Document:

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                                                                   EXHIBIT 10.66

                                                                  EXECUTION COPY

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                        INTERCREDITOR & AGENCY AGREEMENT

                           dated as of March 19, 2003

                                  by and among

                                  HSBC BANK USA
                           as Joint Collateral Agent,

                            FLEET CAPITAL CORPORATION
                   as Intercreditor Agent and Security Trustee

                            FLEET CAPITAL CORPORATION
                        as Existing Credit Facility Agent

                WELLS FARGO BANK MINNESOTA, NATIONAL ASSOCIATION
                                   as Trustee

                                       and

                            ALL OTHER FACILITY AGENTS
                         FROM TIME TO TIME PARTY HERETO

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                                TABLE OF CONTENTS

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ARTICLE 1. DEFINITIONS; PRINCIPLES OF CONSTRUCTION................................................................2

   Section 1.1   Definitions......................................................................................2
   Section 1.2   Principles of Construction.......................................................................3

ARTICLE 2. INTERCREDITOR RELATIONS................................................................................4

ARTICLE 3. INTERCREDITOR AGENT AND SECURITY TRUSTEE...............................................................4

   Section 3.1   Appointment of Intercreditor Agent and Security Trustee; Powers and Immunities...................4
   Section 3.2   Recourse of Foreign Subsidiary Equity Secured Parties............................................5
   Section 3.3   Reliance by Intercreditor Agent and Security Trustee.............................................5
   Section 3.4   Events of Default; Documents and Communications..................................................6
   Section 3.5   Actions With Respect to the Collateral...........................................................7
   Section 3.6   Resignation or Removal of Intercreditor Agent and Security Trustee...............................8
   Section 3.7   Authorization; Release of Liens; Amendment.......................................................9
   Section 3.8   Limitations on the Responsibility of Intercreditor Agent and Security Trustee...................10
   Section 3.9   The Intercreditor Agent and Security Trustee and the Foreign Subsidiary Equity Secured Parties..11
   Section 3.10  Intercreditor Agent and Security Trustee as a Foreign Subsidiary Equity Secured Party...........12
   Section 3.11  Expenses and Indemnification by Foreign Subsidiary Equity Secured Parties.......................12

ARTICLE 4. ADMINISTRATION OF THE FOREIGN SUBSIDIARY EQUITY COLLATERAL............................................12

ARTICLE 5. APPLICATION OF PROCEEDS...............................................................................13

ARTICLE 6. JOINDER...............................................................................................14

ARTICLE 7. MISCELLANEOUS.........................................................................................14

   Section 7.1   Successors and Assigns..........................................................................14
   Section 7.2   Delay and Waiver................................................................................14
   Section 7.3   Costs and Expenses..............................................................................14
   Section 7.4   Notices.........................................................................................14
   Section 7.5   Headings........................................................................................16
   Section 7.6   Counterparts....................................................................................16
   Section 7.7   Governing Law...................................................................................16
   Section 7.8   Consent to Jurisdiction.........................................................................16
   Section 7.9   Waiver of Jury Trial............................................................................16
   Section 7.10  Entire Agreement................................................................................16
   Section 7.11  Severability....................................................................................17
   Section 7.12  Consent to License Agreement....................................................................17
   Section 7.13  Qualified Credit Facility.......................................................................17
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                        INTERCREDITOR & AGENCY AGREEMENT

          This INTERCREDITOR & AGENCY AGREEMENT, dated as of March 19, 2003 (as
     the same may be amended, modified or supplemented from time to time, this
     "AGREEMENT"), is by and among: (i) HSBC BANK USA, as Joint Collateral Agent
     (together with its successors and assigns, the "JOINT COLLATERAL AGENT")
     under the Collateral Agency Agreement (as defined below), (ii) FLEET
     CAPITAL CORPORATION, as Intercreditor Agent and Security Trustee (as
     defined in Section 3.1 below) with respect to the Foreign Subsidiary Equity
     Collateral (as defined below) and the Intercompany Obligations (as defined
     below), (iii) FLEET CAPITAL CORPORATION, as Administrative Agent (together
     with its successors and assigns, the "EXISTING CREDIT FACILITY AGENT")
     under the Existing Credit Facility (as defined below), (iv) WELLS FARGO
     BANK MINNESOTA, NATIONAL ASSOCIATION, as Trustee (the "TRUSTEE") and (v)
     each other Credit Facility Agent (as defined in the Indenture which term
     shall include the Existing Credit Facility Agent) hereafter arising.

                                    RECITALS

          WHEREAS, pursuant to the Indenture, dated of even date herewith (as
     the same may be amended, modified or supplemented from time to time, the
     "INDENTURE"), by and between Hexcel Corporation (the "COMPANY") and Wells
     Fargo Bank Minnesota, National Association, as Trustee for the benefit of
     the holders of the Notes under the Indenture, contemporaneously herewith
     the Company will issue $125,000,000 of it 9.875% Senior Secured Notes due
     2008;

          WHEREAS, pursuant to the Indenture, the Company may, subject to the
     requirements thereof, designate additional obligations as Parity Lien Debt
     (as defined in the Indenture);

          WHEREAS, pursuant to the Collateral Agency Agreement (the "COLLATERAL
     AGENCY AGREEMENT") of even date herewith among the Joint Collateral Agent,
     the Company, the Trustee and the representatives of the holders of Parity
     Lien Debt who become a party thereto (such representatives, the "PARITY
     LIEN REPRESENTATIVES"), the Joint Collateral Agent has been appointed to
     act as agent for the Trustee and the Parity Lien Representatives and to
     enter into this Agreement; and

          WHEREAS, pursuant to the Credit and Guaranty Agreement, dated as of
     the date hereof (as the same may be amended, modified or supplemented from
     time to time, the "EXISTING CREDIT FACILITY"), among the Company, the
     Existing Credit Facility Agent, the other parties listed on the signature
     pages thereto and the lenders party thereto, the Existing Credit Facility
     Agent has been appointed to act as agent for the holders of Credit Facility
     Obligations (as defined in the Indenture) relating to the Existing Credit
     Facility and as secured party for the benefit of the holders of Credit
     Facility Obligations;

          WHEREAS, pursuant to the Indenture the Company may become a party to
     additional Qualified Credit Facilities on the terms and conditions
     specified in the

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     Indenture;

          WHEREAS, pursuant to the Indenture and subject to the terms thereof:
     (i) to the extent (and only to the extent) attaching to Foreign Subsidiary
     Collateral and proceeds thereof, all valid, enforceable and perfected Note
     Liens, all valid, enforceable and perfected Parity Liens and all valid,
     enforceable and perfected Liens securing Obligations under a Qualified
     Credit Facility, in each case whenever granted, will rank Equally and
     Ratably (as defined in the Indenture), and (ii) to the extent (and only to
     the extent attributable to Foreign Subsidiary Collateral or the proceeds
     thereof), the proceeds of all such valid, enforceable and perfected Note
     Liens, Parity Liens and Liens securing Obligations under a Qualified Credit
     Facility upon (and only upon) Foreign Subsidiary Collateral and proceeds
     thereof shall be allocated and distributed Equally and Ratably (as defined
     in the Indenture) on account of the Note Obligations, Parity Lien
     Obligations and Obligations under a Qualified Credit Facility;

          WHEREAS, to comply with certain requirements of foreign law, the Joint
     Collateral Agent, the Existing Credit Facility Agent and each other Credit
     Facility Agent desires to appoint Fleet Capital Corporation as
     Intercreditor Agent and Security Trustee with respect to the Foreign
     Subsidiary Equity Collateral (and not any other Foreign Subsidiary
     Collateral or other property) on the terms and conditions set forth herein;

          WHEREAS, the parties herein desire to provide for the Intercreditor
     Agent and Security Trustee to hold the Pledged Instruments for the purpose
     of perfecting the security interests of the Foreign Subsidiary Equity
     Secured Parties;

          NOW THEREFORE, in consideration of the premises, covenants and
     agreements as herein set forth and for other good and valuable
     consideration, the receipt and adequacy of which are hereby acknowledged,
     the parties hereto hereby agree as follows:

                                    AGREEMENT

                                   ARTICLE 1.
                     DEFINITIONS; PRINCIPLES OF CONSTRUCTION

     Section 1.1   DEFINITIONS. Except as otherwise expressly provided herein,
capitalized terms used in this Agreement shall have the meanings given in the
Indenture, in each case in effect on the date hereof. As used herein, the
following terms shall have the following meanings:

          "Agent" means each of the Joint Collateral Agent, the Trustee, each
     Parity Lien Representative, the Existing Credit Facility Agent and each
     other Credit Facility Agent.

          "Credit Documents" means the Indenture, each indenture or other
     agreement governing any Parity Lien Debt, the Existing Credit Facility, the
     credit agreement (or similar agreement) governing any other Qualified
     Credit Facility and shall include all guarantees of any of the foregoing.

          "Default" and "Event of Default" means a "Default" or "Event of
     Default" under,

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     and as defined in, any of the Credit Documents.

          "Foreign Security Documents" means this Agreement, the UK Security
     Trust Deed, the UK Share Charge and the French Share Pledge and any other
     document or agreement (other than the Pledge and Security Agreement entered
     into in connection with the Indenture and the Security Agreement entered
     into in connection with the Existing Credit Facility) pursuant to which any
     equity interest in a Foreign Subsidiary is pledged for the benefit of any
     Foreign Subsidiary Equity Secured Party.

          "Foreign Subsidiary Equity Secured Parties" means each Agent and the
     holders from time to time of any of the Secured Obligations.

          "Foreign Subsidiary Equity Collateral" means equity interests (only)
     in Foreign Subsidiaries constituting Foreign Subsidiary Collateral.

          "French Share Pledge" means the Pledge Over a Securities Account
     (COMPTE D'INSTRUMENTS FINANCIERS) dated as of the date hereof among the
     Company and Fleet Capital Corporation as intercreditor agent.

          "Joinder Agreement" means an agreement in substantially the form of
     Exhibit A hereto.

          "Pledged Instruments" means any "instruments" (as defined in Article 9
     of the New York UCC) representing any Foreign Subsidiary Collateral
     constituting any intercompany loan or other claims against Foreign
     Subsidiaries owned by the Company or any Domestic Subsidiary.

          "Qualified Credit Facility" means the Existing Credit Facility or any
     other Credit Facility that refunds, refinances, replaces, renews, repays or
     extends the Existing Credit Facility in accordance with the terms of the
     Existing Credit Facility.

          "Secured Obligations" means Note Obligations, any Parity Lien
     Obligations, all Credit Facility Obligations and all obligations hereunder
     or under any other Foreign Security Document (including, without
     limitation, any guarantees of any of the foregoing).

          "UK Share Charge" means the Share Charge dated as of the date hereof
     among the Company as chargor and Fleet Capital Corporation as security
     trustee.

          "UK Security Trust Deed" means the Security Trust Deed dated as of the
     date hereof among the Company, Fleet Capital Corporation as security
     trustee, HSBC Bank USA as Joint Collateral Agent, Fleet Capital Corporation
     as existing credit facility agent each other Credit Facility Agent (as
     defined in the Indenture) thereafter arising.

     Section 1.2   PRINCIPLES OF CONSTRUCTION. Except as otherwise expressly
provided herein, the principles of construction set forth in Section 1.04 of the
Indenture shall apply to this Agreement.

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                                   ARTICLE 2.
                             INTERCREDITOR RELATIONS

          Each party hereto expressly agrees to be bound by the provisions of
Article 13 of the Indenture, as in effect on the date hereof, which are
incorporated herein by reference. The Trusteee represents, warrants,
acknowledges and agrees on behalf of itself and the noteholders, the Existing
Credit Facility Agent represents, warrants, acknowledges and agrees on behalf of
itself and the lenders, each Parity Lien Representative represents, warrants,
acknowledges and agrees on behalf of itself and the holders of Parity Lien Debt
and each other Credit Facility Agent represents, warrants, acknowledges and
agrees on behalf of itself and the holders of Obligations under such Qualified
Credit Facility (a) that the obligations and responsibilities of each Agent set
forth in such Article 13 apply to each of the Foreign Subsidiary Equity Secured
Parties that each such Agent represents to the same extent and with the same
effect as if each such Foreign Subsidiary Equity Secured Party were the
applicable Agent thereunder and (b) that each such Agent is authorized to enter
into this Agreement by, and on behalf of, the Foreign Subsidiary Equity Secured
Parties that it represents and that this Agreement is binding on each of the
Foreign Subsidiary Equity Secured Parties. Further, such Article 13 shall be
enforceable by each Agent hereunder. Notwithstanding the foregoing and subject
to the provisions of Article 13 of the Indenture, this Agreement shall not
prevent any Agent hereunder from enforcing its rights under any other documents
or agreement with respect to any Collateral, other than with respect to any
Foreign Subsidiary Equity Collateral.

