Common use of OPTION TO REVISE Clause in Contracts

OPTION TO REVISE. Subject to Applicable Law, the Administrative Agent on behalf of the Required Lenders shall have the right, no more than once during the term of this Agreement, upon giving not less than sixty (60) days’ prior written notice to the Borrower, to cause the structure of the Term Loans to be revised to facilitate access to all financial markets, including banks, insurance companies, investment companies, other financial institutions or governmental agencies, to sell or refinance the Term Loans, including by requiring all or a portion of the Term Loans to be replaced by a public offering or private placement of debt securities of IMPSAT (“Replacement Notes”) in an aggregate principal amount of not less than one hundred million Dollars (US$100,000,000) for the purpose of the Prepayment of outstanding Term Loans, concurrently with the prepayment of term loans under the Nortel Argentina Financing Agreement and the prepayment of term loans under the Accounts Payable Financing Agreement (the Nortel Argentina Financing Agreement, the Accounts Payable Financing Agreement and this Agreement, collectively, the “Financing Agreements”); provided that any such revisions and/or replacement shall neither decrease the economic benefit or the term of the Term Loans to IMPSAT and the Borrower nor have an “all-in” financing cost to IMPSAT in excess of ten and one quarter percent (10.25%) per annum, and further provided, that the aggregate principal amount of the Replacement Notes shall in no event, without the consent of IMPSAT, exceed the sum of the outstanding balance of the Term Loans, the outstanding balance of the term loans under the Nortel Argentina Financing Agreement and the outstanding balance of the term loans under the Accounts Payable Financing Agreement. The Lenders and the Borrower shall cooperate with respect to the determination of the optimal timing for such revisions or replacement, including for issuance of the Replacement Notes and any other issuance of debt securities by the Borrower or IMPSAT. Upon receipt of such notice from the Administrative Agent, the Borrower shall cooperate with the Placement Agent and Nortel as set forth in Section 16.13 and otherwise provide, on a best efforts basis, such assistance as is customarily and reasonably required or desirable to be provided by an issuer to enable the successful placement of Replacement Notes, under the terms and subject to the conditions set forth in Sections 13.2 and 13.3 and such other terms and conditions as may be agreed upon between the Borrower and the Lenders from time to time.

OPTION TO REVISE. Subject to Applicable Law, at any time after January 1, 2000 (but excluding the six (6) month period ending on July 31, 2003) the Administrative Agent on behalf of the Required Lenders shall have the right, no more than once during the term of this Agreement, upon giving not less than sixty (60) days’ ' prior written notice to the Borrower, to cause the structure of the Term Commitment Amount and the Loans to be revised to facilitate access to all financial markets, including banks, insurance companies, investment companies, other financial institutions or governmental agencies, to sell or refinance the Term Commitment Amount and/or Loans, including by requiring all or a portion of the Term Loans and Commitment Amount to be replaced by a public offering or private placement of debt securities of IMPSAT (“Replacement Notes”"REPLACEMENT NOTES") in an aggregate principal amount of not less than one two hundred fifty million Dollars (US$100,000,000250,000,000) for the purpose of the Prepayment of outstanding Term LoansLoans and the reduction of the Commitment Amount, concurrently with the prepayment of term loans and reduction of commitments under the Nortel Argentina Brazil Financing Agreement and the prepayment of term loans under the Accounts Payable Lucent Financing Agreement Agreements (the Nortel Argentina Financing Agreement, the Accounts Payable Financing Agreement all such financing agreements and this Agreement, collectively, the “Financing Agreements”"FINANCING AGREEMENTS"); provided provided, that any such revisions and/or replacement shall neither decrease the economic benefit or the term of the Term Loans or the Commitment to IMPSAT and the Borrower nor have an “"all-in” " financing cost to IMPSAT in excess of ten thirteen and one quarter three quarters percent (10.2513.75%) per annum, and further provided, that the aggregate principal amount of the Replacement Notes shall in no event, without the consent of IMPSAT, exceed the sum of the outstanding balance of the Term Loans, the outstanding balance of the term loans under the Nortel Argentina Financing Agreement and the outstanding balance of the term loans under the Accounts Payable Financing Agreement. The Lenders and the Borrower shall cooperate with respect to the determination of the optimal timing for such revisions or replacement, including for issuance of the Replacement Notes and any other issuance of debt securities by the Borrower or IMPSAT. Upon receipt of such notice from the Administrative Agent, the Borrower shall cooperate with the Placement Agent and Nortel as set forth in Section 16.13 16.12 and otherwise provide, on a best efforts basis, such assistance as is customarily and reasonably required or desirable to be provided by an issuer to enable the successful placement of Replacement Notes, under the terms and subject to the conditions set forth in Sections 13.2 and 13.3 and such other terms and conditions as may be agreed upon between the Borrower and the Lenders from time to time.

