AMENDMENT TO PLEDGE AGREEMENT
Exhibit
(d)(8)
AMENDMENT
TO PLEDGE AGREEMENT
This
AMENDMENT TO THE PLEDGE AGREEMENT dated as of May __, 2007 (this
“Amendment”),
is
entered into by and between RCN Corporation (the “Company”),
certain subsidiaries of RCN Corporation and HSBC Bank USA, National Association,
in its capacity as the Collateral Agent (the “Collateral
Agent”).
RECITALS:
WHEREAS,
the Company, certain subsidiaries of the Company and the Collateral Agent
entered into the Pledge Agreement dated as of December 21, 2004
(the “Pledge
Agreement”)
related to the Indenture between the Company and HSBC Bank USA, National
Association in its capacity as Indenture Trustee, dated as of
December 21, 2004, as amended by the First Supplemental Indenture,
dated as of May 30, 2006 (as amended, the “Indenture”);
WHEREAS,
Section 11.2 of the Indenture provides, among other things, that subject to
certain restrictions, the Company, when authorized by a Board Resolution,
may
amend or supplement the Notes, the Security Documents (which includes the
Pledge
Agreement) or the Indenture with the consent of the holders of not less than
a
majority in aggregate principal amount of the Notes at the time
outstanding;
WHEREAS,
the holders of not less than a majority in aggregate principal amount of
the
Notes outstanding have duly consented to the proposed amendments to the Pledge
Agreement set forth in this Amendment, in accordance with the provisions
of
Article IX and Section 11.2 of the Indenture;
NOW,
THEREFORE, in consideration of the premises and the mutual agreements herein
set
forth, the parties hereby agree as follows:
1. Capitalized
Terms.
All
capitalized, undefined terms used in this Amendment shall have the meanings
assigned thereto in the Indenture.
2. Amendment
to Section 20(a) to the Pledge Agreement.
The
last sentence of Section 20(a) of the Pledge Agreement is amended and
restated in its entirety to read as follows:
"As
used
in this Agreement, 'Termination Date' shall mean the earlier of (i) the
date upon which all Second-Lien Notes under the Second-Lien Note Indenture
have
been repaid in full and all other Obligations (other than indemnities described
in Section 11 hereof and described in Sections 3.4, 8.6 and elsewhere of
the
Second-Lien Note Indenture, and any other indemnities set forth in any other
Security Documents, in each case which are not then due and payable) then
due
and payable have been paid in full and (ii) the effective date of the
Second Supplemental Indenture, dated as of May __, 2007, by and among the
Borrower and the Second-Lien Trustee."
3. No
Representations.
The
recitals contained herein shall be taken as statements of the Company and
the
Collateral Agent assumes no responsibility for their correctness. The Collateral
Agent makes no representations as to the validity or sufficiency of this
Amendment.
4. Effective
Date.
This
Amendment is effective immediately upon the effective date of the Second
Supplemental Indenture, dated as of the date hereof, by and among the Company
and the Trustee.
5. Governing
Law.
This
Amendment shall be interpreted and construed in accordance with the laws
of the
State of New York.
6. Counterparts.
This
Amendment may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all
such
counterparts shall together constitute but one and the same
instrument.
7. Descriptive
Headings.
Descriptive headings hereof are inserted for convenience only and shall not
control or affect the meaning or construction of any of the provisions
hereof.
IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to Pledge
Agreement to be executed and delivered by their duly authorized officers
as of
the date first above written.
RCN
CORPORATION, as an Assignor
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By:
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Name:
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Title:
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BRAINSTORM
NETWORKS, INC., as a Guarantor
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By:
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Name:
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Title:
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HOT
SPOTS PRODUCTIONS, INC., as a Guarantor
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By:
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Name:
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Title:
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ON
TV, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN-BECOCOM,
LLC, as a Guarantor
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By:
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Name:
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Title:
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RCN
CABLE TV OF CHICAGO, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
ENTERTAINMENT, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
FINANCE, LLC, as a Guarantor
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By:
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Name:
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Title:
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RCN
FINANCIAL MANAGEMENT, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
INTERNATIONAL HOLDINGS, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
INTERNET SERVICES, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
NEW YORK COMMUNICATIONS HOLDING COMPANY, INC., as a
Guarantor
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By:
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Name:
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Title:
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RCN
NEW YORK COMMUNICATIONS, LLC, as a Guarantor
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By:
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Name:
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Title:
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RCN
TELECOM SERVICES, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
TELECOM SERVICES OF ILLINOIS, LLC, as a Guarantor
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By:
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Name:
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Title:
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RCN
TELECOM SERVICES OF MASSACHUSETTS, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
TELECOM SERVICES OF PHILADELPHIA, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
TELECOM SERVICES OF VIRGINIA, INC., as a Guarantor
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By:
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Name:
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Title:
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RCN
TELECOM SERVICES OF WASHINGTON D.C., INC., as a
Guarantor
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By:
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Name:
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Title:
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RFM
2, LLC, as a Guarantor
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By:
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Name:
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Title:
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RLH
PROPERTY CORPORATION, as a Guarantor
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By:
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Name:
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Title:
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TEC
AIR, INC., as a Guarantor
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By:
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Name:
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Title:
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21ST
CENTURY TELECOM SERVICES, INC., as a Guarantor
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By:
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Name:
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Title:
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UNET
HOLDING, INC., as a Guarantor
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By:
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Name:
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Title:
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STARPOWER
COMMUNICATIONS, LLC, as a Guarantor
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By:
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Name:
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Title:
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Accepted
and Agreed to:
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HSBC
BANK USA, NATIONAL ASSOCIATION, as Second-Lien Collateral Agent
and
Pledgee
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By:
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Name:
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Title:
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