XO COMMUNICATIONS INC
EXHIBIT 10.1
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<DESCRIPTION>EXHIBIT 10.1
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<P align="right" style="font-size: 10pt">Exhibit&nbsp;10.1<BR>
CORRECTED CONFORMED COPY



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;REGISTRATION RIGHTS AGREEMENT dated as of August&nbsp;5, 2004 between XO
COMMUNICATIONS, INC., a Delaware corporation (the &#147;<B>Company</B>&#148;), and the entities
listed on the signature pages hereto under the caption &#147;Purchasers&#148; (each a
&#147;<B>Purchaser</B>&#148; and, collectively, the &#147;<B>Purchasers</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the Stock Purchase Agreement dated as of August&nbsp;5, 2004 (the
&#147;<B>Stock Purchase Agreement</B>&#148;) by and between the Company and the Purchasers, the
Purchasers will acquire on the Closing Date an aggregate of 4,000,000 shares of
the Company&#146;s 6% Series&nbsp;A Convertible Preferred Stock (the &#147;<B>Convertible
Preferred Stock</B>&#148;).


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It is a condition precedent to the consummation of the transactions
contemplated by the Stock Purchase Agreement that the Company and the
Purchasers enter into this Agreement to provide for the rights of the
Purchasers with respect to the registration of the shares of Convertible
Preferred Stock held by the Purchasers and the shares of Common Stock issuable
upon conversion of the Convertible Preferred Shares.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, the parties hereto agree as follows:


<P align="left" style="font-size: 10pt">SECTION 1. <U>Definitions</U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used herein, unless the context otherwise requires, the following terms
have the following respective meanings:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing Date</B>&#148; is defined in the Stock Purchase Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Commission</B>&#148; means the Securities and Exchange Commission or any other
Federal agency at the time administering the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Common Stock</B>&#148; means the Common Stock, par value $0.01 per share, of the
Company.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Exchange Act</B>&#148; means the Securities Exchange Act of 1934, as amended, and
the rules and regulations of the Commission thereunder, all as the same shall
be in effect at the time.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Icahn Family</B>&#148; means and includes: (i)&nbsp;Carl C. Icahn, his spouse, and his
children; (ii)&nbsp;the current and former spouses of any person described in clause
(i)&nbsp;of this definition; and (iii)&nbsp;the ancestors, siblings and descendants,
whether by blood, marriage or adoption, of any person described in clause (i)
or (ii)&nbsp;of this definition.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Holder</B>&#148; means and includes: (i)&nbsp;any member of the Icahn Family;
(ii)&nbsp;any conservatorship, custodianship, or decedent&#146;s estate of any member of
the Icahn Family, (iii)&nbsp;any trust established for the benefit of, among others,
any Person described in clause (i)&nbsp;or (ii)&nbsp;of this definition; and (iv)&nbsp;any
corporation, limited liability company, partnership, or other entity, the
controlling equity interests in which are held by or for the benefit of any one
or more persons described in clause (i), (ii), or (iii)&nbsp;of this definition; and
(v)&nbsp;any foundation or charitable


