Common use of Termination of Security Interest Clause in Contracts

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Escrow Agreement) shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the Notes, (iii) legal defeasance pursuant to Article Four and (iv) covenant defeasance pursuant to Article Four, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Escrow Funds (as defined in the Escrow Agreement) and other Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and first four scheduled interest payments on the NotesSecurities, (iii) legal defeasance pursuant to Article Four Section 8.01 and (iv) covenant defeasance pursuant to Article FourSection 8.01, the Trustee shall, at the written request of the Company, release the Liens security interest in the Collateral pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral. ARTICLE TWELVE COVENANT OF GLOBAL TELESYSTEMS GROUP, INC.

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Escrow Funds (as defined in the and other Escrow Agreement) Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and first four scheduled interest payments on the NotesSecurities, (iii) legal defeasance pursuant to Article Four Section 8.01 and (iv) covenant defeasance pursuant to Article FourSection 8.01, the Trustee shall, at the written request of the Company, release the Liens security interest in the Escrow Collateral pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.. SIGNATURES

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Escrow Agreement) shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the NotesSecurities, (iii) legal defeasance pursuant to Article Four and (iv) covenant defeasance pursuant to Article Four, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.. 107 -100-

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Escrow Agreement) shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the NotesSecurities, (iii) legal defeasance pursuant to Article Four and (iv) covenant defeasance pursuant to Article Four, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined funds in the Escrow Agreement) Account and other Escrow Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture first four semi-annual interest payments on the Notes and the Notes, (iii) legal defeasance pursuant to of the Company's obligations under the Securities and this Indenture in accordance with Article Four and (iv) covenant defeasance pursuant to Article Four8, the Trustee shall, at the written request of the Company, release the Liens security interest in the Escrow Collateral pursuant to this Indenture and the Escrow and Disbursement Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Escrow Agreement) Collateral Account shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the Notes, (iii) legal defeasance pursuant to Article Four Section 1302 and (iv) covenant defeasance pursuant to Article FourSection 1303, the Trustee shall, at the written request of the Companycompany, release the Liens pursuant to this Indenture and the Escrow Agreement Collateral Documents upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Escrow Funds (as defined in the and other Escrow Agreement) Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and first six scheduled interest payments on the NotesSecurities, (iii) legal defeasance pursuant to Article Four Section 8.01 and (iv) covenant defeasance pursuant to Article FourSection 8.01, the Trustee shall, at the written request of the CompanyHoldings, release the Liens security interest in the Escrow Collateral pursuant to this Indenture and the Holdings Escrow Agreement upon the Company's Holdings' compliance with the provisions of the TIA pertaining to release of collateral.. SIGNATURES

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Escrow Agreement) shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the NotesSecurities, (iii) legal defeasance pursuant to Article Four Section 8.02 and (iv) covenant defeasance pursuant to Article FourSection 8.02, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Deposit Funds (as defined in the Escrow Agreement) and other Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the NotesSecurities, (iii) legal defeasance pursuant to Article Four section 12.2 and (iv) covenant defeasance pursuant to Article FourSection 12.3, the Trustee shall, at the written request of the Companycompany, release the Liens pursuant to this Indenture and the Escrow Deposit Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral. ------------------- This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Escrow Funds (as defined in the Escrow Agreement) and other Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the NotesSecurities, (iii) legal defeasance pursuant to Article Four Section 9.01 and (iv) covenant defeasance pursuant pur- suant to Article FourSection 9.01, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.. SIGNATURES

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Escrow Funds (as defined in the Escrow Agreement) and other Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the NotesSecurities, (iii) legal defeasance pursuant to Article Four Section 9.01 and (iv) covenant defeasance pursuant to Article FourSection 9.01, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.. SIGNATURES

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Deposit Funds (as defined in the Escrow Agreement) and other Collateral shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the NotesSecurities, (iii) legal defeasance pursuant to Article Four section 12.2 and (iv) covenant defeasance pursuant to Article FourSection 12.3, the Trustee shall, at the written request of the Companycompany, release the Liens pursuant to this Indenture and the Escrow Deposit Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.. ------------------- This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 133

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Escrow Agreement) shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the Notes, (iii) legal defeasance Legal Defeasance pursuant to Article Four Section 8.2 and (iv) covenant defeasance Covenant Defeasance pursuant to Article FourSection 8.3, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.. 97 89

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Interest Escrow Agreement) Account shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the Notes, (iii) legal defeasance pursuant to Article Four and Section 9.02, (iviii) covenant defeasance pursuant to Article FourSection 9.03 and (iv) the date upon which the first four semiannual Interest Payments have been made, the Trustee shall, at the written request of each of the CompanyIssuers, release the Liens pursuant to this Indenture and Indenture, the Escrow Agreement Collateral Documents upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.. 103

Termination of Security Interest. Upon the earliest to occur of (i) the date upon which the balance of Available Funds (as defined in the Escrow Agreement) shall have been reduced to zero, (ii) the payment in full of all obligations of the Company under this Indenture and the Notes, (iii) legal defeasance Legal Defeasance pursuant to Article Four Section 8.2 and (iv) covenant defeasance Covenant Defeasance pursuant to Article FourSection 8.3, the Trustee shall, at the written request of the Company, release the Liens pursuant to this Indenture and the Escrow Agreement upon the Company's compliance with the provisions of the TIA pertaining to release of collateral.