                                   ARTICLE 3.
                    INTERCREDITOR AGENT AND SECURITY TRUSTEE

     Section 3.1   APPOINTMENT OF INTERCREDITOR AGENT AND SECURITY TRUSTEE;
POWERS AND IMMUNITIES.

          (a)      Each Agent hereby irrevocably appoints and authorizes Fleet
Capital Corporation (together with its successors and assigns in such capacity,
the "INTERCREDITOR AGENT AND SECURITY TRUSTEE") to act as its agent hereunder
and under the Foreign Security Documents in each case for the benefit of the
Foreign Subsidiary Equity Secured Parties, with such powers as are expressly
delegated to the Intercreditor Agent and Security Trustee by the terms of this
Agreement and the Foreign Security Documents. Without limiting the generality of
the foregoing, the Intercreditor Agent and Security Trustee shall, subject to
the terms hereof and of the Foreign Security Documents: (i) execute, deliver and
perform each of the Foreign Security Documents and receive the grant of the
security interests under the Foreign Security Documents for the benefit of the
Foreign Subsidiary Equity Secured Parties, (ii) hold, manage, receive, endorse
and collect on any Foreign Subsidiary Equity Collateral and Pledged Instruments,
(iii) take all lawful and commercially reasonable actions that the Intercreditor
Agent and Security Trustee may deem necessary or advisable to protect or
preserve the Foreign Subsidiary Equity Collateral, the Pledged Instruments or
the security interest of the Intercreditor Agent and Security Trustee therein
for the benefit of the Foreign Subsidiary Equity Secured Parties, (iv) deliver
and receive notices pursuant to the Foreign Security Documents, (v) sell,
assign, foreclose on, institute legal proceedings with respect to, or otherwise
exercise the rights and remedies of a secured party with respect to the Foreign
Subsidiary Equity Collateral and (vi) release or terminate the security
interests as provided herein. In addition, for purposes of

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perfecting their respective security interests in any Pledged Instruments
granted to each Agent under their respective security documents, each such Agent
hereby appoints the Intercreditor Agent and Security Trustee to hold such
Pledged Instruments as its agent hereunder. The execution of this Agreement by
the Intercreditor Agent and Security Trustee shall be deemed an acceptance by
the Intercreditor Agent and Security Trustee of the appointments made under this
SECTION 3.1 and an agreement to act as agent on behalf of each of the Agents.
The Intercreditor Agent and Security Trustee shall not have any duties or
responsibilities except those expressly set forth in this Agreement and the
Foreign Security Documents.

          (b)      Notwithstanding anything to the contrary contained herein,
the role of the Intercreditor Agent and Security Trustee shall be limited to any
Foreign Subsidiary Equity Collateral and the Pledged Instruments and shall not
extend to any other Foreign Subsidiary Collateral or any other property or asset
of the Company or any other Obligor.

          (c)      Notwithstanding anything to the contrary contained herein,
the Intercreditor Agent and Security Trustee shall not be required to take any
action (i) which is contrary to this Agreement or the Foreign Security Documents
or (ii) which is contrary to applicable law.

     Section 3.2   RECOURSE OF FOREIGN SUBSIDIARY EQUITY SECURED PARTIES. Each
of the Foreign Subsidiary Equity Secured Parties acknowledges and agrees that
the Intercreditor Agent and Security Trustee shall have no obligation to take
any action, or refrain from taking any action, except upon instructions from any
Agent in accordance with Section 3.3 hereof. Nothing contained herein shall
restrict the Foreign Subsidiary Equity Secured Parties' rights to pursue
remedies, by proceedings in law and equity, to collect principal or interest due
under any of the Credit Documents, as applicable, or to enforce payments under
and the performance of and provisions of any of the Credit Documents, as
applicable, to the extent that such remedies do not relate to the Foreign
Subsidiary Equity Collateral or interfere with the Intercreditor Agent and
Security Trustee's right to take action hereunder or under the Foreign Security
Documents.

     Section 3.3   RELIANCE BY INTERCREDITOR AGENT AND SECURITY TRUSTEE. Any
request, demand, authorization, direction, notice, consent, waiver or other
action permitted or required by this Agreement to be given or taken by the
Foreign Subsidiary Equity Secured Parties, may be and, at the request of the
Intercreditor Agent and Security Trustee, shall be embodied in and evidenced by
one or more instruments satisfactory in form to the Intercreditor Agent and
Security Trustee and signed by or on behalf of the Foreign Subsidiary Equity
Secured Parties and, except as otherwise expressly provided in any such
instrument, any such action shall become effective when such instrument or
instruments shall have been delivered to the Intercreditor Agent and Security
Trustee. The instrument or instruments evidencing any action (and the action
embodied therein and evidenced thereby) are sometimes referred to herein as an
"Act" of the persons signing such instrument or instruments. The Intercreditor
Agent and Security Trustee shall be entitled to rely absolutely upon an Act of
any of the Foreign Subsidiary Equity Secured Parties if such Act purports to be
taken by or on behalf of any of the Foreign Subsidiary Equity Secured Parties,
as applicable (including any cable, telegram, telecopy or telex). Nothing in
this Section 3.3 or elsewhere in this Agreement shall be construed to require
the Intercreditor Agent and Security Trustee to demonstrate that it has been
authorized by the Foreign Subsidiary Equity Secured Parties to take any action
which it purports to be taking, the

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Intercreditor Agent and Security Trustee being entitled to rely conclusively,
and being fully protected in so relying, on any Act of the Foreign Subsidiary
Equity Secured Parties. Further, the Intercreditor Agent and Security Trustee
shall be entitled to absolutely rely upon any judicial order or judgment, any
advice or statements of legal counsel, independent consultants and other experts
selected by it in good faith and without gross negligence or willful misconduct
or upon any certification, instruction, notice or other writing delivered to it
in compliance with the provisions of this Agreement. Nothing in this Section 3.3
or elsewhere in this Agreement shall be construed to require the Intercreditor
Agent and Security Trustee to demonstrate that it has been authorized by same to
take any action which it purports to be taking, the Intercreditor Agent and
Security Trustee being entitled to rely conclusively, and being fully protected
in so relying, on such judicial order or judgment, or advice or statements of
such legal counsel, independent consultants or other experts selected by it in
good faith and without gross negligence or willful misconduct or upon any
certification, instruction, notice or other writing delivered to it in
compliance with the provisions of this Agreement.

     Section 3.4   EVENTS OF DEFAULT; DOCUMENTS AND COMMUNICATIONS.

          (a)      The Intercreditor Agent and Security Trustee shall not be
deemed to have knowledge or notice of the occurrence of a Default or an Event of
Default unless (i) the Intercreditor Agent and Security Trustee has received
notice from an Agent or a Obligor referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a "Notice of
Default", or (ii) the Intercreditor Agent and Security Trustee otherwise has
actual knowledge of the occurrence of a Default or an Event of Default.

          (b)      Each Agent will be bound by the notice provisions of
Section 13.04 of the Indenture. In addition, in the event of an enforcement
action, if the Intercreditor Agent and Security Trustee receives notice from an
Agent or a Obligor of the occurrence of a Default or an Event of Default, the
Intercreditor Agent and Security Trustee shall give prompt written notice
thereof to each of the other Agents and the Company (unless such notice is
delivered by the Company). If the Intercreditor Agent and Security Trustee
otherwise obtains actual knowledge of the occurrence of a Default or an Event of
Default in the event of an enforcement action, the Intercreditor Agent and
Security Trustee shall provide written notice thereof to each of the Agents. The
Intercreditor Agent and Security Trustee shall also promptly forward to the
Joint Collateral Agent and each other Credit Facility Agent a copy of each
document, notice, certificate, instruction or other communication received by
the Intercreditor Agent and Security Trustee from any Obligor or any other party
hereto.

          (c)      Any Agent shall have the right to direct the Intercreditor
Agent and Security Trustee to commence foreclosure actions or otherwise exercise
remedies available to it with respect to the Foreign Subsidiary Equity
Collateral if an Event of Default shall have occurred and is then continuing
with respect to such Agent's Credit Document (such direction a "FORECLOSURE
DIRECTION"). With respect to the Note Obligations and the Parity Lien
Obligations this right may be exercised by either the Joint Collateral Agent,
the Trustee or any Parity Lien Representative. The Intercreditor Agent and
Security Trustee shall give each Agent and the Company prompt written notice of
the receipt of any Foreclosure Direction. The Intercreditor Agent and Security
Trustee will take such action with respect to the Foreign Subsidiary Equity
Collateral as directed by a vote of a majority of the holders (all voting as a
single class) of (i) the

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principal amount of all Indebtedness constituting Credit Facility Obligations,
Notes and Parity Lien Debt outstanding (the "MAJORITY HOLDERS"). Such Majority
Holders may direct the time, method and place of conducting any proceeding for
any right or remedy available to the Intercreditor Agent and Security Trustee,
or of exercising any trust or power conferred on the Intercreditor Agent and
Security Trustee, or for the appointment of a receiver, or to direct the taking
or refraining from taking any action authorized by this Agreement or any Foreign
Security Document; provided that such direction shall not conflict with any
provision of law or this Agreement. The Intercreditor Agent and Security Trustee
shall have the right to decline to follow any such direction if the
Intercreditor Agent and Security Trustee, being advised by counsel, determines
that the directed action is not permitted by the terms of this Agreement, the
Foreign Security Documents or the Credit Documents, may not lawfully be taken or
would involve it in personal liability, and the Intercreditor Agent and Security
Trustee shall not be required to take any such action unless any indemnity which
is required hereunder in respect of such action has been provided. The
Intercreditor Agent and Security Trustee may rely on any such direction given to
it by the Majority Holders and shall be fully protected, and shall under no
circumstances (absent the gross negligence and willful misconduct of the
Intercreditor Agent and Security Trustee ) be liable to any holder of any
Secured Obligations or any other Person for taking or refraining from taking
action in accordance therewith. Absent written instructions from the Majority
Holders (i) at a time when a direction or notice from any Agent contemplated by
this Section 3.4 shall be outstanding or (ii) in the case of an emergency in
order to protect any of the Foreign Subsidiary Equity Collateral, the
Intercreditor Agent and Security Trustee may take, but shall have no obligation
to take, any and all such actions under the Foreign Security Documents or any of
them or otherwise as it shall deem to be in the best interests of the Foreign
Subsidiary Equity Secured Parties and shall give notice to each of the other
Agents of any such actions taken.

          (d)      Subject to Article 13 of the Indenture, any Agent may
independently foreclose on or otherwise exercise its rights and remedies with
respect to any Pledged Instrument and the Intercreditor Agent and Security
Trustee shall cooperate with any such foreclosure or exercise of remedies.

     Section 3.5   ACTIONS WITH RESPECT TO THE COLLATERAL. Each of the Foreign
Subsidiary Equity Secured Parties hereby irrevocably constitutes and appoints
the Intercreditor Agent and Security Trustee and any officer or agent thereof,
with full power of substitution, as its true and lawful attorney-in-fact with
full power and authority in its or his own name, from time to time in the
Intercreditor Agent and Security Trustee's discretion, subject to Section 3.4(c)
hereof, so long as any direction or notice contemplated by Section 3.4(c) hereof
is in effect, to take any and all appropriate action and to execute any and all
documents and instruments which may be necessary or desirable to carry out the
terms of this Agreement and the Foreign Security Documents and accomplish the
purposes hereof and thereof and, without limiting the generality of the
foregoing, each of the Foreign Subsidiary Equity Secured Parties hereby
acknowledges that the Intercreditor Agent and Security Trustee shall have all
powers and remedies set forth in the Foreign Security Documents, subject to
Section 3.4(c) hereof.