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<P align="left" style="font-size: 10pt">organization established by a member of the Icahn Family, and having at least
one director, trustee, or member who is a member of the Icahn Family.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Person</B>&#148; means a corporation, an association, a partnership, an
organization, a business, a trust, an individual, or any other entity or
organization, including a government or political subdivision or an
instrumentality or agency thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Registrable Securities</B>&#148; means (i)&nbsp;the shares of Convertible Preferred
Stock, (ii)&nbsp;any shares of Common Stock issued or issuable upon the conversion
of any Convertible Preferred Shares held by the Purchasers, and (iii)&nbsp;any
shares of Common Stock issued with respect to the Convertible Preferred Stock
or the Common Stock referred to in clauses (i)&nbsp;and (ii)&nbsp;by way of a stock
dividend, stock split or reverse stock split or in connection with a
combination of shares, recapitalization, merger, consolidation or otherwise.
As to any particular Registrable Securities, such securities shall cease to be
Registrable Securities (a)&nbsp;when a registration statement with respect to the
sale of such securities shall have become effective under the Securities Act
and such securities shall have been disposed of in accordance with such
registration statement, (b)&nbsp;when such securities shall have been otherwise
transferred, new certificates for them not bearing a legend restricting further
transfer shall have been delivered by the Company and subsequent public
distribution of them shall not require registration of them under the
Securities Act, (c)&nbsp;when such securities are eligible for sale under clause (k)
of Rule&nbsp;144 of the Securities Act or any successor provision, or (d)&nbsp;when such
securities shall have been sold as permitted by, and in compliance with, the
Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Registration Expenses</B>&#148; means all expenses incident to the registration
and disposition of the Registrable Securities pursuant to Section&nbsp;2 hereof,
including, without limitation, all registration, filing and applicable national
securities exchange fees, all fees and expenses of complying with state
securities or blue sky laws (including fees and disbursements of counsel to the
underwriters or the Purchasers in connection with &#147;blue sky&#148; qualification of
the Registrable Securities and determination of their eligibility for
investment under the laws of the various jurisdictions), all word processing,
duplicating and printing expenses, all messenger and delivery expenses, the
fees and disbursements of counsel for the Company and of its independent public
accountants, including the expenses of &#147;cold comfort&#148; letters or any special
audits required by, or incident to, such registration, all fees and
disbursements of underwriters (other than underwriting discounts and
commissions), all transfer taxes, and all fees and expenses of counsel to the
Purchasers; <U>provided</U>, <U>however</U>, that Registration Expenses shall
exclude, and the Purchasers shall pay, underwriting discounts and commissions
in respect of the Registrable Securities being registered.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Securities Act</B>&#148; means the Securities Act of 1933, as amended, and the
rules and regulations of the Commission thereunder, all as the same shall be in
effect at the time.


<P align="left" style="font-size: 10pt">SECTION 2. <U>Registration Under Securities Act, etc.</U>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <U>Registration </U>.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<U>Effect the Registration</U>. The Company shall, if requested to do
so by any holder of shares of Convertible Preferred Stock, file for the
registration under the Securities Act


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<P align="left" style="font-size: 10pt">of all or part of the Registrable Securities as hereinafter
provided. The Company shall use its reasonable best efforts to effect the
registration under the Securities Act (including by means of a shelf
registration pursuant to Rule&nbsp;415 under the Securities Act if the Company is
then eligible to use such a registration) of the Registrable Securities as
expeditiously as possible (but in any event within 180&nbsp;days of such request).
The Company shall notify the other holders of shares of Convertible Preferred
Stock of any request for registration under this Section&nbsp;2.1(a) within 10&nbsp;days
of receipt of such request and offer to register such Registrable Securities of
such other holders in such registration.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<U>Registration of Other Securities</U>. If the Company shall effect
the registration pursuant to this Section&nbsp;2.1 in connection with an
underwritten offering by the Purchasers of Registrable Securities, no
securities other than Registrable Securities shall be included among the
securities covered by such registration if such Registrable Securities included
in the registration pursuant to this Section&nbsp;2.1, together with other
securities requested to be included in such registration, would result in a
request by the managing underwriters for a reduction in the number of such
Registrable Securities and other securities to be underwritten. If the
managing underwriters so request, then the Company will be required to include
in such registration only the amount of Registrable Securities and other
securities which it is so advised can be included in such registration. In
such event, securities shall be registered, in the following priority: (A)&nbsp;the
Registrable Securities, (B)&nbsp;the securities proposed to be included by the
Company, and then (C)&nbsp;any other securities of the Company requested to be
included in such registration by any other holder having the right to include
securities on a pro rata basis in accordance with the number of securities
proposed to be included by the other stockholders with such rights.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<U>Registration Statement Form</U>. Registration under this Section
2.1 shall be on such appropriate registration form of the Commission as,
subject to clause (a)&nbsp;above, shall be selected by the Company and as shall be
reasonably acceptable to the Purchasers. The Company agrees to include in any
such registration statement all information which, in the opinion of counsel to
the Purchasers and counsel to the Company, is necessary or desirable to be
included therein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<U>Expenses</U>. The Company shall pay all Registration Expenses in
connection with registration pursuant to this Section&nbsp;2.1.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<U>Effective Registration Statement</U>. Registration pursuant to
this Section&nbsp;2.1 shall not be deemed to have been effected (i)&nbsp;if after it has
become effective, such registration is interfered with by any stop order,
injunction or other order or requirement of the Commission or other
governmental agency or court for any reason not attributable to the Purchasers
and has not thereafter become effective, or (ii)&nbsp;if the conditions to closing
specified in the underwriting agreement, if any, entered into in connection
with such registration are not satisfied or waived.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<U>Selection of Underwriters</U>. The underwriters of each
underwritten offering of the Registrable Securities so to be registered shall
be selected by the Purchasers, subject to the Company&#146;s approval, which
approval shall not be unreasonably withheld.


