Document:

Loan and Security Agreement

 EXHIBIT 10.1 
 LOAN AND SECURITY AGREEMENT 
 This LOAN AND SECURITY AGREEMENT (this
“Agreement”) dated as of June 29, 2012 (the “Effective Date”) among (a) SILICON VALLEY BANK, a California corporation with a loan production office located at 230 West Monroe, Suite 720, Chicago,
Illinois 60606 (“Bank”), and (b) (i) MATTERSIGHT CORPORATION, a Delaware corporation (“Mattersight Corporation”), (ii) MATTERSIGHT EUROPE HOLDING CORPORATION, a Delaware corporation
(“Mattersight Europe”), and (iii) MATTERSIGHT INTERNATIONAL HOLDING, INC., an Illinois corporation, (“Mattersight International”; and together with Mattersight Corporation and Mattersight Europe, jointly
and severally, individually and collectively, “Borrower”), provides the terms on which Bank shall lend to Borrower and Borrower shall repay Bank. The parties agree as follows: 

 

	 	1	ACCOUNTING AND OTHER TERMS 

 Accounting terms not defined in this Agreement shall be construed following GAAP. Calculations and determinations must be made following GAAP. Capitalized terms not otherwise defined in this Agreement
shall have the meanings set forth in Section 13. All other terms contained in this Agreement, unless otherwise indicated, shall have the meaning provided by the Code to the extent such terms are defined therein. 

 

	 	2	LOAN AND TERMS OF PAYMENT 

 2.1 Promise to Pay. Borrower hereby unconditionally promises to pay Bank the outstanding principal amount of all Credit Extensions and accrued and unpaid interest thereon as and when due in
accordance with this Agreement. 
 2.1.1 Revolving Advances. 

(a) Availability. Subject to the terms and conditions of this Agreement, Bank shall make Advances not exceeding the Availability
Amount. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date, reborrowed, subject to the applicable terms and conditions precedent herein. 

(b) Termination; Repayment. The Revolving Line terminates on the Revolving Line Maturity Date, when the principal amount of all
Advances, the unpaid interest thereon, and all other Obligations relating to the Revolving Line shall be immediately due and payable. 
 2.2 Overadvances. If, at any time during the Transition Period, the aggregate outstanding principal amount of any Advances exceeds the lesser of either the Revolving Line or the Borrowing Base,
Borrower shall immediately pay to Bank in cash such excess. 
 2.3 Payment of Interest on the Credit Extensions. 

 (a) Interest Rate. Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall
accrue interest at a floating per annum rate equal to three quarters of one percentage points (0.75%) above the Prime Rate, which interest shall be payable monthly in accordance with Section 2.3(f) below. 

(b) Default Rate. Immediately upon the occurrence and during the continuance of an Event of Default, unless otherwise elected by
Bank, Obligations shall bear interest at a rate per annum which is five percentage points (5.0%) above the rate that is otherwise applicable thereto (the “Default Rate”) unless Bank otherwise elects from time to time in its
sole discretion to impose a smaller increase. Fees and expenses which are required to be paid by Borrower pursuant to the Loan Documents (including, without limitation, Bank Expenses) but are not paid when due shall bear interest until paid at a
rate equal to the highest rate applicable to the Obligations. Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event
of Default or otherwise prejudice or limit any rights or remedies of Bank. 

 (c) Adjustment to Interest Rate. Changes to the interest rate of any Credit Extension
based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change. 
 (d) Computation; 360-Day Year. In computing interest, the date of the making of any Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if
any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension. Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed.

 (e) Debit of Accounts. Bank may debit any of Borrower’s deposit accounts, including the Designated Deposit
Account, for principal and interest payments or, after notice to Borrower, any other amounts Borrower owes Bank when due. These debits shall not constitute a set-off. 
 (f) Interest Payment Date. Unless otherwise provided, interest is payable monthly in arrears on the first calendar day of each month. 

2.4 Fees. Borrower shall pay to Bank: 
 (a) Commitment Fee. A fully earned, non-refundable commitment fee of Ten Thousand Dollars ($10,000.00), on the Effective Date; 

(b) Unused Revolving Line Facility Fee. A fee (the “Unused Revolving Line Facility Fee”), payable quarterly, in
arrears, on a calendar year basis, in an amount equal to one eighth of one percent (0.125%) per annum of the average unused portion of the Revolving Line. The unused portion of the Revolving Line, for purposes of this calculation, shall equal the
difference between (x) the Revolving Line amount (as it may be reduced from time to time) and (y) the average for the period of the daily closing balance of the Revolving Line outstanding. Borrower shall not be entitled to any credit,
rebate or repayment of any Unused Revolving Line Facility Fee previously earned by Bank pursuant to this Section notwithstanding any termination of the Agreement or the suspension or termination of Bank’s obligation to make loans and advances
hereunder; and 
 (c) Bank Expenses. All Bank Expenses (including reasonable attorneys’ fees and expenses for
documentation and negotiation of this Agreement) incurred through and after the Effective Date, when due. 
 2.5
Payments. All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in Dollars, without setoff or counterclaim, before 1:00 p.m. Central time on the date when due. Payments
of principal and/or interest received after 1:00 p.m. Central time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business
Day, and additional fees or interest, as applicable, shall continue to accrue until paid. 
  

	 	3	CONDITIONS OF LOANS 

 3.1 Conditions Precedent to Initial Credit Extension. Bank’s obligation to make the initial Credit Extension is subject to the condition precedent that Bank shall have received, in form and
substance satisfactory to Bank, such documents, and completion of such other matters, as Bank may reasonably deem necessary or appropriate, including, without limitation: 
 (a) duly executed original signatures to the Loan Documents; 
 (b) duly executed
original signatures to the Control Agreement(s); 
 (c) Each Borrower’s Operating Documents and a long-form good standing
certificate (where available) of each Borrower certified by the Secretary of State for such Borrower’s jurisdiction of incorporation as of a date no earlier than thirty (30) days prior to the Effective Date; 

(d) Secretary’s Certificate with completed Borrowing Resolutions for each Borrower; 

  
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 (e) certificates of foreign qualification/good standing of each Borrower, for all other
states in which such Borrower is qualified to do business, certified by the applicable Secretary of State as of a date no earlier than thirty (30) days prior to the Effective Date; 

(f) certified copies, dated as of a recent date, of financing statement searches, as Bank shall request, accompanied by written evidence
(including any UCC termination statements) that the Liens indicated in any such financing statements either constitute Permitted Liens or have been or, in connection with the initial Credit Extension, will be terminated or released; 

(g) a legal opinion of Borrower’s counsel dated as of the Effective Date together with the duly executed original signature thereto;

 (h) subject to Section 6.14, evidence satisfactory to Bank that the insurance policies required by Section 6.5
hereof are in full force and effect, together with appropriate evidence showing lender loss payable and/or additional insured clauses in favor of Bank; and 
 (i) payment of the fees and Bank Expenses then due as specified in Section 2.4 hereof. 
 3.2 Conditions Precedent to all Credit Extensions. Bank’s obligations to make each Credit Extension, including the initial Credit Extension, is subject to the following conditions precedent:

 (a) timely receipt of an executed Payment/Advance Form; 

(b) the representations and warranties in this Agreement shall be true, accurate, and complete in all material respects on the date of the
Payment/Advance Form and on the Funding Date of each Credit Extension; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text
thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date, and no Event of Default shall have occurred and be
continuing or result from the Credit Extension. Each Credit Extension is Borrower’s representation and warranty on that date that the representations and warranties in this Agreement remain true, accurate, and complete in all material respects;
provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and
warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date; and 
 (c) in Bank’s reasonable discretion, there has not been any material impairment in the general affairs, management, results of operation, financial condition or the prospect of repayment of the
Obligations, or any material adverse deviation by Borrower from the most recent business plan of Borrower presented to and accepted by Bank. 
 3.3 Covenant to Deliver. Borrower agrees to deliver to Bank each item required to be delivered to Bank under this Agreement as a condition precedent to any Credit Extension. Borrower expressly
agrees that a Credit Extension made prior to the receipt by Bank of any such item shall not constitute a waiver by Bank of Borrower’s obligation to deliver such item, and the making of any Credit Extension in the absence of a required item
shall be in Bank’s sole discretion. 
 3.4 Procedures for Borrowing. Subject to the prior satisfaction of all other
applicable conditions to the making of an Advance set forth in this Agreement, to obtain an Advance, Borrower shall notify Bank (which notice shall be irrevocable) by electronic mail, facsimile, or telephone by 1:00 p.m. Central time on the Funding
Date of the Advance. Together with any such electronic or facsimile notification, Borrower shall deliver to Bank by electronic mail or facsimile a completed Payment/Advance Form executed by a Responsible Officer or his or her designee. Bank may rely
on any telephone notice given by a person whom Bank believes is a Responsible Officer or designee. Bank shall credit Advances to the Designated Deposit Account. Bank may make Advances under this Agreement based on instructions from a Responsible
Officer or his or her designee or without instructions if the Advances are necessary to meet Obligations which have become due. 

  
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	 	4	CREATION OF SECURITY INTEREST 

 4.1 Grant of Security Interest. Borrower hereby grants Bank, to secure the payment and performance in full of all of the Obligations, a continuing security interest in, and pledges to Bank, the
Collateral, wherever located, whether now owned or hereafter acquired or arising, and all proceeds and products thereof. 

Borrower acknowledges that it previously has entered, and/or may in the future enter, into Bank Services Agreements with Bank. Regardless
of the terms of any Bank Services Agreement, Borrower agrees that any amounts Borrower owes Bank thereunder shall be deemed to be Obligations hereunder and that it is the intent of Borrower and Bank to have all such Obligations secured by the first
priority perfected security interest in the Collateral granted herein (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted herein)). 

If this Agreement is terminated, Bank’s Lien in the Collateral shall continue until the Obligations (other than inchoate indemnity
obligations) are satisfied in full, and at such time, Bank shall, at Borrower’s sole cost and expense, terminate its security interest in the Collateral and all rights therein shall revert to Borrower. In the event (a) all Obligations
(other than inchoate indemnity obligations), except for Bank Services, are satisfied in full, and (b) this Agreement is terminated, Bank shall terminate the security interest granted herein upon Borrower providing cash collateral acceptable to
Bank in its good faith business judgment for Bank Services, if any. In the event such Bank Services consist of outstanding Letters of Credit, Borrower shall provide to Bank cash collateral in an amount equal to (i) one hundred two percent
(102.0%) of the face amount of all such Letters of Credit denominated in Dollars, and (ii) one hundred seven percent (107.0%) of the Dollar Equivalent of the face amount of all such Letters of Credit denominated in a Foreign Currency,
plus all interest, fees, and costs due or to become due in connection therewith (as estimated by Bank in its good faith business judgment), to secure all of the Obligations relating to such Letters of Credit. 

4.2 Priority of Security Interest. Borrower represents, warrants, and covenants that the security interest granted herein is and
shall at all times continue to be a first priority perfected security interest in the Collateral (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted herein)). If Borrower shall acquire a
commercial tort claim, Borrower shall promptly notify Bank in a writing signed by Borrower of the general details thereof and grant to Bank in such writing a security interest therein and in the proceeds thereof, all upon the terms of this
Agreement, with such writing to be in form and substance reasonably satisfactory to Bank. 
 4.3 Authorization to File
Financing Statements. Borrower hereby authorizes Bank to file financing statements, without notice to Borrower, with all appropriate jurisdictions to perfect or protect Bank’s interest or rights hereunder, including a notice that any
disposition of the Collateral, by either Borrower or any other Person, shall be deemed to violate the rights of Bank under the Code. 
  

	 	5	REPRESENTATIONS AND WARRANTIES 

 Borrower represents and warrants as follows: 
 5.1 Due Organization,
Authorization; Power and Authority. Borrower and each of its Subsidiaries are duly existing and in good standing, as Registered Organizations in their respective jurisdictions of formation and are qualified and licensed to do business and are in
good standing in each other jurisdiction in which the conduct of their respective businesses or ownership of property requires that they be qualified, except where the failure to do so would not reasonably be expected to have a material adverse
effect on Borrower’s business. In connection with this Agreement, each Borrower has delivered to Bank a completed certificate signed by Borrower, entitled “Perfection Certificate” (the “Perfection Certificate”).
Borrower represents and warrants to Bank that (a) Borrower’s exact legal name is that indicated on the Perfection Certificate and on the signature page hereof; (b) Borrower is an organization of the type and is organized in the
jurisdiction set forth in the Perfection Certificate; (c) the Perfection Certificate accurately sets forth Borrower’s organizational identification number or accurately states that Borrower has none; (d) the Perfection Certificate
accurately sets forth Borrower’s place of business, or, if more than one, its chief executive office as well as Borrower’s mailing address (if different than its chief executive office); (e) Borrower (and each of its predecessors) has
not, in the past five (5) years, changed its jurisdiction of formation, organizational structure or type, or any organizational number assigned by its jurisdiction; and (f) all other information set forth on the Perfection Certificate
pertaining to Borrower and each of its Subsidiaries is accurate and complete in all material respects (it being understood and agreed that Borrower may from time to time update certain information in the Perfection Certificate after the Effective
Date to the extent permitted by one or more specific provisions in this Agreement). If Borrower is not now a Registered Organization but later becomes one, Borrower shall promptly notify Bank of such occurrence and provide Bank with Borrower’s
organizational identification number. 

  
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 The execution, delivery and performance by Borrower of the Loan Documents to which it is a
party have been duly authorized, and do not (i) conflict with any of Borrower’s organizational documents, (ii) contravene, conflict with, constitute a default under or violate any material Requirement of Law, (iii) contravene,
conflict or violate any material requirement of any applicable order, writ, judgment, injunction, decree, determination or award of any Governmental Authority by which Borrower or any of its Subsidiaries or any of their property or assets may be
bound or affected in any material respect, (iv) require any action by, filing, registration, or qualification with, or Governmental Approval from, any Governmental Authority (except such Governmental Approvals which have already been obtained
and are in full force and effect and the filing of financing statements necessary to perfect the security interest granted in favor of Bank hereunder), or (v) constitute an event of default under any material agreement by which Borrower is
bound. Borrower is not in default under any agreement to which it is a party or by which it is bound in which the default would reasonably be expected to have a material adverse effect on Borrower’s business. 

5.2 Collateral. Borrower has good title to, has rights in, and the power to transfer each item of the Collateral upon which it
purports to grant a Lien hereunder, free and clear of any and all Liens except Permitted Liens. Borrower has no deposit accounts other than the deposit accounts with Bank, the deposit accounts, if any, described in the Perfection Certificate
delivered to Bank in connection herewith, or of which Borrower has given Bank notice and taken such actions as are necessary to give Bank a perfected security interest therein. 

The Collateral is not in the possession of any third party bailee (such as a warehouse) except as otherwise provided in the Perfection
Certificate. None of the components of the Collateral with an aggregate value of One Hundred Thousand Dollars ($100,000.00) or more (in the aggregate for all Collateral at such location) shall be maintained at locations other than as provided in the
Perfection Certificate or as permitted pursuant to Section 7.2. 
 Borrower is the sole owner of the Intellectual Property
material to the operation of its business that it owns or purports to own except for (a) non-exclusive licenses granted to its customers in the ordinary course of business, (b) over-the-counter software that is commercially available to
the public, and (c) material Intellectual Property licensed to Borrower and noted on the Perfection Certificate. Each Patent which it owns or purports to own and which is material to Borrower’s business is valid and enforceable, and no
part of the Intellectual Property which Borrower owns or purports to own and which is material to Borrower’s business has been judged invalid or unenforceable, in whole or in part. To the best of Borrower’s knowledge, no claim has been
made that any part of the Intellectual Property violates the rights of any third party except to the extent such claim would not reasonably be expected to have a material adverse effect on Borrower’s business. 

Except as noted on the Perfection Certificate, Borrower is not a party to, nor is it bound by, any Restricted License. 

5.3 Litigation. There are no actions or proceedings pending or, to the knowledge of the Responsible Officers, threatened in
writing by or against Borrower or any of its Subsidiaries that would reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred Thousand Dollars ($100,000.00) or more
(not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier). 
 5.4
Financial Statements; Financial Condition. All consolidating financial statements for Borrower and any of its Subsidiaries delivered to Bank fairly present in all material respects Borrower’s consolidating financial condition and
Borrower’s consolidating results of operations. There has not been any material deterioration in Borrower’s consolidating financial condition since the date of the most recent financial statements submitted to Bank. 

5.5 Solvency. The fair salable value of Borrower’s assets (including goodwill minus disposition costs) exceeds the fair value
of its liabilities; Borrower is not left with unreasonably small capital after the transactions in this Agreement; and Borrower is able to pay its debts (including trade debts) as they mature. 

  
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 5.6 Regulatory Compliance. Borrower is not an “investment company” or a
company “controlled” by an “investment company” under the Investment Company Act of 1940, as amended. Borrower is not engaged as one of its important activities in extending credit for margin stock (under Regulations X, T and U
of the Federal Reserve Board of Governors). Borrower has complied in all material respects with the Federal Fair Labor Standards Act. Neither Borrower nor any of its Subsidiaries is a “holding company” or an “affiliate” of a
“holding company” or a “subsidiary company” of a “holding company” as each term is defined and used in the Public Utility Holding Company Act of 2005. Borrower has not violated any laws, ordinances or rules, the
violation of which would reasonably be expected to have a material adverse effect on its business. None of Borrower’s or any of its Subsidiaries’ properties or assets has been used by Borrower or any Subsidiary or, to the best of
Borrower’s knowledge, by previous Persons, in disposing, producing, storing, treating, or transporting any hazardous substance other than legally. Borrower and each of its Subsidiaries have obtained all consents, approvals and authorizations
of, made all declarations or filings with, and given all notices to, all Governmental Authorities that are necessary to continue their respective businesses as currently conducted, except where the failure to obtain such consents, approvals and
authorizations would not reasonably be expected to have a material adverse effect on Borrower’s business. 
 5.7
Subsidiaries; Investments. Borrower does not own any stock, partnership interest or other equity securities except for Permitted Investments. 
 5.8 Tax Returns and Payments; Pension Contributions. Subject to Section 6.14(e) hereof, Borrower has timely filed all required tax returns and reports, except for returns and reports for
taxes, assessments, deposits and contributions in an aggregate amount not exceeding Twenty-Five Thousand Dollars ($25,000.00), and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by
Borrower, except for taxes, assessments, deposits and contributions in an aggregate amount not exceeding Twenty-Five Thousand Dollars ($25,000.00). Borrower may defer payment of any contested taxes, provided that Borrower (a) in good faith
contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Bank in writing of the commencement of, and any material development in, the proceedings, (c) posts bonds or
takes any other steps required to prevent the governmental authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a Permitted Lien. Borrower is unaware of any claims or adjustments proposed for any
of Borrower’s prior tax years which would reasonably be expected to result in additional taxes becoming due and payable by Borrower. Borrower (x) has paid all amounts necessary to fund all present pension, profit sharing and deferred
compensation plans in accordance with their terms, and (y) has not withdrawn from participation in, and has not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which
would reasonably be expected to result in any liability of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency, except where Borrower’s failure to do so would not
reasonably be expected to have a material adverse effect on Borrower’s business. 
 5.9 Use of Proceeds. Borrower
shall use the proceeds of the Credit Extensions as working capital and to fund its general business requirements and not for personal, family, household or agricultural purposes. 

5.10 Full Disclosure. No written representation, warranty or other statement of Borrower in any certificate or written statement
given to Bank, as of the date such representation, warranty, or other statement was made, taken together with all such written certificates and written statements given to Bank, contains any untrue statement of a material fact or omits to state a
material fact necessary to make the statements contained in the certificates or statements not misleading (it being recognized by Bank that the projections and forecasts provided by Borrower in good faith and based upon reasonable assumptions are
not viewed as facts or as a representation or warranty as to future performance and that actual results during the period or periods covered by such projections and forecasts may differ from the projected or forecasted results). 

5.12 Definition of “Knowledge.” For purposes of the Loan Documents, whenever a representation or warranty is made
to Borrower’s knowledge or awareness, to the “best of” Borrower’s knowledge, or with a similar qualification, knowledge or awareness means the actual knowledge, after reasonable investigation, of the Responsible Officers.

  

	 	6	AFFIRMATIVE COVENANTS 

 Borrower shall do all of the following: 
 6.1 Government Compliance.
Maintain its and all its Subsidiaries’ legal existence and good standing in their respective jurisdictions of formation and maintain qualification in each jurisdiction in which the failure to so qualify would reasonably be expected to have a
material adverse effect on Borrower’s business or operations. Borrower shall comply, and have each Subsidiary comply, with all laws, ordinances and regulations to which it is subject, noncompliance with which could have a material adverse
effect on Borrower’s business. 

  
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 6.2 Financial Statements, Reports, Certificates. Deliver to Bank: 

(a) Borrowing Base Reports. Within thirty (30) days after the last day of each month, (i) aged listings of accounts
receivable and accounts payable (by invoice date) and (ii) a Deferred Revenue report; 
 (b) Monthly Financial
Statements. As soon as available, but no later than thirty (30) days after the last day of each month, a company prepared consolidating balance sheet and income statement covering Borrower’s consolidating operations for such month
certified by a Responsible Officer and in a form acceptable to Bank (the “Monthly Financial Statements”); 
 (c)
Monthly Compliance Certificate. Within thirty (30) days after the last day of each month and together with the Monthly Financial Statements, a duly completed Compliance Certificate signed by a Responsible Officer, certifying that as of
the end of such month, Borrower was in full compliance with all of the terms and conditions of this Agreement, and setting forth calculations showing compliance with the financial covenants set forth in this Agreement and such other information as
Bank shall reasonably request; 
 (d) Annual Audited Financial Statements. As soon as available, but no later than one
hundred fifty (150) days after the last day of Borrower’s fiscal year, audited consolidating financial statements prepared under GAAP, consistently applied, together with an unqualified opinion on the financial statements from an
independent certified public accounting firm acceptable to Bank in its reasonable discretion; 
 (e) Other Statements.
Within five (5) days of delivery, copies of all statements, reports and notices made available to Borrower’s security holders or to any holders of Subordinated Debt; 
 (f) SEC Filings. Within five (5) days of filing, copies of all periodic and other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority
succeeding to any or all of the functions of the SEC or with any national securities exchange, or distributed to its shareholders, as the case may be. Documents required to be delivered pursuant to the terms hereof (to the extent any such documents
are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date on which Borrower posts such documents, or provides a link thereto, on Borrower’s
website on the Internet at Borrower’s website address; 
 (g) Legal Action Notice. A prompt report of any legal
actions pending or threatened in writing against Borrower or any of its Subsidiaries that would not reasonably be expected to result in damages or costs to Borrower or any of its Subsidiaries of, individually or in the aggregate, One Hundred
Thousand Dollars ($100,000.00) or more (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier); 
 (h) Board-Approved Projections. As soon as available, but no later than the last day of each fiscal year of Borrower, and contemporaneously with any updates or changes thereto, (i) annual
operating budgets (including, without limitation, income statements, balance sheets and cash flow statements) for the immediately following fiscal year of Borrower, and (ii) annual financial projections for the immediately following fiscal year
of Borrower as approved by the Board, together with any related business forecasts used in the preparation of such annual financial projections, all prepared in a form reasonably satisfactory to Bank; and 

(i) Other Financial Information. Budgets, sales projections, operating plans and other financial information reasonably requested
by Bank. 
 6.3 [Reserved]. 
 6.4 Taxes; Pensions. Timely file, and require each of its Subsidiaries to timely file, all required tax returns and reports, except as otherwise permitted pursuant to the terms of Section 5.8,
and timely pay, and require each of its Subsidiaries to timely pay, all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower and each of its Subsidiaries, except for deferred payment of any taxes
contested or otherwise permitted pursuant to the terms of Section 5.8 hereof, and shall deliver to Bank, on reasonable demand, appropriate certificates attesting to such payments, and pay all amounts necessary to fund all present pension,
profit sharing and deferred compensation plans in accordance with their terms, except where Borrower’s failure to do so would not reasonably be expected to have a material adverse effect on Borrower’s business. 

  
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 6.5 Insurance. Keep its business and the Collateral insured for risks and in amounts
standard for companies in Borrower’s industry and location and as Bank may reasonably request. Insurance policies shall be in a form, with companies, and in amounts that are reasonably satisfactory to Bank. Subject to Section 6.14 hereof,
all property policies shall have a lender’s loss payable endorsement showing Bank as lender loss payee and waive subrogation against Bank and shall provide that the insurer must endeavor to give Bank at least twenty (20) days’ notice
before canceling, amending, or declining to renew its policy (provided such notice period shall be ten (10) days if such policy is cancelled or not renewed due to non-payment of premium). Subject to Section 6.14 hereof, all liability
policies shall show, or have endorsements showing, Bank as an additional insured, and all such policies (or the loss payable and additional insured endorsements) shall provide that the insurer shall endeavor to give Bank at least twenty
(20) days’ notice before canceling, amending, or declining to renew its policy (provided such notice period shall be ten (10) days if such policy is cancelled or not renewed due to non-payment of premium). At Bank’s reasonable
request, Borrower shall deliver certified copies of policies and evidence of all premium payments. Proceeds payable under any policy shall, at Bank’s option, be payable to Bank on account of the Obligations. If Borrower fails to obtain
insurance as required under this Section 6.5 or to pay any amount or furnish any required proof of payment to third persons and Bank, Bank may make all or part of such payment or obtain such insurance policies required in this Section 6.5,
and take any action under the policies Bank deems prudent. 
 6.6 Operating Accounts. 

(a) Immediately upon the expiration of the Transition Period, maintain all of Borrower’s and all of its Subsidiaries’ and its
parent’s (if any) primary operating, depository and securities accounts with Bank and Bank’s Affiliates, which accounts at Bank and Bank’s Affiliates maintained in the name of Borrower shall represent at least eighty-five percent
(85.0%) of the dollar value of Borrower’s, its Subsidiaries’ and its parent’s (if any) accounts at all financial institutions. 
 (b) Provide Bank at least five (5) days prior written notice before establishing any Collateral Account at or with any bank or financial institution other than Bank or Bank’s Affiliates.
Immediately upon the expiration of the Transition Period, for each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution (other than Bank) at or with which any Collateral Account is
maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Bank’s Lien in such Collateral Account in accordance with the terms hereunder which Control Agreement may
not be terminated without the prior written consent of Bank. The provisions of the previous sentence shall not apply to deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit
of Borrower’s employees and identified to Bank by Borrower as such. 
 6.7 Adjusted Quick Ratio. Maintain at all
times, to be tested as of the last day of each month and calculated on a consolidated basis for Borrower and its Subsidiaries, an Adjusted Quick Ratio of equal to or greater than 1.50 to 1.0. 