     Section 3.6   RESIGNATION OR REMOVAL OF INTERCREDITOR AGENT AND SECURITY
TRUSTEE. Subject to the appointment and acceptance of a successor Intercreditor
Agent and Security Trustee as provided below, (i) the Intercreditor Agent and
Security Trustee may resign at any

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time by giving not less than thirty (30) days notice thereof to the Joint
Collateral Agent, the Company and each other Credit Facility Agent, (ii) if no
Indebtedness with respect to Credit Facility Obligations remains outstanding,
the Intercreditor Agent and Security Trustee may be removed at any time with or
without cause by the Joint Collateral Agent or (iii) the Intercreditor Agent and
Security Trustee may assign its role as such to any other financial institution
that becomes the Administrative Agent under the Existing Credit Facility;
provided, however, that such successor agent expressly agrees to be bound by the
provisions hereof in a writing delivered to the Joint Collateral Agent, the
Company and each other Credit Facility Agent. Upon any such resignation or
removal referred to in clauses (i) and (ii) of the preceding sentence, the Joint
Collateral Agent shall have the right to appoint a successor Intercreditor Agent
and Security Trustee, which Intercreditor Agent and Security Trustee shall be
reasonably acceptable to any other Credit Facility Agents. If no successor
Intercreditor Agent and Security Trustee shall have been so appointed by the
Joint Collateral Agent and shall have accepted such appointment within thirty
(30) days after the retiring Intercreditor Agent and Security Trustee's giving
of notice of resignation or such removal of the retiring Intercreditor Agent and
Security Trustee as provided hereunder, then the retiring Intercreditor Agent
and Security Trustee may, on behalf of the Secured Parties, petition a court of
competent jurisdiction for a successor or it may appoint a successor
Intercreditor Agent and Security Trustee, which shall be a bank or trust company
(a) acceptable to the other Agents, (b) having a combined capital and surplus of
at least $100,000,000 and (c) having offices in New York, New York. Upon the
acceptance of any appointment as Intercreditor Agent and Security Trustee
hereunder by a successor Intercreditor Agent and Security Trustee, (i) such
successor Intercreditor Agent and Security Trustee shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the
retiring Intercreditor Agent and Security Trustee, and the retiring
Intercreditor Agent and Security Trustee shall be discharged from its duties and
obligations hereunder, and (ii) the retiring Intercreditor Agent and Security
Trustee shall, at the expense of the Company, promptly transfer all Foreign
Subsidiary Equity Collateral and any Pledged Instrument within its possession or
control to the possession or control of the successor Intercreditor Agent and
Security Trustee and shall execute and deliver such notices, instructions and
assignments as may be necessary or desirable to transfer the rights of the
Intercreditor Agent and Security Trustee in respect of the Foreign Subsidiary
Equity Collateral and any Pledged Instrument to the successor Intercreditor
Agent and Security Trustee. After any retiring Intercreditor Agent and Security
Trustee's resignation, removal or replacement hereunder as Intercreditor Agent
and Security Trustee, the provisions of this ARTICLE 3 shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as Intercreditor Agent and Security Trustee. Upon any such
resignation or removal, the former Intercreditor Agent and Security Trustee
shall, at the expense of the Company, take all steps necessary to assign the
Foreign Subsidiary Equity Collateral and any Pledged Instrument to the successor
Intercreditor Agent and Security Trustee.

     Section 3.7   AUTHORIZATION; RELEASE OF LIENS; AMENDMENT.

          (a)      The Intercreditor Agent and Security Trustee is hereby
authorized by each of the other parties hereto to execute, deliver and perform
each of the Foreign Security Documents.

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          (b)      Without the prior written consent of, or direction from, the
Joint Collateral Agent and each Credit Facility Agent and any consent required
under Section 13.09 of the Indenture, the Intercreditor Agent and Security
Trustee shall not (i) release any Foreign Subsidiary Equity Collateral or
otherwise terminate any Lien under any Foreign Security Document, provided,
however, that the Joint Collateral Agent and the Credit Facility Agent shall be
obligated to notify the Intercreditor Agent and Security Trustee to deliver to
the Company (or as otherwise directed by the Company) any Collateral (including,
without limitation, any Foreign Subsidiary Equity Collateral and any Pledged
Instrument) that is automatically released in accordance with the terms of the
Credit Documents, (ii) consent to any amendment, modification or supplement of
this Agreement or any Foreign Security Document (other than as necessary to
reflect the addition of any new Qualified Credit Facility or Parity Lien Debt
for which the related Credit Facility Agent or the relevant Parity Lien
Representative, respectively, shall have executed and delivered a Joinder
Agreement), (iii) consent to any Lien under any Foreign Security Document to
which the Intercreditor Agent and Security Trustee (in its capacity as such) is
a party securing obligations other than the Secured Obligations or consent to
any modification of, supplement to, or waiver under any of the Foreign Security
Documents to which the Intercreditor Agent and Security Trustee (in its capacity
as such) is a party. Notwithstanding the foregoing, (i) if directed by the Joint
Collateral Agent, the Intercreditor Agent and Security Trustee shall amend the
Foreign Security Documents and/or take such other action as may be necessary to
relinquish the security interest with respect to any Note Obligations or Parity
Lien Obligations specified by the Joint Collateral Agent as being no longer
secured by the Foreign Subsidiary Equity Collateral and (ii) if directed by any
Credit Facility Agent the Intercreditor Agent and Security Trustee shall amend
the Foreign Security Documents and/or take such other action as may be necessary
to relinquish the security interest with respect to any Credit Facility
Obligations represented by such Credit Facility Agent specified by such Credit
Facility Agent as being no longer secured by the Foreign Subsidiary Equity
Collateral. Except for any release authorized by both the Joint Collateral Agent
and each Credit Facility Agent, no such release shall affect the security
interest of any other Foreign Subsidiary Equity Secured Party. In giving any
such consent, the Joint Collateral Agent shall be subject to the terms of the
Collateral Agency Agreement and the Indenture and each Credit Facility Agent
shall be subject to the terms of the Credit Documents to which it is a party.
Notwithstanding the forgoing, whether or not so instructed by the Joint
Collateral Agent and each Credit Facility Agent, the Intercreditor Agent and
Security Trustee may release the security interest with respect to any Foreign
Subsidiary Equity Collateral and may provide any release, termination statement
or instrument of subordination required by order of a court of competent
jurisdiction or otherwise required by applicable law.

          (c)      For the avoidance of doubt, nothing in this SECTION 3.7, or
elsewhere in this Agreement or in any other Foreign Security Document shall
limit the obligations of the Obligors under any Foreign Security Document or any
Credit Document, including, without limitation, any obligation of any of the
Obligors to obtain any consent or approval of any of the Foreign Subsidiary
Equity Secured Parties obtained or required to be obtained by the Obligor prior
to any amendment or modification of, supplement to or waiver under any Foreign
Security Document or Credit Document.

          (d)      For the avoidance of doubt, nothing in this SECTION 3.5 or
elsewhere in this Agreement or in any other Foreign Security Document or Credit
Document shall limit the

                                        9
<Page>

operation of the collateral release provisions under any Credit Document,
pursuant to which the lien and security interest thereunder with respect to an
item of collateral (including, without limitation, the Foreign Subsidiary Equity
Collateral and any Pledged Instrument) shall be released without the consent of
any Foreign Subsidiary Equity Secured Party or the Intercreditor Agent and
Security Trustee to the extent and subject to the conditions, if any, specified
in any Credit Document.

     Section 3.8   LIMITATIONS ON THE RESPONSIBILITY OF INTERCREDITOR AGENT AND
SECURITY TRUSTEE. The Intercreditor Agent and Security Trustee shall not be
responsible in any manner whatsoever for the correctness of any recitals,
statements, representations or warranties contained herein or in any Foreign
Security Document, except for those made by it herein. The Intercreditor Agent
and Security Trustee makes no representation as to the value or condition of the
Foreign Subsidiary Equity Collateral or any part thereof, or any Pledged
Instrument, as to the title of the Company to the Foreign Subsidiary Equity
Collateral, as to the security afforded by this Agreement or any Foreign
Security Document or, as to the validity, execution, enforceability, legality or
sufficiency of this Agreement or any Foreign Security Document, and the
Intercreditor Agent and Security Trustee shall incur no liability or
responsibility in respect of any such matters. The Intercreditor Agent and
Security Trustee shall not be responsible for insuring the Foreign Subsidiary
Equity Collateral or any Pledged Instrument except as provided in the
immediately following sentence when the Intercreditor Agent and Security Trustee
has possession of such Foreign Subsidiary Collateral. The Intercreditor Agent
and Security Trustee shall have no duty to the Company or to the Foreign
Subsidiary Equity Secured Parties as to any such Foreign Subsidiary Collateral
in its possession or control or in the possession or control of any agent or
nominee of the Intercreditor Agent and Security Trustee or any income thereon or
as to the preservation of rights against prior parties or any other rights
pertaining thereto, except the duty to accord such of the Foreign Subsidiary
Equity Collateral and any such Pledged Instruments as may be in its possession
substantially the same care as it accords its own assets and the duty to account
for monies received by it. The Intercreditor Agent and Security Trustee shall
not be required to ascertain or inquire as to the performance by the Company of
any of the covenants or agreements contained herein or any of the Credit
Documents. Neither the Intercreditor Agent and Security Trustee nor any officer,
agent or representative thereof shall be personally liable for any action taken
or omitted to be taken by any such person in connection with this Agreement or
any Foreign Security Document except for such person's own gross negligence or
willful misconduct. Neither the Intercreditor Agent and Security Trustee nor any
officer, agent or representative thereof shall be personally liable for any
action taken by any such person in accordance with any notice given pursuant to
the terms of this Agreement. The Intercreditor Agent and Security Trustee may
execute any of the powers granted under this Agreement or any of the Security
Documents and perform any duty hereunder or thereunder either directly or by or
through agents or attorneys-in-fact, and shall not be responsible for the
negligence or misconduct of any agents or attorneys-in-fact selected by it in
good faith and without gross negligence or willful misconduct.

     Section 3.9   THE INTERCREDITOR AGENT AND SECURITY TRUSTEE AND THE FOREIGN
SUBSIDIARY EQUITY SECURED PARTIES. By countersigning this Agreement, the
Company agrees to reimburse the Intercreditor Agent and Security Trustee, on
demand, for any reasonable costs, fees, disbursements, losses and other
out-of-pocket expenses (including reasonable attorney's and other professionals'
fees and disbursements and compensation of agents) incurred by the

                                       10
<Page>

Intercreditor Agent and Security Trustee, arising out of, in any way connected
with, or as a result of, the execution or delivery of this Agreement or any
Foreign Security Document or any agreement or instrument contemplated hereby or
thereby or the performance by the parties hereto or thereto of their respective
obligations hereunder or thereunder or in connection with the enforcement or
protection of the rights of the Intercreditor Agent and Security Trustee and/or
the Foreign Subsidiary Equity Secured Parties hereunder or under the Foreign
Security Documents, (ii) to indemnify and hold harmless the Intercreditor Agent
and Security Trustee and its directors, officers, employees and agents, on
demand, from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever which may be imposed on, incurred by or asserted
against the Intercreditor Agent and Security Trustee in its capacity as the
Intercreditor Agent and Security Trustee or any of them in any way relating to
or arising out of this Agreement or any Foreign Security Document or any action
taken or omitted by them under this Agreement or any Foreign Security Document,
provided that the Company shall not be liable to the Intercreditor Agent and
Security Trustee or its directors, officers, employees and agents for any
portion of such liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements resulting from the gross
negligence or willful misconduct of the Intercreditor Agent and Security Trustee
or any of its directors, officers, employees or agents as determined by a final
non-appealable order of a court of competent jurisdiction; and (iii) to
indemnify and hold harmless the Intercreditor Agent and Security Trustee, on
demand, from and against any and all liabilities which may be imposed on or
incurred by any of the Intercreditor Agent and Security Trustee (in its capacity
as Intercreditor Agent and Security Trustee) for the net amount of taxes (after
taking into account any deduction, credit or other tax reduction or benefit
available by reason of the imposition of any such tax) imposed with respect to
the Foreign Subsidiary Equity Collateral or any Pledged Instrument in any
jurisdiction in which the Intercreditor Agent and Security Trustee would not
otherwise be subject to tax except by reason of its acting under this Agreement
or the Foreign Security Documents (directly or through agents); provided that
such indemnification for taxes (A) shall apply only in respect of taxes
attributable to the performance of the Intercreditor Agent and Security
Trustee's obligations hereunder imposed with respect to the Foreign Subsidiary
Equity Collateral or any Pledged Instrument and (B) shall in no event cover any
federal, state, local or other taxes imposed upon any of the Intercreditor Agent
and Security Trustee with respect to or measured by its gross or net income or
profits. A statement by the Intercreditor Agent and Security Trustee that is
submitted to the Company with respect to the amount of such expenses and
containing a reasonable description thereof and/or the amount of its
indemnification obligation shall be prima facie evidence of the amount thereof
owing to the Intercreditor Agent and Security Trustee.