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<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;<U>Shelf Registration</U>. If the Company effects a registration of
Registrable Securities by means of shelf registration pursuant to Rule&nbsp;415
under the Securities Act (a &#147;<B>Shelf Registration Statement</B>&#148;), in addition to the
other requirements contained herein, the Company shall, at its cost, use its
reasonable best efforts to keep the Shelf Registration Statement continuously
effective in order to permit the prospectus forming part thereof to be usable
by the Purchasers until such time as all the Registrable Securities covered by
the Shelf Registration Statement have been sold pursuant to the Shelf
Registration Statement or cease to be outstanding (the &#147;<B>Effectiveness Period</B>&#148;);
<U>provided</U><I>,</I><U> however</U>, that the Effectiveness Period in respect of
the Shelf Registration Statement shall be extended to the extent required to
permit dealers to comply with the applicable prospectus delivery requirements
under the Securities Act and as otherwise provided herein.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;<U>Availability</U>. The registration rights set forth in this
Agreement shall not be available to any holder of shares of Convertible
Preferred Stock (other than a Permitted Holder, each a &#147;<B>Third-Party Holder</B>&#148;)
(i)&nbsp;until after the first anniversary of the purchase by such Third-Party
Holder of such shares of Convertible Preferred Stock, (ii)&nbsp;if in the opinion of
counsel to the Company, all of the Registrable Securities then owned by such
Third-Party Holder could be sold in any 6-month period pursuant to Rule&nbsp;144
under the Securities Act (without giving effect to the provisions of Rule
144(k)) or (iii)&nbsp;if all of the Registrable Securities held by such Third-Party
Holder have been sold in a registration pursuant to the Securities Act or
pursuant to said Rule&nbsp;144.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;<U>Delay</U>. If at the time of any request to register Registrable
Securities, the Company is engaged or has fixed plans to engage within thirty
(30)&nbsp;days of the time of the request an acquisition, financing or other
significant transaction which, in the good faith determination of the Board of
Directors of the Company, would be adversely affected by the requested
registration to the material detriment of the Company, the Company may, at its
option, direct that such request be delayed for a period not in excess of one
month from the date of the determination by the Board of Directors. The right
to delay a request of registration may be exercised by the Company not more
than once in any one-year period.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <U>Registration Procedures</U>. In connection with the registration
of any Registrable Securities under the Securities Act as provided in Sections
2.1 hereof, the Company shall as expeditiously as possible:



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) prepare and file with the Commission the requisite registration
statement to effect such registration (and shall include all financial
statements required by the Commission to be filed therewith) and
thereafter use its reasonable best efforts to cause such registration
statement to become effective; <U>provided</U>, <U>however</U>, that
before filing such registration statement (including all exhibits) or any
amendment or supplement thereto or comparable statements under securities
or blue sky laws of any jurisdiction, the Company shall as promptly as
practicable furnish such documents to the Purchasers and each
underwriter, if any, participating in the offering of the Registrable
Securities and their respective counsel, which documents will be subject
to the review and comments of the Purchasers, each underwriter and their
respective counsel;