6.8 Protection of Intellectual Property Rights. 
 (a)(i) Use commercially reasonable efforts to protect, defend and maintain the validity and enforceability of its Intellectual Property; (ii) promptly advise Bank in writing of material infringements
of its Intellectual Property that is material to Borrower’s business; and (iii) not allow any Intellectual Property material to Borrower’s business to be abandoned, forfeited or dedicated to the public without Bank’s written
consent. 
 Provide written notice to Bank within thirty (30) days of entering or becoming bound by any Restricted License
(other than over-the-counter software that is commercially available to the public and excluding renewals of any Restricted License disclosed in the Perfection Certificate). Borrower shall, at Bank’s reasonable request, use commercially
reasonable efforts to obtain the consent of, or waiver by, any person whose consent or waiver is necessary for (i) any Restricted License to be deemed “Collateral” and for Bank to have a security interest in it that might otherwise be
restricted or prohibited by law or by the terms of any such Restricted License, whether now existing or entered into in the future, and (ii) Bank to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral
in accordance with Bank’s rights and remedies under this Agreement and the other Loan Documents. 

  
 -8-

 6.9 Litigation Cooperation. From the date hereof and continuing through the
termination of this Agreement, make available to Bank, without expense to Bank, Borrower and its officers, employees and agents and Borrower’s books and records, to the extent that Bank may deem them reasonably necessary to prosecute or defend
any third-party suit or proceeding instituted by or against Bank with respect to any Collateral or relating to Borrower. 

6.10 Access to Collateral; Books and Records. Allow Bank, or its agents, at reasonable times, on three (3) Business
Days’ notice (provided no notice is required if an Event of Default has occurred and is continuing), to inspect the Collateral and audit and copy Borrower’s Books (provided that Borrower shall not be required to make available to Bank
under this Section 6.10 information that is subject to attorney-client privilege or other information that Borrower is not permitted by statute, regulation or court order to disclose). Such inspections or audits shall be conducted no more often
than once every twelve (12) months unless an Event of Default has occurred and is continuing. Borrower acknowledges and agrees that the first such audit shall occur on or prior to the date that is ninety (90) days after the Effective Date.
The foregoing inspections and audits shall be at Borrower’s expense, and the charge therefor shall be Eight Hundred Fifty Dollars ($850.00) per person per day (or such higher amount as shall represent Bank’s then-current standard charge
for the same), plus reasonable out-of-pocket expenses. In the event Borrower and Bank schedule an audit more than ten (10) days in advance, and Borrower cancels or seeks to reschedule the audit with less than ten (10) days written notice
to Bank, then (without limiting any of Bank’s rights or remedies), Borrower shall pay Bank a fee of One Thousand Dollars ($1,000.00) plus any out-of-pocket expenses incurred by Bank to compensate Bank for the anticipated costs and expenses of
the cancellation or rescheduling. 
 6.11 Existing Subsidiaries. Notwithstanding and without limiting the affirmative
covenant contained in Section 6.12 and the negative covenants contained in Sections 7.3 and 7.7 hereof, if at any time either Mattersight Canada, individually, or the Other Subsidiaries, collectively, maintain gross assets in an aggregate
amount greater than Five Hundred Thousand Dollars ($500,000.00), Borrower shall (a) cause Mattersight Canada or each of the Other Subsidiaries, as applicable, to provide to Bank a joinder to the Loan Agreement to cause Mattersight Canada or
each of the Other Subsidiaries, as applicable, to become a co-borrower hereunder, together with such appropriate financing statements and/or Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank
a first priority Lien (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted herein)) in and to the assets of Mattersight Canada or each of the Other Subsidiaries, as applicable),
(b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in Mattersight Canada or each of the Other Subsidiaries, as applicable, in form and substance
satisfactory to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with respect to the execution
and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.11 shall be a Loan Document. 

6.12 Formation or Acquisition of Subsidiaries. Notwithstanding and without limiting the affirmative covenant contained in
Section 6.11 and the negative covenants contained in Sections 7.3 and 7.7 hereof, at the time that Borrower forms any direct or indirect Subsidiary or acquires any direct or indirect Subsidiary after the Effective Date, Borrower shall, unless
otherwise directed by Bank in writing, (a) cause such new Subsidiary to provide to Bank a joinder to the Loan Agreement to cause such Subsidiary to become a co-borrower hereunder, together with such appropriate financing statements and/or
Control Agreements, all in form and substance satisfactory to Bank (including being sufficient to grant Bank a first priority Lien (subject only to Permitted Liens (which may only have superior priority to Bank’s Lien as expressly permitted
herein)) in and to the assets of such newly formed or acquired Subsidiary), (b) provide to Bank appropriate certificates and powers and financing statements, pledging all of the direct or beneficial ownership interest in such new Subsidiary, in
form and substance satisfactory to Bank, and (c) provide to Bank all other documentation in form and substance satisfactory to Bank, including one or more opinions of counsel satisfactory to Bank, which in its opinion is appropriate with
respect to the execution and delivery of the applicable documentation referred to above. Any document, agreement, or instrument executed or issued pursuant to this Section 6.12 shall be a Loan Document. 

6.13 Further Assurances. Execute any further instruments and take further action as Bank reasonably requests to perfect or
continue Bank’s Lien in the Collateral or to effect the purposes of this Agreement. 

  
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 6.14 Post-Closing Conditions. 

(a) Borrower shall use commercially reasonable efforts to deliver to Bank, on or prior to the date that is thirty (30) days after
the Effective Date, in form and substance acceptable to Bank in its sole discretion, a landlord’s consent in favor of Bank for each leased location of Borrower by the respective landlord thereof, together with the duly executed original
signatures thereto; 
 (b) Borrower shall use commercially reasonable efforts to deliver to Bank, on or prior to the date that is
thirty (30) days after the Effective Date, in form and substance acceptable to Bank in its sole discretion, a bailee’s consent in favor of Bank for each location at which Borrower has delivered Collateral by the respective bailee thereof,
together with the duly executed original signatures thereto; 
 (c) Borrower shall deliver to Bank, on or prior to the date that
is thirty (30) days after the Effective Date, in form and substance acceptable to Bank in its sole discretion, endorsements to Borrower’s liability insurance policies reflecting (i) that Bank has been listed as an additional insured,
and (ii) that Bank will be given at least twenty (20) days’ prior written notice by the insurance company of any cancellation, non-renewal or amendment of the policy (provided that such notice period for cancellation or non-renewal
due to non-payment of premium shall be ten (10) days); 
 (d) Borrower shall deliver to Bank, on or prior to the date that
is thirty (30) days after the Effective Date, in form and substance acceptable to Bank in its sole discretion, endorsements to Borrower’s casualty insurance policies reflecting (i) that Bank has been listed as lender’s loss
payee, (ii) that Bank will be given at least twenty (20) days’ prior written notice by the insurance company of any cancellation, non-renewal or amendment of the policy (provided that such notice period for cancellation or non-renewal
due to non-payment of premium shall be ten (10) days), and (iii) that subrogation is waived against Bank; 
 (e)
Borrower shall deliver to Bank, on or prior to the date that is thirty (30) days after the Effective Date, in form and substance acceptable to Bank in its sole discretion, evidence of the termination of that certain Notice of Federal Tax Lien
numbered 0646733, filed with the Secretary of State for Illinois on June 15, 2012; and 
 (f) Borrower shall use
commercially reasonable efforts to deliver to Bank, on or prior to the date that is thirty (30) days after the Effective Date, in form and substance acceptable to Bank in its sole discretion, a certificate reflecting that Borrower is qualified
to do business and in good standing in the State of New Jersey. 
  

	 	7	NEGATIVE COVENANTS 

Borrower shall not do any of the following without Bank’s prior written consent: 

7.1 Dispositions. Convey, sell, lease, transfer, assign, or otherwise dispose of (collectively, “Transfer”), or
permit any of its Subsidiaries to Transfer, all or any part of its business or property, except for Transfers (a) [reserved]; (b) of worn-out or obsolete Equipment or Equipment that is no longer used, useful or useable in connection with
Borrower’s business; (c) in connection with Permitted Liens and Permitted Investments; (d) of non-exclusive licenses and non-exclusive sublicenses for the use of the property of Borrower or its Subsidiaries in the ordinary course of
business; (e) of Cash Equivalents for cash or other Cash Equivalents of equal or greater value; (f) other Transfers in an aggregate amount not to exceed Ten Thousand Dollars ($10,000.00) in any fiscal year of Borrower; and (g) in
connection with any scheduled termination of a capital lease permitted hereunder. 
 7.2 Changes in Business, Management,
Ownership, or Business Locations. (a) Engage in or permit any of its Subsidiaries to engage in any business other than the businesses currently engaged in by Borrower and such Subsidiary, as applicable, or reasonably related thereto;
(b) liquidate or dissolve; or (c) (i) cause or permit its President and Chief Executive Officer, who is, as of the Effective Date, Kelly D. Conway, to cease to hold such positions (other than by death or disability of such Person),
unless both (A) at least ten (10) days’ prior written notice shall have been given to Bank, and (B) a replacement for such Person shall be made within sixty (60) days following such Person’s departure from Borrower that
is acceptable to the Board; or (ii) enter into any transaction or series of related transactions in which the stockholders of Borrower who were not stockholders immediately prior to the first such transaction own more than forty-nine percent
(49.0%) of the voting stock of Borrower immediately after giving effect to such transaction or related series of such transactions (other than by the sale of Borrower’s equity securities in a public offering or to venture capital investors
so long as Borrower identifies to Bank the venture capital investors prior to the closing of the transaction and provides to Bank a description of the material terms of the transaction). Notwithstanding the foregoing, Borrower may liquidate or
dissolve an Other Subsidiary as long as any assets of such Other Subsidiary are transferred to Borrower. 

  
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 Borrower shall not, without at least thirty (30) days prior written notice to Bank:
(1) add any new offices or business locations, including warehouses (unless such new offices or business locations contain less than One Hundred Thousand Dollars ($100,000.00) in Borrower’s assets or property) or deliver any portion of the
Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000.00) to a bailee at a location other than to a bailee and at a location already disclosed in the Perfection Certificate, (2) change its
jurisdiction of organization, (3) change its organizational structure or type, (4) change its legal name, or (5) change any organizational number (if any) assigned by its jurisdiction of organization. If Borrower intends to deliver
any portion of the Collateral valued, individually or in the aggregate, in excess of One Hundred Thousand Dollars ($100,000.00) to a bailee, and Bank and such bailee are not already parties to a bailee agreement governing both the Collateral and the
location to which Borrower intends to deliver the Collateral, then Borrower will first receive the written consent of Bank, and such bailee shall execute and deliver a bailee agreement in form and substance satisfactory to Bank in its sole
discretion. 
 7.3 Mergers or Acquisitions. Merge or consolidate, or permit any of its Subsidiaries to merge or
consolidate, with any other Person, or acquire, or permit any of its Subsidiaries to acquire, all or substantially all of the capital stock or property of another Person. A Subsidiary may merge or consolidate into another Subsidiary or into
Borrower. 
 7.4 Indebtedness. Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do
so, other than Permitted Indebtedness. 
 7.5 Encumbrance. Create, incur, allow, or suffer any Lien on any of its
property, or assign or convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries to do so, except for Permitted Liens, permit any Collateral not to be subject to the first priority security interest
granted herein, or enter into any agreement, document, instrument or other arrangement (except with or in favor of Bank) with any Person which directly or indirectly prohibits or has the effect of prohibiting Borrower or any Subsidiary from
assigning, mortgaging, pledging, granting a security interest in or upon, or encumbering any of Borrower’s or any Subsidiary’s Intellectual Property, except for Permitted Liens or as otherwise permitted in Section 7.1 hereof.

 7.6 Maintenance of Collateral Accounts. Maintain any Collateral Account except pursuant to the terms of
Section 6.6(b) hereof. 
 7.7 Distributions; Investments. (a) Except for Permitted Investments, pay any
dividends or make any distribution or payment or redeem, retire or purchase any capital stock, provided that (i) Borrower or any Subsidiary may convert any of its convertible securities into other securities pursuant to the terms of such
convertible securities or otherwise in exchange thereof, (ii) Borrower may pay dividends solely in common stock, (iii) any Subsidiary may pay to Borrower (or a Borrower may pay to another Borrower) cash dividends on the stock of such
Subsidiary or such Borrower paid and declared solely for the purpose of funding payments by such Borrower in respect of taxes owing by such Borrower in respect of another Borrower or a Subsidiary, and (iv) Mattersight Corporation may, in an
aggregate combined amount for (A) and (B) not to exceed Seven Hundred Fifty Thousand Dollars ($750,000.00) in any calendar year: (A) pay cash dividends, semi-annually in arrears, with respect to the shares of Series B stock issued by
Mattersight Corporation, and (B) from time to time redeem shares of Series B stock issued by Mattersight Corporation (provided that, for the avoidance of doubt, the holders of Series B stock issued by Mattersight Corporation may convert such
stock into common stock of Mattersight Corporation from time to time); or (b) directly or indirectly make any Investment other than Permitted Investments, or permit any of its Subsidiaries to do so. 

7.8 Transactions with Affiliates. Directly or indirectly enter into or permit to exist any material transaction with any Affiliate
of Borrower, except for transactions that are in the ordinary course of Borrower’s business, upon fair and reasonable terms that are no less favorable to Borrower than would be obtained in an arm’s length transaction with a non-affiliated
Person and loans owing from Subsidiaries that are not a Borrower to Borrower or another Subsidiary that constitute Permitted Subsidiary Investments or Other Permitted Investments. 

7.9 Subordinated Debt. (a) Make or permit any payment on any Subordinated Debt, except under the terms of the subordination,
intercreditor, or other similar agreement to which such Subordinated Debt is subject, or (b) amend any provision in any document relating to the Subordinated Debt which would increase the amount thereof or adversely affect the subordination
thereof to Obligations owed to Bank. 

  
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 7.10 Compliance. Become an “investment company” or a company controlled by
an “investment company”, under the Investment Company Act of 1940, as amended, or undertake as one of its important activities extending credit to purchase or carry margin stock (as defined in Regulation U of the Board of Governors of the
Federal Reserve System), or use the proceeds of any Credit Extension for that purpose; fail to meet the minimum funding requirements of ERISA, permit a Reportable Event or Prohibited Transaction, as defined in ERISA, to occur; fail to comply with
the Federal Fair Labor Standards Act or violate any other law or regulation, if the violation would reasonably be expected to have a material adverse effect on Borrower’s business, or permit any of its Subsidiaries to do so; withdraw or permit
any Subsidiary to withdraw from participation in, permit partial or complete termination of, or permit the occurrence of any other event with respect to, any present pension, profit sharing and deferred compensation plan which would reasonably be
expected to result in liabilities of Borrower, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other governmental agency, in an aggregate amount exceeding One Hundred Thousand Dollars ($100,000.00).

  

	 	8	EVENTS OF DEFAULT 

Any one of the following shall constitute an event of default (an “Event of Default”) under this Agreement: 

8.1 Payment Default. Borrower fails to (a) make any payment of principal or interest on any Credit Extension on its due date,
or (b) pay any other Obligations within three (3) Business Days after such Obligations are due and payable (which three (3) Business Day cure period shall not apply to payments due on the Revolving Line Maturity Date). During the cure
period, the failure to make or pay any payment specified under clause (a) or (b) hereunder is not an Event of Default (but no Credit Extension will be made during the cure period); 

8.2 Covenant Default. 
 (a) Borrower fails or neglects to perform any obligation in Sections 6.2, 6.4, 6.5, 6.6, 6.7, 6.8(b), 6.10, 6.11, 6.12 or 6.14, or violates any covenant in Section 7; or 

(b) Borrower fails or neglects to perform, keep, or observe any other term, provision, condition, covenant or agreement contained in this
Agreement or any Loan Documents, and as to any default (other than those specified in this Section 8) under such other term, provision, condition, covenant or agreement that can be cured, has failed to cure the default within ten (10) days
after the occurrence thereof; provided, however, that if the default cannot by its nature be cured within the ten (10) day period or cannot after diligent attempts by Borrower be cured within such ten (10) day period, and such default is
likely to be cured within a reasonable time, then Borrower shall have an additional period (which shall not in any case exceed thirty (30) days) to attempt to cure such default, and within such reasonable time period the failure to cure the
default shall not be deemed an Event of Default (but no Credit Extensions shall be made during such cure period). Cure periods provided under this section shall not apply, among other things, to financial covenants or any other covenants set forth
in clause (a) above; 
 8.3 Material Adverse Change. A Material Adverse Change occurs; 

8.4 Attachment; Levy; Restraint on Business. 
 (a) (i) The service of process seeking to attach, by trustee or similar process, any funds of Borrower or of any entity under the control of Borrower (including a Subsidiary) on deposit or otherwise
maintained with Bank or any Bank Affiliate, or (ii) a notice of lien or levy is filed against any of Borrower’s assets by any government agency, and the same under subclauses (i) and (ii) hereof are not, within ten (10) days
after the occurrence thereof, discharged or stayed (whether through the posting of a bond or otherwise); provided, however, no Credit Extensions shall be made during any ten (10) day cure period; or 

(b) (i) any material portion of Borrower’s assets is attached, seized, levied on, or comes into possession of a trustee or
receiver, or (ii) any court order enjoins, restrains, or prevents Borrower from conducting any material part of its business; 

  
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 8.5 Insolvency. (a) Borrower is unable to pay its debts (including trade debts)
as they become due or otherwise becomes insolvent; (b) Borrower begins an Insolvency Proceeding; or (c) an Insolvency Proceeding is begun against Borrower and not dismissed or stayed within forty-five (45) days (but no Credit
Extensions shall be made while of any of the conditions described in clause (a) exist and/or until any Insolvency Proceeding is dismissed); 
 8.6 Other Agreements. There is, under any agreement to which Borrower is a party with a third party or parties, (a) any default resulting in a right by such third party or parties, whether or
not exercised, to accelerate the maturity of any Indebtedness in an amount individually or in the aggregate in excess of Fifty Thousand Dollars ($50,000.00); or (b) any default by Borrower, the result of which could have a material adverse
effect on Borrower’s business; 
 8.7 Judgments. One or more final judgments, orders, or decrees for the payment of
money in an amount, individually or in the aggregate, of at least Fifty Thousand Dollars ($50,000.00) (not covered by independent third-party insurance as to which liability has been accepted by such insurance carrier) shall be rendered against
Borrower and the same are not, within thirty (30) days after the entry thereof, discharged or execution thereof stayed or bonded pending appeal, or such judgments are not discharged prior to the expiration of any such stay (provided that no
Credit Extensions will be made prior to the discharge, stay, or bonding of such judgment, order, or decree); 
 8.8
Misrepresentations. Borrower or any Person acting for Borrower makes any representation, warranty, or other statement now or later in this Agreement, any Loan Document or in any writing delivered to Bank or to induce Bank to enter this Agreement
or any Loan Document, and such representation, warranty, or other statement is incorrect in any material respect when made; or 

8.9 Subordinated Debt. Any document, instrument, or agreement evidencing any Subordinated Debt shall for any reason be revoked or
invalidated or otherwise cease to be in full force and effect, any Person shall be in breach thereof or contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation thereunder, or the
Obligations shall for any reason be subordinated or shall not have the priority contemplated by this Agreement. 
  

	 	9	BANK’S RIGHTS AND REMEDIES 

 9.1 Rights and Remedies. While an Event of Default occurs and continues Bank may, without notice or demand, do any or all of the following: 

(a) declare all Obligations immediately due and payable (but if an Event of Default described in Section 8.5 occurs all Obligations
are immediately due and payable without any action by Bank); 
 (b) stop advancing money or extending credit for Borrower’s
benefit under this Agreement or under any other agreement between Borrower and Bank; 
 (c) for any Letters of Credit, demand
that Borrower (i) deposit cash with Bank in an amount equal to the sum of (A) one hundred two percent (102.0%) of the face amount of all such Letters of Credit denominated in Dollars, and (B) one hundred seven percent
(107.0%) of the Dollar Equivalent of the face amount of all such Letters of Credit denominated in a Foreign Currency, for all such Letters of Credit remaining undrawn (plus all interest, fees, and costs due or to become due in connection
therewith (as estimated by Bank in its good faith business judgment)), to secure all of the Obligations relating to such Letters of Credit, as collateral security for the repayment of any future drawings under such Letters of Credit, and Borrower
shall forthwith deposit and pay such amounts, and (ii) pay in advance all letter of credit fees scheduled to be paid or payable over the remaining term of any Letters of Credit; 

(d) terminate any FX Forward Contracts; 
 (e) settle or adjust disputes and claims directly with Account Debtors for amounts on terms and in any order that Bank considers advisable, notify any Person owing Borrower money of Bank’s security
interest in such funds, and verify the amount of such account; 

  
 -13-

 (f) make any payments and do any acts it considers necessary or reasonable to protect the
Collateral and/or its security interest in the Collateral. Borrower shall assemble the Collateral if Bank requests and make it available as Bank designates. Bank may enter premises where the Collateral is located, take and maintain possession of any
part of the Collateral, and pay, purchase, contest, or compromise any Lien which appears to be prior or superior to its security interest and pay all expenses incurred. Borrower grants Bank a license to enter and occupy any of its premises, without
charge, to exercise any of Bank’s rights or remedies; 
 (g) apply to the Obligations any (i) balances and deposits of
Borrower it holds, or (ii) any amount held by Bank owing to or for the credit or the account of Borrower; 
 (h) ship,
reclaim, recover, store, finish, maintain, repair, prepare for sale, advertise for sale, and sell the Collateral. Bank is hereby granted a non-exclusive, royalty-free license or other right to use, without charge, Borrower’s labels, Patents,
Copyrights, mask works, rights of use of any name, trade secrets, trade names, Trademarks, and advertising matter, or any similar property as it pertains to the Collateral, in completing production of, advertising for sale, and selling any
Collateral and, in connection with Bank’s exercise of its rights under this Section, Borrower’s rights under all licenses and all franchise agreements inure to Bank’s benefit; 

(i) place a “hold” on any account maintained with Bank and/or deliver a notice of exclusive control, any entitlement order, or
other directions or instructions pursuant to any Control Agreement or similar agreements providing control of any Collateral; 

(j) demand and receive possession of Borrower’s Books; and 
 (k) exercise all rights and remedies available to Bank under the Loan Documents or at law or equity, including all remedies provided under the Code (including disposal of the Collateral pursuant to the
terms thereof). 
 9.2 Power of Attorney. Borrower hereby irrevocably appoints Bank as its lawful attorney-in-fact,
exercisable upon the occurrence and during the continuance of an Event of Default, to: (a) endorse Borrower’s name on any checks or other forms of payment or security; (b) sign Borrower’s name on any invoice or bill of lading for
any Account or drafts against Account Debtors; (c) settle and adjust disputes and claims about the Accounts directly with Account Debtors, for amounts and on terms Bank determines reasonable; (d) make, settle, and adjust all claims under
Borrower’s insurance policies; (e) pay, contest or settle any Lien, charge, encumbrance, security interest, and adverse claim in or to the Collateral, or any judgment based thereon, or otherwise take any action to terminate or discharge
the same; and (f) transfer the Collateral into the name of Bank or a third party as the Code permits. Borrower hereby appoints Bank as its lawful attorney-in-fact to sign Borrower’s name on any documents necessary to perfect or continue
the perfection of Bank’s security interest in the Collateral regardless of whether an Event of Default has occurred until all Obligations have been satisfied in full and Bank is under no further obligation to make Credit Extensions hereunder.
Bank’s foregoing appointment as Borrower’s attorney-in-fact, and all of Bank’s rights and powers, coupled with an interest, are irrevocable until all Obligations have been fully repaid and performed and Bank’s obligation to
provide Credit Extensions terminates. 
 9.3 Protective Payments. If Borrower fails to obtain the insurance called for by
Section 6.5 or fails to pay any premium thereon or fails to pay any other amount which Borrower is obligated to pay under this Agreement or any other Loan Document, Bank may obtain such insurance or make such payment, and all amounts so paid by
Bank are Bank Expenses and immediately due and payable, bearing interest at the then highest rate applicable to the Obligations, and secured by the Collateral. Bank will make reasonable efforts to provide Borrower with notice of Bank obtaining such
insurance at the time it is obtained or within a reasonable time thereafter. No payments by Bank are deemed an agreement to make similar payments in the future or Bank’s waiver of any Event of Default. 

9.4 Application of Payments and Proceeds Upon Default. If an Event of Default has occurred and is continuing, Bank may apply any
funds in its possession, whether from Borrower account balances, payments, proceeds realized as the result of any collection of Accounts or other disposition of the Collateral, or otherwise, to the Obligations in such order as Bank shall determine
in its sole discretion. Any surplus shall be paid to Borrower or other Persons legally entitled thereto; Borrower shall remain liable to Bank for any deficiency. If Bank, in its good faith business judgment, directly or indirectly enters into a
deferred payment or other credit transaction with any purchaser at any sale of Collateral, Bank shall have the option, exercisable at any time, of either reducing the Obligations by the principal amount of the purchase price or deferring the
reduction of the Obligations until the actual receipt by Bank of cash therefor. 

  
 -14-

 9.5 Bank’s Liability for Collateral. So long as Bank complies with reasonable
banking practices regarding the safekeeping of the Collateral in the possession or under the control of Bank, Bank shall not be liable or responsible for: (a) the safekeeping of the Collateral; (b) any loss or damage to the Collateral;
(c) any diminution in the value of the Collateral; or (d) any act or default of any carrier, warehouseman, bailee, or other Person. Borrower bears all risk of loss, damage or destruction of the Collateral. 

9.6 No Waiver; Remedies Cumulative. Bank’s failure, at any time or times, to require strict performance by Borrower of any
provision of this Agreement or any other Loan Document shall not waive, affect, or diminish any right of Bank thereafter to demand strict performance and compliance herewith or therewith. No waiver hereunder shall be effective unless signed by the
party granting the waiver and then is only effective for the specific instance and purpose for which it is given. Bank’s rights and remedies under this Agreement and the other Loan Documents are cumulative. Bank has all rights and remedies
provided under the Code, by law, or in equity. Bank’s exercise of one right or remedy is not an election and shall not preclude Bank from exercising any other remedy under this Agreement or other remedy available at law or in equity, and
Bank’s waiver of any Event of Default is not a continuing waiver. Bank’s delay in exercising any remedy is not a waiver, election, or acquiescence. 
 9.7 Demand Waiver. Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any default, nonpayment at maturity, release, compromise, settlement,
extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees held by Bank on which Borrower is liable. 
 9.8 Borrower Liability. Each Borrower may, acting singly, request Credit Extensions hereunder. Each Borrower hereby appoints each other Borrower as agent for such Borrower for all purposes
hereunder, including with respect to requesting Credit Extensions hereunder. Each Borrower hereunder shall be jointly and severally obligated to repay all Credit Extensions made hereunder, regardless of which Borrower actually receives said Credit
Extensions, as if each Borrower hereunder directly received all Credit Extensions. Each Borrower waives (a) any suretyship defenses available to it under the Code or any other applicable law, and (b) any right to require Bank to:
(i) proceed against any Borrower or any other person; (ii) proceed against or exhaust any security; or (iii) pursue any other remedy. Bank may exercise or not exercise any right or remedy it has against any Borrower or any
security it holds (including the right to foreclose by judicial or non-judicial sale) without affecting any Borrower’s liability. Notwithstanding any other provision of this Agreement or other related document, each Borrower irrevocably
waives all rights that it may have at law or in equity (including, without limitation, any law subrogating Borrower to the rights of Bank under this Agreement) to seek contribution, indemnification or any other form of reimbursement from any other
Borrower, or any other Person now or hereafter primarily or secondarily liable for any of the Obligations, for any payment made by Borrower with respect to the Obligations in connection with this Agreement or otherwise and all rights that it might
have to benefit from, or to participate in, any security for the Obligations as a result of any payment made by Borrower with respect to the Obligations in connection with this Agreement or otherwise. Any agreement providing for
indemnification, reimbursement or any other arrangement prohibited under this Section shall be null and void. If any payment is made to a Borrower in contravention of this Section, such Borrower shall hold such payment in trust for Bank and
such payment shall be promptly delivered to Bank for application to the Obligations, whether matured or unmatured. 
  