OPTION TO REVISE. Subject to Applicable Law, at any time after January 1, 2000 (but excluding the six (6) month period ending on July 31, 2003) the Administrative Agent on behalf of the Required Lenders shall have the right, no more than once during the term of this Agreement, upon giving not less than sixty (60) days’ ' prior written notice to the Borrower, to cause the structure of the Term Commitments and the Loans to be revised to facilitate access to all financial markets, including banks, insurance companies, investment companies, other financial institutions or governmental agencies, to sell or refinance the Term Commitment and/or Loans, including by requiring all or a portion of the Term Loans and Commitment to be replaced by a public offering or private placement an issuance of debt securities of IMPSAT in the capital markets (“Replacement Notes”"REPLACEMENT NOTES") in an aggregate principal amount of not less than one hundred twenty five million Dollars (US$100,000,000125,000,000) (or in the case of a second or third issuance of Replacement Notes, the lesser of one hundred twenty five million Dollars (US$125,000,000) and the sum of the Facility then outstanding hereunder and the Facility then outstanding under the Brazil Financing Agreement) for the purpose of the Prepayment prepayment of outstanding Term LoansLoans of the Lenders; provided, concurrently with the prepayment of term loans under the Nortel Argentina Financing Agreement and the prepayment of term loans under the Accounts Payable Financing Agreement (the Nortel Argentina Financing Agreement, the Accounts Payable Financing Agreement and this Agreement, collectively, the “Financing Agreements”); provided that any such revisions and/or replacement shall neither decrease the economic benefit or the term of the Term Loans or the Commitment to IMPSAT and the Borrower nor have an “"all-in” " financing cost to IMPSAT in excess of ten and one quarter thirteen percent (10.2513%) per annum, and further provided, that the aggregate principal amount of the Replacement Notes shall in no event, without the consent of IMPSAT, exceed the sum of the outstanding balance of the Term Loans, the outstanding balance of the term loans under the Nortel Argentina Financing Agreement and the outstanding balance of the term loans under the Accounts Payable Financing Agreement. The Lenders and the Borrower shall cooperate with respect to the determination of the optimal timing for such revisions or replacement, including for issuance of the Replacement Notes and any other issuance of debt securities by the Borrower or IMPSAT. Upon receipt of such notice from the Administrative Agent, the Borrower shall cooperate with the Placement Agent and Nortel as set forth in Section 16.13 16.12 and otherwise provide, on a best efforts basis, such assistance as is customarily and reasonably required or desirable to be provided by an issuer to enable the successful placement of Replacement Notes, under the terms and subject to the conditions set forth in Sections 13.2 and 13.3 and such other terms and conditions as may be agreed upon between the Borrower and the Lenders from time to time.

OPTION TO REVISE. Subject to Applicable Law, Law the Administrative Agent on behalf of the Required Lenders shall have the right, no more than once during the term of this Agreement, upon giving not less than sixty (60) days’ prior written notice to the Borrower, to cause the structure of the Term Loans to be revised to facilitate access to all financial markets, including banks, insurance companies, investment companies, other financial institutions or governmental agencies, to sell or refinance the Term Loans, including by requiring all or a portion of the Term Loans to be replaced by a public offering or private placement of debt securities of IMPSAT (“Replacement Notes”) in an aggregate principal amount of not less than one hundred million Dollars (US$100,000,000) for the purpose of the Prepayment of outstanding Term Loans, concurrently with the prepayment of term loans under the Nortel Argentina Brazil Financing Agreement and the prepayment of the term loans under the Accounts Payable Financing Agreement (the Nortel Argentina Brazil Financing Agreement, the Accounts Payable Financing Agreement and this Agreement, 72 collectively, the “Financing Agreements”); provided that any such revisions and/or replacement shall neither decrease the economic benefit or the term of the Term Loans to IMPSAT and the Borrower nor have an “all-in” financing cost to IMPSAT in excess of ten and one quarter percent (10.25%) per annum, and further provided, that the aggregate principal amount of the Replacement Notes shall in no event, without the consent of IMPSAT, exceed the sum of the outstanding balance of the Term Loans, the outstanding balance of the term loans under the Nortel Argentina Brazil Financing Agreement and the outstanding balance of the term loans under the Accounts Payable Financing Agreement. The Lenders and the Borrower shall cooperate with respect to the determination of the optimal timing for such revisions or replacement, including for issuance of the Replacement Notes and any other issuance of debt securities by the Borrower or IMPSAT. Upon receipt of such notice from the Administrative Agent, the Borrower shall cooperate with the Placement Agent and Nortel as set forth in Section 16.13 16.14 and otherwise provide, on a best efforts basis, such assistance as is customarily and reasonably required or desirable to be provided by an issuer to enable the successful placement of Replacement Notes, under the terms and subject to the conditions set forth in Sections 13.2 and 13.3 and such other terms and conditions as may be agreed upon between the Borrower and the Lenders from time to time.