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify the Purchasers of the Commission&#146;s requests for amending
or supplementing the registration statement and the prospectus, and
prepare and file with the Commission such amendments and supplements to
such registration statement and the prospectus used in connection
therewith as may be necessary to keep such registration statement
effective and to comply with the provisions of the Securities Act with
respect to the disposition of all Registrable Securities covered by such
registration statement for such period as shall be required for the
disposition of all of such Registrable Securities in accordance with the
intended method of distribution thereof; <U>provided</U>, that except
with respect to any such registration statement filed pursuant to Rule
415 under the Securities Act, such period need not exceed 365&nbsp;days;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) furnish, without charge, to the Purchasers and each underwriter
such number of conformed copies of such registration statement and of
each such amendment and supplement thereto (in each case including all
exhibits), such number of copies of the prospectus contained in such
registration statement (including each preliminary prospectus and any
summary prospectus) and any other prospectus filed under Rule&nbsp;424 under
the Securities Act, in conformity with the requirements of the Securities
Act, and such other documents, as the Purchasers and such underwriters
may reasonably request;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use its reasonable best efforts (i)&nbsp;to register or qualify all
Registrable Securities and other securities covered by such registration
statement under such securities or blue sky laws of such States of the
United States of America where an exemption is not available and as the
Purchasers or any managing underwriter shall reasonably request, (ii)&nbsp;to
keep such registration or qualification in effect for so long as such
registration statement remains in effect, and (iii)&nbsp;to take any other
action which may be reasonably necessary or advisable to enable the
Purchasers to consummate the disposition in such jurisdictions of the
securities to be sold by the Purchasers, except that the Company shall
not for any such purpose be required to qualify generally to do business
as a foreign corporation in any jurisdiction wherein it would not but for
the requirements of this subsection (d)&nbsp;be obligated to be so qualified
or to consent to general service of process in any such jurisdiction;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) use its reasonable best efforts to cause all Registrable
Securities covered by such registration statement to be registered with
or approved by such other federal or state governmental agencies or
authorities as may be necessary in the opinion of counsel to the Company
and counsel to the Purchasers to consummate the disposition of such
Registrable Securities;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) furnish to the Purchasers and each underwriter, if any,
participating in the offering of the securities covered by such
registration statement, a signed counterpart of (i)&nbsp;an opinion of counsel
for the Company, and (ii)&nbsp;a &#147;comfort&#148; letter signed by the independent
public accountants who have certified the Company&#146;s or any other entity&#146;s
financial statements included or incorporated by reference in such
registration statement, covering substantially the same matters with
respect to such registration statement (and the prospectus included
therein) and, in the case of the accountants&#146; comfort letter, with
respect to events subsequent to the date of such financial statements, as
are customarily covered in opinions of issuer&#146;s counsel and in
accountants&#146; comfort letters delivered to the


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<P align="left" style="margin-left:3%; font-size: 10pt">underwriters in underwritten public offerings of securities (and
dated the dates such opinions and comfort letters are customarily dated)
and, in the case of the legal opinion, such other legal matters;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) promptly notify the Purchasers and each managing underwriter, if
any, participating in the offering of the securities covered by such
registration statement (i)&nbsp;when such registration statement, any
pre-effective amendment, the prospectus or any prospectus supplement
related thereto or post-effective amendment to such registration
statement has been filed, and, with respect to such registration
statement or any post-effective amendment, when the same has become
effective; (ii)&nbsp;of any request by the Commission for amendments or
supplements to such registration statement or the prospectus related
thereto or for additional information; (iii)&nbsp;of the issuance by the
Commission of any stop order suspending the effectiveness of such
registration statement or the initiation of any proceedings for that
purpose; (iv)&nbsp;of the receipt by the Company of any notification with
respect to the suspension of the qualification of any of the Registrable
Securities for sale under the securities or blue sky laws of any
jurisdiction or the initiation of any proceeding for such purpose; (v)&nbsp;at
any time when a prospectus relating thereto is required to be delivered
under the Securities Act, upon discovery that, or upon the happening of
any event as a result of which, the prospectus included in such
registration statement, as then in effect, includes an untrue statement
of a material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading, in the light of the circumstances under which they were made,
and in the case of this clause (v), at the request of the Purchasers
promptly prepare and furnish to the Purchasers and each managing
underwriter, if any, participating in the offering of the Registrable
Securities, a reasonable number of copies of a supplement to or an
amendment of such prospectus as may be necessary so that, as thereafter
delivered to the purchasers of such securities, such prospectus shall not
include 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 the light of the circumstances under
which they were made; and (vi)&nbsp;at any time when the representations and
warranties of the Company contemplated by Section&nbsp;2.3 hereof cease to be
true and correct;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) otherwise comply with all applicable rules and regulations of
the Commission, and make available to its security holders, as soon as
reasonably practicable, an earnings statement covering the period of at
least twelve months beginning with the first full calendar month after
the effective date of such registration statement, which earnings
statement shall satisfy the provisions of Section 11(a) of the Securities
Act and Rule&nbsp;158 promulgated thereunder, and promptly furnish to the
Purchasers a copy of any amendment or supplement to such registration
statement or prospectus;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide and cause to be maintained a transfer agent and
registrar (which, in each case, may be the Company) for all Registrable
Securities covered by such registration statement from and after a date
not later than the effective date of such registration;