     Section 3.10  INTERCREDITOR AGENT AND SECURITY TRUSTEE AS A FOREIGN
SUBSIDIARY EQUITY SECURED PARTY. In its individual capacity and in its capacity
as an Agent, Fleet Capital Corporation shall have the same obligations and the
same rights, powers and privileges as it would have had were it not also the
Intercreditor Agent and Security Trustee.

     Section 3.11  EXPENSES AND INDEMNIFICATION BY FOREIGN SUBSIDIARY EQUITY
SECURED PARTIES. Each of the Foreign Subsidiary Equity Secured Parties agree (i)
to reimburse the Intercreditor Agent and Security Trustee, on demand, in the
amount of its pro rata share, for any costs, fees, disbursements, losses and
other out of pocket expenses (including reasonable attorney's and other
professionals' reasonable fees and disbursements and compensation of

                                       11
<Page>

agents) referred to in Sections 3.6, 3.9 and 5(1) which shall not have been
reimbursed or paid by the Company or paid from the proceeds of Foreign
Subsidiary Equity Collateral as provided herein and (ii) to indemnify and hold
harmless the Intercreditor Agent and Security Trustee and its directors,
officers, employees and agents, on demand, in the amount of its pro rata share,
from and against any and all liabilities, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements referred
to in Section 3.9, to the extent the same shall not have been reimbursed by the
Company or paid from the proceeds of Foreign Subsidiary Equity Collateral as
provided herein; provided that no Foreign Subsidiary Equity Secured Party shall
be liable to the Intercreditor Agent and Security Trustee for any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, costs, expenses or disbursements resulting from the gross negligence or
willful misconduct of the Intercreditor Agent and Security Trustee or any of its
directors, officers, employees or agents as determined by a final non-appealable
order of a court of competent jurisdiction. Notwithstanding the foregoing, the
obligation of the Foreign Subsidiary Equity Secured Parties under this Section
3.11 shall be limited to the any collateral securing any Secured Obligations and
in no event will any Foreign Subsidiary Equity Secured Party be personally
liable for any amounts owing under this Section 3.11.

                                   ARTICLE 4.
           ADMINISTRATION OF THE FOREIGN SUBSIDIARY EQUITY COLLATERAL

          The Intercreditor Agent and Security Trustee shall hold the Foreign
Subsidiary Equity Collateral and any Lien thereon for the benefit of the Agents
and the other Foreign Subsidiary Equity Secured Parties pursuant to the terms of
this Agreement and the Foreign Security Documents. The Intercreditor Agent and
Security Trustee shall administer, or direct the administration of, the Foreign
Subsidiary Equity Collateral in the manner contemplated by the Foreign Security
Documents and herein. The Intercreditor Agent and Security Trustee shall
exercise such rights and remedies with respect to the Foreign Subsidiary Equity
Collateral as are granted to it under the Foreign Security Documents and
applicable law in the manner contemplated herein and therein.

                                   ARTICLE 5.
                             APPLICATION OF PROCEEDS

          Subject to Article 13.03(3) and (4) of the Indenture, with respect to
any cash dividends and distributions, following the occurrence of an Event of
Default the proceeds of any collection, sale or other realization of all or any
part of the Foreign Subsidiary Equity Collateral pursuant to the Foreign
Security Documents, and any other cash at the time of such collection, sale or
other realization held by or on behalf of the Intercreditor Agent and Security
Trustee under the Foreign Security Documents or this ARTICLE 5, shall be applied
by the Intercreditor Agent and Security Trustee in the following order or
priority and, with the exception of CLAUSE (1) below, shall be based upon
information furnished to the Intercreditor Agent and Security Trustee by the
appropriate Agent:

          (1)      FIRST, to the payment of (a) all reasonable costs, fees,
     disbursements and expenses (including attorney's fees and other
     professional fees) (1) relating to the collection of such proceeds, (2) for
     the exercise, protection or enforcement by the

                                       12
<Page>

     Intercreditor Agent and Security Trustee of all or any rights, remedies,
     powers and privileges of the Intercreditor Agent and Security Trustee under
     any of the Foreign Security Documents or in respect of the Foreign
     Subsidiary Equity Collateral or in support of any provision of adequate
     indemnity to the Intercreditor Agent and Security Trustee against any taxes
     or liens which by law shall have, or may have, priority over the rights of
     the Intercreditor Agent and Security Trustee to such proceeds and (3) the
     collection of all amounts owing hereunder, including attorneys' fees and
     disbursements and the reasonable compensation of the Intercreditor Agent
     and Security Trustee for services rendered in connection therewith or in
     connection with any proceeding to sell if a sale is not completed, in each
     case, whether arising hereunder or under the Foreign Security Documents,
     (b) all charges, expenses and advances incurred or made by the
     Intercreditor Agent and Security Trustee in order to protect the Liens of
     the Foreign Security Documents or the security afforded thereby, and (c)
     all liabilities (including those specified in clauses (a) and (b)
     immediately above) incurred by the Intercreditor Agent and Security Trustee
     regardless of whether such liabilities arise out of the sale of Foreign
     Subsidiary Equity Collateral or the collection of amounts owing hereunder;

          (2)      SECOND, Equally and Ratably to the respective Agents as
     further provided in Section 13 of the Indenture which is incorporated
     herein by reference; and

          (3)      THIRD, upon payment in full of all Secured Obligations, to
     the Company or other applicable Obligor, or their successors or assigns, or
     as a court of competent jurisdiction may direct, of any surplus then
     remaining.

          As used in this ARTICLE 5, "proceeds" of Foreign Subsidiary Equity
     Collateral shall mean cash, securities and other property realized in
     respect of, and distributions in kind of, Foreign Subsidiary Equity
     Collateral, including, without limitation, any cash, securities and other
     property received under any reorganization, liquidation or adjustment of
     indebtedness of the

                                   ARTICLE 6.
                                     JOINDER

          Each of the parties hereto acknowledges that any Agent for any
Qualified Credit Facility will execute a Joinder Agreement confirming that it
and the holders of the Secured Obligations that it represents is bound by the
provisions hereof and of Article 13 of the Indenture and the Intercreditor Agent
and Security Trustee shall countersign such Joinder Agreement whereupon such
Agent on behalf of itself and any holder of any Secured Obligation represented
thereby shall be entitled to the benefits of this Agreement and the Foreign
Security Documents. By becoming a party to the Collateral Agency Agreement, the
Trustee is, and each Parity Lien Representative will become, a third party
beneficiary hereof and may rely on and enforce the provisions hereof.

                                       13
<Page>

                                   ARTICLE 7.
                                  MISCELLANEOUS

     Section 7.1   SUCCESSORS AND ASSIGNS. The provisions of this Agreement
shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns.

     Section 7.2   DELAY AND WAIVER. No failure on the part of any Agent to
exercise, and no course of dealing with respect to, and no delay in exercising,
any right, power or remedy hereunder shall impair any such right, power or
remedy of the Agents nor shall it operate as a waiver thereof; nor shall any
single or partial exercise by any Agent or any of its nominees or
representatives of any right, power or remedy hereunder preclude any other or
future exercise thereof or the exercise of any other right, power or remedy. The
remedies herein are cumulative and are not exclusive of any remedies provided by
law.

     Section 7.3   COSTS AND EXPENSES. Except for reimbursement of the expenses
specified in Sections 3.6, 3.9 and 5(1) out of the proceeds of any Foreign
Subsidiary Equity Collateral, the Intercreditor Agent and Security Trustee shall
receive no payment for its role hereunder and shall not otherwise be entitled to
any reimbursement of costs and expenses.

     Section 7.4   NOTICES. All notices, requests and demands to or upon the
respective parties hereto to be effective shall be in writing (including by
telecopy), and, unless otherwise expressly provided herein, shall be deemed to
have been duly given or made when delivered, or three (3) Business Days after
being deposited in the mail, postage prepaid, or, in the case of telecopy
notice, when received, addressed (a) in the case of parties to this agreement on
the date hereof, as follows and (b) in the case of any Parity Lien
Representative, as specified in the related Joinder Agreement.

          If to the Company:

          Hexcel Corporation
          Two Stamford Plaza
          281 Tressler Boulevard
          Stamford, CT 06901
          203-358-3972
          Attn: Ira Krakower, General Counsel

          If to the Intercreditor Agent and Security Trustee or the Existing
          Facility Agent:

          Fleet Capital Corporation
          North East Loan Administration
          200 Glastonbury Blvd.
          Glastonbury, Connecticut  06033
          Attention: Edgar Ezerins

          With copy to:

                                       14
<Page>

          Bingham McCutchen LLP
          150 Federal Street
          Boston, MA 02110
          Attention: Matthew F. Furlong

          If to the Joint Collateral Agent:

          HSBC Bank USA
          452 5th Avenue
          New York, New York 10018-2706
          212-525-1398
          Attn: Deirdre N. Ross, Issuer Services

          If to the Trustee:

          Wells Fargo Bank Minnesota, National Association
          213 Court Street, Suite 703
          Middletown, CT 06457
          860-704-6216
          Attn: Robert Reynolds, Vice President

          Any party may hereafter notify the other parties hereto of a change in
     its notice address.

     Section 7.5   HEADINGS. Paragraph headings have been inserted in this
Agreement as a matter of convenience for reference only and it is agreed that
such paragraph headings are not part of this Agreement and shall not be used in
the interpretation of any provision of this Agreement.

     Section 7.6   COUNTERPARTS. This Agreement may be executed in one or more
duplicate counterparts and when signed by all of the parties listed below shall
constitute a single binding agreement.

     Section 7.7   GOVERNING LAW. This Agreement shall be governed by the laws
of the State of New York of the United States of America and shall for all
purposes be governed by and construed in accordance with the laws of such state
without regard to the conflict of law rules thereof other than Section 5-1401 of
the New York General Obligations Law.

     Section 7.8   CONSENT TO JURISDICTION. Any legal action or proceeding by or
against any party hereto with respect to or arising out of this Agreement may be
brought in or removed to the courts of the State of New York, in and for the
County of New York, or of the United States of America for the Southern District
of New York. By execution and delivery of this Agreement, the Company accepts,
for itself and in respect of its property, generally and unconditionally, the
jurisdiction of the aforesaid courts for legal proceedings arising out of or in
connection with this Agreement and irrevocably consents to receive service of
process at the address set forth in Section 7.4 herein. Nothing herein shall
affect the right to serve process in any other manner permitted by law or any
right to bring legal action or proceedings in any other competent jurisdiction,
including judicial or non-judicial foreclosure of real property interests which
are

                                       15
<Page>

part of the Foreign Subsidiary Equity Collateral. Each party hereto hereby
waives any right to stay or dismiss any action or proceeding under or in
connection with this Agreement or any other Security Document brought before the
foregoing courts on the basis of forum non-conveniens or improper venue.

     Section 7.9   WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY KNOWINGLY,
VOLUNTARILY, AND INTENTIONALLY WAIVES ANY RIGHTS IT MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN
CONNECTION WITH, THIS AGREEMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING,
STATEMENTS (WHETHER VERBAL OR WRITTEN), OR ACTIONS OF THE OTHER PARTIES HERETO.
THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE SECURED PARTIES TO ENTER INTO
THIS AGREEMENT.

     Section 7.10  ENTIRE AGREEMENT. This Agreement and any agreement, document
or instrument attached hereto or referred to herein integrate all the terms and
conditions mentioned herein or incidental hereto and supersede all oral
negotiations and prior writings in respect to the subject matter hereof. In the
event of any conflict between the terms, conditions and provisions of this
Agreement and any such agreement, document or instrument, the terms, conditions
and provisions of this Agreement shall prevail.

     Section 7.11  SEVERABILITY. In case any one or more of the provisions
contained in this Agreement should be invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions
shall not in any way be affected or impaired thereby, and the parties hereto
shall enter into good faith negotiations to replace the invalid, illegal or
unenforceable provision with a view to obtaining the same commercial effect as
this Agreement would have had if such provision had been legal, valid and
enforceable.