	 	10	NOTICES 

 All
notices, consents, requests, approvals, demands, or other communication by any party to this Agreement or any other Loan Document must be in writing and shall be deemed to have been validly served, given, or delivered: (a) upon the earlier of
actual receipt and three (3) Business Days after deposit in the U.S. mail, first class, registered or certified mail return receipt requested, with proper postage prepaid; (b) upon transmission, when sent by electronic mail or facsimile
transmission; (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand-delivered by messenger, all of which shall be addressed to the party to be notified and
sent to the address, facsimile number, or email address indicated below. Bank or Borrower may change its mailing or electronic mail address or facsimile number by giving the other party written notice thereof in accordance with the terms of this
Section 10. 

  
 -15-

			
	If to Borrower:	  	 Mattersight Corporation

Mattersight Europe Holding Corporation

Mattersight International Holding, Inc.
 200
South Wacker Drive
 Suite 820
 Chicago,
Illinois 60606
 Attn: Kelly D. Conway

Fax: (775) 252-9987

Email: kelly.conway@mattersight.com

	
	                            
                with a copy (which shall not constitute notice) to:

  

			
		  	 Winston & Strawn LLP

35 W. Wacker Drive
 Chicago, Illinois
60601
 Attn: Steven J. Gavin, Esq.

Fax: (312) 558-5700
 Email:
sgavin@winston.com

  

			
	
                            
        If to Bank:
	  	 Silicon Valley Bank
 230 West
Monroe Street
 Chicago, Illinois 60606

Attn: Mr. Dennis Grunt
 Fax:
(312) 704-1523
 Email: dgrunt@svb.com

                         
                   with a copy (which shall not constitute notice) to: 
  

			
		  	 Riemer & Braunstein LLP

Three Center Plaza
 Boston, Massachusetts
02108
 Attn: David A. Ephraim, Esquire

Fax: (617) 880-3456
 Email:
dephraim@riemerlaw.com

  

	 	11	CHOICE OF LAW, VENUE AND JURY TRIAL WAIVER 

 Illinois law governs the Loan Documents without regard to principles of conflicts of law. Borrower and Bank each submit to the exclusive jurisdiction of the State and Federal courts in Chicago, Illinois;
provided, however, that nothing in this Agreement shall be deemed to operate to preclude Bank from bringing suit or taking other legal action in any other jurisdiction to realize on the Collateral or any other security for the Obligations, or to
enforce a judgment or other court order in favor of Bank. Borrower expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and Borrower hereby waives any objection that it may have based upon
lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Borrower and Bank hereby waive personal service of the summons,
complaints, and other process issued in such action or suit and agree that service of such summons, complaints, and other process may be made by registered or certified mail addressed to Borrower or Bank at the applicable address set forth in
Section 10 of this Agreement and that service so made shall be deemed completed upon the earlier to occur of Borrower’s or Bank’s actual receipt thereof or three (3) days after deposit in the U.S. mails, proper postage prepaid.

 BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF OR BASED UPON THIS
AGREEMENT, THE LOAN DOCUMENTS OR ANY CONTEMPLATED TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER
WITH ITS COUNSEL. 

  
 -16-

	 	12	GENERAL PROVISIONS 

12.1 Successors and Assigns. This Agreement binds and is for the benefit of the successors and permitted assigns of each party.
Borrower may not assign this Agreement or any rights or obligations under it without Bank’s prior written consent (which may be granted or withheld in Bank’s discretion). Bank has the right, without the consent of or notice to Borrower, to
sell, transfer, assign, negotiate, or grant participation in all or any part of, or any interest in, Bank’s obligations, rights, and benefits under this Agreement and the other Loan Documents. 

12.2 Indemnification. Borrower agrees to indemnify, defend and hold Bank and its directors, officers, employees, agents,
attorneys, or any other Person affiliated with or representing Bank (each, an “Indemnified Person”) harmless against: (a) all obligations, demands, claims, and liabilities (collectively, “Claims”) claimed or asserted by any
other party in connection with the transactions contemplated by the Loan Documents; and (b) all losses or expenses (including Bank Expenses) in any way suffered, incurred, or paid by such Indemnified Person as a result of, following from,
consequential to, or arising from transactions between Bank and Borrower contemplated by the Loan Documents (including reasonable attorneys’ fees and expenses), except for Claims and/or losses directly caused by such Indemnified Person’s
gross negligence or willful misconduct. 
 12.3 Time of Essence. Time is of the essence for the performance of all
Obligations in this Agreement. 
 12.4 Severability of Provisions. Each provision of this Agreement is severable from
every other provision in determining the enforceability of any provision. 
 12.5 Correction of Loan Documents. Bank may
correct patent errors and fill in any blanks in the Loan Documents consistent with the agreement of the parties. 
 12.6
Amendments in Writing; Waiver; Integration. No purported amendment or modification of any Loan Document, or waiver, discharge or termination of any obligation under any Loan Document, shall be enforceable or admissible unless, and only to the
extent, expressly set forth in a writing signed by the party against which enforcement or admission is sought. Without limiting the generality of the foregoing, no oral promise or statement, nor any action, inaction, delay, failure to require
performance or course of conduct shall operate as, or evidence, an amendment, supplement or waiver or have any other effect on any Loan Document. Any waiver granted shall be limited to the specific circumstance expressly described in it, and shall
not apply to any subsequent or other circumstance, whether similar or dissimilar, or give rise to, or evidence, any obligation or commitment to grant any further waiver. The Loan Documents represent the entire agreement about this subject matter and
supersede prior negotiations or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject matter of the Loan Documents merge into the Loan Documents. 

12.7 Counterparts. This Agreement may be executed in any number of counterparts and by different parties on separate counterparts,
each of which, when executed and delivered, is an original, and all taken together, constitute one Agreement. 
 12.8
Survival. All covenants, representations and warranties made in this Agreement continue in full force until this Agreement has terminated pursuant to its terms and all Obligations (other than inchoate indemnity obligations and any other
obligations which, by their terms, are to survive the termination of this Agreement) have been paid in full and satisfied. Without limiting the foregoing, except as otherwise provided in Section 4.1, the grant of security interest by Borrower
in Section 4.1 shall survive until the termination of all Bank Services Agreements. The obligation of Borrower in Section 12.2 to indemnify Bank shall survive until the statute of limitations with respect to such claim or cause of action
shall have run. 
 12.9 Confidentiality. In handling any confidential information, Bank shall exercise the same degree of
care that it exercises for its own proprietary information, but disclosure of information may be made: (a) to Bank’s Subsidiaries or Affiliates (such Subsidiaries and Affiliates, together with Bank, collectively, “Bank
Entities”); (b) to prospective transferees or purchasers of any interest in the Credit Extensions (provided, however, Bank shall use its best efforts to obtain any prospective transferee’s or purchaser’s agreement to the terms of
this provision); (c) as required by law, regulation, subpoena, or other order; (d) to Bank’s regulators or as otherwise required in connection with Bank’s examination or audit; (e) as Bank considers appropriate in exercising
remedies under the Loan Documents; and (f) to third-party service providers of Bank so long as such service providers have executed a 

  
 -17-

 
confidentiality agreement with Bank with terms no less restrictive than those contained herein. Confidential information does not include information that is either: (i) in the public domain
or in Bank’s possession when disclosed to Bank, or becomes part of the public domain after disclosure to Bank; or (ii) disclosed to Bank by a third party if Bank does not know that the third party is prohibited from disclosing the
information. 
 Bank Entities may use the confidential information for reporting purposes and the development and distribution
of databases and market analyses so long as such confidential information is aggregated and anonymized prior to distribution unless otherwise expressly permitted by Borrower. The provisions of the immediately preceding sentence shall survive the
termination of this Agreement. 
 12.10 Right of Set Off. Borrower hereby grants to Bank, a lien, security interest and
right of set off as security for all Obligations to Bank, whether now existing or hereafter arising upon and against all deposits, credits, collateral and property, now or hereafter in the possession, custody, safekeeping or control of Bank or any
entity under the control of Bank (including a Bank subsidiary) or in transit to any of them. At any time after the occurrence and during the continuance of an Event of Default, without demand or notice, Bank may set off the same or any part thereof
and apply the same to any liability or obligation of Borrower even though unmatured and regardless of the adequacy of any other collateral securing the Obligations. ANY AND ALL RIGHTS TO REQUIRE BANK TO EXERCISE ITS RIGHTS OR REMEDIES WITH RESPECT
TO ANY OTHER COLLATERAL WHICH SECURES THE OBLIGATIONS, PRIOR TO EXERCISING ITS RIGHT OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF BORROWER ARE HEREBY KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED. 

12.11 Electronic Execution of Documents. The words “execution,” “signed,” “signature” and words of
like import in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the use
of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without limitation, any state law based on the Uniform Electronic Transactions Act. 

12.12 Captions. The headings used in this Agreement are for convenience only and shall not affect the interpretation of this
Agreement. 
 12.13 Construction of Agreement. The parties mutually acknowledge that they and their attorneys have
participated in the preparation and negotiation of this Agreement. In cases of uncertainty this Agreement shall be construed without regard to which of the parties caused the uncertainty to exist. 

12.14 Relationship. The relationship of the parties to this Agreement is determined solely by the provisions of this Agreement.
The parties do not intend to create any agency, partnership, joint venture, trust, fiduciary or other relationship with duties or incidents different from those of parties to an arm’s-length contract. 

12.15 Third Parties. Nothing in this Agreement, whether express or implied, is intended to: (a) confer any benefits, rights
or remedies under or by reason of this Agreement on any persons other than the express parties to it and their respective permitted successors and assigns; (b) relieve or discharge the obligation or liability of any person not an express party
to this Agreement; or (c) give any person not an express party to this Agreement any right of subrogation or action against any party to this Agreement. 
  

	 	13	DEFINITIONS 

13.1 Definitions. As used in the Loan Documents, the word “shall” is mandatory, the word “may” is permissive,
the word “or” is not exclusive, the words “includes” and “including” are not limiting, the singular includes the plural, and numbers denoting amounts that are set off in brackets are negative. As used in this Agreement,
the following capitalized terms have the following meanings: 
 “Account” is any “account” as defined
in the Code with such additions to such term as may hereafter be made, and includes, without limitation, all accounts receivable and other sums owing to Borrower. 
 “Account Debtor” is any “account debtor” as defined in the Code with such additions to such term as may hereafter be made. 

  
 -18-

 “Adjusted Quick Ratio” is the ratio of (a) Quick Assets to
(b) Current Liabilities minus the current portion of Deferred Revenue. 
 “Advance” or
“Advances” means an advance (or advances) under the Revolving Line. 
 “Affiliate” is, with
respect to any Person, each other Person that owns or controls directly or indirectly the Person, any Person that controls or is controlled by or is under common control with the Person, and each of that Person’s senior executive officers,
directors, partners and, for any Person that is a limited liability company, that Person’s managers and members. 

“Agreement” is defined in the preamble hereof. 
 “Availability Amount” is (a) (i) during the Transition Period, the lesser of (A) the Revolving Line, and (B) the Borrowing Base, and (ii) upon the expiration of
the Transition Period, the Revolving Line, minus (b) the outstanding principal balance of any Advances. 

“Bank” is defined in the preamble hereof. 
 “Bank Entities” is defined in Section 12.9. 
 “Bank
Expenses” are all documented audit fees and expenses and all out-of-pocket costs, and expenses (including reasonable, documented attorneys’ fees and expenses) for preparing, amending, negotiating, administering, defending and enforcing
the Loan Documents (including, without limitation, those incurred in connection with appeals or Insolvency Proceedings) or otherwise incurred with respect to Borrower. 
 “Bank Services” are any products, credit services, and/or financial accommodations previously, now, or hereafter provided to Borrower or any of its Subsidiaries by Bank or any Bank
Affiliate, including, without limitation, any letters of credit, cash management services (including, without limitation, merchant services, direct deposit of payroll, business credit cards, and check cashing services), interest rate swap
arrangements, and foreign exchange services as any such products or services may be identified in Bank’s various agreements related thereto (each, a “Bank Services Agreement”).  

“Bank Services Agreement” is defined in the definition entitled “Bank Services” appearing alphabetically in
Section 13.1. 
 “Board” is Borrower’s board of directors. 

“Borrower” is defined in the preamble hereof. 
 “Borrower’s Books” are all Borrower’s books and records including ledgers, federal and state tax returns, records regarding Borrower’s assets or liabilities, the
Collateral, business operations or financial condition, and all computer programs or storage or any equipment containing such information. 
 “Borrowing Base” is the aggregate unrestricted and unencumbered cash of Borrower maintained at Bank or Bank’s Affiliates. 

“Borrowing Resolutions” are, with respect to any Person, those resolutions adopted by such Person’s Board of
Directors and delivered by such Person to Bank approving the Loan Documents to which such Person is a party and the transactions contemplated thereby. 
 “Business Day” is any day that is not a Saturday, Sunday or a day on which Bank is closed. 
 “Cash Equivalents” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more
than one (1) year from the date of acquisition; (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s
Investors Service, Inc.; and (c) Bank’s certificates of deposit issued maturing no more than one (1) year after issue. 

  
 -19-

 “Claims” is defined in Section 12.2. 

“Code” is the Uniform Commercial Code, as the same may, from time to time, be enacted and in effect in the State of
Illinois; provided, that, to the extent that the Code is used to define any term herein or in any Loan Document and such term is defined differently in different Articles or Divisions of the Code, the definition of such term contained in Article or
Division 9 shall govern; provided further, that in the event that, by reason of mandatory provisions of law, any or all of the attachment, perfection, or priority of, or remedies with respect to, Bank’s Lien on any Collateral is governed by the
Uniform Commercial Code in effect in a jurisdiction other than the State of Illinois, the term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof
relating to such attachment, perfection, priority, or remedies and for purposes of definitions relating to such provisions. 

“Collateral” is any and all properties, rights and assets of Borrower described on Exhibit A. 

“Collateral Account” is any Deposit Account, Securities Account, or Commodity Account. 

“Commodity Account” is any “commodity account” as defined in the Code with such additions to such term as may
hereafter be made. 
 “Compliance Certificate” is that certain certificate in the form attached hereto as
Exhibit C. 
 “Contingent Obligation” is, for any Person, any direct or indirect liability, contingent
or not, of that Person for (a) any indebtedness, lease, dividend, letter of credit or other obligation of another such as an obligation, in each case, directly or indirectly guaranteed, endorsed, co-made, discounted or sold with recourse by
that Person, or for which that Person is directly or indirectly liable; (b) any obligations for undrawn letters of credit for the account of that Person; and (c) all obligations from any interest rate, currency or commodity swap agreement,
interest rate cap or collar agreement, or other agreement or arrangement designated to protect a Person against fluctuation in interest rates, currency exchange rates or commodity prices; but “Contingent Obligation” does not include
endorsements in the ordinary course of business. The amount of a Contingent Obligation is the stated or determined amount of the primary obligation for which the Contingent Obligation is made or, if not determinable, the maximum reasonably
anticipated liability for it determined by the Person in good faith; but the amount may not exceed the maximum of the obligations under any guarantee or other support arrangement. 

“Control Agreement” is any control agreement entered into among the depository institution at which Borrower maintains a
Deposit Account or the securities intermediary or commodity intermediary at which Borrower maintains a Securities Account or a Commodity Account, Borrower, and Bank pursuant to which Bank obtains control (within the meaning of the Code) over such
Deposit Account, Securities Account, or Commodity Account. 
 “Copyrights” are any and all copyright rights,
copyright applications, copyright registrations and like protections in each work or authorship and derivative work thereof, whether published or unpublished and whether or not the same also constitutes a trade secret. 

“Credit Extension” is any Advance or any other extension of credit by Bank for Borrower’s benefit under this
Agreement. 
 “Current Liabilities” are all obligations and liabilities of Borrower to Bank, plus, without
duplication, the aggregate amount of Borrower’s Total Liabilities that mature within one (1) year. 
 “Default
Rate” is defined in Section 2.3(b). 
 “Deferred Revenue” is all amounts received or
invoiced in advance of performance under contracts and not yet recognized as revenue. 
 “Deposit
Account” is any “deposit account” as defined in the Code with such additions to such term as may hereafter be made. 
 “Designated Deposit Account” is Borrower’s deposit account, account number                 ,
maintained with Bank. 

  
 -20-

 “Dollars,” “dollars” or use of the
sign “$” means only lawful money of the United States and not any other currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful money of the United
States. 
 “Dollar Equivalent” is, at any time, (a) with respect to any amount denominated in
Dollars, such amount, and (b) with respect to any amount denominated in a Foreign Currency, the equivalent amount therefor in Dollars as determined by Bank at such time on the basis of the then-prevailing rate of exchange in San Francisco,
California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency. 
 “Domestic
Subsidiary” means a Subsidiary organized under the laws of the United States or any state or territory thereof or the District of Columbia. 
 “Effective Date” is defined in the preamble hereof. 

“Equipment” is all “equipment” as defined in the Code with such additions to such term as may hereafter be
made, and includes without limitation all machinery, fixtures, goods, vehicles (including motor vehicles and trailers), and any interest in any of the foregoing. 
 “ERISA” is the Employee Retirement Income Security Act of 1974, and its regulations. 
 “Event of Default” is defined in Section 8. 

“Exchange Act” is the Securities Exchange Act of 1934, as amended. 

“Foreign Currency” means lawful money of a country other than the United States. 

“Foreign Subsidiary” means any Subsidiary which is not a Domestic Subsidiary. 

“Funding Date” is any date on which a Credit Extension is made to or for the account of Borrower which shall be a
Business Day. 
 “FX Forward Contract” is any foreign exchange contract by and between Borrower and Bank
under which Borrower commits to purchase from or sell to Bank a specific amount of Foreign Currency on a specified date. 

“GAAP” is generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other Person as may be approved by a significant segment of
the accounting profession, which are applicable to the circumstances as of the date of determination. 
 “General
Intangibles” is all “general intangibles” as defined in the Code in effect on the date hereof with such additions to such term as may hereafter be made, and includes without limitation, all Intellectual Property, claims, income
and other tax refunds, security and other deposits, payment intangibles, contract rights, options to purchase or sell real or personal property, rights in all litigation presently or hereafter pending (whether in contract, tort or otherwise),
insurance policies (including without limitation key man, property damage, and business interruption insurance), payments of insurance and rights to payment of any kind. 
 “Governmental Approval” is any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to,
or other act by or in respect of, any Governmental Authority. 
 “Governmental Authority” is any nation or
government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative functions of
or pertaining to government, any securities exchange and any self-regulatory organization. 

  
 -21-

 “Indebtedness” is (a) indebtedness for borrowed money or the deferred
price of property or services, such as reimbursement and other obligations for surety bonds and letters of credit, (b) obligations evidenced by notes, bonds, debentures or similar instruments, (c) capital lease obligations, and
(d) Contingent Obligations. 
 “Indemnified Person” is defined in Section 12.2. 

“Insolvency Proceeding” is any proceeding by or against any Person under the United States Bankruptcy Code, or any other
bankruptcy or insolvency law, including assignments for the benefit of creditors, compositions, extensions generally with its creditors, or proceedings seeking reorganization, arrangement, or other relief. 

“Intellectual Property” means all of Borrower’s right, title, and interest in and to the following: 

(a) its Copyrights, Trademarks and Patents; 
 (b) any and all trade secrets and trade secret rights, including, without limitation, any rights to unpatented inventions, know-how, operating manuals; 

(c) any and all source code; 
 (d) any and all design rights which may be available to a Borrower; 
 (e) any and
all claims for damages by way of past, present and future infringement of any of the foregoing, with the right, but not the obligation, to sue for and collect such damages for said use or infringement of the Intellectual Property rights identified
above; and 
 (f) all amendments, renewals and extensions of any of the Copyrights, Trademarks or Patents. 

“Inventory” is all “inventory” as defined in the Code in effect on the date hereof with such additions to such
term as may hereafter be made, and includes without limitation all merchandise, raw materials, parts, supplies, packing and shipping materials, work in process and finished products, including without limitation such inventory as is temporarily out
of Borrower’s custody or possession or in transit and including any returned goods and any documents of title representing any of the above. 
 “Investment” is any beneficial ownership interest in any Person (including stock, partnership interest or other securities), and any loan, advance or capital contribution to any Person.

 “Letter of Credit” is a standby or commercial letter of credit issued by Bank upon request of
Borrower based upon an application, guarantee, indemnity or similar agreement. 
 “Lien” is a claim,
mortgage, deed of trust, levy, charge, pledge, security interest or other encumbrance of any kind, whether voluntarily incurred or arising by operation of law or otherwise against any property. 

“Loan Documents” are, collectively, this Agreement, the Perfection Certificate, any Bank Services Agreement, any
subordination agreement, any notes or guaranties executed by Borrower, and any other present or future agreement between Borrower and/or for the benefit of Bank, all as amended, restated, or otherwise modified. 

“Material Adverse Change” is (a) a material impairment in the perfection or priority of Bank’s Lien in the
Collateral or in the value of such Collateral; (b) a material adverse change in the business, operations, or condition (financial or otherwise) of Borrower; (c) a material impairment of the prospect of repayment of any portion of the
Obligations; or (d) Bank determines, based upon information available to it and in its reasonable judgment, that there is a reasonable likelihood that Borrower shall fail to comply with one or more of the financial covenants in Section 6
during the next succeeding financial reporting period. 
 “Mattersight Canada” is MATTERSIGHT (CANADA)
CORPORATION, a company organized under the laws of Canada. 
 “Mattersight Corporation” is defined in the
preamble hereof. 
 “Mattersight Europe” is defined in the preamble hereof. 

  
 -22-

 “Mattersight International” is defined in the preamble hereof. 

“Monthly Financial Statements” is defined in Section 6.2(a). 

“Obligations” are Borrower’s obligations to pay when due any debts, principal, interest, Bank Expenses and other
amounts Borrower owes Bank now or later, whether under this Agreement, the other Loan Documents, or otherwise, including, without limitation, any interest accruing after Insolvency Proceedings begin and debts, liabilities, or obligations of Borrower
assigned to Bank, and the performance of Borrower’s duties under the Loan Documents. 
 “Operating
Documents” are, for any Person, such Person’s formation documents, as certified with the Secretary of State of such Person’s state of formation on a date that is no earlier than thirty (30) days prior to the Effective Date,
and, (a) if such Person is a corporation, its bylaws in current form, (b) if such Person is a limited liability company, its limited liability company agreement (or similar agreement), and (c) if such Person is a partnership, its
partnership agreement (or similar agreement), each of the foregoing with all current amendments or modifications thereto. 

“Other Permitted Investments” is defined in subsection (e) of the definition entitled “Permitted
Investments” appearing alphabetically in this Section 13.1. 
 “Other Subsidiaries” are each of the
Subsidiaries of each Borrower except (a) Mattersight Canada, and (b) any Subsidiary of any Borrower that is itself a Borrower. 
 “Patents” means all patents, patent applications and like protections including without limitation improvements, divisions, continuations, renewals, reissues, extensions and
continuations-in-part of the same. 
 “Payment/Advance Form” is that certain form attached hereto as Exhibit
B. 
 “Perfection Certificate” is defined in Section 5.1. 

“Permitted Indebtedness” is: 
 (a) Borrower’s Indebtedness to Bank under this Agreement and the other Loan Documents; 
 (b) Indebtedness existing on the Effective Date and shown on the Perfection Certificate; 
 (c) Subordinated Debt; 
 (d) unsecured Indebtedness to trade creditors incurred in
the ordinary course of business; 
 (e) Indebtedness incurred as a result of endorsing negotiable instruments received in the
ordinary course of business; 
 (f) intercompany Indebtedness of a Subsidiary that is not a Borrower hereunder to a Borrower or
another Subsidiary constituting Other Permitted Investments hereunder; 
 (g) Indebtedness secured by Liens permitted under
clauses (a) and (c) of the definition of “Permitted Liens” hereunder; and 
 (h) extensions, refinancings,
modifications, amendments and restatements of any items of Permitted Indebtedness (a) through (f) above, provided that the principal amount thereof is not increased or the terms thereof are not modified to impose more burdensome terms upon
Borrower or its Subsidiary, as the case may be. 
 “Permitted Investments” are: 

(a) Investments (including, without limitation, Subsidiaries) existing on the Effective Date and shown on the Perfection Certificate;

 (b) Investments consisting of Cash Equivalents; 

  
 -23-

 (c) Investments by Borrower in Subsidiaries not to exceed Three Hundred Seventy-Five
Thousand Dollars ($375,000.00) in the aggregate in any fiscal year (collectively, “Permitted Subsidiary Investments”); 
 (d) Investments consisting of (i) travel advances and employee relocation loans and other employee loans and advances in the ordinary course of business, and (ii) loans to employees, officers or
directors relating to the purchase of equity securities of Borrower or its Subsidiaries pursuant to employee stock purchase plans or agreements approved by Borrower’s Board of Directors; and 

(e) other Investments in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) in any fiscal year or Five
Hundred Thousand Dollars ($500,000.00) during the term of this Agreement (collectively, “Other Permitted Investments”). 
 “Permitted Liens” are: 
 (a) Liens existing on the Effective Date
and shown on the Perfection Certificate or arising under this Agreement and the other Loan Documents; 
 (b) Liens for taxes,
fees, assessments or other government charges or levies, either (i) not due and payable or (ii) being contested in good faith and for which Borrower maintains adequate reserves on its Books, provided that no notice of any such Lien
has been filed or recorded under the Internal Revenue Code of 1986, as amended, and the Treasury Regulations adopted thereunder; 
 (c) purchase money Liens or capital leases (i) on Equipment acquired or held by Borrower incurred for financing the acquisition or capital lease of such Equipment securing no more than Six Million
Dollars ($6,000,000.00) in the aggregate amount outstanding, or (ii) existing on Equipment when acquired, if the Lien is confined to the property and improvements and the proceeds of the Equipment; and 

(d) Liens of carriers, warehousemen, mechanics, materialmen, suppliers, or other Persons that are possessory in nature arising in the
ordinary course of business so long as such Liens attach only to Inventory, securing liabilities in the aggregate amount not to exceed One Hundred Thousand Dollars ($100,000.00), and which are not delinquent or remain payable without penalty or
which are being contested in good faith and by appropriate proceedings which proceedings have the effect of preventing the forfeiture or sale of the property subject thereto; 
 (e) Liens to secure payment of workers’ compensation, employment insurance, old-age pensions, social security and other like obligations incurred in the ordinary course of business (other than Liens
imposed by ERISA); 
 (f) Liens in favor of other financial institutions arising in connection with Borrower’s deposit
and/or securities accounts held at such institutions, provided that Bank has a perfected security interest in the amounts held in such deposit and/or securities accounts; 
 (g) on and prior to the date that is thirty (30) days after the Effective Date, the Federal Tax Lien numbered 0646733, filed with the Secretary of State for Illinois on June 15, 2012; and

 (h) Liens incurred in the extension, renewal or refinancing of the indebtedness secured by Liens described in
(a) through (d), but any extension, renewal or replacement Lien must be limited to the property encumbered by the existing Lien and the principal amount of the indebtedness may not increase, 

“Permitted Subsidiary Investments” is defined in subsection (c) of the definition entitled “Permitted
Investments” appearing alphabetically in this Section 13.1. 
 “Person” is any individual, sole
proprietorship, partnership, limited liability company, joint venture, company, trust, unincorporated organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government agency.

