Non-Action Letter AgreementNon-Action Letter Agreement • December 22nd, 2003 • Flag Telecom Group LTD • Telephone communications (no radiotelephone)
Reference is made to (i) the Agreement and Plan of Amalgamation (as amended, the “Amalgamation Agreement”) dated as of October 16, 2003 between FLAG Telecom Group Limited (the “Company”) and Reliance Gateway Net Limited (“Gateway”) (ii) the Letter Agreement (as amended, the “16(b) Agreement”) dated as of October 16, 2003 between the Company and Gateway and (iii) the HMC Agreement (the “HMC Agreement”) dated as of December 4, 2003 among the Company, Gateway and Harbert Distressed Investment Master Fund, Ltd. (“HMC”). Capitalized terms used herein and not defined shall have the meaning assigned to them in the Amalgamation Agreement.