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<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) deliver promptly to counsel to the Purchasers and each
underwriter, if any, participating in the offering of the Registrable
Securities, copies of all correspondence between the Commission and the
Company, its counsel or auditors and all memoranda relating to
discussions with the Commission or its staff with respect to such
registration statement;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) use its reasonable best efforts to obtain the withdrawal of any
order suspending the effectiveness of the registration statement;



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) provide a CUSIP number for all Registrable Securities, no later
than the effective date of the registration statement; and



<P align="left" style="margin-left:3%; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) in connection with any underwritten public offering, make
available its senior executive officers, directors and chairman and
otherwise provide reasonable assistance to the underwriters (taking into
account the needs of the Company&#146;s business) in their marketing of
Registrable Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchasers will furnish to the Company such information regarding the
Purchasers and the distribution of the Registrable Securities as the Company
may from time to time reasonably request in writing.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Purchasers agree that upon receipt of any notice from the Company of
the happening of any event of the kind described in paragraph (g)(iii) or (v)
of this Section&nbsp;2.2, the Purchasers will, to the extent appropriate,
discontinue their disposition of Registrable Securities pursuant to the
registration statement relating to such Registrable Securities until, in the
case of paragraph (g)(v) of this Section&nbsp;2.2, their receipt of the copies of
the supplemented or amended prospectus contemplated by paragraph (g)(v) of this
Section&nbsp;2.2 and, if so directed by the Company, will deliver to the Company (at
the Company&#146;s expense) all copies, other than permanent file copies, then in
their possession, of the prospectus relating to such Registrable Securities
current at the time of receipt of such notice. If the disposition by the
Purchasers of their securities is discontinued pursuant to the foregoing
sentence, the Company shall extend the period of effectiveness of the
registration statement by the number of days during the period from and
including the date of the giving of notice to and including the date when the
Purchasers shall have received copies of the supplemented or amended prospectus
contemplated by paragraph (g)(v) of this Section&nbsp;2.2; and, if the Company shall
not so extend such period, the Purchasers&#146; request pursuant to which such
registration statement was filed shall not be counted for purposes of the
requests for registration to which the Purchasers are entitled pursuant to
Section&nbsp;2.1 hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <U>Requested Underwritten Offerings</U>. If requested by the
underwriters for any underwritten offering by the Purchasers pursuant to the
registration under Section&nbsp;2.1, the Company shall enter into a customary
underwriting agreement (in the form of underwriting agreement used at such time
by the managing underwriter(s)) with a managing underwriter or underwriters
selected by the Purchasers. Such underwriting agreement shall be satisfactory
in form and substance to the Purchasers and shall contain such representations
and warranties by, and such other agreements on the part of, the Company and
such other terms as are generally prevailing in agreements of the managing
underwriter(s), including, without
limitation, their


