time, the “Indenture”), pursuant to which the Company has
issued its 14.25% Senior Secured Notes due 2011 (the “Notes”) to the Holders; 
 WHEREAS, in connection with the Indenture,
the Company and certain of its Affiliates (other than the Additional Grantor) have entered into the Collateral Agreement, dated as of February 26, 2007 (as amended, supplemented or otherwise modified from time to time, the “Collateral
Agreement”) in favor of the Collateral Agent for the benefit of the Secured Parties; 
 WHEREAS, the Indenture requires the
Additional Grantor to become a party to the Collateral Agreement; and 
 WHEREAS, the Additional Grantor has agreed to execute and deliver
this Assumption Agreement in order to become a party to the Collateral Agreement; 
 NOW, THEREFORE, IT IS AGREED: 
 1. Collateral Agreement. By executing and delivering this Assumption Agreement, the Additional Grantor, as provided in Section 7.14 of the
Collateral Agreement, hereby becomes a party to the Collateral Agreement as a Grantor thereunder with the same force and effect as if originally named therein as a Grantor and, without limiting the generality of the foregoing, hereby expressly
assumes all obligations and liabilities of a Grantor thereunder. The information set forth in Annex 1-A hereto is hereby added to the information set forth in Schedules _______* to the Collateral Agreement. The Additional Grantor hereby represents
and warrants that each of the representations and warranties contained in Section 4 of the Collateral Agreement is true and correct on and as the date hereof (after giving effect to this Assumption Agreement) as if made on and as of such date.

  

	*	Refer to each Schedule which needs to be supplemented. 

 Annex I-2 
 2. GOVERNING LAW. THIS ASSUMPTION AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 IN WITNESS WHEREOF, the undersigned has caused this Assumption Agreement to be duly executed and delivered as of the date first above written.

  

			
	[ADDITIONAL GRANTOR]
		
	By:	 	  
		 	Name:
		 	Title:

 Annex II 
 to  
 Collateral Agreement 
 ACKNOWLEDGEMENT AND CONSENT 
 The undersigned hereby acknowledges receipt of a copy of the Collateral
Agreement dated as of February 26, 2007 (the “Agreement”), made by the Grantors parties thereto for the benefit of U.S. Bank National Association, as Collateral Agent. The undersigned agrees for the benefit of the Collateral
Agent and the Secured Parties as follows: 
 1. The undersigned will be bound by the terms of the Agreement and will comply with such terms
insofar as such terms are applicable to the undersigned. 
 2. The undersigned will notify the Collateral Agent promptly in writing of the
occurrence of any of the events described in Section 4.7(a) of the Agreement. 
 3. The terms of Sections 4.7, 5.3(a) and 5.7 of the
Agreement shall apply to it, mutatis mutandis, with respect to all actions that may be required of it, or prohibited, pursuant to Section 4.7, 5.3(a) or 5.7 of the Agreement. 
  

			
	[NAME OF ISSUER]
		
	By:	 	  
		 	Name:
		 	Title:

  

			
	
	Address for Notices:
	
	  
	
	  
	
	  
		
	Fax:

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