 “Prime Rate” means the rate of interest published in the “Money Rates” section of The Wall
Street Journal, Eastern Edition as the “United States Prime Rate,” even if such rate is not the lowest or best rate available. In the event that The Wall Street Journal, Eastern Edition is not published or such rate does not
appear in The Wall Street Journal, Eastern Edition, the Prime Rate shall be determined by Bank until such time as the Prime Rate becomes available in accordance with past practices. 

  
 -24-

 “Quick Assets” is, on any date, Borrower’s consolidated,
unrestricted and unencumbered cash maintained with Bank or Bank’s Affiliates, plus net billed accounts receivable determined according to GAAP. 
 “Registered Organization” is any “registered organization” as defined in the Code with such additions to such term as may hereafter be made. 

“Requirement of Law” is as to any Person, the organizational or governing documents of such Person, and any law
(statutory or common), treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its
property is subject. 
 “Responsible Officer” is any of the Chief Executive Officer, President, Chief
Financial Officer and Controller of Borrower.  
 “Restricted License” is any material license or other
agreement with respect to which Borrower is the licensee (a) that prohibits or otherwise restricts Borrower from granting a security interest in Borrower’s interest in such license or agreement or any other property, or (b) for which
a default under or termination of could interfere with the Bank’s right to sell any Collateral. 
 “Revolving
Line” is an Advance or Advances in an aggregate amount equal to Ten Million Dollars ($10,000,000.00). 

“Revolving Line Maturity Date” is June 29, 2014. 

“SEC” shall mean the Securities and Exchange Commission, any successor thereto, and any analogous Governmental
Authority. 
 “Secretary’s Certificate” is, with respect to any Person, a certificate executed by such
Person’s Secretary on behalf of such Person certifying that (a) such Person has the authority to execute, deliver, and perform its obligations under each of the Loan Documents to which it is a party, (b) that attached as Exhibit A to
such certificate is a true, correct, and complete copy of the Borrowing Resolutions then in full force and effect authorizing and ratifying the execution, delivery, and performance by such Person of the Loan Documents to which it is a party,
(c) the name(s) of the Person(s) authorized to execute the Loan Documents on behalf of such Person, together with a sample of the true signature(s) of such Person(s), and (d) that Bank may conclusively rely on such certificate unless and
until such Person shall have delivered to Bank a further certificate canceling or amending such prior certificate. 

“Securities Account” is any “securities account” as defined in the Code with such additions to such term as
may hereafter be made. 
 “Subordinated Debt” is indebtedness incurred by Borrower subordinated to all of
Borrower’s now or hereafter indebtedness to Bank (pursuant to a subordination, intercreditor, or other similar agreement in form and substance satisfactory to Bank entered into between Bank and the other creditor), on terms acceptable to Bank.

 “Subsidiary” is, as to any Person, a corporation, partnership, limited liability company or other entity of
which shares of stock or other ownership interests having ordinary voting power (other than stock or such other ownership interests having such power only by reason of the happening of a contingency) to elect a majority of the board of directors or
other managers of such corporation, partnership or other entity are at the time owned, or the management of which is otherwise controlled, directly or indirectly through one or more intermediaries, or both, by such Person. Unless the context
otherwise requires, each reference to a Subsidiary herein shall be a reference to a Subsidiary of Borrower. 
 “Total
Liabilities” is on any day, obligations that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness. 

  
 -25-

 “Trademarks” means any trademark and servicemark rights, whether registered
or not, applications to register and registrations of the same and like protections, and the entire goodwill of the business of Borrower connected with and symbolized by such trademarks. 

“Transfer” is defined in Section 7.1. 
 “Transition Period” is the period of time commencing on the Effective Date and expiring upon the date that is sixty (60) days after the Effective Date. 

“Unused Revolving Line Facility Fee” is defined in Section 2.4(b). 

[Signature Page Follows] 

  
 -26-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as
of the Effective Date. 
 BORROWER: 
  

			
	MATTERSIGHT CORPORATION
		
	By:	 	/s/ Kelly D. Conway
	Name:	 	Kelly D. Conway
	Title:	 	President & CEO
	
	MATTERSIGHT EUROPE HOLDING CORPORATION
		
	By:	 	/s/ Kelly D. Conway
	Name:	 	Kelly D. Conway
	Title:	 	President
	
	MATTERSIGHT INTERNATIONAL HOLDING, INC.
		
	By:	 	/s/ Kelly D. Conway
	Name:	 	Kelly D. Conway
	Title:	 	President
	
	BANK:
	
	SILICON VALLEY BANK
		
	By:	 	/s/ Dennis P. Grunt
	Name:	 	Dennis P. Grunt
	Title:	 	Relationship Manager

  
 -27-

 EXHIBIT A – COLLATERAL DESCRIPTION 

The Collateral consists of all of Borrower’s right, title and interest in and to the following personal property: 

All goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases,
license agreements, franchise agreements, General Intangibles (except as provided below), commercial tort claims, documents, instruments (including any promissory notes), chattel paper (whether tangible or electronic), cash, deposit accounts,
certificates of deposit, fixtures, letters of credit rights (whether or not the letter of credit is evidenced by a writing), securities, and all other investment property, supporting obligations, and financial assets, whether now owned or hereafter
acquired, wherever located; and 
 all Borrower’s Books relating to the foregoing, and any and all claims, rights and
interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of the foregoing. 

Notwithstanding the foregoing, the Collateral does not include: (a) any Intellectual Property; provided, however, the Collateral
shall include all Accounts and all proceeds of Intellectual Property. If a judicial authority (including a U.S. Bankruptcy Court) would hold that a security interest in the underlying Intellectual Property is necessary to have a security interest in
such Accounts and such property that are proceeds of Intellectual Property, then the Collateral shall automatically, and effective as of the Effective Date, include the Intellectual Property to the extent necessary to permit perfection of
Bank’s security interest in such Accounts and such other property of Borrower that are proceeds of the Intellectual Property, or (b) more than sixty-five percent (65.0%) of the presently existing and hereafter arising issued and
outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof to vote for directors or any other matter. 
 Pursuant to the terms of a certain negative pledge arrangement with Bank, Borrower has agreed not to encumber any of its Intellectual Property without Bank’s prior written consent. 

  
 -28-

 EXHIBIT B – LOAN PAYMENT/ADVANCE REQUEST FORM 

DEADLINE FOR SAME DAY PROCESSING IS
NOON EASTERN TIME 
  

			
	Fax To:	  	Date:            

  

 LOAN PAYMENT: 
 MATTERSIGHT CORPORATION 
 MATTERSIGHT EUROPE HOLDING CORPORATION

 MATTERSIGHT INTERNATIONAL HOLDING, INC. 
  

							
	From Account
#                                         
                           	  	To Account
#                                         
                                         
          
		  	(Deposit Account #)	  	(Loan Account #)        
	Principal $	  	and/or Interest $
		
	Authorized Signature:	  	            Phone Number:
	 Print Name/Title:

 
	  		  	

 
  

							
	 LOAN ADVANCE:

 
 Complete Outgoing Wire Request section below if all or a portion of the funds
from this loan advance are for an outgoing wire.

		
	From Account
#                                         
                 	  	To Account
#                                         
                                         
  
		 	(Loan Account #)	  	(Deposit Account #)
			
	Amount of Advance $	  		  	
	
	All Borrower’s representations and warranties in the Loan and Security Agreement are true, correct and complete in all material respects on the date of the request
for an advance; provided, however, that such materiality qualifier shall not be applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those
representations and warranties expressly referring to a specific date shall be true, accurate and complete in all material respects as of such date:
		
	Authorized Signature:	  	Phone Number:
	 Print Name/Title:
  
	  		  	

 
  

			
	 OUTGOING WIRE REQUEST:

Complete only if all or a portion of funds from the loan advance above is to be wired.
 Deadline for same day processing is noon, Eastern Time

 

													
	Beneficiary Name: 	  		  		  	Amount of Wire: $	  		  		  	
	Beneficiary Bank:	  		  		  	Account Number:	  		  		  	
	 City and State:
	  		  		  		  		  		  	
				
	Beneficiary Bank Transit (ABA) #:	  		  	Beneficiary Bank Code (Swift, Sort, Chip, etc.): 	  	
		  		  		  	            (For International Wire Only)	  	
							
	Intermediary Bank:	  		  		  	Transit (ABA) #:	  		  		  	

			
	For Further Credit to: 	  	
		
	Special Instruction:	  	

			
	
	By signing below, I (we) acknowledge and agree that my (our) funds transfer request shall be processed in accordance with and subject to the terms and conditions set
forth in the agreements(s) covering funds transfer service(s), which agreements(s) were previously received and executed by me (us).

																	
					
	Authorized Signature:	 		  		  	2nd Signature (if required): 	  	
	Print Name/Title:	 		 		  		  	Print Name/Title: 	  		  	
	Telephone #:	 		 		 		  		  	Telephone #: 	  		  		  	
		 		 		 		  		  		  		  		  	

 

  
 -29-

 EXHIBIT C 

COMPLIANCE CERTIFICATE 
  

					
	TO:	  	SILICON VALLEY BANK	  	Date:

 FROM: MATTERSIGHT CORPORATION, MATTERSIGHT EUROPE HOLDING CORPORATION, AND MATTERSIGHT INTERNATIONAL HOLDING, INC.
(jointly and severally, individually and collectively, “Borrower”) 
 The undersigned authorized officer of Borrower
certifies that under the terms and conditions of the Loan and Security Agreement among Borrower and Bank (the “Agreement”): 
 (1) Borrower is in complete compliance for the period
ending                                 with all required covenants except as noted below;
(2) there are no Events of Default; (3) all representations and warranties in the Agreement are true and correct in all material respects on this date except as noted below; provided, however, that such materiality qualifier shall not be
applicable to any representations and warranties that already are qualified or modified by materiality in the text thereof; and provided, further that those representations and warranties expressly referring to a specific date shall be true,
accurate and complete in all material respects as of such date; (4) Borrower, and each of its Subsidiaries, has timely filed all required tax returns and reports, except as otherwise permitted pursuant to the terms of Section 5.8 of the
Agreement, and Borrower has timely paid all foreign, federal, state and local taxes, assessments, deposits and contributions owed by Borrower, except as otherwise permitted pursuant to the terms of Section 5.8 of the Agreement; and (5) no
Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank. 

Attached are the required documents supporting the certification. The undersigned certifies that these are prepared in accordance with
GAAP consistently applied from one period to the next except as explained in an accompanying letter or footnotes. The undersigned acknowledges that no borrowings may be requested at any time or date of determination that Borrower is not in
compliance with any of the terms of the Agreement, and that is determined not just at the date this certificate is delivered. Capitalized terms used but not otherwise defined herein shall have the meanings given them in the Agreement. 

Please indicate compliance status by circling Yes/No under “Complies” column. 

 

							
	 Reporting Covenant
	  	Required	  	Complies	 
			
	 Monthly consolidating financial statements with

Compliance Certificate
	  	Monthly within 30 days	  	 	Yes No	  
			
	 Annual consolidating financial statement (CPA Audited)
	  	FYE within 150 days	  	 	Yes No	  
			
	 10-Q, 10-K and 8-K
	  	Within 5 days after
filing with SEC	  	 	Yes No	  
			
	 A/R, A/P Agings, and Deferred Revenue reports
	  	Monthly within 30 days	  	 	Yes No	  
			
	 Board-approved Projections
	  	Annually prior to FYE	  	 	Yes No	  

  

													
	 Financial Covenant
	  	Required	 	  	Actual	 	  	Complies	 
	 Minimum Adjusted Quick Ratio (at all times, to be tested

monthly)
	  	 	1.5:1.0	  	  	 	            :1.0	  	  	 	Yes No	  

 The following financial covenant analysis and information set forth in Schedule 1 attached hereto are
true and accurate as of the date of this Certificate. 
 The following are the exceptions with respect to the certification
above: (If no exceptions exist, state “No exceptions to note.”) 

  
 -30-

			
	MATTERSIGHT CORPORATION	  	BANK USE ONLY
		
		  	Received by:
                                         
                                         
               
	By:
                                         
                                         
                                      	  	                             
           AUTHORIZED SIGNER 
	Name:	  	Date:
	Title:	  	  

Verified:                       
                                         
                                         

                         
               AUTHORIZED SIGNER 

		
	 MATTERSIGHT EUROPE HOLDING
 CORPORATION
	  	
		  	Date:
		
	By:
                                         
                                         
                                      	  	Compliance Status:         Yes     No
	Name:	  	
	Title:	  	
		
	MATTERSIGHT INTERNATIONAL HOLDING, INC.	  	
		
	By:
                                         
                                         
                                      	  	
	Name:	  	
	Title:	  	

  
 -31-

 Schedule 1 to Compliance Certificate 

Financial Covenants of Borrower 
 In the event of a conflict between this Schedule and the Loan Agreement, the terms of the Loan Agreement shall govern. 
 Dated:                 
  

	I.	Adjusted Quick Ratio (Section 6.7) 

Required:         1.50:1.00 
 Actual: 
  

							
	A.	  	Aggregate value of Borrower’s consolidated unrestricted and unencumbered cash maintained with Bank and Bank’s Affiliates	  	 	$	  
			
	B.	  	Aggregate value of net billed accounts receivable	  	 	$	  
			
	C.	  	Quick Assets (the sum of lines A and B)	  	 	$	  
			
	D.	  	Aggregate value of all Obligations of Borrower to Bank	  	 	$	  
			
	E.	  	Aggregate value of liabilities that should, under GAAP, be classified as liabilities on Borrower’s consolidated balance sheet, including all Indebtedness, and not otherwise
reflected in line D above that matures within one (1) year	  	 	$	  
			
	F.	  	Current Liabilities (the sum of lines D and E)	  	 	$	  
			
	G.	  	 Aggregate value of current portion of all amounts received or invoiced by Borrower in advance

of performance under contracts and not yet recognized as revenue
	  	 	$	  
			
	H.	  	Line F minus G	  	 	$	  
	I.	  	Adjusted Quick Ratio (line C divided by line H	  	 	$	  

 Is line I equal to or greater than 1.50:1:00? 

 

			
	                    No, not in compliance	  	                Yes, in
compliance            

  
 -32-EX-4.1

 Exhibit 4.1 
 EXECUTION VERSION 
  

 
  

INDENTURE 
 Dated
as of June 28, 2012 
 between 
 ZAYO ESCROW CORPORATION 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 
 8.125% SENIOR SECURED FIRST-PRIORITY NOTES DUE 2020 

 
  

 

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture Act Section
	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	15.03
	       (c)
	  	15.03
	 313(a)
	  	7.06
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 15.02
	       (d)
	  	7.06
	 314(a)
	  	15.02; 15.05
	       (b)
	  	11.05
	       (c)(1)
	  	15.04
	       (c)(2)
	  	15.04
	       (c)(3)
	  	N.A.
	       (d)
	  	11.05
	       (e)
	  	15.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05; 15.02
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.14
	 316(a)(last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	2.12; 9.04
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.12
	       (b)
	  	2.04
	 318(a)
	  	15.01
	       (b)
	  	N.A.
	       (c)
	  	15.01

 N.A. means not applicable. 

	*	This Cross-Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 

 

					
		  	 	Page	  
	
	 ARTICLE 1
	   

	
	 DEFINITIONS AND INCORPORATION BY REFERENCE
	   

		
	 Section 1.01 Definitions
	  	 	1	  
	 Section 1.02 Other Definitions
	  	 	30	  
	 Section 1.03 Incorporation by Reference of Trust Indenture Act
	  	 	31	  
	 Section 1.04 Rules of Construction
	  	 	31	  
	 Section 1.05 Acts of Holders
	  	 	32	  
	
	 ARTICLE 2
	   

	
	 THE NOTES
	   

		
	 Section 2.01 Form and Dating; Terms
	  	 	33	  
	 Section 2.02 Execution and Authentication
	  	 	34	  
	 Section 2.03 Registrar and Paying Agent
	  	 	35	  
	 Section 2.04 Paying Agent to Hold Money in Trust
	  	 	35	  
	 Section 2.05 Holder Lists
	  	 	36	  
	 Section 2.06 Transfer and Exchange
	  	 	36	  
	 Section 2.07 Replacement Notes
	  	 	48	  
	 Section 2.08 Outstanding Notes
	  	 	48	  
	 Section 2.09 Treasury Notes
	  	 	49	  
	 Section 2.10 Temporary Notes
	  	 	49	  
	 Section 2.11 Cancellation
	  	 	49	  
	 Section 2.12 Defaulted Interest
	  	 	49	  
	 Section 2.13 CUSIP and ISIN Numbers
	  	 	50	  
	
	 ARTICLE 3
	   

	
	 REDEMPTION
	   

		
	 Section 3.01 Notices to Trustee
	  	 	50	  
	 Section 3.02 Selection of Notes to Be Redeemed or Purchased
	  	 	50	  
	 Section 3.03 Notice of Redemption
	  	 	51	  
	 Section 3.04 Effect of Notice of Redemption
	  	 	52	  
	 Section 3.05 Deposit of Redemption or Purchase Price
	  	 	52	  
	 Section 3.06 Notes Redeemed or Purchased in Part
	  	 	52	  
	 Section 3.07 Optional Redemption
	  	 	52	  
	 Section 3.08 Mandatory Redemption
	  	 	53	  
	 Section 3.09 Special Mandatory Redemption
	  	 	53	  

  
 -i-

					
	  	  	Page	 
	
	 ARTICLE 4
	   

	
	 COVENANTS
	   

		
	 Section 4.01 Payment of Principal, Premium and Interest
	  	 	54	  
	 Section 4.02 Corporate Existence
	  	 	55	  
	 Section 4.03 Limitation on Indebtedness
	  	 	55	  
	 Section 4.04 Limitation on Restricted Payments
	  	 	58	  
	 Section 4.05 Limitation on Transactions with Affiliates
	  	 	61	  
	 Section 4.06 Limitation on Liens
	  	 	62	  
	 Section 4.07 Limitation on Sale of Assets
	  	 	62	  
	 Section 4.08 Future Subsidiary Note Guarantees
	  	 	64	  
	 Section 4.09 Purchase of Notes upon a Change of Control
	  	 	64	  
	 Section 4.10 Limitation on Sale and Leaseback Transactions
	  	 	65	  
	 Section 4.11 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	65	  
	 Section 4.12 Designation of Restricted and Unrestricted Subsidiaries
	  	 	67	  
	 Section 4.13 Business Activities
	  	 	68	  
	 Section 4.14 Payments for Consent
	  	 	68	  
	 Section 4.15 Provision of Financial Information
	  	 	68	  
	 Section 4.16 Statement by Officers as to Default
	  	 	69	  
	 Section 4.17 Maintenance of Insurance
	  	 	70	  
	 Section 4.18 Maintenance of Properties
	  	 	70	  
	 Section 4.19 Suspension of Certain Covenants
	  	 	70	  
	 Section 4.20 Escrow of Funds
	  	 	71	  
	 Section 4.21 Activities Prior to the Escrow Release
	  	 	71	  
	 Section 4.22 Covenant Compliance Prior to the Escrow Release
	  	 	72	  
	
	 ARTICLE 5
	   

	
	 SUCCESSORS
	   

		
	 Section 5.01 Consolidation, Merger or Sale of Assets
	  	 	72	  
	 Section 5.02 Successor Substituted
	  	 	75	  
	
	 ARTICLE 6
	   

	
	 DEFAULTS AND REMEDIES
	   

		
	 Section 6.01 Events of Default
	  	 	75	  
	 Section 6.02 Acceleration
	  	 	77	  
	 Section 6.03 Other Remedies
	  	 	78	  
	 Section 6.04 Waiver of Past Defaults
	  	 	78	  
	 Section 6.05 Control by Majority
	  	 	78	  
	 Section 6.06 Limitation on Suits
	  	 	79	  
	 Section 6.07 Rights of Holders of Notes to Receive Payment
	  	 	79	  
	 Section 6.08 Collection Suit by Trustee
	  	 	79	  
	 Section 6.09 Restoration of Rights and Remedies
	  	 	79	  
	 Section 6.10 Rights and Remedies Cumulative
	  	 	79	  

  
 -ii-

  

					
	  	  	Page	 
		
	 Section 6.11 Delay or Omission Not Waiver
	  	 	80	  
	 Section 6.12 Trustee May File Proofs of Claim
	  	 	80	  
	 Section 6.13 Priorities
	  	 	80	  
	 Section 6.14 Undertaking for Costs
	  	 	81	  
	
	 ARTICLE 7
	   

	
	 TRUSTEE
	   

		
	 Section 7.01 Duties of Trustee
	  	 	81	  
	 Section 7.02 Rights of Trustee
	  	 	82	  
	 Section 7.03 Individual Rights of Trustee
	  	 	83	  
	 Section 7.04 Trustee’s Disclaimer
	  	 	84	  
	 Section 7.05 Notice of Defaults
	  	 	84	  
	 Section 7.06 Reports by Trustee to Holders of the Notes
	  	 	84	  
	 Section 7.07 Compensation and Indemnity
	  	 	84	  
	 Section 7.08 Replacement of Trustee
	  	 	85	  
	 Section 7.09 Successor Trustee by Merger, Etc
	  	 	86	  
	 Section 7.10 Eligibility; Disqualification
	  	 	86	  
	 Section 7.11 Preferential Collection of Claims Against the Company
	  	 	86	  
	 Section 7.12 Authority to Enter into Escrow Agreement
	  	 	86	  
	
	 ARTICLE 8
	   

	
	 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	   

		
	 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	87	  
	 Section 8.02 Legal Defeasance and Discharge
	  	 	87	  
	 Section 8.03 Covenant Defeasance
	  	 	88	  
	 Section 8.04 Conditions to Legal or Covenant Defeasance
	  	 	88	  
	 Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	89	  
	 Section 8.06 Repayment to the Issuers
	  	 	90	  
	 Section 8.07 Reinstatement
	  	 	90	  
	
	 ARTICLE 9
	   

	
	 AMENDMENT, SUPPLEMENT AND WAIVER
	   

		
	 Section 9.01 Without Consent of Holders of Notes
	  	 	90	  
	 Section 9.02 With Consent of Holders of Notes
	  	 	91	  
	 Section 9.03 Compliance with Trust Indenture Act
	  	 	92	  
	 Section 9.04 Effect of Consents
	  	 	92	  
	 Section 9.05 Notation on or Exchange of Notes
	  	 	93	  
	 Section 9.06 Trustee to Sign Amendments, Etc
	  	 	93	  

  
 -iii-

  

					
	  	  	Page	 
	
	 ARTICLE 10
	   

	
	 [RESERVED]
	   

	
	 ARTICLE 11
	   

	
	 COLLATERAL
	   

	
	 ARTICLE 12
	   

	
	 [RESERVED]
	   

	
	 ARTICLE 13
	   

	
	 GUARANTEES
	   

		
	 Section 13.01 Guarantee
	  	 	94	  
	 Section 13.02 Limitation on Guarantor Liability
	  	 	96	  
	 Section 13.03 [RESERVED]
	  	 	96	  
	 Section 13.04 Subrogation
	  	 	96	  
	 Section 13.05 Benefits Acknowledged
	  	 	96	  
	 Section 13.06 Release of Guarantees
	  	 	96	  
	
	 ARTICLE 14
	   

	
	 SATISFACTION AND DISCHARGE
	   

		
	 Section 14.01 Satisfaction and Discharge
	  	 	97	  
	 Section 14.02 Application of Trust Money
	  	 	98	  
	
	 ARTICLE 15
	   

	
	 MISCELLANEOUS
	   

		
	 Section 15.01 Trust Indenture Act Controls
	  	 	98	  
	 Section 15.02 Notices
	  	 	98	  
	 Section 15.03 Communication by Holders of Notes with Other Holders of Notes
	  	 	99	  
	 Section 15.04 Certificate and Opinion as to Conditions Precedent
	  	 	99	  
	 Section 15.05 Statements Required in Certificate or Opinion
	  	 	100	  
	 Section 15.06 Rules by Trustee and Agents
	  	 	100	  
	 Section 15.07 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	100	  
	 Section 15.08 Governing Law; Waiver of Jury Trial
	  	 	100	  
	 Section 15.09 Force Majeure
	  	 	101	  
	 Section 15.10 Successors
	  	 	101	  
	 Section 15.11 Severability
	  	 	101	  
	 Section 15.12 Counterpart Originals
	  	 	101	  
	 Section 15.13 Table of Contents, Headings, Etc
	  	 	101	  
	 Section 15.14 Qualification of Indenture
	  	 	101	  
	 Section 15.15 USA Patriot Act
	  	 	102	  

  
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	 	  	Page	 
		
	Exhibits	  			
		
	 Exhibit A Form of Notes
	  	 	A-1-1	  
		
	 Exhibit B Form of Certificate of Transfer
	  	 	B-1	  
		
	 Exhibit C Form of Certificate of Exchange
	  	 	C-1	  
		
	 Exhibit D Form of Supplemental Indenture to be Delivered by Subsequent Guarantors
	  	 	D-1	  

  
 -v-

 INDENTURE, dated as of June 28, 2012, between Zayo Escrow Corporation, a Delaware
corporation (the “Company”) and The Bank of New York Mellon Trust Company, N.A., a national banking association duly organized and existing under the laws of the United States of America, as Trustee. 