     Section 7.12  CONSENT TO LICENSE AGREEMENT. With reference to Section 13.05
of the Indenture, the Joint Collateral Agent and the Trustee hereby (a) consent
to the Company, its Domestic Subsidiaries and the Existing Credit Facility Agent
entering into the License Agreement, dated as the date hereof, pursuant to which
the Company and its Domestic Subsidiaries have, among other things, granted to
the Existing Credit Facility Agent a license to use certain intellectual
property and other rights of the Company and its Domestic Subsidiaries and (b)
agree that the enforcement by the Joint Collateral Agent of any rights with
respect to such intellectual property and other rights shall not impair the
Existing Credit Facility Agent's (or any successor Credit Facility Agent's)
exercise of its rights under such License Agreement. Notwithstanding the
foregoing, the consent of the Joint Collateral Agent and the Trustee to such
License Agreement shall only apply to the extent that such License Agreement
provides for a non-exclusive royalty-free license to the Credit Facility Agent
to use certain of the Company's and its Domestic Subsidiaries' inventions and
the intellectual property rights embodied therein, certain inventions and
intellectual property licensed to the Company and its Domestic Subsidiaries, in
connection with the enforcement of its security interest upon any inventory
constituting collateral of the Existing Credit Facility Agent.

                                       16
<Page>

     Section 7.13  QUALIFIED CREDIT FACILITY. The parties hereto acknowledge and
agree that by virtue of duly authorizing, executing and delivering this
Agreement, the Existing Credit Facility shall constitute a Qualified Credit
Facility as defined in the Indenture.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                       17
<Page>

          IN WITNESS WHEREOF, the parties hereto have caused this Intercreditor
& Agency Agreement to be executed by their respective officers or
representatives hereunto duly authorized as of the day and year first above
written.

                                     HEXCEL CORPORATION
                                     as Company

                                     By:/s/ Stephen C. Forsyth
                                        ---------------------------------------
                                        Name: Stephen C. Forsyth
                                        Title: Executive Vice President
                                               and Chief Financial Officer

                                     FLEET CAPITAL CORPORATION
                                     as Intercreditor Agent and Security Trustee

                                     By:/s/ Edgar Ezerins
                                        ---------------------------------------
                                        Name: Edgar Ezerins
                                        Title: Senior Vice President

                                     FLEET CAPITAL CORPORATION
                                     as Existing Facility Agent

                                     By:/s/ Edgar Ezerins
                                        ---------------------------------------
                                        Name: Edgar Ezerins
                                        Title: Senior Vice President

                                     HSBC BANK USA
                                     as Joint Collateral Agent

                                     By:/s/ Deirdra N. Ross
                                        ---------------------------------------
                                        Name: Deirdra N. Ross
                                        Title: Assistant Vice President

                                     WELLS FARGO BANK MINNESOTA, NATIONAL
                                     ASSOCIATION, as Trustee

                                     By:/s/ FRANK MCDONALD
                                        ---------------------------------------
                                        Name: Frank McDonald
                                        Title: Vice PresidentQuickLinks
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Exhibit 4.2    
  

 
 

COGENT COMMUNICATIONS GROUP, INC.    
    
    SECOND AMENDED AND RESTATED
  REGISTRATION RIGHTS AGREEMENT    
  

        March 6, 2003 

To
Dave Schaeffer (the "Founder") and each of the several holders of Series A Preferred Stock (the "Series A Purchasers"), Series B Preferred Stock (the "Series B
Purchasers") Series C Preferred Stock (the "Series C Purchasers"), Series D Preferred Stock (the "Series D Purchasers"), and Series E Preferred Stock (the
"Series E Purchasers" and together with the Series D Purchasers, the "Noteholder Purchasers") that are parties hereto (collectively, the "Purchasers"): 

Dear
Sirs: 

        This
will confirm that in consideration of the Noteholder Purchasers agreement to acquire on the date hereof, subject to the terms and conditions set forth therein, 3,426,293 shares of
Series D Preferred Stock and 3,426,293 shares of Series E Preferred Stock of Cogent Communications Group, Inc. (the "Company") pursuant to the Exchange Agreement Dated March
    , 2003, by and among the Noteholder Purchasers, the Company and Allied Riser Communications Corporation (the "Exchange Agreement") and as an inducement to the Noteholder Purchasers to
enter into the Exchange Agreement, the Company covenants and agrees with each of you as follows: 

        1.    Certain Definitions.    As used in this Agreement, the following terms shall have
the following respective meanings: 

        "Commission"
shall mean the Securities and Exchange Commission, or any other federal agency at the time administering the Securities Act. 

        "Common
Stock" shall mean the Common Stock, par value $.001 per share, of the Company, as constituted as of the date of this Agreement. 

        "Conversion
Shares" shall mean shares of Common Stock issued or issuable upon conversion of the Preferred Stock, and any shares of capital stock received in
respect thereof. 

        "Exchange
Act" shall mean the Securities Exchange Act of 1934 or any similar federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time. 

        "Founder's
Common" shall mean the 1,360,000 shares (appropriately adjusted for any subdivision or combination) of Common Stock issued to the Founder (David
Schaeffer). 

 

        "Preferred
Stock" shall mean the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, the
Series D Preferred Stock, and the Series E Preferred Stock. 

        "Registration
Expenses" shall mean the expenses so described in Section 8. 

        "Restricted
Stock" shall mean (i) the Conversion Shares, excluding Conversion Shares which have been (a) registered under the Securities Act
pursuant to an effective registration statement filed thereunder and disposed of in accordance with the registration statement covering them or (b) publicly sold pursuant to Rule 144
under the Securities Act, (ii) the Founder's Common, and (iii) any shares of Common Stock issued or distributed in respect of the securities described in clauses (i) and (ii). 

        "Securities
Act" shall mean the Securities Act of 1933 or any similar federal statute, and the rules and regulations of the Commission thereunder, all as the
same shall be in effect at the time. 

        "Selling
Expenses" shall mean the expenses so described in Section 8. 

        "Series A
Preferred Stock" shall mean the Series A Participating Convertible Preferred Stock, par value $.001 per share, of the Company, as
constituted as of the date of this Agreement. 

        "Series B
Preferred Stock" shall mean the Series B Participating Convertible Preferred Stock, par value $.001 per share, of the Company, as
constituted as of the date of this Agreement. 

        "Series C
Preferred Stock" shall mean the Series C Participating Convertible Preferred Stock, par value $.001 per share, of the Company, as
constituted as of the date of this Agreement. 

        "Series D
Preferred Stock" shall mean the Series D Participating Convertible Preferred Stock, par value $.001 per share, of the Company, as
constituted as of the date of this Agreement. 

        "Series E
Preferred Stock" shall mean the Series E Participating Convertible Preferred Stock, par value $.001 per share, of the Company, as
constituted as of the date of this Agreement. 

        2.    Restrictive Legend.    Each certificate representing Preferred Stock, Conversion
Shares or Restricted Stock shall, except as otherwise provided in this Section 2 or in Section 3, be stamped or otherwise imprinted with a legend substantially in the following form: 

2

 

        "The
securities represented by this certificate have not been registered under the Securities Act of 1933 or applicable state securities laws. These securities have been acquired for
investment and not with a view to distribution or resale, and may not be sold mortgaged, pledged, hypothecated or otherwise transferred without an effective registration statement for such securities
under the Securities Act of 1933 and applicable state securities laws, or the availability of an exemption from the registration provisions of the Securities Act of 1933 and applicable state
securities laws." 

A
certificate shall not bear such legend if in the opinion of counsel reasonably satisfactory to the Company the securities being sold thereby may be publicly sold without registration under the
Securities Act. 

        3.    Notice of Proposed Transfer.    Prior to any proposed transfer of any Preferred
Stock, Conversion Shares or Restricted Stock (other than under the circumstances described in Sections 4, 5 or 6), the holder thereof shall give written notice to the Company of its intention to
effect such transfer. Each such notice shall describe the manner of the proposed transfer and, if requested by the Company, shall be accompanied by an opinion of counsel reasonably satisfactory to the
Company to the effect that the proposed transfer may be effected without registration under the Securities Act, whereupon the holder of such stock shall be entitled to transfer such stock in
accordance with the terms of its notice; provided, however, that no such opinion of counsel shall be required for a transfer to one or more
partners of the transferor (in the case of a transferor that is a partnership), to one or more members of the transferor (in the case of a transferor that is a limited liability company) or to an
affiliated corporation (in the case of a transferor that is a corporation); provided, further, however, that any
transferee other than a partner, member or affiliate of the transferor shall execute and deliver to the Company a representation letter in form reasonably satisfactory to the Company's counsel to the
effect that the transferee is acquiring Restricted Stock for its own account, for investment purposes and without any view to distribution thereof. Each certificate for Preferred Stock or Conversion
Shares transferred as above provided shall bear the legend set forth in Section 2, except that such certificate shall not bear such legend if (i) such transfer is in accordance with the
provisions of Rule 144 (or any other rule permitting public sale without registration under the Securities Act) or (ii) the opinion of counsel referred to above is to the further effect
that the transferee and any subsequent transferee (other than an affiliate of the Company) would be entitled to transfer such securities in a public sale without registration under the Securities Act.
The restrictions provided for in this Section 3 shall not apply to securities which are not required to bear the legend prescribed by Section 2 in accordance with the provisions of that
Section. 

        4.    Required Registration.    

        (a)  Subject
to Section 13(f) of this Agreement, at any time after the earlier of (i) October 16, 2003 and (ii) the date that is six
(6) months after the first public 

3

 

offering
of securities by the Company, holders of Restricted Stock constituting more than one-third of the total number of shares of Restricted Stock then outstanding or a lesser percent
if the anticipated offering price, net of underwriting discounts and commissions would be at least $5,000,000, may request the Company to register under the Securities Act all or any portion of the
shares of Restricted Stock held by such requesting holder or holders for sale in the manner specified in such notice. For purposes of this Section 4 and Sections 5, 6, 13(a) and 13(d), the term
"Restricted Stock" shall be deemed to include the number of shares of Restricted Stock which would be issuable to a holder of Preferred Stock upon conversion of all shares of Preferred Stock held by
such holder at such time; provided,
however, that the only securities which the Company shall be required to register pursuant hereto shall be shares of Common Stock; provided,
further, however, that, in any underwritten public offering contemplated by this Section 4 or Sections 5 and 6, the holders of
Preferred Stock shall be entitled to sell such Preferred Stock to the underwriters for conversion and sale of the shares of Common Stock issued upon conversion thereof and holders of a majority of the
Preferred Stock being so registered shall have the right to approve the managing underwriter(s) selected by the Company in connection with such underwritten public offering. In addition, shares of
Founder's Common shall not be deemed Restricted Stock for purposes of this Section 4. Notwithstanding anything to the contrary contained herein, the Company shall not be obligated to effect a
registration (i) during the 180 day period commencing with the effective date of a registration statement filed by the Company covering the first firm commitment underwritten public
offering after the date hereof or (ii) if the Company delivers notice to the holders of the Restricted Stock within thirty (30) days of any registration request of the Company's intent
to file a registration statement for an underwritten public offering within ninety (90) days. 

        (b)  Following
receipt of any notice under this Section 4, the Company shall immediately notify all holders of Restricted Stock and Preferred Stock from whom notice
has not been received and such holders shall then be entitled within 30 days thereafter to request the Company to include in the requested registration all or any portion of their shares of
Restricted Stock. The Company shall use its best efforts to register under the Securities Act, for public sale in accordance with the method of disposition described in paragraph (a) above, the
number of shares of Restricted Stock specified in such notice (and in all notices received by the Company from other holders within 30 days after the giving of such notice by the Company). The
Company shall be obligated to register Restricted Stock pursuant to this Section 4 on three occasions only; provided, however, that
such obligation shall be deemed satisfied only when a registration statement covering all shares of Restricted Stock specified in notices received as aforesaid for sale in accordance with the method
of disposition specified by the requesting holders shall have become effective and, if such method of disposition is a firm commitment underwritten public offering, all such shares shall have been
sold pursuant thereto. 