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<P align="left" style="font-size: 10pt">customary provisions relating to indemnification and
contribution. The Purchasers shall be party to such underwriting agreement and
may, at their option, require that any or all of the representations and
warranties by, and the other agreements on the part of, the Company to and for
the benefit of such underwriters shall also be made to and for the benefit of
the Purchasers and that any or all of the conditions precedent to the
obligations of such underwriters under such underwriting agreement be
conditions precedent to the obligations of the Purchasers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <U>Preparation; Reasonable Investigation</U>. In connection with the
preparation and filing of each registration statement under the Securities Act
pursuant to this Agreement, the Company will give the Purchasers, their
underwriters, if any, and their respective counsel, accountants and other
representatives and agents the opportunity to participate in the preparation of
such registration statement, each prospectus included therein or filed with the
Commission, and each amendment thereof or supplement thereto, and give each of
them such access to its books and records and such opportunities to discuss the
business of the Company with its officers and employees and the independent
public accountants who have certified its financial statements, and supply all
other information reasonably requested by each of them, as shall be necessary
or appropriate, in the opinion of the Purchasers and such underwriters&#146;
respective counsel, to conduct a reasonable investigation within the meaning of
the Securities Act.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <U>Unlegended Certificates</U>. In connection with the offering of
any Registrable Securities registered pursuant to this Section&nbsp;2, the Company
shall (i)&nbsp;facilitate the timely preparation and delivery to the Purchasers and
the underwriters, if any, participating in such offering, of unlegended
certificates representing ownership of such Registrable Securities being sold
in such denominations and registered in such names as requested by the
Purchasers or such underwriters and (ii)&nbsp;instruct any transfer agent and
registrar of such Registrable Securities to release any stop transfer orders
with respect to any such Registrable Securities.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <U>No Required Sale</U>. Nothing in this Agreement shall be deemed to
create an independent obligation on the part of the Purchasers to sell any
Registrable Securities pursuant to any effective registration statement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <U>Market Stand-off</U>. Each Third-Party Holder agrees that it will
not sell or otherwise transfer or dispose of any Registrable Securities held by
such Third-Party Holder during any period which the Company determines in its
good faith judgment that the filing of a registration statement under Section&nbsp;2
or the use of any related prospectus would require the disclosure of material
information that the Company has a bona fide business purpose for preserving as
confidential or the disclosure of which would impede the Company&#146;s ability to
consummate a significant transaction, and that the Company is not otherwise
required by applicable securities laws or regulations to disclose, upon written
notice of such determination by the Company, until the date upon which the
Company notifies such Third-Party Holder in writing that suspension of such
rights for the grounds set forth in this Section&nbsp;2.7 is no longer necessary.
The Company agrees to give such notice as promptly as practicable following the
date that such suspension of rights is no longer necessary.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;<U>Rule&nbsp;144</U>. The Company shall take all actions reasonably
necessary to enable holders of Registrable Securities to sell such securities
without registration under the Securities Act within the limitation of the
exemptions provided by (i)&nbsp;Rule&nbsp;144, or (ii)&nbsp;any


<P align="center" style="font-size: 10pt">8
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">similar rule or regulation
hereafter adopted by the Commission including, without limiting the generality
of the foregoing, filing on a timely basis all reports required to be filed by
the Exchange Act. Upon the request of the Purchasers, the Company will deliver
to such holder a written statement as to whether it has complied with such
requirements.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;<U>Amendments and Waivers</U>. This Agreement may be amended, modified
or supplemented only by written agreement of the party against whom enforcement
of such amendment, modification or supplement is sought.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;<U>Notice</U>. All notices and other communications hereunder shall be
in writing and, unless otherwise provided herein, shall be deemed to have been
given when received by the party to whom such notice is to be given at its
address set forth below, or such other address for the party as shall be
specified by notice given pursuant hereto:


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If to the Purchasers, to:



<P align="left" style="margin-left:6%; font-size: 10pt">Cardiff Holdings LLC and Tramore LLC,<br>
c/o Icahn Associates Corp.<br>
767 Fifth Avenue<br>
New York, NY 10153<br>



<P align="left" style="margin-left:6%; font-size: 10pt">R<sup>2</sup> Investments, LDC<br>
c/o Amalgamated Gadget, L.P., as Investment Manager<br>
301 Commerce, Suite&nbsp;2975<br>
Fort Worth. TX 76102


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If to the Company, to it at:



<P align="left" style="margin-left:6%; font-size: 10pt">XO Communications, Inc.<br>
11111 Sunset Hills Road<br>
Reston, VA 20190<br>
Attn: General Counsel


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;<U>Assignment; Third Party Beneficiaries</U>. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and permitted assigns. This Agreement
may not be assigned by the Company, without the prior written consent of the
Purchasers. The Purchasers may, at their election, at any time or from time to
time, assign their rights under this Agreement, in whole or in part, to any
Affiliate (as defined in the Stock Purchase Agreement) or any purchaser or
other transferee of shares of Common Stock held by them.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;<U>Remedies</U>. The parties hereto agree that money damages or other
remedy at law would not be sufficient or adequate remedy for any breach or
violation of, or a
default under, this Agreement by them and that, in addition to all other
remedies available to them, each of them shall be entitled to an injunction
restraining such breach, violation or default or threatened breach, violation
or default and to any other equitable relief, including without limitation
specific