W I T N E S S E T H 

WHEREAS, the Company has duly authorized the creation of an issue of $750,000,000 aggregate principal amount of 8.125% Senior Secured
First-Priority Notes due 2020 (the “Initial Notes”); 
 WHEREAS, Zayo Group, LLC, a Delaware limited liability
company, has agreed to acquire AboveNet, Inc., a Delaware corporation, pursuant to the AboveNet Acquisition (as defined below); 

WHEREAS, the proceeds of the Notes and the Unsecured Notes (as defined below) will be used to fund the AboveNet Acquisition and the
refinancing of certain existing indebtedness of Zayo Group, LLC and AboveNet, Inc. upon the closing of the AboveNet Acquisition; 
 WHEREAS, pending the closing of the AboveNet Acquisition and the satisfaction of certain other conditions, the proceeds of the Notes will be deposited into an escrow account for the benefit of the
Holders; 
 WHEREAS, concurrently with the closing of the AboveNet Acquisition and the satisfaction of certain other conditions,
it is anticipated that Zayo Group, LLC and Zayo Capital, Inc. will assume the obligations of Zayo Escrow Corporation hereunder and under the Notes and that the Notes will be guaranteed by all of the Domestic Subsidiaries of Zayo Group, LLC;

 WHEREAS, the Notes will be subject to a Special Mandatory Redemption (as defined below) if the Company fails to timely
satisfy certain conditions, including the closing of the AboveNet Acquisition; 
 WHEREAS, the Company has duly authorized the
execution and delivery of this Indenture; 
 WHEREAS, all things necessary (i) to make the Initial Notes, when executed by
the Company and authenticated and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and (ii) to make this Indenture a valid agreement of the Company in accordance with its respective terms, have been
done; and 
 NOW, THEREFORE, the Company and the Trustee agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders of the Notes. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 
 “144A Global Note” means
a Global Note substantially in the form of Exhibit A attached hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that
will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

 “AboveNet Acquisition” means the purchase by the Zayo Group, LLC of 100
percent of the outstanding capital stock of AboveNet, Inc. 
 “AboveNet Acquisition Agreement” means that
certain Agreement and Plan of Merger entered into as of March 18, 2012 among, inter alia, Zayo Group, LLC and AboveNet, Inc. 
 “Acquired Debt” means Indebtedness of a Person existing at the time such Person merges with or into or becomes a Restricted Subsidiary and not Incurred in connection with, or in
contemplation of, such Person merging with or into or becoming a Restricted Subsidiary. 
 “Additional
Interest” means all registration additional interest owing on the Notes pursuant to the Registration Rights Agreement. 

“Additional Notes” means additional Notes (other than the Initial Notes and other than Exchange Notes issued in exchange
for such Initial Notes) issued from time to time under this Indenture in accordance with Sections 2.01, 4.03 and 4.06, it being understood that any Notes issued in exchange for or replacement of any Initial Notes shall not be Additional Notes.

 “Additional Pari Passu Agreement” means any loan agreement, credit agreement, indenture or other agreement
entered into by the Company after the Issue Date, if any, pursuant to which the Company or any of its Subsidiaries will incur Additional Pari Passu Obligations, and which has been designated as an “Additional Loan and Notes Agreement”
pursuant to and in accordance with the Intercreditor Agreement. 
 “Additional Pari Passu Obligations” means
all advances to, and debts, liabilities, obligations, covenants and duties of, the Company or any of its Subsidiaries, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or
hereafter arising and including interest and fees that accrue after the commencement by or against the Company or any of its Subsidiaries or any Affiliate thereof of any proceeding under any bankruptcy or insolvency law naming such Person as the
debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, in each case that has been designated as “Additional Loan and Notes Obligations” pursuant to and in accordance with the
Intercreditor Agreement. 
 “Additional Pari Passu Parties” means the holders of any Additional Pari Passu
Obligations and any Authorized Representative with respect thereto. 
 “Affiliate” of any specified Person
means (1) any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person or (2) any executive officer or director of such specified Person. For purposes of this
definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting
securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. The terms “controlling,” “controlled by” and “under common control
with” will have correlative meanings. 
 “After-Acquired Property” means any property of any Issuer or any
Guarantor acquired after the Issue Date of a type that secures the obligations under this Indenture, the Notes, the Security Documents and Additional Pari Passu Obligations. 
 “Agent” means any Registrar or Paying Agent. 

  
 -2-

 “Applicable Premium” means, with respect to a Note at any date of
redemption, the greater of (i) 1.0% of the principal amount of such Note and (ii) the excess of (A) the present value at such date of redemption of (1) the redemption price of such Note at July 1, 2015 (as described in
Section 3.07), plus (2) all remaining required interest payments due on such Note through July 1, 2015 (excluding accrued but unpaid interest to the date of redemption), discounted to present value using a discount rate equal to the
Treasury Rate plus 50 basis points, over (B) the principal amount of such Note. 
 “Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 

“Asset Sale” means: 
 (1) the sale, lease, conveyance or other disposition (each, a “Transfer”) of any assets; and 
 (2) the issuance of Equity Interests by any Restricted Subsidiary or the Transfer by the Company or any Restricted Subsidiary of Equity Interests in any of its Subsidiaries (other than directors’
qualifying shares and shares issued to foreign nationals to the extent required by applicable law). 
 Notwithstanding the
preceding, the following items will be deemed not to be Asset Sales: 
 (1) any single transaction or series of
related transactions that involves assets or Equity Interests having a Fair Market Value of less than $20 million; 
 (2) a Transfer of assets that is governed by Section 4.09 or Section 5.01; 
 (3) a Transfer of assets or Equity Interests between or among the Company and the Restricted Subsidiaries; 
 (4) an issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary; 
 (5) a Transfer of any assets in the ordinary course of business, including the transfer, conveyance, sale, lease or other disposition of optical fiber owned by the Company or any of its Restricted
Subsidiaries in the ordinary course of their business, provided that no such fiber asset sale shall, individually or in the aggregate with all other fiber asset sales, impede the Company or any of its Restricted Subsidiaries from conducting their
businesses as conducted as of the date hereof and as described in the Offering Memorandum (as determined in good faith by the Board of Directors, whose determination shall be evidenced by a Board Resolution); 

(6) a Transfer of Cash Equivalents; 

(7) a Transfer of accounts receivable in connection with the compromise, settlement or collection thereof in the ordinary
course of business or in bankruptcy or similar proceedings; 
 (8) a Transfer that constitutes a Restricted
Payment that is permitted under Section 4.04 or a Permitted Investment; 
 (9) a Transfer of any property or
equipment that has become damaged, worn out or obsolete or any property, equipment or other asset that, in the reasonable good faith judgment of the Company or such Restricted Subsidiary, as the case may be, is not used or useful in the business of
the Company or such Restricted Subsidiary, as the case may be; 

  
 -3-

 (10) the creation of a Lien not prohibited by this Indenture (but not the
sale of property subject to a Lien); 
 (11) a grant of a license to use the Company’s or any Restricted
Subsidiary’s patents, trade secrets, know-how or other intellectual property to the extent that such license does not limit the licensor’s use of the patent, trade secret, know-how or other intellectual property; and 

(12) any disposition of Designated Noncash Consideration; provided that such disposition increases the amount of Net
Available Cash received by the Company or any Restricted Subsidiary from the Asset Sale that resulted in such Designated Noncash Consideration. 
 “Assumption” means the assumption by both Zayo Group, LLC and Zayo Capital, Inc. of the obligations of Zayo Escrow Corporation under this Indenture and the Notes, and the guarantee of the
Notes by each Domestic Subsidiary of Zayo Group, LLC. 
 “Attributable Debt” in respect of a Sale and Leaseback
Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction, including any period for which such
lease has been extended or may, at the option of the lessor, be extended. Such present value will be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 

“Authorized Representative” means (i) with respect to the New Credit Facility Lenders and the New Credit Facility
Obligations, Morgan Stanley Senior Funding, Inc., (ii) with respect to the Holders of the Notes and the Notes Obligations, the Trustee, and (iii) in the case of any Series of Additional Pari Passu Obligations (and the Additional Pari Passu
Parties thereunder) that become subject to the Intercreditor Agreement after the Issue Date, the Authorized Representative named for such Series in the applicable Joinder Agreement. 

“Bankruptcy Code” means Title 11 of the United States Bankruptcy Code of 1978 or any similar federal or state law for
the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5
under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership
of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms
“Beneficially Owns” and “Beneficially Owned” will have correlative meanings. 
 “Board of
Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or,
except in the context of the definitions of “Change of Control” and “Continuing Directors,” a duly authorized committee thereof; 
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; and 

  
 -4-

 (3) with respect to any other Person, the board or committee of such Person
serving a similar function. 
 “Board Resolution” means a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification and delivered to the Trustee. 

“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New
York or at a place of payment are authorized or required by law, regulation or executive order to remain closed. 

“Capital Lease Obligation” means an obligation that is required to be classified and accounted for as a capital lease
for financial reporting purposes in accordance with GAAP; and the amount of Indebtedness represented thereby at any time shall be the amount of the liability in respect thereof that would at that time be required to be capitalized on a balance sheet
in accordance with GAAP. 
 “Capital Stock” of any Person means any and all shares, interests (including
general or limited partnership interests, limited liability company or membership interests or limited liability partnership interests), participations or other equivalents of or interests in (however designated) equity of such Person, including any
Preferred Stock. 
 “Cash Equivalents” means: 

(1) United States dollars and such local currencies held by the Company or any Restricted Subsidiary from time to time in
the ordinary course of business; 
 (2) securities issued or directly and fully Guaranteed or insured by the
United States government or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in support thereof), maturing, unless such securities are deposited to defease any Indebtedness, not more than
six months from the date of acquisition; 
 (3) certificates of deposit and time deposits with maturities of six
months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six months, and overnight bank deposits, in each case, with any commercial bank organized under the laws of the United States or any state,
commonwealth or territory thereof having capital and surplus in excess of $500.0 million and a rating at the time of acquisition thereof of P-1 or better from Moody’s Investors Service, Inc. or A-1 or better from Standard & Poor’s
Rating Services; 
 (4) repurchase obligations with a term of not more than seven days for underlying securities
of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper having the highest rating obtainable from Moody’s Investors Service, Inc. or Standard &
Poor’s Rating Services and in each case maturing within six months after the date of acquisition; 
 (6)
securities issued and fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, rated at least “A” by Moody’s Investors Service, Inc. or
Standard & Poor’s Rating Services and having maturities of not more than six months from the date of acquisition; and 

  
 -5-

 (7) money market funds at least 95% of the assets of which constitute Cash
Equivalents of the kinds described in clauses (1) through (6) of this definition. 
 “Change of
Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, transfer,
conveyance or other disposition, in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and the Restricted Subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) other than the Permitted Holders or an entity of which the Permitted Holders are the Beneficial Owners, directly or indirectly, of a majority in the aggregate of the voting power of the Voting Stock, on a
fully diluted basis; 
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company;

 (3) prior to the first public offering of Common Stock of the Company, either (i) (A) any
“person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Permitted Holders, becomes the Beneficial Owner, directly or indirectly, of 30% or more of the voting power of the
Voting Stock of the Company and (B) the Permitted Holders are not the Beneficial Owners, directly or indirectly, of a larger percentage of the voting power of such Voting Stock than such person or group, or (ii) a majority of the members
of the Board of Directors of the Company are not Continuing Directors; 
 (4) on and following the first public
offering of Common Stock of the Company, (i) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), other than the Permitted Holders, becomes the Beneficial Owner, directly or
indirectly, of 50% or more of the voting power of the Voting Stock of the Company and (ii) the majority of the members of the Board of Directors of the Company are not Continuing Directors; or 

(5) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or
into the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company is converted into or exchanged for cash, securities or other property, other than any such transaction where (A) the
Voting Stock of the Company outstanding immediately prior to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the voting power of the
outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance) and (B) (i) prior to the first public offering of Common Stock of the Company, immediately after such
transaction, no “person” or “group” (as such terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Permitted Holders, becomes, directly or indirectly, the Beneficial Owner of 30% or more of the
voting power of the Voting Stock of the surviving or transferee Person and (ii) on and following the first public offering of Common Stock of the Company, immediately after such transaction, no “person” or “group” (as such
terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Permitted Holders, becomes, directly or indirectly, the Beneficial Owner of 50% or more of the voting power of the Voting Stock of the surviving or transferee
Person. 
 “CII” means Communications Infrastructure Investments, LLC, a Delaware limited liability company and
Zayo Group, LLC’s indirect parent company. 

  
 -6-

 “CII Limited Liability Company Agreement” means the Second Amended and
Restated Limited Liability Company Agreement of CII dated as of February 9, 2009 by and among CII and the persons listed on Schedule D thereto. 
 “Clearstream” means Clearstream Banking, Société Anonyme. 
 “Collateral” means all property pledged as collateral security for the Obligations pursuant to the Security Documents or otherwise, and all other property of any Issuer or any Guarantor
that is now or hereafter in the possession or control of the Collateral Agent, or on which the Collateral Agent has been granted a Lien. 
 “Collateral Agent” means SunTrust Bank, in its capacity as “Joint Collateral Agent” under the Intercreditor Agreement, and “Collateral Agent” under the Security
Agreement and the other the Security Documents, and any successor thereto in such capacity. 
 “Commission”
means the United States Securities and Exchange Commission. 
 “Common Stock” means, with respect to any
Person, any Capital Stock (other than Preferred Stock) of such Person, whether outstanding on the Issue Date or issued thereafter. 
 “Communications Act” means, collectively, the Communications Act of 1934, as amended by the Telecommunications Act of 1996, and as further amended, and the rules and regulations
promulgated thereunder, including, without limitation, CFR Title 47 and the rules, regulations and decisions of the FCC, in each case, as from time to time in effect. 
 “Company” means Zayo Escrow Corporation. 
 “Consolidated
Cash Flow” means, for any period, the Consolidated Net Income of the Company for such period plus: 

(1) provision for taxes based on income or profits of the Company and the Restricted Subsidiaries for such period, to the
extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
 (2) Fixed
Charges of the Company and the Restricted Subsidiaries for such period, to the extent that any such Fixed Charges were deducted in computing such Consolidated Net Income; plus 

(3) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses
that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was
paid in a prior period) of the Company and the Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 

(4) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the
ordinary course of business; 
 in each case, on a consolidated basis and determined in accordance with GAAP. 

  
 -7-

 Notwithstanding the preceding, the provision for taxes based on the income or profits of a
Restricted Subsidiary, and the Fixed Charges of and the depreciation and amortization and other non-cash expenses of a Restricted Subsidiary, will be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company (A) in the
same proportion that the net income of such Restricted Subsidiary was added to compute such Consolidated Net Income of the Company and (B) only to the extent that a corresponding amount would be permitted at the date of determination to be
dividended or distributed to the Company by such Restricted Subsidiary without prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter or any agreements, instruments,
judgments, decrees, orders, statutes, rules and governmental regulations applicable to that Subsidiary or its stockholders. 

“Consolidated Current Liabilities” as of the date of determination, means the aggregate amount of liabilities of the
Company and its consolidated Restricted Subsidiaries which may properly be classified as current liabilities (including taxes accrued as estimated), on a consolidated basis, after eliminating: 

(1) all intercompany items between the Company and any Restricted Subsidiary; and 

(2) all current maturities of long-term Indebtedness, all as determined in accordance with GAAP consistently applied.

 “Consolidated Leverage Ratio” as of any date of determination means the ratio of (x) the aggregate
amount of consolidated Indebtedness (or, in the case of Indebtedness issued at less than its principal amount at maturity, the accreted value thereof) of the Company and its Restricted Subsidiaries as of such date of determination to
(y) Consolidated Cash Flow for the most recent quarter for which internal financial statements are available preceding such date of determination (the “Reference Period”), multiplied by four; provided that: 

(1) if the transaction giving rise to the need to calculate the Consolidated Leverage Ratio is an Incurrence of Indebtedness, the amount
of such Indebtedness shall be calculated after giving effect on a pro forma basis to such Indebtedness; 
 (2) if the Company or
any Restricted Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness that was outstanding as of the end of the Reference Period, or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged on
the date of the transaction giving rise to the need to calculate the Consolidated Leverage Ratio (other than, in each case, Indebtedness Incurred under any revolving credit agreement), the aggregate amount of Indebtedness shall be calculated on a
pro forma basis, after giving effect to such repayment, repurchase, defeasement or discharge; 
 (3) if since the beginning of
the Reference Period the Company or any Restricted Subsidiary shall have made any Asset Sale, the Consolidated Cash Flow for the Reference Period shall be reduced by an amount equal to the Consolidated Cash Flow (if positive) directly attributable
to the assets which are the subject of such Asset Sale for the Reference Period or increased by an amount equal to the Consolidated Cash Flow (if negative) directly attributable thereto for the Reference Period; 

(4) if since the beginning of the Reference Period the Company or any Restricted Subsidiary (by merger or otherwise) shall have made an
Investment in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or other acquisition of assets which constitutes all or substantially all of an operating unit of a business, Consolidated Cash Flow for the Reference
Period shall be calculated after giving pro forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition occurred on the first day of the Reference Period; and 

  
 -8-

 (5) if since the beginning of the Reference Period any Person (that subsequently became a
Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such Reference Period) shall have made any Asset Sale, any Investment or acquisition of assets that would have required an adjustment
pursuant to clause (3) or (4) above if made by the Company or a Restricted Subsidiary during the Reference Period, Consolidated Cash Flow for the Reference Period shall be calculated after giving pro forma effect thereto as if such Asset
Sale, Investment or acquisition had occurred on the first day of the Reference Period. 
 For purposes of this definition,
whenever pro forma effect is to be given to an acquisition or disposition of assets, such pro forma calculation shall be made in good faith by a responsible financial or accounting officer of the Company. Any such pro forma calculation may include
adjustments appropriate, in the reasonable determination of the Company, as set forth in an Officers’ Certificate, to reflect (i) cost savings initiatives or cost savings synergies reasonably expected to result from any acquisition or
disposition and additional costs associated with such combination or divestiture not to exceed in the aggregate 17.5% of Consolidated Cash Flow for the Reference Period multiplied by four and (ii) all adjustments of the nature used in
connection with the calculation of “Adjusted EBITDA” as set forth in footnote 1 to the “Selected Historical Consolidated Financial Information” in the Offering Memorandum to the extent such adjustments, without duplication,
continue to be applicable to the relevant four quarter period; provided that (x) such cost savings initiatives or cost savings synergies and additional costs associated with such combination or divestiture are reasonably identifiable and
factually supportable and (y) such actions are reasonably expected to be taken no later than twelve months after the relevant transaction. 
 For purposes of this definition, in calculating the Consolidated Cash Flow and the aggregate amount of Indebtedness of the Company and its Restricted Subsidiaries, the Consolidated Cash Flow and
Indebtedness attributable to discontinued operations will be excluded. 
 If any Indebtedness bears a floating rate of interest
and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any interest rate swap
agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure to interest rates applicable to such Indebtedness if such interest rate agreement has a remaining term in excess of twelve months).

 If any Indebtedness is Incurred under a revolving credit facility and is being given pro forma effect, the interest on such
Indebtedness shall be calculated based on the average daily balance of such Indebtedness for the four quarters subject to the pro forma calculation to the extent such Indebtedness was Incurred solely for working capital purposes. 

“Consolidated Net Income” means, for any period, the aggregate of the net income (loss) of the Company and the
Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
 (1) the net income (loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included only to the extent of the amount of dividends or
distributions paid in cash to the Company or a Restricted Subsidiary; 
 (2) the net income (but not the net
loss) of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that net income is not at the date of determination permitted without any prior
governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted
Subsidiary or its equityholders; 

  
 -9-

 (3) the net income (loss) of any Person acquired during the specified period
for any period prior to the date of such acquisition will be excluded; 
 (4) any gain or loss, together with any
related provision for taxes on such gain or loss, realized in connection with: (a) any sale of assets outside the ordinary course of business of the Company; or (b) the disposition of any securities by the Company or a Restricted
Subsidiary or the extinguishment of any Indebtedness of the Company or any Restricted Subsidiary, will be excluded; 
 (5) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss, will be excluded; 

(6) any non-cash compensation expense realized for grants of performance shares, stock options or other rights to
officers, directors and employees of the Company and any Restricted Subsidiary will be excluded; provided that such shares, options or other rights can be redeemed at the option of the holder only for Capital Stock (other than Disqualified Stock of
the Company); and 
 (7) the cumulative effect of a change in accounting principles will be excluded. 

“Consolidated Net Tangible Assets” as of any date of determination, means the total amount of assets (less the sum of
goodwill and other intangibles, net) which would appear on a consolidated balance sheet of the Company and its consolidated Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, and after giving effect to the
acquisition or disposal of any property or assets consummated on or prior to such date and after deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the amounts of 

(1) minority interests in consolidated Subsidiaries held by Persons other than the Company or a Restricted Subsidiary;

 (2) treasury stock; 
 (3) cash set apart and held in a sinking or other analogous fund established for the purpose of redemption or other retirement of Capital Stock to the extent such obligation is not reflected in
Consolidated Current Liabilities; and 
 (4) Investments in and assets of Unrestricted Subsidiaries. 

“Consolidated Secured Debt Ratio” means, as of any date of determination, the ratio of (a) the aggregate amount of
consolidated Indebtedness (or in the case of Indebtedness issued at less than its principal amount at maturity, the accreted value thereof) of the Company and its Restricted Subsidiaries that is secured by Liens, as of the date of such
determination, to (b) Consolidated Cash Flow for the most recent fiscal quarter for which internal financial statements of the Company and its Restricted Subsidiaries are available preceding such date of determination, multiplied by four, in
each case with such pro forma adjustments to such total consolidated Indebtedness and Consolidated Cash Flow as are consistent with the adjustment provisions set forth in the definition of Consolidated Leverage Ratio. 

  
 -10-

 “Continuing Directors” means as of any date of determination, any member of
the Board of Directors of the Company who: 
 (1) was a member of such Board of Directors on the Issue Date; or

 (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 

“Controlling Authorized Representative” means the Authorized Representative of the Series of Pari Passu Obligations that
constitutes the largest outstanding principal amount of any thenoutstanding Series of Pari Passu Obligations 

“Controlling Secured Parties” means the Series of Pari Passu Secured Parties whose Authorized Representative is the
Controlling Authorized Representative. 
 “Corporate Trust Office of the Trustee” means the principal office of
the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at 400 South Hope Street, Suite 400, Los Angeles, California 90071 Attention: Corporate Trust Administration, or such
other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time
by notice to the Holders and the Company). 
 “Covenant Suspension” means, during any period of time following
the issuance of the Notes, that (i) the Notes have achieved an Investment Grade Rating, and (ii) no Default or Event of Default has occurred and is continuing under this Indenture. 

“Custodian” means the Paying Agent and Registrar, as custodian with respect to the Notes in global form, or any
successor entity thereto. 
 “Default” means any event that is, or with the passage of time or the giving of
notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the
name of the Holder thereof and issued in accordance with Section 2.06(c), (e) or (f), substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto. 
 “Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to the applicable provision of this Indenture. 
 “Designated Noncash Consideration” means the
Fair Market Value of noncash consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officers’ Certificate, setting
forth the basis of such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration. 

  
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 “Disinterested Member” means, with respect to any transaction or series of
related transactions, a member of the Company’s Board of Directors who does not have any material direct or indirect financial interest in or with respect to such transaction or series of related transactions and is not an Affiliate, or an
officer, director, member of a supervisory, executive, or management board, or employee of any Person (other than the Company or a Restricted Subsidiary) who has any direct or indirect financial interest in or with respect to such transaction or
series of related transactions. 
 “Disqualified Stock” means any Capital Stock that (i) by its terms,
(ii) by the terms of any security into which it is convertible or for which it is exchangeable, or (iii) by contract or otherwise, is, or upon the happening of any event or passage of time would be, required to be redeemed on or prior to
the date that is 180 days after the date on which the Notes mature, or is redeemable at the option of the holder thereof, in any such case on or prior to such date. Notwithstanding the preceding sentence, any Capital Stock that would constitute
Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if (i) the
“asset sale” or “change of control” provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the covenants set forth under Section 4.07 and Section 4.09 and
(ii) such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision prior to the Company’s repurchase of such Notes as are required to be repurchased pursuant to covenants
set forth under Section 4.07 and Section 4.09. The term “Disqualified Stock” will also include any options, warrants or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the holder,
or are required to be redeemed, prior to the date that is one year after the date on which the Notes mature. 

“Domestic Subsidiary” means any Restricted Subsidiary other than a Restricted Subsidiary that is (1) a
“controlled foreign corporation” under Section 957 of the Internal Revenue Code (a) whose primary operating assets are located outside the United States and (b) that is not subject to tax under Section 882(a) of the
Internal Revenue Code because of a trade or business within the United States or (2) a Subsidiary of an entity described in the preceding clause (1). 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock). 
 “Equity Offering” means any public sale or private placement of Capital Stock (other than
Disqualified Stock) of the Company or a direct or indirect parent of the Company to the extent the proceeds thereof are contributed to the Company (other than pursuant to a registration statement on Form S-8 or otherwise relating to equity
securities issuable under any employee benefit plan of the Company) to any Person other than any Subsidiary thereof. 

“Escrow Termination Notice” shall have the meaning set forth in the Escrow Agreement. 

“Escrowed Funds” means the funds on deposit in the Escrow Account which shall be used to fund the AboveNet Acquisition
or the Special Mandatory Redemption. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the
Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor
statute, and the rules and regulations promulgated by the Commission thereunder. 
 “Exchange Notes” means any
notes issued in exchange for the Notes pursuant to Section 2.06(f). 
 “Exchange Offer” has the meaning
set forth in the Registration Rights Agreement. 

  
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 “Exchange Offer Registration Statement” has the meaning set forth in the
Registration Rights Agreement. 
 “Excluded Deposit Accounts” means, collectively, (i) each disbursement
account that has a balance no greater than the amount necessary to cover outstanding checks drawn on such account, (ii) petty cash deposit accounts of Grantors that have an aggregate balance no greater than $10,000, (iii) employee benefit
trust accounts, so long as the balance therein does not exceed as of any date of determination the Company’s estimate of employee benefit claims to be paid in the remaining portion of such fiscal year (or, with respect to any date of
determination in the last fiscal month of any fiscal year, the Company’s estimate of employee benefit claims to be paid in the remaining portion of such fiscal year and during the next succeeding fiscal year) from such date of determination
(provided, that at any time that a Default exists, Grantors shall not deposit additional funds into such account except to the extent necessary to pay accrued and unpaid employee benefit claims that are then due and payable), and (iv) other
deposit accounts with balances not to exceed $5,000,000 in the aggregate. 
 “Existing Indebtedness” means the
aggregate amount of Indebtedness of the Company and the Restricted Subsidiaries (other than Indebtedness under the New Credit Facilities, under the Notes and the related Note Guarantees or under the Unsecured Notes and the related Guarantees) in
existence on the Issue Date , including without limitation the 10.25% senior secured first-priority notes due 2017 issued by Zayo Group, LLC and Zayo Capital, Inc., which remain outstanding after the date of the Assumption, after giving effect to
the issuance of the Notes and the Unsecured Notes and the application of the proceeds of (1) the Notes and the Unsecured Notes and (2) any borrowings made under the New Credit Facilities on the Assumption Date. 

“Fair Market Value” means the price that would be paid in an arm’s-length transaction between an informed and
willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by the Board of Directors of the Company, whose determination will be conclusive if evidenced by a Board Resolution.