        (c)  The
Company (or at the option of the Company, the holders of Common Stock) shall be entitled to include in any registration statement referred to in this
Section 4, for sale in accordance with the method of disposition specified by the 

4

 

requesting
holders, shares of Common Stock to be sold by the Company or such other holders for its own account, except as and to the extent that, in the opinion of the managing underwriter (if such
method of disposition shall be an underwritten public offering), such inclusion would adversely affect the marketing of the Restricted Stock to be sold. Subject to Section 4(a) and except for
registration statements on Form S-4, S-8 or any successor thereto, the Company will not file with the Commission any other registration statement with respect to its
Common Stock, whether for its own account or that of other stockholders, from the date of receipt of a notice from requesting holders pursuant to this Section 4 until the completion of the
period of distribution of the registration contemplated thereby. 

        (d)  If,
in the opinion of the managing underwriter, the inclusion of all of the Restricted Stock requested to be registered under this Section would adversely affect the
marketing of such shares, the Company shall only include the number of shares that, in the reasonable opinion of such underwriter, can be sold without having an adverse effect on the marketing of such
shares, to be allocated as follows: first, to the holders of the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock (or the shares of Common
Stock issued upon conversion thereof) on a pro rata basis based on the total number of shares of Restricted Stock held by such holders and requested to
be included in the registration; second, to the holders of the Series A and Series B Preferred Stock (or the shares of Common Stock issued upon conversion thereof) on a  pro rata basis based on
the total number of shares of Restricted Stock held by such holders and requested to be included in the registration; and third,
to any stockholder of the Company (other than such holders) on a pro rata basis based on the total number of shares held by such holder and requested to
be included in the registration; provided however that the number of shares of Restricted Stock to be included in such underwriting and registration shall not be reduced unless all other securities of
the Company are first excluded from the underwriting and registration. 

        5.    Incidental Registration.    Subject to Section 13(f) of this Agreement, if
the Company at any time (other than pursuant to Section 4 or Section 6) proposes to register any of its securities under the Securities Act for sale to the public, whether for its own
account or for the account of other security holders or both (except with respect to registration statements on Forms S-4, S-8 or another form not available for registering the
Restricted Stock for sale to the public), each such time it will give written notice to all holders of outstanding Restricted Stock of its intention so to do. Upon the written request of any such
holder, received by the Company within 30 days after the giving of any such notice by the Company, to register any of its Restricted Stock, the Company will use its best efforts to cause the
Restricted Stock as to which registration shall have been so requested to be included in the securities to be covered by the registration statement proposed to be filed by the Company, all to the
extent requisite to permit the sale or other disposition by the holder (in accordance with its written request) of such Restricted Stock so registered. In the event that any registration pursuant to
this Section 5 shall be, in whole or in part, an underwritten public offering of Common Stock, if the managing underwriter determines in good faith that marketing factors require a limitation
of the number of shares to be underwritten, the number of shares that may be included in the 

5

 

underwriting
shall be allocated, first, to the Company; second, to the holders of Restricted Stock invoking the rights under this Section 5 on a pro
rata basis based on the total number of shares of Restricted Stock held by such holders; and third, to any stockholder of the Company (other than such holders) on a  pro rata
basis. No such reduction shall reduce the amount of securities of the selling holders included in the registration below thirty percent (30%)
of the total amount of securities included in such registration. Furthermore, unless such offering is the Company's first underwritten public offering of its Common Stock after the date hereof, in the
event of a reduction in the total amount of shares included in the registration, the number of shares of Series A and Series B Preferred Stock (or the shares of Common Stock issued upon
conversion thereof) shall be reduced prior to any reduction in the number of shares of Series C Preferred Stock, the Series D Preferred Stock or the Series E Preferred Stock (or
the shares of Common Stock issued upon conversion thereof). In no event will shares of any other selling stockholder be included in such registration that would reduce the
number of shares which may be included by holders of Restricted Stock without the written consent of the holders of not less than sixty-six and two-thirds percent
(662/3%) of the Restricted Stock proposed to be sold in the offering. If any such holder disapproves of the terms of any such underwriting, such holder may elect to withdraw therefrom
by written notice to the Company and the underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any shares of Restricted Stock
excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For any holder which is a partnership or corporation, the partners, retired partners and
stockholders of such holder, or the estates and family members of any such partners and retired partners and any trusts for the benefit of any of the foregoing person shall be deemed to be a single
holder, and any pro rata reduction with respect to such holder shall be based upon the aggregate amount of shares carrying registration rights owned by
all entities and individuals included in such holder, as defined in this sentence. Notwithstanding the foregoing provisions, the Company may withdraw any registration statement referred to in this
Section 5 without thereby incurring any liability to the holders of Restricted Stock. 

        6.    Registration on Form S-3.    Subject to Section 13(f) of
this Agreement, if at any time (i) a holder or holders of Restricted Stock then outstanding request that the Company file a registration statement on Form S-3 or any
successor thereto for a public offering of all or any portion of the shares of Restricted Stock held by such requesting holder or holders, and (ii) the Company is a registrant entitled to use
Form S-3 or any successor thereto to register such shares, then the Company shall use its best efforts to register under the Securities Act on Form S-3 or any
successor thereto for public sale in accordance with the method of disposition specified in such notice, the number of shares of Restricted Stock specified in such notice. Whenever the Company is
required by this Section 6 to use its best efforts to effect the registration of Restricted Stock, each of the procedures and requirements of Section 4 (including but not limited to the
requirement that the Company notify all holders of Restricted Stock from whom notice has not been received and provide them with the opportunity to participate in the offering) shall apply to such
registration; provided, however, that there shall be no limitation on the number of registrations on Form S-3 which may be
requested and obtained under this Section 6 and 

6

 

registrations
effected pursuant to this Section 6 shall not be counted as demands for registration or registrations effected pursuant to Sections 4 or 5, respectively. 

        (b)  Notwithstanding
anything to the contrary set forth in this Agreement, the Company's obligation under this Agreement to register Restricted Stock under the Securities Act
on registration statements ("Registration Statements") may, upon the reasonable determination of the Board of Directors made not more than twice in the aggregate (and not more than once with respect
to a Registration Statement on Form S-1 and not more than once with respect to a Registration Statement on Form S-3 and including any delay pursuant to the last
sentence of Section 4(a)) during any 12-month period, be suspended in the event and during such period as unforeseen circumstances (including without limitation (i) an
underwritten primary offering by the Company (which includes no secondary offering) if the Company is advised in writing by its underwriters that the registration of the Restricted Stock would have a
material adverse effect on the Company's offering, or (ii) pending negotiations relating to, or consummation of, a transaction or the occurrence of an event which would require additional
disclosure
of material information by the Company in Registration Statements or such other filings, as to which the Company has a bona fide business purpose for preserving confidentiality or which renders the
Company unable to comply with the Commission's requirements) exist (such unforeseen circumstances being hereinafter referred to as a "Suspension Event") which would make it impractical or unadvisable
for the Company to file the Registration Statements or such other filings or to cause such to become effective. Such suspension shall continue only for so long as such event is continuing but in no
event for a period longer than (i) one hundred and twenty (120) days, in the case of a Registration Statement on Form S-1 (or any successor thereto) or
(ii) ninety (90) days, in the case of a Registration Statement on Form S-3 (or any successor thereto). The Company shall notify the Purchasers of the existence and
nature of any Suspension Event. 

        7.    Registration Procedures.    If and whenever the Company is required by the
provisions of Sections 4, 5 or 6 to use its best efforts to effect the registration of any shares of Restricted Stock under the Securities Act, the Company will, as expeditiously as possible: 

        (a)  prepare
and file with the Commission a registration statement (which, in the case of an underwritten public offering pursuant to Section 4, shall be on
Form S-1 or other form of general applicability satisfactory to the managing underwriter selected as therein provided) with respect to such securities and use its best efforts to
cause such registration statement to become and remain effective for the period of the distribution contemplated thereby (determined as hereinafter provided); 

        (b)  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 for the period specified in paragraph (a) above and comply with the provisions of the Securities Act with respect to the disposition of all
Restricted Stock covered by such registration 

7

 

statement
in accordance with the sellers' intended method of disposition set forth in such registration statement for such period; 

        (c)  furnish
to each seller of Restricted Stock and to each underwriter such number of copies of the registration statement and each such amendment and supplement thereto (in
each case including all exhibits) and the prospectus included therein (including each preliminary prospectus) as such persons reasonably may request in order to facilitate the public sale or other
disposition of the Restricted Stock covered by such registration statement; 

        (d)  use
its best efforts to register or qualify the Restricted Stock covered by such registration statement under the securities or "blue sky" laws of such jurisdictions as
the sellers of Restricted Stock or, in the case of an underwritten public offering, the managing underwriter reasonably shall request; provided,
however, that the Company shall not for any such purpose be required to qualify generally to transact business as a foreign corporation in any jurisdiction where it is not
so qualified or to consent to general service of process in any such jurisdiction; 

        (e)  use
its best efforts to list the Restricted Stock covered by such registration statement with any securities exchange on which the Common Stock of the Company is then
listed; 

        (f)    immediately
notify each seller of Restricted Stock and each underwriter under such registration statement, at any time when a prospectus relating thereto is required to
be delivered under the Securities Act, of the happening of any event of which the Company has knowledge as a result of which the prospectus contained in such registration statement, as then in effect,
includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances
then existing, and promptly prepare and furnish to such seller a reasonable number of copies of a prospectus supplemented or amended so that, as thereafter delivered to the purchasers of such
Restricted Stock, 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 light of the circumstances then existing; 

        (g)  if
the offering is underwritten and at the request of any seller of Restricted Stock, use its best efforts to furnish on the date that Restricted Stock is delivered to
the underwriters for sale pursuant to such registration: (i) an opinion dated such date of counsel representing the Company for the purposes of such registration, addressed to the underwriters
and to such seller, to such effect as reasonably may be requested by counsel for the underwriters, and (ii) a letter dated such date from the independent public accountants retained by the
Company, addressed to the underwriters and to such seller, stating that they are independent public accountants within the meaning of the Securities Act and that, in the opinion of such accountants,
the financial statements of the Company included in the registration statement or the prospectus, or any amendment or supplement thereof, comply as to form in all material respects with the 

8

 

applicable
accounting requirements of the Securities Act, and such letter shall additionally cover such other financial matters (including information as to the period ending no more than five
business days prior to the date of such letter) with respect to such registration as such underwriters reasonably may request; 

        (h)  make
available for inspection by each seller of Restricted Stock, any underwriter participating in any distribution pursuant to such registration statement, and any
attorney, accountant or other agent retained by such seller or underwriter, reasonable access to all financial and other records, pertinent corporate documents and properties of the Company, as such
parties may reasonably request, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such seller, underwriter, attorney, accountant or agent
in connection with such registration statement; 

        (i)    cooperate
with the selling holders of Restricted Stock and the managing underwriters, if any, to facilitate the timely preparation and delivery of certificates
representing Restricted Stock to be sold, such certificates to be in such denominations and registered in such names as such holders or the managing underwriters may request at least two business days
prior to any sale of Restricted Stock; and 

        (j)    permit
any holder of Restricted Stock which holder, in the sole and exclusive judgment, exercised in good faith, of such holder, might be deemed to be a controlling
person of the Company, to participate in good faith in the preparation of such registration or comparable statement and to require the insertion therein of material, furnished to the Company in
writing, which in the reasonable judgment of such holder and its counsel should be included and to permit any other holder of Restricted Stock participating in the registration to review such
registration or comparable statement during its preparation. 

        For
purposes of Section 7(a) and 7(b) and of Section 4(c), the period of distribution of Restricted Stock in a firm commitment underwritten public offering shall be deemed
to extend until each underwriter has completed the distribution of all securities purchased by it, and the period of distribution of Restricted Stock in any other registration shall be deemed to
extend until the earlier of the sale of all Restricted Stock covered thereby and 180 days after the effective date thereof. 

        In
connection with each registration hereunder, the sellers of Restricted Stock will furnish to the Company in writing such information requested by the Company with respect to
themselves and the proposed distribution by them as reasonably shall be necessary in order to assure compliance with federal and applicable state securities laws and to make the registration statement
correct, accurate and complete in all respects with respect to such sellers; provided, however, that this requirement shall not be deemed to
limit any disclosure obligation arising out of any seller's relationship to the Company if one of such seller's agents or affiliates is an officer, director or control person of the Company. In
addition, the sellers shall, if requested by the Company, execute such other 

9

 

agreements,
which are reasonably satisfactory to them and which shall contain such provisions as may be customary and reasonable in order to accomplish the registration of the Restricted Stock. 

