Capital Growth Systems, Inc.(fka CGSYQ)

[JetLifer]

http://ecfsdocs.fcc.gov/filings/2011/04/05/6016376254.html

Just a refresher:

Section 4.1 of the As s e t Purchase Agreement ( "APA" ) approved
under the order defines the Closing Date as occurring as soon as practicable after all conditions
in Article XI have occurred. Section 11.1 (h) requires regulatory approval of all relevant
govenunental entities, and Section 8.5 of the APA provides for the parties to use commercially
reasonable efforts to obtain such regulatory approvals. I f all regulatory approvals have not been
obtained by an outside deadline of the Regulatory Approval Date (which will be August 8,
2011), the closing may still occur, with assets lacking such regulatory approval to be transferred
thereafter, when such approval is obtained. Such assets will be managed by the seller pursuant to
a management agreement until regulatory approval is granted.
In addition, Pivotal as successor to the Debtor in Possession Lenders, has been
authorized to advance additional amounts under the DIP Loan Documents (secured by the
collateral pledged thereunder, including the assets being transferred pursuant to the Proposed
Transaction) for the Purchase Price, including through a credit bid of all amounts advanced.