 “FCC” means the Federal Communications Commission or successor agency. 

“FCC License” means the licenses, authorizations, waivers and permits required under the Communications Act necessary
for the Company and its direct and indirect Subsidiaries to own and operate their properties and their businesses. 

“Fixed Charges” means, for any period, the sum, without duplication, of: 

(1) the consolidated interest expense of the Company and the Restricted Subsidiaries for such period, whether paid or
accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with
Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations; plus

 (2) to the extent not included within (1) of this definition of Fixed Charges, the consolidated interest
of the Company and the Restricted Subsidiaries that was capitalized during such period; plus 

  
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 (3) any interest expense on Indebtedness of another Person that is
Guaranteed by the Company or one of the Restricted Subsidiaries or secured by a Lien on assets of the Company or a Restricted Subsidiary, whether or not such Guarantee or Lien is called upon; plus 

(4) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of
Disqualified Stock of the Company or a Restricted Subsidiary or Preferred Stock of a Restricted Subsidiary, other than dividends on Equity Interests payable solely in Equity Interests (other than Disqualified Stock) of the Company or to the Company
or a Restricted Subsidiary, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of the issuer of such Disqualified or Preferred
Stock, expressed as a decimal; 
 in each case, on a consolidated basis and in accordance with GAAP. 

“Foreign Subsidiary” means any Restricted Subsidiary other than a Domestic Subsidiary. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants, in the opinions and pronouncements of the Public Company Accounting Oversight Board, and in the statements and pronouncements of the Financial Accounting Standards Board, or
in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date from time to time. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(ii), which is required to be placed on all
Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the
Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto, issued in accordance with Section 2.01, 2.06(b), 2.06(d), 2.06(f) or 2.06(j). 

“Government Securities” means securities that are direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged. 
 “Grantor” means the Issuers and each Guarantor that
is, from time to time, party to the Security Agreement as a “grantor” thereunder. 
 “Guarantee”
means, as to any Person, a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner, including, without limitation, by way of a pledge of assets or through
letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another Person, but excluding endorsements for collection or deposit in the normal course of business. 

“Guarantors” means: 
 (1) the Initial Guarantors; and 
 (2) any other subsidiary that
executes a Note Guarantee in accordance with the provisions of this Indenture; 
 and their respective successors and assigns until released
from their obligations under their Note Guarantees and this Indenture in accordance with the terms of this Indenture. 

  
 -14-

 “Hedging Obligations” means, with respect to any specified Person, the
obligations of such Person under: 
 (1) any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement or other similar agreement or arrangement; 

(2) any commodity forward contract, commodity swap agreement, commodity option agreement or other similar agreement or
arrangement; or 
 (3) any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement. 
 “Holder” means a Person in whose name a Note is registered. 

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become directly
or indirectly liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness (the terms “Incurrence” and “Incurred” have correlative meanings); provided that
(1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary will be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary and (2) neither the accrual of interest nor the
accretion of original issue discount nor the payment of interest in the form of additional Indebtedness with the same terms or the payment of dividends on Disqualified Stock or Preferred Stock in the form of additional shares of the same class of
Disqualified Stock or Preferred Stock (to the extent provided for when the Indebtedness or Disqualified Stock or Preferred Stock on which such interest or dividend is paid was originally issued) will be considered an Incurrence of Indebtedness.

 “Indebtedness” means, with respect to any specified Person, whether or not contingent: 

(1) all indebtedness of such Person in respect of borrowed money; 

(2) all obligations of such Person evidenced by bonds, notes, debentures or similar instruments; 

(3) all obligations of such Person in respect of banker’s acceptances, letters of credit or similar instruments (or
reimbursement obligations in respect thereof); 
 (4) all Capital Lease Obligations of such Person; 

(5) all obligations of such Person in respect of the deferred and unpaid balance of the purchase price of any property or
services, except any such balance that constitutes an accrued expense or trade payable; 
 (6) all Hedging
Obligations of such Person; 
 (7) all Disqualified Stock issued by such Person, valued at the greater of its
voluntary or involuntary liquidation preference and its maximum fixed repurchase price plus accrued dividends; 

  
 -15-

 (8) all Preferred Stock issued by a Subsidiary of such Person, valued at the
greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price plus accrued dividends; 
 (9) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person); provided that the amount of such Indebtedness
will be the lesser of (A) the Fair Market Value of such asset at such date of determination and (B) the amount of such Indebtedness; and 
 (10) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person. 
 For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock which does not have a fixed repurchase price will be calculated in accordance with the
terms of such Disqualified Stock or Preferred Stock, as applicable, as if such Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness will be required to be determined pursuant to this Indenture. The amount of any
Indebtedness outstanding as of any date will be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving
rise to the obligation. The amount of any Indebtedness described in clauses (1) and (2) above will be: 

(1) the accreted value thereof, in the case of any Indebtedness issued with original issue discount; and 

(2) the principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of
any other Indebtedness. 
 For purposes of determining any particular amount of Indebtedness, (x) Guarantees, Liens or
obligations with respect to letters of credit supporting Indebtedness otherwise included in the determination of such particular amount shall not be included, and (y) any Liens granted pursuant to the equal and ratable provisions in
Section 4.06 shall not be treated as Indebtedness. 
 “Indenture” means this Indenture, as amended or
supplemented from time to time. 
 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Initial Guarantors” means all of the Domestic Subsidiaries of the
Company as of the Issue Date. 
 “Initial Notes” has the meaning set forth in the recitals hereto. 

“Initial Purchasers” means Morgan Stanley & Co. LLC, Barclays Capital Inc., Goldman, Sachs & Co., RBC
Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and UBS Securities LLC. 
 “Intercreditor Agreement”
means that certain Collateral Agency and Intercreditor Agreement, dated as of the date of the Assumption, by and among the Zayo Group, LLC, Zayo Capital, Inc., the Guarantors, the Trustee (as Authorized Representative for the Holders of the Notes),
the New Credit Facility Agent, and the Collateral Agent, with respect to the Collateral, as may be amended from time to time in accordance with its terms. 

  
 -16-

 “Intercreditor Event of Default” means an “Event of Default”
under and as defined in the New Credit Facilities, this Indenture or any other agreement governing any Secured Credit Document. 

“Interest Payment Date” means January 1 and July 1 of each year to Maturity. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or
the equivalent) by S&P or an equivalent rating by another Rating Agency. 
 “Investments” in any Person
means all direct or indirect investments in such Person in the form of loans or other extensions of credit (including Guarantees), advances, capital contributions (by means of any transfer of cash or other property to others or any payment for
property or services for the account or use of others), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by such Person, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. 
 If the Company or any Restricted Subsidiary sells or
otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary, the Company will be deemed to have made an
Investment on the date of any such sale or disposition equal to the Fair Market Value of the Investment in such Subsidiary not sold or disposed of. The acquisition by the Company or any Restricted Subsidiary of a Person that holds an Investment in a
third Person will be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investment held by the acquired Person in such third Person unless such Investment
in such third party was not made in anticipation or contemplation of the Investment by the Company or such Restricted Subsidiary and such third party Investment is incidental to the primary business of such Person in whom the Company or such
Restricted Subsidiary is making such Investment. 
 “Issue Date” means the first date Notes are issued under
this Indenture. 
 “Issuers” means Zayo Escrow Corporation. 

“Joinder Agreement” means an agreement in form and substance substantially similar to Exhibit A to the Intercreditor
Agreement, pursuant to which an additional Series of Pari Passu Obligations become a party to the Intercreditor Agreement, in accordance with the applicable terms thereof. 
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Issuers and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer.

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“Major Non-Controlling Authorized Representative” means the the Authorized Representative of the Series of Pari Passu
Obligations that then constitutes the next largest outstanding principal amount of any then outstanding Series of Pari Passu Obligations with respect to the Collateral. 
 “Moody’s” means Moody’s Investors Service, Inc. 

  
 -17-

 “Net Available Cash” means the aggregate proceeds, including payments in
respect of deferred payment obligations (to the extent corresponding to the principal, but not the interest component, thereof), received in Cash Equivalents by the Company or any Restricted Subsidiary in respect of any Asset Sale (including,
without limitation, any Cash Equivalents received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale, including, without limitation, legal,
accounting, investment banking, and brokerage fees, sales commissions, and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as a result thereof, in each case, after taking into account any available tax credits or
deductions and any tax sharing arrangements relating to such Asset Sale, (3) in the case of any Asset Sale by a Restricted Subsidiary, payments to holders of Equity Interests in such Restricted Subsidiary in such capacity (other than such
Equity Interests held by the Company or any Restricted Subsidiary) to the extent that such payment is required to permit the distribution of such proceeds in respect of the Equity Interests in such Restricted Subsidiary held by the Company or any
Restricted Subsidiary and (4) appropriate amounts to be provided by the Company or the Restricted Subsidiaries as a reserve against liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment
benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale, all as determined in accordance with GAAP; provided that (a) excess amounts set aside for
payment of taxes pursuant to clause (2) above remaining after such taxes have been paid in full or the statute of limitations therefor has expired and (b) amounts initially held in reserve pursuant to clause (4) no longer so held,
will, in the case of each of subclause (a) and (b), at that time become Net Available Cash. 
 “New Credit
Facilities” means that certain Credit Facility, to be dated the date the AboveNet Acquisition is consummated, made by and among Zayo Group, LLC and Zayo Capital, Inc., as borrowers, the Guarantors party thereto, Morgan Stanley Senior
Funding, Inc., as Authorized Representative for the New Credit Facility Lenders and as administrative agent for the New Term Loan Facility, SunTrust Bank, as administrative agent for the New Revolving Credit Facility, and issuing bank and SunTrust
Bank, as collateral agent, and the other Lenders party thereto, providing for up to $250,000,000 million of revolving credit borrowings and $1,620,000,000 of term loans, including any related notes, Guarantees, instruments and agreements executed in
connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time, regardless of whether such amendment, restatement, modification, renewal, refunding, replacement or refinancing is
with the same financial institutions or otherwise 
 “New Credit Facility Agent” means Morgan Stanley Senior
Funding, Inc., in its capacity as Authorized Representative for the New Credit Facility Lenders and administrative agent for the New Term Loan Facility. 
 “New Credit Facility Lenders” means the financial institutions and other Persons from time to time parties to the New Credit Facilities as lenders and/or issuing banks. 

“New Credit Facility Obligations” means the Obligations under the New Credit Facilities and other “Loan
Documents” (as defined in the credit agreement governing the New Credit Facilities). 
 “New Revolving Credit
Facility” means the revolving credit facility under the New Credit Facilities. 
 “New Term Loan
Facility” means the term loan facility under the New Credit Facilities. 
 “Non-U.S. Person” means a
Person who is not a U.S. Person. 

  
 -18-

 “Note Guarantee” means a Guarantee of the Notes pursuant to this Indenture.

 “Notes” means any Note authenticated and delivered under this Indenture including Initial Notes, Exchange
Notes and any Additional Notes. 
 “Notes Obligations” means Obligations under this Indenture and the Note
Guarantees. 
 “Obligations” with respect to any Indebtedness means any principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities payable under the documentation governing such Indebtedness. 

“Offer to Purchase” means an offer by the Company to purchase Notes from the Holders commenced by delivering a notice to
the Trustee and each Holder stating: 
 (1) the provision of this Indenture pursuant to which the offer is being
made and that all Notes validly tendered will be accepted for payment on a pro rata basis; 
 (2) the purchase
price and the date of purchase, which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such notice is mailed (the “Payment Date”); 

(3) that any Note not tendered will continue to accrue interest pursuant to its terms; 

(4) that, unless the Issuers default in the payment of the purchase price, any Note accepted for payment pursuant to the
Offer to Purchase shall cease to accrue interest on and after the Payment Date; 
 (5) that Holders electing to
have a Note purchased pursuant to the Offer to Purchase will be required to surrender the Note, together with the completed form entitled “Option of the Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying
Agent at the address specified in the notice prior to the close of business on the Business Day immediately preceding the Payment Date; 
 (6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, facsimile
transmission or letter setting forth the name of such Holder, the principal amount of Notes delivered for purchase and a statement that such Holder is withdrawing his election to have such Notes purchased; and 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

  
 -19-

 On the Payment Date, the Company shall (a) accept for payment on a pro rata basis Notes
or portions thereof (and, in the case of an Offer to Purchase made pursuant to Section 4.07, any other Pari Passu Debt included in such Offer to Purchase) tendered pursuant to an Offer to Purchase; (b) deposit with the Paying Agent money
sufficient to pay the purchase price of all Notes or portions thereof so accepted; and (c) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so accepted together with an Officers’ Certificate specifying the
Notes or portions thereof accepted for payment by the Company. The Paying Agent shall promptly deliver to the Holders of Notes so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail to such
Holders a new Note equal in principal amount to any unpurchased portion of the Note surrendered; provided that each Note purchased and each new Note issued shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.
The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date. The Trustee shall act as the “Paying Agent” for an Offer to Purchase. The Company will comply with Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder, to the extent such laws and regulations are applicable, in the event that the Company is required to repurchase Notes pursuant to an Offer to Purchase. To the extent that the
provisions of any securities laws or regulations conflict with the provisions of this Indenture relating to an Offer to Purchase, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its
obligations under such provisions of this Indenture by virtue of such conflict. 
 “Offering Memorandum” means
the offering memorandum, dated June 14, 2012, relating to the sale of the Initial Notes. 
 “Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice
President of such Person. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company
by at least two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of this Indenture.

 “Opinion of Counsel” means an opinion from legal counsel that is reasonably acceptable to the Trustee (who
may be counsel to or an employee of the Company) and that meets the requirements of this Indenture. 
 “Parent”
means Zayo Group Holdings Inc., and any other direct or indirect parent company of the Company. 
 “Pari Passu
Debt” means (a) any Indebtedness of the Issuers that ranks equally in right of payment with the Notes or (b) any Indebtedness of a Guarantor that ranks equally in right of payment with such Guarantor’s Note Guarantee.

 “Pari Passu Obligations” means, collectively, the New Credit Facility Obligations, the Notes Obligations,
and each Series of Additional Pari Passu Obligations. 
 “Pari Passu Secured Parties” means, collectively, the
Collateral Agent, the New Credit Facility Parties and the Notes Secured Parties (each as defined below in the definition of “Series”), and any Additional Pari Passu Parties. 

“Pari Passu Security Documents” means each security agreement, pledge agreement, deed of trust, mortgage and other
agreement entered into in favor of the Collateral Agent for purposes of securing the Pari Passu Obligations and each financing statement and other document or instrument delivered to create, perfect or continue the Liens thereby created. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

  
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 “Permitted Additional Pari Passu Obligations” means any Additional Pari
Passu Obligations (whether or not consisting of Additional Notes) not more than equally and ratably secured on a first-lien basis with the Notes by Liens on the Collateral (it being understood, for the avoidance of doubt, that Permitted Additional
Pari Passu Obligations (i) may be secured on a first-lien basis with the Notes by Liens on less than all of the Collateral, (ii) may have different mandatory prepayment provisions than those applicable to the Notes and (iii) may be
subject to scheduled amortization and/or mature earlier or later than the Notes); provided that, as of the date of Incurrence of such Permitted Additional Pari Passu Obligations, after giving effect thereto and the application of the proceeds
therefrom, the Consolidated Secured Debt Ratio of the Company and its Restricted Subsidiaries would be no greater than 4.5 to 1.0. 
 “Permitted Business” means any business conducted or proposed to be conducted (as described in the Offering Memorandum) by the Company and the Restricted Subsidiaries on the Issue Date,
and other businesses reasonably related or ancillary thereto. 
 “Permitted Holders” means any of Battery
Venture, Bear Equity LLC, Bear Investments LLP, Centennial Ventures, Charlesbank Capital Partners, Chestnut Venture Partners, Columbia Capital, GTCR LLC, M/C Venture Partners, Morgan Stanley Alternative Investment Partners, Oak Investment Partners
ESU Investments LLC, Tablerock Investments, VP Holdings and any Affiliate thereof. 
 “Permitted Investments”
means: 
 (1) any Investment in the Company or in a Restricted Subsidiary provided that any investment in a
Restricted Subsidiary that is not a Domestic Subsidiary shall be reasonably related to the operations of such Restricted Subsidiary; 
 (2) any Investment in Cash Equivalents; 
 (3) any Investment by the
Company or any Restricted Subsidiary in a Person, if as a result of such Investment: 
 (a) such Person becomes a
Restricted Subsidiary; or 
 (b) such Person is merged, consolidated or amalgamated with or into, or transfers or
conveys all or substantially all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary; 
 (4) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.07; 

(5) Hedging Obligations that are designed solely to protect the Company or its Restricted Subsidiaries against
fluctuations in interest rates, commodity prices or foreign currency exchange rates (or to reverse or amend any such agreements previously made for such purposes), and not for speculative purposes, and that do not increase the Indebtedness of the
obligor outstanding at any time other than as a result of fluctuations in interest rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnifies and compensation payable thereunder; 

(6) (i) stock, obligations or securities received in satisfaction of judgments, foreclosure of Liens or settlement of
Indebtedness and (ii) any Investments received in compromise of obligations of any trade creditor or customer that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon
the bankruptcy or insolvency of any such Person; 

  
 -21-

 (7) advances to customers or suppliers in the ordinary course of business
that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the balance sheet of the Company or the Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of
business; 
 (8) commission, payroll, travel and similar advances to officers and employees of the Company or any
Restricted Subsidiary that are expected at the time of such advance ultimately to be recorded as an expense in conformity with GAAP; 
 (9) Investments by the Company or any Restricted Subsidiary in an aggregate amount at the time of such Investment not to exceed, at any one time outstanding, the greater of (x) $100 million or
(y) 5% of Consolidated Net Tangible Assets of the Company, determined as of the end of the most recent quarter of the Company for which financial statements of the Company are available; 

(10) lease, utility and other similar deposits in the ordinary course of business; 

(11) Investments existing on the Issue Date; and 

(12) other Investments in any Unrestricted Subsidiary or joint venture having an aggregate Fair Market Value (measured on
the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (12) since the Issue Date, not to exceed $50 million. 

“Permitted Liens” means: 
 (1) Liens on the assets of any Issuer and any Guarantor securing Indebtedness Incurred under Section 4.03(b)(1) (including Liens securing Indebtedness under the New Credit Facilities); 

(2) Liens in favor of the Company or any Restricted Subsidiary that is a Guarantor; 

(3) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company
or any Restricted Subsidiary; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company or the
Restricted Subsidiary; 
 (4) Liens on property of a Person existing at the time of acquisition thereof by the
Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such acquisition and do not extend to any property other than the property so acquired by the Company or the Restricted
Subsidiary; 
 (5) Liens securing the Notes and the Note Guarantees; 

(6) Liens existing on the Issue Date (other than any Liens securing Indebtedness Incurred under Section 4.03(b)(1));

 (7) Liens securing Permitted Refinancing Indebtedness; provided that such Liens do not extend to any property
or assets other than the property or assets that secure the Indebtedness being refinanced; 

  
 -22-

 (8) Liens on property or assets securing Indebtedness used to defease or to
satisfy and discharge the Notes; provided that (a) the Incurrence of such Indebtedness was not prohibited by this Indenture and (b) such defeasance or satisfaction and discharge is not prohibited by this Indenture; 

(9) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.03(b)(4); provided that
any such Lien (i) covers only the assets acquired, constructed or improved with such Indebtedness and (ii) is created within 180 days of such acquisition, construction or improvement; 

(10) Liens on Cash Equivalents securing Hedging Obligations of the Company or any Restricted Subsidiary (a) that are
Incurred for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for speculative purposes, or
(b) securing letters of credit that support such Hedging Obligations; 
 (11) Liens incurred or deposits
made in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other social security obligations; 
 (12) Lien, deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of Indebtedness), leases, or other similar obligations arising in the ordinary
course of business; 
 (13) survey exceptions, encumbrances, easements or reservations of, or rights of other
for, rights-of-way, zoning or other restrictions as to the use of properties, and defects in title which, in the case of any of the foregoing, were not incurred or created to secure the payment of Indebtedness, and which in the aggregate do not
materially adversely affect the value of such properties or materially impair the use for the purposes of which such properties are held by the Company or any Restricted Subsidiary; 

(14) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights
related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 
 (15) Liens, deposits or pledges to secure public or statutory obligations, surety, stay, appeal, indemnity, performance or other similar bonds or obligations; and Liens, deposits or pledges in lieu of
such bonds or obligations, or to secure such bonds or obligations, or to secure letters of credit in lieu of or supporting the payment of such bonds or obligations; 

(16) Liens in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with respect
to money or instruments of the Company or any Subsidiary thereof on deposit with or in possession of such bank; 

(17) any interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or
sublicense (other than any property that is the subject of a Sale and Leaseback Transaction); 
 (18) Liens for
taxes, assessments and governmental charges not yet delinquent or being contested in good faith and for which adequate reserves have been established to the extent required by GAAP; 

  
 -23-

 (19) Liens arising from precautionary Uniform Commercial Code financing
statements regarding operating leases or consignments; 
 (20) Liens of franchisors in the ordinary course of
business not securing Indebtedness; 
 (21) Liens on assets of Restricted Subsidiaries that are not Guarantors
securing Indebtedness of such Restricted Subsidiaries permitted to be incurred under Section 4.03; 
 (22)
Liens securing Permitted Additional Pari Passu Obligations; 
 (23) Liens incidental to the conduct of the
Company’s or such Restricted Subsidiary’s business or the ownership of its property and assets not securing any Indebtedness and which do not in the aggregate materially detract from the value of the Company’s or such Restricted
Subsidiary’s (as the case may be) assets or materially impair the use thereof in the operation of its business; and 
 (24) Other liens in an amount not to exceed $25 million at any one time outstanding. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary issued in exchange for, or the net cash proceeds of which are used to extend,
refinance, renew, replace, defease or refund other Indebtedness of the Company or any Restricted Subsidiary (other than Indebtedness owed to the Company or to any Subsidiary of the Company); provided that: 

(1) the amount of such Permitted Refinancing Indebtedness does not exceed the amount of the Indebtedness so extended,
refinanced, renewed, replaced, defeased or refunded (plus all accrued and unpaid interest thereon and the amount of any reasonably determined premium necessary to accomplish such refinancing and such reasonable expenses incurred in connection
therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity date later than the final
maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of
payment to the Notes or the Note Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or the Note Guarantees, as applicable, on terms at least as favorable, taken as a whole, to the Holders of Notes as
those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 
 (4) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is Pari Passu Debt, such Permitted Refinancing Indebtedness ranks equally in right of payment with, or is
subordinated in right of payment to, the Notes or such Note Guarantees; and 
 (5) such Indebtedness is Incurred
by either (a) the Restricted Subsidiary that is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded or (b) the Company or a Guarantor. 

  
 -24-

 “Person” means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited liability company, or government or other entity. 

“Preferred Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights to
any other Capital Stock of such Person with respect to dividends or redemptions upon liquidation. 
 “Private Placement
Legend” means the legend set forth in Section 2.06(g)(i) to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Rating Agencies” means Moody’s and S&P or if Moody’s or S&P or both shall not make a rating on the
Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Board of Directors) which shall be substituted for Moody’s or S&P or
both, as the case may be. 
 “Real Property” means any estates or interests in real property now owned or
hereafter acquired by any Grantor and the improvements thereto. 
 “Receivables Facility” means one or more
receivables financing facilities or arrangements, as amended or modified from time to time, pursuant to which the Company or any Subsidiary sells (including a sale in exchange for a promissory note or Capital Stock of a Receivables Subsidiary) its
accounts receivable to a Receivables Subsidiary or a Receivables Subsidiary sells accounts receivables to any other Person; provided such transaction is on market terms at the time the Company or such Subsidiary enters into such transaction.

 “Receivables Subsidiary” means a Subsidiary of the Company which engages in no activities other than those
reasonably related to or in connection with the entering into of receivables securitization transactions and which is designated by the Board of Directors (as provided below) as a Receivables Subsidiary and; 

(1) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which: 

(A) is guaranteed by the Company or any Restricted Subsidiary (excluding Guarantees (other than the principal of, and
interest on, Indebtedness) pursuant to Standard Securitization Undertakings); 
 (B) is recourse to or obligates
the Company or any Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings; or 
 (C) subjects any property of the Company or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization
Undertakings; 
 (2) with which neither the Company nor any Restricted Subsidiary has any material contract,
agreement, arrangement or understanding other than on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, other than fees payable in
the ordinary course of business in connection with servicing accounts receivable of such entity; and 

  
 -25-

 (3) to which neither the Company nor any Restricted Subsidiary has any
obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results other than pursuant to Standard Securitization Undertakings. Any designation of a Subsidiary as a
Receivable Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors giving effect to the designation and an Officers’ Certificate certifying that the designation
complied with the preceding conditions and was permitted by the Notes Indenture. 
 “Record Date” for the
interest or Additional Interest, if any, payable on any applicable Interest Payment Date means the June 15 or December 15 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

“Redemption Date” when used with respect to any Note to be redeemed pursuant to any provision in this Indenture means
the date fixed for such redemption pursuant to this Indenture. 
 “Registration Rights Agreement” means
(1) with respect to the Notes issued on the Issue Date, the Registration Rights Agreement, to be dated the date of the Assumption, among the Issuers the Guarantors, and the Initial Purchasers and (2) with respect to any Additional Notes,
any registration rights agreement among the Issuers, the Guarantors and the other parties thereto relating to the registration by the Issuers and the Guarantors of such Additional Notes under the Securities Act. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Regulation S Global Note” means a Regulation S Temporary Global Note or a Regulation S Permanent Global
Note, as appropriate. 
 “Regulation S Permanent Global Note” means a Global Note substantially in the
form of Exhibit A-1 hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes sold in reliance on Regulation S. 
 “Regulation S Temporary Global
Note” means a temporary Global Note in the form of Exhibit A-2, bearing the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with or on behalf of and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
 “Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(iii) to be placed on the Regulation S Temporary Global Note. 

“Replacement Assets” means (1) non-current assets that will be used or useful in a Permitted Business,
(2) substantially all the assets of a Permitted Business, or (3) a majority of the Voting Stock of any Person engaged in a Permitted Business that will become on the date of acquisition thereof a Restricted Subsidiary. 

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively,
or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

  
 -26-

 “Restricted Definitive Note” means a Definitive Note bearing the Private
Placement Legend. 
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend.

 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S.

 “Restricted Subsidiary” of a Person means any Subsidiary of such Person (or if no such Person is specified,
the Company) that is not an Unrestricted Subsidiary. 
 “Reversion Date” means, during any period of time
during which the Company and the Restricted Subsidiaries are not subject to Sections 4.03, 4.04, 4.05, 4.07, 4.11 and 5.01(a)(3) (collectively, the “Suspended Covenants”) as a result of a Covenant Suspension, the date on which the
Notes cease to have an Investment Grade rating or a Default or Event of Default occurs and is continuing, and after which date the Suspended Covenants will thereafter be reinstated as if such covenants had never been suspended and such Suspended
Covenants will be applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of this Indenture). 