        In
connection with each registration pursuant to Sections 4, 5 or 6 covering an underwritten public offering, the Company and each seller agree to enter into a written agreement with the
managing underwriter selected in the manner herein provided in such form and containing such provisions as are customary in the securities business for such an arrangement between such underwriter and
companies of the Company's size and investment stature. 

        8.    Expenses.    All expenses incurred by the Company in complying with Sections 4, 5
and 6, including, without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses
(including counsel fees) incurred in connection with complying with state securities or "blue sky" laws, fees and expenses of one counsel for the selling holders of Restricted Stock in connection with
the registration of Restricted Stock, fees of the National Association of Securities Dealers, Inc., transfer taxes, fees of transfer agents and registrars, costs of any insurance which might be
obtained, but excluding any Selling Expenses, are called "Registration Expenses." All underwriting discounts and selling commissions applicable to the sale of Restricted Stock and the fees and
expenses of more than one counsel for the selling holders of Restricted Stock in connection with the registration of Restricted Stock are called "Selling Expenses." 

        The
Company will pay all Registration Expenses in connection with each registration statement under Sections 4, 5 or 6. All Selling Expenses in connection with each registration
statement under Sections 4, 5 or 6 shall be borne by the participating sellers in proportion to the number of shares sold by each, or by such participating sellers other than the Company (except to
the extent the Company shall be a seller) as they may agree. 

        9.    Indemnification.    

        (a)  To
the extent permitted by law, in the event of a registration of any of the Restricted Stock under the Securities Act pursuant to Sections 4, 5 or 6, the Company will
indemnify and hold harmless each holder of Restricted Stock, its partners, members, officers and directors, each underwriter of such Restricted Stock thereunder and each other person, if any, who
controls such seller or underwriter within the meaning of the Securities Act, against any losses, claims, damages or liabilities, joint or several, to which such holder, officer, director, underwriter
or controlling person may become subject under the Securities Act, Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon (i) any untrue statement or alleged untrue statement of any material fact contained in any registration statement under which such Restricted Stock was registered under the
Securities Act pursuant to Sections 4, 5 or 6, any preliminary prospectus (but only to the extent not corrected in the final prospectus) or final prospectus contained therein, or any 

10

 

amendment
or supplement thereof, (ii) any blue sky application or other document executed by the Company specifically for that purpose or based upon written information furnished by the Company
filed in any state or other jurisdiction in order to qualify any or all of the Restricted Stock under the securities laws thereof (any such application, document or information herein called a "Blue
Sky Application"), (iii) the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading,
(iv) any violation by the Company or its agents of any rule or regulation promulgated under the Securities Act or Exchange Act applicable to the Company or its agents and relating to action or
inaction required of the Company in connection with such registration, or (v) any failure to register or qualify the Restricted Stock in any state where the Company or its agents has
affirmatively undertaken or agreed in writing that the Company (the undertaking of any underwriter chosen by the Company being attributed to the Company) will undertake such registration or
qualification on the seller's behalf (provided that in such instance the Company shall not be so liable if it has undertaken its best efforts to so register or qualify the Restricted Stock) and will
reimburse each such holder, and such partner, member, officer and director, each such underwriter and each such controlling person for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Company will not be
liable in any such case if and to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged
omission so made in conformity with information furnished by any such seller, any such underwriter or any such controlling person in writing specifically for use in such registration statement,
prospectus or Blue Sky Application. 

        (b)  To
the extent permitted by law, in the event of a registration of any of the Restricted Stock under the Securities Act pursuant to Sections 4, 5 or 6, each seller of
such Restricted Stock thereunder, severally and not jointly, will indemnify and hold harmless the Company, each person, if any, who controls the Company within the meaning of the Securities Act, each
officer of the Company who signs the registration statement, each director of the Company, each other holder of Restricted Stock, each underwriter and each person who controls any underwriter within
the meaning of the Securities Act, against all losses, claims, damages or liabilities, joint or several, to which the Company or such officer, director, other seller, underwriter or controlling person
may become subject under the Securities Act, Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue
statement or alleged untrue statement of any material fact contained in the registration statement under which such Restricted Stock was registered under the Securities Act pursuant to Sections 4, 5
or 6, any preliminary prospectus (but only to the extent not corrected in the final prospectus) or final prospectus contained therein, or any amendment or supplement thereof, or any Blue Sky
Application or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, and will reimburse the Company and each such officer, director, other seller, underwriter and controlling person for any legal or other expenses reasonably incurred by them in 

11

   
connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that such seller will be
liable hereunder in any such case if and only to the extent that any such loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in reliance upon and in conformity with information pertaining to such seller, as such, furnished in writing to the Company by such seller specifically for use in such
registration statement, prospectus or Blue Sky Application; and provided, further, however, that the liability of
each seller hereunder shall be limited to the proportion of any such loss, claim, damage, liability or expense which is equal to the proportion that the public offering price of the shares sold by
such seller under such registration statement bears to the total public offering price of all securities sold thereunder, but not in any event to exceed the net proceeds received by such seller from
the sale of Restricted Stock covered by such registration statement. 

        (c)  Promptly
after receipt by an indemnified party hereunder of notice of the commencement of any action, such indemnified party shall, if a claim in respect thereof is to
be made against the indemnifying party hereunder, notify the indemnifying party in writing thereof, but the omission so to notify the indemnifying party shall not relieve it from any liability which
it may have to such indemnified party other than under this Section 9 and shall only relieve it from any liability which it may have to such indemnified party under this Section 9 if and
to the extent the indemnifying party is prejudiced by such omission. In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of the
commencement thereof, the indemnifying party shall be entitled to participate in and, to the extent it shall wish, to assume and undertake the defense thereof with counsel satisfactory to such
indemnified party, and, after notice from the indemnifying party to such indemnified party of its election so to assume and undertake the defense thereof, the indemnifying party shall not be liable to
such indemnified party under this Section 9 for any legal expenses subsequently incurred by such indemnified party in connection with the defense thereof other than reasonable costs of
investigation and of liaison with counsel so selected; provided, however, that, if the defendants in any such action include both the
indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that the interests of the indemnified party reasonably may be deemed to conflict with the
interests of the indemnifying party, the indemnified party shall have the right to select a separate counsel and to assume such legal defenses and otherwise to participate in the defense of such
action, with the expenses and fees of such separate counsel and other expenses related to such participation to be reimbursed by the indemnifying party as incurred. No indemnifying party, in the
defense of any such claim or litigation shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect of such claim or litigation, and no indemnified party shall
consent to entry of any judgment or settle such claim or litigation without the prior written consent of the indemnifying party, which consent shall not be unreasonably withheld. 

12

 

        (d)  If
the indemnification provided for in this Section 9 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any
losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute
to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect the relative fault of the indemnifying
party on the one hand and of the indemnified party on the other in connection with the violation that resulted in such loss, claim, damage or liability, as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged
untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties'
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; provided, however, that in
no event shall any contribution by a holder of Restricted Stock hereunder exceed the net proceeds from the offering received by such holder. 

        (e)  The
obligations of the Company and holders of Restricted Stock under this Section 9 shall survive completion of any offering of Restricted Stock by a registration
statement and the termination of this Agreement. 

        10.    Changes in Common Stock, Series A Preferred Stock, Series B Preferred Stock, Series C
Preferred Stock, Series D Preferred Stock or Series E Preferred Stock.    If, and as often as, there is any change in the Common Stock, the Series A
Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock, Series D Preferred Stock or Series E Preferred Stock by way of a stock split, stock dividend,
combination or reclassification, or through a merger, consolidation, reorganization or recapitalization, or by any other means, appropriate adjustment shall be made in the provisions hereof so that
the rights and privileges granted hereby shall continue with respect to the Common Stock, the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock,
Series D Preferred Stock or Series E Preferred Stock as so changed. 

        11.    Rule 144 Reporting.    With a view to making available the benefits of
certain rules and regulations of the Commission which may at any time permit the sale of the Restricted Stock to the public without registration, at all times after 90 days after any
registration statement covering a public offering of securities of the Company under the Securities Act shall have become effective, the Company agrees to: 

        (a)  make
and keep public information available, as those terms are understood and defined in Rule 144 under the Securities Act; 

        (b)  use
its best efforts to file with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act; and 

13

 

        (c)  furnish
to each holder of Restricted Stock forthwith upon request a written statement by the Company as to its compliance with the reporting requirements of such
Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed by the Company as
such holder may reasonably request in availing itself of any rule or regulation of the Commission allowing such holder to sell any Restricted Stock without registration. 

        12.    Representations and Warranties of the Company.    The Company represents and
warrants to you as follows: 

        (a)  The
execution, delivery and performance of this Agreement by the Company have been duly authorized by all requisite corporate action and will not violate any provision
of law, any order of any court or other agency of government, the articles of organization or By-laws of the Company or any provision of any indenture, agreement or other instrument to
which it or any or its properties or assets is bound, conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any such indenture, agreement or
other instrument or result in the creation or imposition of any lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Company. 

        (b)  This
Agreement has been duly executed and delivered by the Company and constitutes the legal, valid and binding obligation of the Company, enforceable in accordance with
its terms. 

        13.    Miscellaneous.    

        (a)  All
covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors
and assigns of the parties hereto (including without limitation transferees of any Preferred Stock or Restricted Stock), whether so expressed or not; provided,
however, that registration rights conferred herein on the holders of Preferred Stock or Restricted Stock shall only inure to the benefit of a transferee of Preferred Stock
or Restricted Stock if (i) there is transferred to such transferee at least twenty five percent (25%) of the shares of Restricted Stock (appropriately adjusted for any subdivision or
combination) originally issued to a Purchaser, (ii) such transferee is a member, former member, partner, retired partner, family member or trust for the benefit of any individual holder,
stockholder or affiliate of a party hereto or (iii) such transferee acquires at least 2,500,000 shares (appropriately adjusted for any subdivision or combination) of Preferred Stock;
provided, further, however, that the Company is given written notice thereof. 

        (b)  All
notices, requests, consents and other communications hereunder shall be in writing and shall be mailed by certified or registered mail, return receipt requested,
postage prepaid, or by recognized overnight delivery service of international reputation or, in the case of non-U.S. residents, telexed or sent by recognized overnight delivery service of
international reputation or, addressed as follows: 

14

 

        If
to the Company, to: 

Cogent
Communications Group, Inc.

1015 31st Street, N.W.

Washington, DC 20007,

Attention: Robert Beury 

        with
copies to: 

Latham &
Watkins

555 Eleventh St., N.W., Suite 1000

Washington, D.C. 20004

Attention: David McPherson 

        If
or any other party hereto, to their respective addresses set forth on Schedule I hereto; 

        If
to any subsequent holder of Preferred Stock or Restricted Stock, to it at such address as may have been furnished to the Company in writing by such holder; 

or,
in any case, at such other address or addresses as shall have been furnished in writing to the Company (in the case of a holder of Preferred Stock or Restricted Stock) or to the holders of
Preferred Stock or Restricted Stock (in the case of the Company) in accordance with the provisions of this paragraph. 

        (c)  This
Agreement shall be construed and enforced in accordance with and governed by the laws of the State of New York. 

        (d)  This
Agreement may not be amended or modified, and no provision hereof may be waived, without the written consent of the Company and the holders of at least
two-thirds of the outstanding shares of Restricted Stock. Notwithstanding the foregoing, no such amendment or modification shall be effective if and to the extent that such amendment or
modification either (a) creates any additional affirmative obligations to be complied with by any or all of the Purchasers or (b) grants to any one or more Purchasers any rights more
favorable than any rights granted to all other Purchasers or otherwise treats any one or more Purchasers differently than all other Purchasers. 

        (e)  This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 

        (f)    If
requested in writing by the underwriters for the first underwritten public offering of securities of the Company after the date hereof, each holder of Restricted
Stock who is a party to this Agreement shall agree not to sell 

15

 

publicly
any shares of Restricted Stock or any other shares of Common Stock (other than shares of Restricted Stock or other shares of Common Stock being registered in such offering or any shares
purchased in the open market after the Company's public offering), without the consent of such underwriters, for a period of not more than 180 days following the consummation of such public
offering; provided, however, that all holders of at least one percent (1%) of the then outstanding Common Stock and all officers and directors
of the Company shall also have agreed not to sell publicly their Common Stock under the circumstances and pursuant to the terms set forth in this Section 13(f). 