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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">performance, without bond or other security being required. In any
action or proceeding brought to enforce any provision of this Agreement
(including the indemnification provisions thereof), the successful party shall
be entitled to recover reasonable attorneys&#146; fees in addition to its costs and
expenses and any other available remedy.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;<U>No Inconsistent Agreements</U>. The Company will not, on or after
the date of this Agreement, enter into any agreement with respect to its
securities which is inconsistent with the rights granted to the Purchasers in
this Agreement or otherwise conflicts with the provisions hereof. The Company
further represents and warrants that the rights granted to the Purchasers
hereunder do not in any way conflict with and are not inconsistent with any
other agreements to which the Company is a party or by which it is bound.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;<U>Descriptive Headings</U>. The descriptive headings of the several
sections and paragraphs of this Agreement are inserted for reference only and
shall not control or otherwise affect the meaning hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;<U>Governing Law</U>. This Agreement shall be construed and enforced
in accordance with, and the rights and obligations of the parties hereto shall
be governed by, the laws of the State of New York, without giving effect to the
conflicts of law principles thereof. Each of the parties hereto hereby
irrevocably and unconditionally consents to submit to the exclusive
jurisdiction of the courts of the State of New York and the United States of
America located in the County of New York for any action or proceeding arising
out of or relating to this Agreement and the transactions contemplated hereby
(and agrees not to commence any action or proceeding relating thereto except in
such courts), and further agrees that service of any process, summons, notice
or document by U.S. registered mail to its respective address set forth in
Section&nbsp;5 hereof shall be effective service of process for any action or
proceeding brought against it in any such court. Each of the parties hereto
hereby irrevocably and unconditionally waives any objection to the laying of
venue of any action or proceeding arising out of this Agreement or the
transactions contemplated hereby in the courts of the State of New York or the
United States of America located in the County of New York, and hereby further
irrevocably and unconditionally waives and agrees not to plead or claim in any
such court that any such action or proceeding brought in any such court has
been brought in an inconvenient forum.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;<U>Counterparts</U>. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all such
counterparts shall together constitute one and the same instrument.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;<U>Invalidity of Provision</U>. The invalidity or unenforceability of
any provision of this Agreement in any jurisdiction shall not affect the
validity or enforceability of the remainder of this Agreement in that
jurisdiction or the validity or enforceability of this Agreement, including
that provision, in any other jurisdiction. If any restriction or provision of
this Agreement is held unreasonable, unlawful or unenforceable in any respect,
such restriction or provision shall be interpreted, revised or applied in a
manner that renders it lawful and enforceable to the fullest extent possible
under law.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;<U>Further Assurances</U>. Each party hereto shall do and perform or
cause to be done and performed all further acts and things and shall execute
and deliver all other agreements,


<P align="center" style="font-size: 10pt">10
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<DIV style="font-family: 'Times New Roman',Times,serif">



<P align="left" style="font-size: 10pt">certificates, instruments, and documents as
any other party hereto reasonably may request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;<U>Entire Agreement; Effectiveness</U>. This Agreement constitutes
the entire agreement, and supersedes all prior agreements and understandings,
oral and written, between the parties hereto with respect to the subject matter
hereof.


<P align="center" style="font-size: 10pt">11
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have caused this Agreement to be executed
and delivered by their respective officers thereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->

<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">XO COMMUNICATIONS, INC.</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ William Garrahan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><hr size="1"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">William Garrahan</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President and Acting
Chief Financial Officer</TD>
</TR>


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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><U>PURCHASERS</U></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">CARDIFF HOLDING LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Robert J.
Mitchell<BR><hr size="1"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert J. Mitchell</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Treasurer</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">TRAMORE LLC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Edward E.
Mattner<BR><hr size="1"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Edward E. Mattner</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory</TD>
</TR>


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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

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    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left">R<SUP>2</SUP> INVESTMENTS, LDC</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Amalgamated Gadget, L.P., as its
Investment Manager</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Scepter Holdings, Inc., its General
Partner</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">/s/ Robert McCormick<BR><hr size="1"></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Robert McCormick</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President</TD>
</TR>


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