“Revolving Loan Lenders” means the financial institutions and other Persons from time to time parties to the Credit
Agreement as lenders and/or issuing banks. 
 “Revolving Loan Obligations” means the Obligations under the
Credit Agreement and other “Loan Documents” (as defined in the Credit Agreement). 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 903” means Rule 903 promulgated under the Securities Act. 

“Rule 904” means Rule 904 promulgated under the Securities Act. 

“S&P” means Standard & Poor’s Rating Services. 

“Sale and Leaseback Transaction” means, with respect to any Person, any transaction involving any of the assets or
properties of such Person whether now owned or hereafter acquired, whereby such Person sells or otherwise transfers such assets or properties and then or thereafter leases such assets or properties or any part thereof or any other assets or
properties which such Person intends to use for substantially the same purpose or purposes as the assets or properties sold or transferred. 
 “Secured Credit Documents” means, collectively, (i) the New Credit Facilities, the other “Loan Documents” (as defined in the New Credit Facilities) and any other agreement
pursuant to which the Company and any of its Subsidiaries will or may incur New Credit Facility obligations, (ii) this Indenture and the Note Guarantees, and (iii) each loan agreement, credit agreement, indenture or other agreement entered
into by the Company after the date of this Agreement, if any, pursuant to which the Company or any of its Subsidiaries will incur Additional Pari Passu Obligations. 

  
 -27-

 “Securities Act” means the Securities Act of 1933, as amended, or any
successor statute, and the rules and regulations promulgated by the Commission thereunder. 
 “Security
Agreement” means that certain Security Agreement, dated as of the Assumption, made by and among the Issuers, the Guarantors and the Collateral Agent, as amended, modified, renewed, restated or replaced, in whole or in part, from time to
time, in accordance with its terms. 
 “Security Documents” means the Intercreditor Agreement, the Security
Agreement and all other pledge agreements, collateral assignments, mortgages, collateral agency agreements, deeds of trust or other grants or transfers for security executed and delivered by the Company, Capital or a Guarantor creating (or
purporting to create) a Lien upon the Collateral as contemplated by this Indenture, the New Credit Facilities or the Security Agreement, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in
accordance with its terms. 
 “Series” means (a) with respect to the Pari Passu Secured Parties,
(i) the New Credit Facility Agent, the New Credit Facility Lenders and the other holders of New Credit Facility Obligations (in their capacities as such, the “New Credit Facility Parties”), (ii) the Holders of the Notes
and the Trustee (in their capacities as such, the “Notes Secured Parties”) and (iii) the Additional Pari Passu Secured Parties that become subject to the Intercreditor Agreement after the Issue Date and that are represented by
a common Authorized Representative; and (b) with respect to any Pari Passu Obligations, each of the New Credit Facility Obligations, the Notes Obligations, and the Additional Pari Passu Obligations incurred pursuant to any applicable agreement,
which pursuant to a Joinder Agreement, are to be represented under the Intercreditor Agreement by a common Authorized Representative. 
 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement. 

“Significant Subsidiary” means (a) with respect to any Person, any Subsidiary that would constitute a
“significant subsidiary” within the meaning of Article 1 of Regulation S-X of the Securities Act, and (b) in addition, with respect to the Company, Zayo Capital, Inc. 

“Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the
Company or any Restricted Subsidiary that are reasonably customary in receivables financing facilities, including, without limitation, servicing of the obligations thereunder. 
 “State PUC” means any state regulatory agency or body that exercises jurisdiction over the rates or services or the ownership, construction or operation of any intrastate network facility
or telecommunications systems or over Persons who own, construct or operate an intrastate network facility or telecommunications systems, in each case, by reason of the nature or type of the business subject to regulation and not pursuant to laws
and regulations of general applicability to a Person conducting business in such state. 
 “State PUC License”
means any license, certificate or other authorization issued by any State PUC to permit the Company and its direct and indirect Subsidiaries to offer intrastate telecommunications services in the state. 

  
 -28-

 “State Telecommunication Laws” means the statutes of the states of the
United States and the District of Columbia governing the provisions of telecommunications services and the rules, regulations and published policies, procedures, orders and decisions of the applicable State PUC 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the
date on which such installment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof. 
 “Subsidiary” means, with respect to any
Person: 
 (1) a corporation a majority of whose Voting Stock is at the time owned or controlled, directly or
indirectly, by such Person, one or more Subsidiaries thereof, or such Person and one or more Subsidiaries thereof; and 
 (2) any other Person (other than a corporation), including, without limitation, a partnership, limited liability company, business trust or joint venture, in which such Person, one or more Subsidiaries
thereof, or such Person and one or more Subsidiaries thereof, directly or indirectly, at the date of determination thereof, has at least majority ownership interest entitled to vote in the election of directors, managers or trustees thereof (or
other Person performing similar functions). 
 “Transfer Agent” means the Person specified in Section 2.03
as the Transfer Agent, and any and all successors thereto, to receive on behalf of the Registrar any Notes or Exchange Notes for transfer or exchange pursuant to this Indenture. 

“Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a
constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days prior to the date fixed for prepayment (or, if such Statistical
Release is no longer published, any publicly available source for similar market data)) most nearly equal to the then-remaining term of the Notes to July 1, 2015; provided that if the then-remaining term of the Notes from the redemption date to
July 1, 2015, is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate will be obtained by linear interpolation (calculated to the nearest one-twelfth of a year)
from the weekly average yields of United States Treasury securities for which such yields are given, except that if the then remaining term of the Notes to July 1, 2015, is less than one year, the weekly average yield on actually traded United
States Treasury securities adjusted to a constant maturity of one year will be used. 
 “Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, or any successor statute. 
 “Trustee” means The Bank of New
York Mellon Trust Company N.A., as trustee, until a successor replaces it in accordance with Section 7.08 and thereafter means the successor serving hereunder. 
 “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions
of law, any or all of the perfection or priority of the Collateral Agent’s security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other that the State of New York,
the term “UCC” shall mean the Uniform Commercial Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such
provisions. 

  
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 “Unrestricted Definitive Note” means one or more Definitive Notes that do
not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a
permanent Global Note, substantially in the form of Exhibit A attached hereto, that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited
with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a Board Resolution in
compliance with Section 4.12, and any Subsidiary of such Subsidiary. 
 “Unsecured Notes” means the
10.125% Senior Unsecured Notes due 2020 first issued by the Company contemporaneously with the Notes described in this Indenture. 
 “U.S. Dollar Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by
converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates” column
under the heading “Currency Trading” on the date two Business Days prior to such determination. 
 “U.S.
Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 
 “Voting Stock”
of any Person as of any date means the Capital Stock of such Person that is ordinarily entitled to vote in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years obtained by dividing: 

(1) the sum of the products obtained by multiplying (a) the amount of each then-remaining installment, sinking fund,
serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such
payment; by 
 (2) the then outstanding principal amount of such Indebtedness. 

Section 1.02 Other Definitions. 
  

					
	 Term
	  	Defined
in
Section	 
	 “Affiliate Transaction”
	  	 	4.05	  
	 “Authentication Order”
	  	 	2.02	  
	 “Change of Control Offer”
	  	 	4.09	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “DTC”
	  	 	2.03	  
	 “Escrow Account”
	  	 	4.20	  
	 “Escrow Agent”
	  	 	4.20	  
	 “Escrow Agreement”
	  	 	4.20	  
	 “Event of Default”
	  	 	6.01	  
	 “Excess Proceeds”
	  	 	4.07	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Note Register”
	  	 	2.03	  
	 “offshore transaction”
	  	 	2.06	  
	 “Paying Agent”
	  	 	2.03	  
	 “Payment Default”
	  	 	6.01	  
	 “Permitted Indebtedness”
	  	 	4.03	  
	 “Registrar”
	  	 	2.03	  
	 “Restricted Payment”
	  	 	4.04	  
	 “Special Mandatory Redemption”
	  	 	3.09	  
	 “Special Mandatory Redemption Notice”
	  	 	3.09	  
	 “Suspension Period”
	  	 	4.19	  

  
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 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part
of this Indenture. 
 The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“obligor” on the Notes means the Company, the Guarantors and any successor obligor upon the Notes or the Note Guarantees.

 All other terms used in this Indenture that are defined by the Trust Indenture Act , defined by Trust Indenture Act reference
to another statute or defined by Commission rule under the Trust Indenture Act have the meanings so assigned to them. 

Section 1.04 Rules of Construction. 
 Unless the context otherwise requires: 
 (a) a term has the meaning
assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with
GAAP; 
 (c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) “will” shall be interpreted to express a command; 

(f) provisions apply to successive events and transactions; 

  
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 (g) references to sections of, or rules under, the Securities Act shall be
deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time; 
 (h) unless the context otherwise requires, any reference to an “Article,” “Section” or “clause” refers to an Article, Section or clause, as the case may be, of this
Indenture; 
 (i) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision; and 
 (j) “including” means “including without limitation.” 

Section 1.05 Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or
both are delivered to the Trustee and, where it is hereby expressly required, to the Issuers. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any
purpose of this Indenture and (subject to Section 7.01) conclusive in favor of the Trustee and the Issuers, if made in the manner provided in this Section 1.05. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by the certificate of any notary public or other
officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by or on behalf of any legal entity other than an
individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner that the Trustee deems sufficient. 
 (c) The ownership of Notes shall be proved by the Note
Register. 
 (d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any
Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the
Issuers in reliance thereon, whether or not notation of such action is made upon such Note. 
 (e) The Issuers may, in the
circumstances permitted by the Trust Indenture Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or
consent to any action by vote or consent authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuers prior to the first solicitation of a Holder made by any Person in respect of any such action, or
in the case of any such vote, prior to such vote, any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent list of Holders furnished to the Trustee prior to such
solicitation. 

  
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 (f) Without limiting the foregoing, a Holder entitled to take any action hereunder with
regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part of such
principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such
different part. 
 (g) Without limiting the generality of the foregoing, a Holder, including DTC, that is the Holder of a Global
Note may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and DTC, as the
Holder of a Global Note, may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

(h) The Issuers may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global
Note held by DTC entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give or take such request, demand,
authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or
effective if made, given or taken more than 90 days after such record date. 
 ARTICLE 2 

THE NOTES 

Section 2.01 Form and Dating; Terms. 
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements
required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be issued in fully registered form without interest coupons in minimum denominations of $2,000 and integral multiples of $1,000
in excess thereof. 
 (b) Global Notes. Notes issued in global form shall be substantially in the form of
Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of
Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as
shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the
aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or
decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by
Section 2.06. 

  
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 Following the termination of the Restricted Period, beneficial interests in the
Regulation S Temporary Global Note will be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global
Note, the Trustee will, at the written direction of the Company, cancel the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may
from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 

(c) Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.

 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and
the Issuers, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express
provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to
repurchase by the Issuers pursuant to an offer as provided in Section 4.07 or a Change of Control Offer as provided in Section 4.09. The Notes shall not be redeemable, other than as provided in Article 3. 

Additional Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Issuers
without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, redemption or otherwise (other than with respect to the purchase price thereof and
the date from which the interest accrues) as the Initial Notes; provided that the Issuers’ ability to issue Additional Notes shall be subject to the Issuers’ compliance with Section 4.03 and Section 4.06. The Notes and any
Additional Notes shall be substantially identical other than the issuance dates, offering price, transfer restrictions and, if applicable, the date from which interest shall accrue. The Additional Notes shall be secured, equally and ratably with the
Notes and any Permitted Additional Pari Passu Obligations, by a Lien on the Collateral. Except as described under Article 9, the Initial Notes and any Additional Notes subsequently issued under this Indenture will be treated as a single class
for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase, and shall vote together with any Exchange Notes. Unless the context requires otherwise, references to “Notes” for all purposes of
this Indenture include any Additional Notes that are actually issued. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 
 (d) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear”
and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the
Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream. 
 Section 2.02
Execution and Authentication. 
 At least one Officer shall execute the Notes on behalf of the Issuers by manual or
facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note shall nevertheless be valid. 

  
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 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose until authenticated substantially in the form provided for in Exhibit A attached hereto, by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and
delivered under this Indenture. 
 On the Issue Date, the Trustee shall, upon receipt of the Issuers’ order (an
“Authentication Order”), authenticate and deliver the Initial Notes. In addition, at any time, from time to time, the Trustee shall upon receipt of an Authentication Order authenticate and deliver any (i) Additional Notes and
(ii) Exchange Notes or private exchange notes for issue only in an Exchange Offer or a private exchange, respectively, pursuant to a Registration Rights Agreement, for a like principal amount of Initial Notes. Such Authentication Order shall
specify the amount of the Notes to be authenticated and, in the case of any issuance of Additional Notes pursuant to Section 2.01, shall certify that such issuance is in compliance with Section 4.03 and Section 4.06. 

The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Issuers. 
 Section 2.03 Registrar and Paying Agent. 

The Issuers shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”), including an office or agency for such purposes, which shall initially be the corporate trust office of the Trustee.
The Registrar shall keep a register of the Notes (“Note Register”) and of their transfer and exchange. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuers may change any Paying Agent or Registrar without prior notice to any Holder. The Issuers shall notify the Trustee in writing of the
name and address of any Agent not a party to this Indenture. If the Issuers fail to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such and any presentation may be made at the Corporate Trust Office of the
Trustee. Either Issuer or any of their Subsidiaries may act as Paying Agent or Registrar. 
 The Issuers initially appoint The
Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The Issuers
initially appoint the Trustee to act as the Paying Agent, Registrar and Transfer Agent for the Notes and the Registrar to act as Custodian with respect to the Global Notes. 
 Section 2.04 Paying Agent to Hold Money in Trust. 
 The Issuers shall
require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or Additional
Interest, if any, or interest on the Notes, and will notify the Trustee, in writing, of any default by the Issuers in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to
the Trustee. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than an Issuer or a Subsidiary) shall have no further liability for the money.
If an Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuers,
the Trustee shall serve as Paying Agent for the Notes. 

  
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 Section 2.05 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Issuers shall otherwise comply with Trust Indenture Act
Section 312(a). 
 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be
transferred, in whole and not in part, only to another nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless
(i) the Depositary (x) notifies the Issuers that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and, in each case, the Issuers fail
to appoint a successor Depositary, (ii) the Issuers at their option, notify the Trustee in writing that they elect to cause the issuance of Definitive Notes or (iii) there will have occurred and be continuing a Default or Event of Default
with respect to the Notes. Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein will be registered in the names, and
issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every
Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note,
except for Definitive Notes issued subsequent to any of the preceding events in (i), (ii) or (iii) above and pursuant to Section 2.06(c), (e) or (f). A Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Sections 2.06(b), (c), (f) and (j). 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the
Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of
the other following subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same Global
Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in
the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note.
No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

  
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 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global
Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from
a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above;
provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt
by the Registrar of any certificates required pursuant to Rule 903; provided, further, that in no event shall a beneficial interest in an Unrestricted Global Note be credited, or an Unrestricted Definitive Note be issued, to a
Person who is an affiliate (as defined in Rule 144) of the Issuers. Upon consummation of an Exchange Offer by the Issuers in accordance with Section 2.06(f), the requirements of this Section 2.06(b)(ii) shall be deemed to have been
satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or
exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(h). 
 (iii) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(ii) and the Registrar receives the following: 
 (A) if the transferee will take delivery in
the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global
Note or the Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 

(iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an
Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and: 

  
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 (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not
(1) a broker-dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; 
 (D) the Registrar receives the following:

 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act; or 
 (E) such transfer is effected pursuant to an automatic exchange in accordance with
Section 2.06(j) of this Indenture. 
 If any such transfer is effected pursuant to subparagraph (B),
(D) or (E) above at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B), (D) or (E) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery
thereof in the form of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests
for Definitive Notes. 
 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Note, then, upon the occurrence of any of the events in paragraph (i), (ii) or (iii) of Section 2.06(a) and receipt by the Registrar of the following documentation: 

  
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 (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such beneficial
interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred to the Issuers or any of
their Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities
Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof; 
 the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the
instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in
such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and the
Regulation S Temporary Global Note Legend, as applicable, and shall be subject to all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C), a beneficial interest in the Regulation S
Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the
Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or
Rule 904. 
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a
beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note
only upon the occurrence of any of the events in subsection (i), (ii) or (iii) of Section 2.06(a) and if: 

  
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 (A) such exchange or transfer is effected pursuant to the Exchange Offer in
accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a
broker-dealer, (2) a Person participating in the distribution of the Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; 
 (D) the Registrar receives the following:

 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial
interest for an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities
Act; or 
 (E) such transfer is effected pursuant to an automatic exchange in accordance with
Section 2.06(j) of this Indenture. 
 (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Note, then, upon the occurrence of any of the events in subsection (i), (ii) or (iii) of Section 2.06(a) and satisfaction of the conditions set forth in Section 2.06(b)(ii), the Trustee shall cause the aggregate
principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuers shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in
the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names and in such authorized denomination or denominations as the holder
of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so
registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend. 

  
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 (d) Transfer and Exchange of Definitive Notes for Beneficial
Interests. 
 (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a
Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder
of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in
item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being transferred to a QIB in accordance
with Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of
Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted
Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the
certifications in item (3)(a) thereof; 
 (E) if such Restricted Definitive Note is being transferred to the
Issuers or any of their Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 

(F) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the
Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 (G) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act, a certificate to the
effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)(d) thereof, if applicable; or 
 the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global
Note, in the case of clause (B) above, the applicable 144A Global Note and, in the case of clause (C) above, the applicable Regulation S Global Note. 
 (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted
Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 

  
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 (B) such transfer is effected pursuant to the Shelf Registration Statement
in accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a broker-dealer
pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; 

(D) the Registrar receives the following: 

(1) if the Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Registrar to
the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities
Act; or 
 (E) such transfer is effected pursuant to an automatic exchange in accordance with
Section 2.06(j) of this Indenture. 
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.06(d)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
 (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an
Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the
Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note
has not yet been issued, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive
Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of
transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by
its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e):

  
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 (i) Restricted Definitive Notes to Restricted Definitive Notes. Any
Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in
item (2) thereof; or 
 (C) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if applicable. 

(ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged
by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (1) a broker-dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an affiliate (as defined in Rule 144) of the Issuers; 
 (B) any
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement; 
 (C) any such transfer is effected by a broker-dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; 

(D) the Registrar receives the following: 

(1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such
Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and,
in each such case set forth in this subparagraph (D), an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act; or 

  
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 (E) such transfer is effected pursuant to an automatic exchange in
accordance with Section 2.06(j) of this Indenture. 
 (iii) Unrestricted Definitive Notes to Unrestricted
Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall
register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer.
Upon the occurrence of an Exchange Offer in accordance with the Registration Rights Agreement, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 and an Officers’ Certificate and Opinion of
Counsel in accordance with Section 15.04, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes accepted
for exchange in the Exchange Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Issuers shall execute and the
Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in the applicable principal amount. Any Notes that remain outstanding after the consummation of an Exchange
Offer, and Exchange Notes issued in connection with an Exchange Offer, shall be treated as a single class of securities under this Indenture. 
 (g) Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of
this Indenture: 
 (i) Private Placement Legend. 

(A) Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in
exchange therefor or substitution therefor other than any Exchange Note) shall bear the legend in substantially the following form: 
 “THIS NOTE AND THE GUARANTEES THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, OR (C) IT IS AN “ACCREDITED INVESTOR” WITHIN
THE MEANING OF RULE 501 UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE NOTES UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), OFFER,
RESELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH
RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (3) AGREES THAT
IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE PRIOR TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE SECURITIES
UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR PROVISION), THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN,
THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER
ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTION.” 

  
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 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii), (f) or (j) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement
Legend. 
 (ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following
form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE
INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

  
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 (iii) Regulation S Temporary Global Note Legend. Each temporary
Note that is a Global Note issued pursuant to Regulation S shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE REFERRED TO BELOW. 
 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE
INDENTURE.” 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in
accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global
Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction. If the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly
and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and Exchanges. 
 (i) To permit
registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

 (ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, but the Issuers and Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 4.07, 4.09 and 9.05). 

  
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 (iii) Neither the Registrar nor the Issuers shall be required to register the transfer of or
exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Issuers, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (v) The Issuers shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of mailing of
notice of redemption of Notes for redemption under Section 3.02 and ending at the close of business on the day of such mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a Record Date and the next succeeding Interest Payment Date. 

(vi) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat
the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest (including Additional Interest, if any) on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
 (vii) Upon surrender
for registration of transfer of any Note at the office or agency of the Issuers designated pursuant to Section 2.03, the Issuers shall execute, and the Trustee shall, upon receipt of an Authentication Order, authenticate and mail, in the name
of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount. 
 (viii) At the option of the Holder, Notes may be exchanged for other Notes of any authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Issuers shall execute, and the Trustee shall, upon receipt of an Authentication Order, authenticate and mail, the replacement Global Notes
and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.06. 
 (ix) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted
by facsimile. 
 (x) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including transfers between or among Depository participants or beneficial owners of interests in any Global
Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by the Depository. 

  
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 (j) Automatic Exchange from Restricted Global Note to Unrestricted Global Note. At
the option of the Issuers and upon compliance with the following procedures, beneficial interests in a Restricted Global Note shall be exchanged for beneficial interests in an Unrestricted Global Note. In order to effect such exchange, the Issuers
shall provide written notice to the Trustee instructing the Trustee to (i) direct the Depositary to transfer the specified amount of the outstanding beneficial interests in a particular Restricted Global Note to an Unrestricted Global Note and
provide the Depositary with all such information as is necessary for the Depositary to appropriately credit and debit the relevant Holder accounts and (ii) provide prior written notice to all Holders of such exchange, which notice must include
the date such exchange is proposed to occur, the CUSIP number of the relevant Restricted Global Note and the CUSIP number of the Unrestricted Global Note into which such Holders’ beneficial interests will be exchanged. As a condition to any
such exchange pursuant to this Section 2.06(j), the Trustee shall be entitled to receive from the Issuers and rely upon conclusively without any liability, an Officers’ Certificate and an Opinion of Counsel, in form and in substance
reasonably satisfactory to the Trustee, to the effect that such transfer of beneficial interests to the Unrestricted Global Note shall be effected in compliance with the Securities Act and the terms and conditions of this Indenture. The Issuers may
request from Holders such information it reasonably determines is required in order to be able to deliver such Officers’ Certificate and Opinion of Counsel. Upon such exchange of beneficial interests pursuant to this Section 2.06(j), the
Registrar shall reflect on its books and records the date of such transfer and a decrease and increase, respectively, in the principal amount of the applicable Restricted Global Note and the Unrestricted Global Note, respectively, equal to the
principal amount of beneficial interests transferred. Following any such transfer pursuant to this Section 2.06(j) of all of the beneficial interests in a Restricted Global Note, such Restricted Global Note shall be cancelled. 

Section 2.07 Replacement Notes. 
 If any mutilated Note is surrendered to the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuers shall
issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. An indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and
the Issuers to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuers and/or the Trustee may charge for their expenses in replacing a Note. 

Every replacement Note is a contractual obligation of the Issuers and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note
does not cease to be outstanding because the Issuers or an Affiliate of the Issuers holds the Note. 
 If a Note is replaced
pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 

  
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 If the principal amount of any Note is considered paid under Section 4.01, it ceases to
be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than the Issuers or a Subsidiary or an
Affiliate of any thereof) holds, on a Redemption Date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

 Section 2.09 Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, or by any Affiliate of the Issuers, shall be
considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with
respect to the Notes and that the pledgee is not the Issuers or any obligor upon the Notes or any Affiliate of the Issuers or of such other obligor. 
 Section 2.10 Temporary Notes. 
 Until certificates representing Notes
are ready for delivery, the Issuers may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the
Issuers consider appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.

 Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to
Holders, or beneficial holders, respectively, of Notes under this Indenture. 
 Section 2.11 Cancellation.

 The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to
the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall, at the written direction of the Issuers, cancel
all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such cancelled Notes in accordance with its customary procedures. The Issuers may not issue new Notes to replace Notes that it
has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12 Defaulted Interest.

 If the Issuers default in a payment of interest or principal on the Notes, to the extent lawful, interest shall accrue on
such overdue principal and interest at a rate that is 2% higher than the then applicable interest rate. Such default interest shall be payable to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in
the Notes. The Issuers shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Issuers shall deposit with the Trustee an amount of money
equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date
shall be less than 10 days prior to the related payment date for such defaulted interest. The Trustee shall promptly notify the Issuers of such special record date. At least 15 days before the special record date, the Issuers (or, upon the
written request of the Issuers, the Trustee in the name and at the expense of the Issuers) shall mail or cause to be mailed, first-class postage prepaid, to each Holder a notice (which shall be prepared by the Issuers) at his or her address as it
appears in the Note Register that states the special record date, the related payment date and the amount of such interest to be paid. 

  
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 Subject to the foregoing provisions of this Section 2.12 and for greater certainty,
each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 

Section 2.13 CUSIP and ISIN Numbers. 
 The Issuers in issuing the Notes may use CUSIP and/or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP and/or ISIN numbers in notices of redemption as a convenience to
Holders; provided, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of redemption and that reliance may be placed only on the
other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers will as promptly as practicable notify the Trustee in writing of any change in the CUSIP or
ISIN numbers. 
 ARTICLE 3 
 REDEMPTION 
 Section 3.01 Notices to Trustee. 

If the Issuers elect to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee, at least 15 Business Days (or such
shorter period as is agreed to by the Trustee) before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 3.03 but not more than 60 days before a Redemption Date, an Officers’
Certificate setting forth (i) the paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be
redeemed and (iv) the redemption price. 
 Section 3.02 Selection of Notes to Be Redeemed or Purchased.

 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select
Notes for redemption or purchase on a pro rata basis, by lot or such other method as the Trustee deems fair and appropriate; provided however that so long as the Notes are held through DTC, the Notes selected for redemption shall be selected in
accordance with the applicable procedures of DTC. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than
60 days prior to the Redemption Date by the Registrar and Paying Agent from the outstanding Notes not previously called for redemption or purchase. 