        (g)  If
any provision of this Agreement shall be held to be illegal, invalid or unenforceable, such illegality, invalidity or unenforceability shall attach only to such
provision and shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement, and this Agreement shall be carried out as if any such illegal, invalid
or unenforceable provision were not contained herein. 

        (h)  Upon
and after the Closing (as defined in the Exchange Agreement), this Agreement shall amend and restate in its entirety the Amended Registration Rights Agreement,
dated October 16, 2001, by and among the Company, the Founder and the other parties thereto, the parties hereto constitute the Company and the holders of at least two-thirds of the
outstanding shares of Restricted Stock immediately prior to the execution of this Agreement. 

        (i)    After
the date of this Agreement, the Company shall not, without the prior written consent of the holders of at least two-thirds of the Restricted Stock then
outstanding, enter into any agreement with any holder or prospective holder of any securities of the Company that would grant such holder registration rights pari passu or senior to those granted to
the holders hereunder, other than (i) with respect to any warrants issued to Cisco Systems Capital Corporation or its affiliates in connection with the Company's increase of its credit facility
with Cisco Systems or (ii) a registration related to stock issued upon conversion of debt securities assumed by the Company in connection with its acquisition of Allied Riser Communications
Corporation. 

        (j)    All
registration rights granted under Sections 4, 5, and 6 shall terminate and be of no further force and effect upon the earlier of (i) three (3) years
after the date the Company first effects a registration pursuant to Section 4 or (ii) five (5) years from the date hereof. In addition, the registration rights of a holder of
Restricted Stock shall expire if all Restricted Stock held by and issuable to such holder (and its affiliates) may be sold under Rule 144 during any ninety (90) day period. 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]  

16

 

        Please
indicate your acceptance of the foregoing by signing and returning the enclosed counterpart of this letter, whereupon this Agreement shall be a binding agreement between the
Company and you. 

	 	 	Very truly yours,
	

 	
 	

COGENT COMMUNICATIONS GROUP, INC.
	

 	
 	

By:	
 	

/s/  DAVE SCHAEFFER      

	 	 	 	 	Name:	 	Dave Schaeffer
	 	 	 	 	Title:	 	President
	

 	
 	

PURCHASERS:
	

 	
 	

OAK INVESTMENT PARTNERS IX,

LIMITED PARTNERSHIP
	

 	
 	

By:	
 	

Oak Associates IX, LLC,

its General Partner
	

 	
 	

By:	
 	

/s/  EDWARD F. GLASSMEYER      

	 	 	 	 	Name:	 	Edward F. Glassmeyer
	 	 	 	 	Title:	 	 
	

 	
 	

OAK IX AFFILIATES FUND, LIMITED PARTNERSHIP
	

 	
 	

By:	
 	

Oak IX Affiliates, LLC,

its General Partner
	

 	
 	

By:	
 	

/s/  EDWARD F. GLASSMEYER      

	 	 	 	 	Name:	 	Edward F. Glassmeyer
	 	 	 	 	Title:	 	 
	

 	
 	

OAK IX AFFILIATES FUND-A, LIMITED PARTNERSHIP
	

 	
 	

By:	
 	

Oak Associates IX, LLC,

its General Partner
	

 	
 	

By:	
 	

/s/  EDWARD F. GLASSMEYER      

	 	 	 	 	Name:	 	Edward F. Glassmeyer
	 	 	 	 	Title:	 	 

17

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	JERUSALEM VENTURE PARTNERS III, L.P.
	

 	
 	

By:	
 	

Jerusalem Partners III, L.P.,

its General Partner
	

 	
 	

By:	
 	

Jerusalem Venture Partners Corporation,

its General Partner
	

 	
 	

By:	
 	

/s/  EREL N. MARGALIT      

	 	 	 	 	Name:	 	Erel N. Margalit
	 	 	 	 	Title:	 	 
	

 	
 	

JERUSALEM VENTURE PARTNERS III (ISRAEL), L.P.
	

 	
 	

By:	
 	

Jerusalem Venture Partners III (Israel)

Management Company Ltd.,

its General Partner
	

 	
 	

By:	
 	

/s/  EREL N. MARGALIT      

	 	 	 	 	Name:	 	Erel N. Margalit
	 	 	 	 	Title:	 	 
	

 	
 	

JERUSALEM VENTURE PARTNERS ENTREPRENEURS FUND III, L.P.
	

 	
 	

By:	
 	

Jerusalem Partners III, L.P.,

its General Partner
	

 	
 	

By:	
 	

/s/  EREL N. MARGALIT      

	 	 	 	 	Name:	 	Erel N. Margalit
	 	 	 	 	Title:	 	 

18

 
[Signature Page to Registration Rights Agreement—Continued]

	

 	
 	

JERUSALEM VENTURE PARTNERS IV, L.P.
	

 	
 	

By:	
 	

Jerusalem Partners IV, L.P.,

its General Partner
	

 	
 	

By:	
 	

Jerusalem Venture Partners Corporation IV,

its General Partner
	

 	
 	

By:	
 	

/s/  EREL N. MARGALIT      

	 	 	 	 	Name:	 	Erel N. Margalit
	 	 	 	 	Title:	 	 
	

 	
 	

JERUSALEM VENTURE PARTNERS IV (Israel), L.P.
	

 	
 	

By:	
 	

Jerusalem Partners IV—Venture Capital, L.P.,

its General Partner
	

 	
 	

By:	
 	

Jerusalem Venture Partners Corporation IV,

its General Partner
	

 	
 	

By:	
 	

/s/  EREL N. MARGALIT      

	 	 	 	 	Name:	 	Erel N. Margalit
	 	 	 	 	Title:	 	 
	

 	
 	

JERUSALEM VENTURE PARTNERS IV-A, L.P.
	

 	
 	

By:	
 	

Jerusalem Venture Partners IV, L.P.,

its General Partner
	

 	
 	

By:	
 	

Jerusalem Venture Partners Corporation IV,

its General Partner
	

 	
 	

By:	
 	

/s/  EREL N. MARGALIT      

	 	 	 	 	Name:	 	Erel N. Margalit
	 	 	 	 	Title:	 	 

19

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	WORLDVIEW TECHNOLOGY PARTNERS III, L.P.
	

 	
 	

WORLDVIEW TECHNOLOGY INTERNATIONAL III, L.P.
	

 	
 	

WORLDVIEW STRATEGIC PARTNERS III, L.P.
	

 	
 	

WORLDVIEW III CARRIER FUND, L.P.
	

 	
 	

By:	
 	

Worldview Capital III, L.P., its General Partner
	

 	
 	

By:	
 	

Worldview Equity I, L.L.C., its General Partner
	

 	
 	

By:	
 	

/s/  JAMES WEI      

	 	 	Name: James Wei—Member Wei
	

 	
 	

WORLDVIEW TECHNOLOGY PARTNERS IV, L.P.
	

 	
 	

WORLDVIEW TECHNOLOGY INTERNATIONAL IV, L.P.
	

 	
 	

WORLDVIEW STRATEGIC PARTNERS IV, L.P.
	

 	
 	

By:	
 	

Worldview Capital IV, L.P., its General Partner
	

 	
 	

By:	
 	

Worldview Equity I, L.L.C., its General Partner
	

 	
 	

By:	
 	

/s/  JAMES WEI      

	 	 	Name: James Wei—Member Wei

20

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	BROADVIEW CAPITAL PARTNERS L.P.
	

 	
 	

By:	
 	

Broadview Capital Partners Management LLC,

its General Partner
	

 	
 	

By:	
 	

/s/  STEPHEN J. BACHMAN      

	 	 	 	 	Name:	 	Stephen J. Bachmann
	 	 	 	 	Title:	 	Managing Director
	

 	
 	

BROADVIEW CAPITAL PARTNERS QUALIFIED PURCHASER FUND L.P.
	

 	
 	

By:	
 	

Broadview Capital Partners Management LLC,

its General Partner
	

 	
 	

By:	
 	

/s/  STEPHEN J. BACHMAN      

	 	 	 	 	Name:	 	Stephen J. Bachmann
	 	 	 	 	Title:	 	Managing Director
	

 	
 	

BROADVIEW CAPITAL PARTNERS AFFILIATES FUND LLC
	

 	
 	

By:	
 	

Broadview Capital LLC,

its Manager
	

 	
 	

By:	
 	

/s/  STEPHEN J. BACHMAN      

	 	 	 	 	Name:	 	Stephen J. Bachmann
	 	 	 	 	Title:	 	Managing Director

21

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	BOULDER VENTURES III, L.P.
	

 	
 	

By:	
 	

/s/  ANDREW E. JONES      

	 	 	 	 	Name:	 	Andrew E. Jones
	 	 	 	 	Title:	 	General Partner
	

 	
 	

BOULDER VENTURES III (ANNEX), L.P.
	

 	
 	

By:	
 	

/s/  ANDREW E. JONES      

	 	 	 	 	Name:	 	Andrew E. Jones
	 	 	 	 	Title:	 	General Partner

22

   [Signature Page to Registration Rights Agreement—Continued]

	 	 	/s/  DAVID SCHAEFFER      
 David Schaeffer

23

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	ANDA PARTNERSHIP

By it Partners
	

 	
 	

 	
 	

ANN ONLY TRUST
	

 	
 	

 	
 	

/s/  MARK SLEZAK      
 By: Mark Slezak

Title: Co-Trustee
	

 	
 	

 	
 	

ANN AND DESCENDANTS TRUST
	

 	
 	

 	
 	

/s/  MARK SLEZAK      
 By: Mark Slezak

Title: Co-Trustee

24

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	CRT CAPITAL GROUP, LLC
	

 	
 	

 	
 	

/s/  C. MICHAEL VAUGHN      

	 	 	 	 	By:	 	C. Michael Vaughn
	 	 	 	 	Title:	 	Member

25

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	GUARDFISH, LLC
	

 	
 	

 	
 	

/s/  JOHN C. KOPCHIK      

	 	 	 	 	By:	 	John C. Kopchik
	 	 	 	 	Title:	 	Principal of its Manager, Providence Asset Management LLC

26

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	HBV MASTER REDISCOVERY OPPORTUNITIES FUND, L.P.
	

 	
 	

 	
 	

/s/  GEORGE J. KONOMOS      

	 	 	 	 	By:	 	George J. Konomos
	 	 	 	 	Title:	 	Portfolio Manager

27

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	JMG CAPITAL PARTNERS, L.P.
	

 	
 	

 	
 	

/s/  JONATHAN GLASER      

	 	 	 	 	By:	 	Jonathan Glaser
	 	 	 	 	Title:	 	Managing Member

28

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	JMG TRITON OFFSHORE FUND, LTD.
	

 	
 	

 	
 	

/s/  JONATHAN GLASER      

	 	 	 	 	By:	 	Jonathan Glaser
	 	 	 	 	Title:	 	Managing Member

29

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	MARKETUS VALUE PARTNERS, L.P.
	

 	
 	

 	
 	

/s/  EDMUND A. HAJIM      

	 	 	 	 	By:	 	Edmund A. Hajim
	 	 	 	 	Title:	 	Managing Member of its General Partner, Marketus, L.L.C.

30

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	LA POLICE AND FIRE PENSION FUND

By its Manager,

WR HUFF & CO.
	

 	
 	

 	
 	

/s/  MICHAEL J. MCGUINESS      

	 	 	 	 	By:	 	Michael J. McGuiness
	 	 	 	 	Title:	 	Portfolio Manager

31

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	PENINSULA INVESTMENT PARTNERS, L.P.
	

 	
 	

 	
 	

/s/  R. TED WESCHLER      

	 	 	 	 	By:	 	R. Ted Weschler
	 	 	 	 	Title:	 	Managing Member of its Investment Advisor and General Partner

32

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	SAGAMORE HILL HUB FUND LTD.
	

 	
 	

 	
 	

/s/  MARK MAY      

	 	 	 	 	By:	 	Mark May
	 	 	 	 	Title:	 	 

33

 
[Signature Page to Registration Rights Agreement—Continued]

	 	 	LC CAPITAL MASTER FUND, LTD.
	

 	
 	

 	
 	

/s/  STEVE LAMPE      

	 	 	 	 	By:	 	Steve Lampe
	 	 	 	 	Title:	 	Managing Member

34

QuickLinks

Exhibit 4.2

COGENT COMMUNICATIONS GROUP, INC. SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00050-of-00352.parquet"}]]