  
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 Notes redeemed in part shall be redeemed only in integral multiples of $1,000, and no Notes
of $2,000 or less shall be redeemed in part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed.
Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
 Section 3.03 Notice of Redemption. 
 The Issuers shall mail or cause
to be mailed by first-class mail notices of redemption at least 30 days but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered address or otherwise in accordance with
the procedures of the Depository, except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article 8 or Article 14; provided that in connection with a Special
Mandatory Redemption pursuant to Section 3.09 hereof, the redemption notice may be mailed less than 30 days prior to the Redemption Date. Notices of redemption may not be conditional, provided that any notice delivered pursuant to
Section 3.07(c) may, at an Issuer’s discretion, be subject to completion of an Equity Offering provided further than any notice of redemption delivered pursuant to Section 3.09(f) shall be subject to completion of the AboveNet
Acquisition. 
 The notice shall identify the Notes to be redeemed (including CUSIP and/or ISIN numbers) and shall state:

 (a) the Redemption Date; 

(b) the redemption price (or manner of calculation if not then known); 

(c) if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed
and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed will be issued in the name of
the Holder of the Notes upon cancellation of the original Note; 
 (d) the name and address of the Paying Agent;

 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price
and become due on the date fixed for redemption; 
 (f) that, unless the Issuers default in making such
redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date; 

(g) the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for
redemption are being redeemed; and 
 (h) that no representation is made as to the correctness or accuracy of the
CUSIP and/or ISIN number, if any, listed in such notice or printed on the Notes. 
 At the Issuers’ request, the Trustee
shall give the notice of redemption in the name of each Issuer and at their expense; provided that the Issuers shall have delivered to the Trustee, at least 5 Business Days before notice of redemption is required to be mailed or caused to be
mailed to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and a copy of the notice containing the information required
in the preceding paragraph. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become irrevocably due and payable
on the Redemption Date at the redemption price. The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or
any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05, on and after the Redemption Date,
interest ceases to accrue on Notes or portions thereof called for redemption. 
 Section 3.05 Deposit of Redemption or
Purchase Price. 
 Prior to 10:00 a.m. (New York City time) on the redemption or purchase date, the Issuers shall
deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest (including Additional Interest, if any) on all Notes to be redeemed or purchased on that date. The Trustee
or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be
redeemed or purchased. 
 If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption or
purchase date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any
accrued and unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption or purchase shall not be so paid upon
surrender for redemption or purchase because of the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent
lawful on any interest accrued to the redemption or purchase date not paid on such unpaid principal, in each case at the rate provided in the Notes. 
 Section 3.06 Notes Redeemed or Purchased in Part. 
 Upon surrender of
a Note that is redeemed or purchased in part, the Issuers shall issue and the Trustee shall authenticate for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note
surrendered representing the same indebtedness to the extent not redeemed or purchased; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. It is understood that,
notwithstanding anything in this Indenture to the contrary, only an Authentication Order and not an Opinion of Counsel or Officers’ Certificate is required for the Trustee to authenticate such new Note. 

Section 3.07 Optional Redemption. 
 (a) At any time prior to July 1, 2015, the Issuers may redeem all or part of the Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the
Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest and Additional Interest, if any, to the date of redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on
the relevant interest payment date. 

  
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 (b) On or after July 1, 2015, the Issuers may redeem all or a part of the Notes, at the
redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable redemption date, subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant interest payment date, if redeemed during the 12-month period beginning on July 1 of the years indicated below: 

 

					
	 Year
	  	Redemption
Price	 
	 2015
	  	 	104.063	% 
	 2016
	  	 	102.031	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c) At any time prior to July 1, 2015, the Issuers may redeem up to 35% of the aggregate principal
amount of Notes issued under this Indenture (including any Additional Notes) at a redemption price of 108.125% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon to the redemption date, subject
to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds of one or more Equity Offerings; provided that: (1) at least 65% of the aggregate principal
amount of Notes issued under this Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Issuers or their Affiliates); and (2) the redemption must occur
within 90 days of the date of the closing of such Equity Offering. 
 (d) In addition to the Issuers’ rights to redeem the
Notes as set forth above, the Issuers may purchase Notes in open-market transactions, tender offers or otherwise. 

Section 3.08 Mandatory Redemption. 
 Other than as described in Section 3.09, the Issuers are not required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, the
Issuers may be required to offer to purchase the Notes as described in Section 4.09 and Section 5.01. 

Section 3.09 Special Mandatory Redemption. 
 (a) In the event that any of the events in Section 3.09(b) below occur, then the Company shall be required to redeem all of the Notes (the “Special Mandatory
Redemption”) using the Escrowed Funds at a redemption price equal to the aggregate outstanding principal amount of the Notes and a special mandatory redemption fee of 1% of the aggregate outstanding principal amount of the
Notes, plus accrued and unpaid interest to, but not including, the redemption date (the “Special Mandatory Redemption Price”). 
 (b) The Company shall be required to make a Special Mandatory Redemption if: 
 (i) AboveNet Acquisition and the other conditions to the release of the Escrowed Funds set forth in the Escrow Agreement, including the Assumption, shall not have occurred by July 30, 2012
(as may be extended in accordance with the Escrow Agreement and Section 3.09(c) of this Indenture, the “Outside Date”); 
 (ii) an Escrow Termination Notice shall have been delivered pursuant to the terms of the Escrow Agreement; or 

  
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 (iii) any other event shall have occurred under the Escrow Agreement
which shall trigger the requirement to redeem the Notes, 
 (c) The Company may, on or before June 27, 2012 and
the 27th day of each month thereafter until November 27, 2012, extend the Outside Date by notifying the Escrow Agent of its intent to extend the Outside Date to the last day of the month following the month during which the applicable
extension notice is delivered and by depositing or causing to be deposited funds into the Escrow Account in an amount sufficient to pay the Special Mandatory Redemption Price on the extended Outside Date; provided that the latest date to which the
Outside Date may be extended is December 18, 2012. 
 (d) If the AboveNet Acquisition and the other conditions to the
release of the Escrowed Funds set forth in the Escrow Agreement, including the Assumption, have not occurred on or prior to the date that is three Business Days prior to the Outside Date (as may be extended from time to time) or if an Escrow
Termination Notice has been delivered to the Escrow Agent, then the Company will cause a notice of a Special Mandatory Redemption to be delivered to each Holder of Notes, or to DTC in accordance with its procedure applicable to global notes, no
later than (i) three Business Days prior to the Outside Date (as may be extended from time to time) in the event the AboveNet Acquisition has not yet been consummated and no Escrow Termination Notice has been delivered or (ii) the
Business Day following the delivery of an Escrow Termination Notice. The notice of Special Mandatory Redemption notice shall state (i) the date the Special Mandatory Redemption shall occur (which shall be no later than
the third following Business Day), (ii) the Special Mandatory Redemption Price and (iii) any additional items required by Section 3.03. 
 (e) On the date specified in the Special Mandatory Redemption notice (subject to revocation of such notice pursuant to Section 3.09(f)), the Issuers shall redeem or shall cause to
be redeemed all of the Notes outstanding at the Special Mandatory Redemption Price using the Escrowed Funds in accordance with the terms of this Article 3. If the Escrowed Funds are insufficient to pay the Special Mandatory Redemption
Price, then the Issuers shall cover or shall cause to be covered any shortfall. 
 (f) In the event that a Special Mandatory
Redemption notice is provided because the AboveNet Acquisition has not been consummated by the date that is three Business Days prior to the Outside Date (as may be extended from time to time), then notwithstanding Section 3.04 such notice will
be revocable by the Issuers until 9:00 a.m. (Eastern Time) on the Outside Date upon consummation of the AboveNet Acquisition and notice thereof.
 (g) Following the making of any Special Mandatory Redemption, any funds remaining in the Escrow Account will be returned to the Issuers pursuant to the terms of the Escrow Agreement. 

ARTICLE 4 

COVENANTS 

Section 4.01 Payment of Principal, Premium and Interest. 

The Issuers shall duly and punctually pay the principal of, premium, if any, and interest on the Notes in accordance with the terms of
the Notes and this Indenture. 

  
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 Section 4.02 Corporate Existence. 

Subject to Section 5.01, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect
the existence (corporate or otherwise) and related rights and franchises (charter and statutory) of the Company and each Restricted Subsidiary; provided, however, that the Company shall not be required to preserve any such right or
franchise or the existence (corporate or otherwise) of any such Restricted Subsidiary if the Board of Directors of the Company shall determine that the preservation thereof is no longer necessary or desirable in the conduct of the business of the
Company and its Restricted Subsidiaries as a whole and that the loss thereof could not reasonably be expected to have a material adverse effect on the ability of the Issuers to perform their obligations hereunder; and provided,
further, however, that the foregoing shall not prohibit a sale, transfer or conveyance of a Restricted Subsidiary or any of its assets in compliance with the terms of this Indenture. 

Section 4.03 Limitation on Indebtedness. 
 (a) The Company will not, and will not permit any Restricted Subsidiary to, Incur any Indebtedness; provided that the Company or any Guarantor may Incur Indebtedness if, after giving effect to the
Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Consolidated Leverage Ratio would be positive and less than 5.25 to 1. 
 (b) Section 4.03(a) will not prohibit the Incurrence of any of the following items of Indebtedness (collectively, “Permitted Indebtedness”): 

(1) the Incurrence by the Company or any Guarantor of Indebtedness under the New Credit Facilities (including, without
limitation, the Incurrence by the Company and the Guarantors of Guarantees thereof) in an aggregate amount at any one time outstanding pursuant to this clause (1) not to exceed $2,000 million; 

(2) the Incurrence of Existing Indebtedness; 

(3) the Incurrence by the Company and the Guarantors of Indebtedness represented by the Notes (other than Additional
Notes), the Unsecured Notes and the Exchange Notes (as defined below) in respect thereof and the related Note Guarantees and the guarantees of the Unsecured Notes; 

(4) the Incurrence by the Company or any Guarantor of Indebtedness represented by Capital Lease Obligations, mortgage
financings or purchase money obligations, in each case, Incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Company or such
Guarantor, whether through the direct acquisition of such assets or the acquisition of Equity Interest of any person owning such assets (including any reasonably related fees or expenses Incurred in connection with such acquisition, construction or
improvement), in an aggregate amount, including all Permitted Refinancing Indebtedness Incurred to refund, refinance or replace any Indebtedness Incurred pursuant to this clause (4), not to exceed, at any time outstanding, the sum of (i) $100
million and (ii) 3.0% of the consolidated total assets of the Company (excluding Unrestricted Subsidiaries and determined as of the end of the most recent quarter of the Company for which internal financial statements are available) at any time
outstanding; 
 (5) the Incurrence by the Company or any Restricted Subsidiary of Permitted Refinancing
Indebtedness in exchange for, or the net cash proceeds of which are used to refund, refinance or replace Indebtedness that was permitted by this Indenture to be Incurred under Section 4.03(a) or clauses (2), (3), (5), (14) or
(15) of this Section 4.03(b); 

  
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 (6) the Incurrence by the Company or any Restricted Subsidiary of
Indebtedness owing to and held by the Company or any Restricted Subsidiary; provided that: 
 (A) if the Company
or any Guarantor is the obligor on such Indebtedness and such Indebtedness is owed to a non-Guarantor Restricted Subsidiary, such Indebtedness must be unsecured and expressly subordinated in right of payment to the prior payment in full in cash of
all Obligations with respect to the Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor; and 
 (B) any event that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary (except for any pledge of such Indebtedness constituting a Permitted Lien until
the pledgee commences actions to foreclose on such Indebtedness) will be deemed, in each case, to constitute an Incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause
(6); 
 (7) the Guarantee by the Company or any Guarantor of Indebtedness of the Company or a Restricted
Subsidiary that was permitted to be Incurred by another provision of this Section 4.03; 
 (8) the
Incurrence by the Company or any Guarantor of Hedging Obligations that are Incurred for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements
previously made for such purposes), and not for speculative purposes; 
 (9) the Incurrence by the Company or any
Guarantor of Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or
any Restricted Subsidiary pursuant to such agreements, in any case Incurred in connection with the disposition or acquisition of any business, assets or Capital Stock of a Guarantor (other than Guarantees of Indebtedness Incurred by any Person
acquiring all or any portion of such business, assets or Capital Stock of a Guarantor for the purpose of financing such acquisition), so long as the amount does not exceed the gross proceeds actually received by the Company or any Guarantor in
connection with such disposition; 
 (10) the Incurrence by the Company or any Restricted Subsidiary of
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five
Business Days of its Incurrence; 
 (11) the Incurrence by the Company or any Guarantor of Indebtedness in
respect of bid, performance or surety bonds or letters of credit issued in the ordinary course of business, including letters of credit supporting lease obligations or supporting such bid, performance or surety bonds or in respect of workers’
compensation claims, or other Indebtedness with respect to reimbursement obligations regarding workers’ compensation claims; provided that, upon the drawing of such letters of credit or the Incurrence of such repayment or reimbursement
obligations under any such bid, performance or surety bonds, such obligations are reimbursed within 30 days following such drawing or Incurrence; 

  
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 (12) the Incurrence by the Company or any Restricted Subsidiary of
Indebtedness to the extent the net cash proceeds thereof are promptly deposited to defease or to satisfy and discharge the Notes as described under Sections 8.02, 8.03 or 14.01; 

(13) customer deposits and advance payments received from customers for goods and services sold in the ordinary course of
business; 
 (14) the Incurrence of Acquired Debt, provided that after giving effect to the Incurrence thereof,
the Company could incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in Section 4.03(a); 
 (15) the Incurrence by the Company or any Guarantor of additional Indebtedness in an aggregate amount at any one time outstanding, including all Permitted Refinancing Indebtedness Incurred to refund,
refinance or replace any Indebtedness Incurred pursuant to this clause (15), not to exceed $100 million; or 

(16) the Indebtedness of a Receivables Subsidiary in respect of a Receivables Facility, which is non-recourse to the
Company or any other Restricted Subsidiary in any way other than Standard Securitization Undertakings. 
 (c) For purposes of
determining compliance with this Section 4.03, in the event that any proposed Indebtedness meets the criteria of more than one of the categories described in clauses (1) through (16) of Section 4.03(b), or is entitled to be
Incurred pursuant to Section 4.03(a), the Company will be permitted to classify, and may later reclassify, such item of Indebtedness or a part thereof in any manner that complies with this covenant. Notwithstanding the foregoing, Indebtedness
under the New Credit Facilities outstanding on the date of the Assumption, if any, will be deemed to have been Incurred on such date in reliance on the exception provided by Section 4.03(b)(1) and shall not be reclassified. 

(d) For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the
U.S. Dollar Equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred (or first committed, in the case of
revolving credit debt); provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S. dollar denominated restriction to be exceeded if
calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not
exceed the principal amount of such Indebtedness being refinanced. 
 (e) The principal amount of any Indebtedness Incurred to
refinance other Indebtedness, if Incurred in a different currency from this Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that
is in effect on the date of such refinancing. 
 (f) The accretion of original issue discount shall be deemed not to be an
Incurrence of Indebtedness. 

  
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 (g) The Company will not Incur any Indebtedness that is contractually subordinate in right
of payment to any other Indebtedness of the Company unless it is contractually subordinate in right of payment to the Notes at least to the same extent. The Company will not permit any co-issuer or any Guarantor to Incur any Indebtedness that is
contractually subordinate in right of payment to any other Indebtedness of any co-issuer or such Guarantor, as the case may be, unless it is contractually subordinate in right of payment to the Notes or such Guarantor’s Note Guarantee, as the
case may be, at least to the same extent. For purposes of this Indenture, no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuers or any Guarantor, as applicable, solely by reason
of any Liens or Guarantees arising or created in respect thereof. 
 Section 4.04 Limitation on Restricted Payments.

 (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, take any of the following
actions (each, a “Restricted Payment”): 
  

	 	(i)	declare or pay any dividend or make any other payment or distribution with respect to any of the Company’s or any Restricted Subsidiary’s Equity Interests
(including, without limitation, any payment in connection with any merger or consolidation involving the Company or any Restricted Subsidiary) or to the direct or indirect holders of the Company’s or any Restricted Subsidiary’s Equity
Interests in their capacity as such (other than dividends, payments or distributions (x) payable in Equity Interests (other than Disqualified Stock) of the Company or (y) to the Company or a Restricted Subsidiary);

  

	 	(ii)	purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company or any
Restricted Subsidiary) any Equity Interests of the Company held by any Person (other than by a Restricted Subsidiary) or any Equity Interests of any Restricted Subsidiary held by any Person (other than by the Company or another Restricted
Subsidiary); 

  

	 	(iii)	call for redemption or make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value, prior to the Stated Maturity
thereof, any Indebtedness that is subordinated in right of payment to the Notes or any Note Guarantee except (a) in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year
of the date of such payment, purchase, repurchase or other acquisition or (b) intercompany Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(6); or 

 

	 	(iv)	make any Investment (other than a Permitted Investment) in any Person; unless, at the time of and after giving pro forma effect to such Restricted Payment:

 (1) no Default or Event of Default will have occurred and be continuing or would occur as a
consequence thereof; 
 (2) the Company could Incur at least $1.00 of additional Indebtedness pursuant to the
Consolidated Leverage Ratio test set forth in Section 4.03(a); and 
 (3) such Restricted Payment, together
with the aggregate amount of all other Restricted Payments made by the Company and the Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8) and (11) of
Section 4.04(b)), is less than the sum, without duplication, of 

  
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 (A) the aggregate Consolidated Cash Flow accrued in the period beginning on
the first day of the quarter beginning on July 1, 2012, and ending on the last day of the most recent quarter for which internal financial statements are available prior to the date of such proposed Restricted Payment (or, if such Consolidated
Cash Flow for such period is a deficit, less 100% of such deficit), less (y) 1.5 times consolidated interest expense during such period; plus 
 (B) the aggregate net cash proceeds received by the Company after the date of the AboveNet Acquisition is consummated as a contribution to its common equity capital or from the issue or sale of Equity
Interests (other than Disqualified Stock) of the Company and the amount of reduction of Indebtedness of the Company or its Restricted Subsidiaries that has been converted into or exchanged for such Equity Interests (other than Equity Interests sold
to, or Indebtedness held by, a Subsidiary of the Company); plus 
 (C) with respect to Investments (other than
Permitted Investments) made by the Company and the Restricted Subsidiaries after the date of the AboveNet Acquisition is consummated, an amount equal to the net reduction in such Investments in any Person (except, in each case, to the extent any
such amount is included in the calculation of Consolidated Net Income), resulting from repayment to the Company or any Restricted Subsidiary of loans or advances or from the receipt of net cash proceeds from the sale of any such Investment, from the
release of any Guarantee (except to the extent any amounts are paid under such Guarantee) or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries, not to exceed, in each case, the amount of such Investments previously made by
the Company or any Restricted Subsidiary in such Person; plus 
 (D) $180 million. 

(b) The provisions of Section 4.04(a) shall not prohibit the following; provided that, in the case of clauses (7) and
(8) below only, no Default has occurred and is continuing or would be caused thereby: 
 (1) the payment of
any dividend within 60 days after the date of declaration thereof, if at said date of declaration such payment would have complied with the provisions of this Indenture, and the redemption of any Indebtedness that is subordinated in right of payment
to the Notes or the Note Guarantees within 60 days after the date on which notice of such redemption was given, if at said date of the giving of such notice, such redemption would have complied with the provisions of this Indenture; 

(2) the payment of any dividend or other distribution by a Restricted Subsidiary to all the holders of its Equity
Interests on a pro rata basis; 
 (3) any Restricted Payment in exchange for, or out of the net cash proceeds of
a contribution to the common equity of the Company or a substantially concurrent sale (other than to a Subsidiary of the Company) of, Equity Interests (other than Disqualified Stock) of the Company; provided that the amount of any such net cash
proceeds that are utilized for such Restricted Payment will be excluded from Section 4.04(a)(iii)(b); 

  
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 (4) the redemption, repurchase, defeasance or other acquisition or
retirement for value of Indebtedness that is subordinated in right of payment to the Notes or the Note Guarantees in exchange for or with the net cash proceeds from a substantially concurrent Incurrence (other than to a Subsidiary of the Company)
of, Permitted Refinancing Indebtedness; 
 (5) the repurchase of Capital Stock deemed to occur upon the exercise
of options or warrants to the extent that such Capital Stock represents all or a portion of the exercise price thereof and applicable withholding taxes, if any; 
 (6) the payment of cash in lieu of fractional Equity Interests pursuant to the exchange or conversion of any exchangeable or convertible securities; provided, that such payment shall not be for the
purpose of evading the limitations of this covenant (as determined by the Board of Directors of the Company in good faith); 
 (7) the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary, or Preferred Stock of a Restricted Subsidiary, in each
case issued in accordance with Section 4.03; 
 (8) the repurchase, redemption or other acquisition or
retirement for value of any Equity Interests of the Company, or the dividend or other distribution, directly or indirectly, to CII, the Company’s indirect parent company, to fund the repurchase, redemption or other acquisition or retirement for
value of any Equity Interests of CII, in each case held by any current or former employee or director of the Company (or any Subsidiaries) pursuant to the terms of any employee equity subscription agreement, stock option agreement or similar
agreement entered into in the ordinary course of business; or, prior to the Company’s initial public offering, a distribution or dividend, directly or indirectly, to any of the Company’s direct or indirect parent companies for the purpose
of enabling CII to effect a repurchase, redemption or other acquisition or retirement of the Equity Interests in CII from one or more of its equity investors that fail to comply with their funding commitments under the CII Limited Liability Company
Agreement; provided that the aggregate price paid, or distributed or paid out as a dividend under this clause (8) in any calendar year will not exceed $7.5 million (with unused amounts in any calendar year being carried over to succeeding
years) or, in the event any unused amounts of any previous year are being carried over, $15 million; 
 (9) the
declaration and payment of dividends on the Company’s Equity Interests (or a Restricted Payment to any direct or indirect parent to fund a payment of dividends on such entity’s Equity Interests), following the first public equity offering
of such common stock after the Issue Date, of up to 6% per annum of the net cash proceeds received by (or, in the case of a Restricted Payment to a direct or indirect parent entity, contributed to the capital of) the Company in or from any such
public equity offering; 
 (10) other Restricted Payments in an aggregate amount not to exceed $30 million;
and 

  
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 (11) the declaration and payment by the Company to, or the making of the
loans to, the Parent in amounts required for the Parent to pay, in each case without duplication, (a) franchise taxes and other fees, taxes and expenses required to maintain their corporate existence; (b) foreign, federal, state and local
income taxes, to the extent such income taxes are (i) attributable to the income of the Company and its Restricted Subsidiaries and (ii) required to be paid by the Parent, and only for so long as the Company is treated as a pass-through
entity for U.S. federal income tax purposes; provided that in each case the amount of such payments in any fiscal year does not exceed the amount that the Company and its Restricted Subsidiaries would be required to pay in respect of its foreign,
federal, state and local taxes for such fiscal year were the Company and its Restricted Subsidiaries to pay such taxes separately from any such parent entity; (c) customary salary, bonus and other benefits payable to officers and employees of
the Parent to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Company and its Restricted Subsidiaries; (d) general corporate operating and overhead costs and expenses of the Parent to
the extent such costs and expenses are attributable to the ownership or operation of the Company and its Restricted Subsidiaries; and (e) amounts required for the Parent to pay fees and expenses incurred by the Parent related to the maintenance
of the Parent of its corporate or other entity existence. 
 (c) The amount of all Restricted Payments (other than cash) will be
the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued to or by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment. 

Section 4.05 Limitation on Transactions with Affiliates. 

(a) The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly make any payment to, or sell, lease,
transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into, make, amend, renew or extend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for
the benefit of, any of their Affiliates (each, an “Affiliate Transaction”), unless: 
  

	 	(1)	such Affiliate Transaction is on fair and reasonable terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would have
been obtained in a comparable arm’s-length transaction by the Company or such Restricted Subsidiary with a Person that is not an Affiliate of the Company or any Restricted Subsidiary; and 

 

	 	(2)	the Company delivers to the Trustee: 

  

	 	(a)	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $25 million, a Board Resolution
attached to an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this covenant and that such Affiliate Transaction or series of related Affiliate Transactions has been
approved by a majority of the Disinterested Members; and 

  

	 	(b)	with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50 million, an opinion issued by
an independent accounting, appraisal or investment banking firm of national standing stating that such Affiliate Transaction or series of related Affiliate Transactions is fair to the Company or such Restricted Subsidiary from a financial point of
view. 

  
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 (b) The following items will be deemed not to be Affiliate Transactions and, therefore, will
not be subject to the provisions of Section 4.05(a): 
  

	 	(1)	transactions between or among the Company and/or its Restricted Subsidiaries; 

 

	 	(2)	Restricted Payments that are permitted under Section 4.04; 

  

	 	(3)	any issuance or sale of Equity Interests (other than Disqualified Stock) of the Company; 

 

	 	(4)	transactions pursuant to agreements or arrangements in effect on the Issue Date and described in the Offering Memorandum, or any amendment, modification, or supplement
thereto or renewal or replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented, renewed or replaced, taken as a whole, is not materially more disadvantageous to the Company and the Restricted Subsidiaries
than the agreement or arrangement in existence on the Issue Date as determined by the Disinterested Members of the Board of Directors of the Company evidenced by a Board Resolution; 

 

	 	(5)	payments by the Company (and any direct or indirect parent thereof) and its Subsidiaries pursuant to tax sharing agreements among the Company (and any such parent) and
its Subsidiaries on customary terms to the extent attributable to the ownership or operation of the Company and its Subsidiaries; provided that in each case the amount of such payments in any fiscal year does not exceed the amount that the Company,
its Restricted Subsidiaries and its Unrestricted Subsidiaries (to the extent of amounts received from Unrestricted Subsidiaries) would be required to pay in respect of foreign, federal, state and local taxes for such fiscal year were the Company and
its Subsidiaries (to the extent described above) to pay such taxes separately from any such parent entity; 

  

	 	(6)	payment of reasonable and customary fees to, and reasonable and customary indemnification arrangements and similar payments on behalf of, directors of the Company or
any Subsidiary thereof; and 

  

	 	(7)	any employment, consulting, service or termination agreement, or reasonable and customary indemnification arrangements, entered into by the Company or any Restricted
Subsidiary with officers and employees of the Company or any Subsidiary thereof and the payment of compensation to officers and employees of the Company or any Subsidiary thereof (including amounts paid pursuant to employee benefit plans, employee
stock option or similar plans), so long as such agreement or payment have been approved by a majority of the Disinterested Members. 

 Section 4.06 Limitation on Liens. 
 The Company will not, and will not
permit any Restricted Subsidiary to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) upon any of their property or assets, now owned or hereafter acquired. 

Section 4.07 Limitation on Sale of Assets. 
 (a) The Company will not, and will not permit any Restricted Subsidiary to, consummate an Asset Sale unless: 
  

	 	(1)	the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the
assets or Equity Interests issued or sold or otherwise disposed of; 

  
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	 	(2)	at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of: 

 

	 	(a)	Cash Equivalents (including any Cash Equivalents received from the conversion within 180 days of such Asset Sale of any securities, notes or other obligations received
in consideration of such Asset Sale); 

  

	 	(b)	Replacement Assets; 

  

	 	(c)	any Designated Noncash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken
together with all other Designated Noncash Consideration received pursuant to this clause (c) that is at that time outstanding, not to exceed the greater of (x) 1.0% of total assets and (y) $10 million (with the Fair Market Value of
each item of Designated Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value); or 

  

	 	(d)	any combination of the consideration specified in clauses (a) and (b); and 

 

	 	(3)	in the case of an Asset Sale of Collateral, all consideration from such Asset Sale that is not in the form of Cash Equivalents is pledged as Collateral to secure the
Notes concurrently with or promptly after the acquisition. 

 (b) Any Net Available Cash received by the Company
or any Restricted Subsidiary from any Asset Sale: 
  

	 	(1)	in the case of any Asset Sale of Collateral, (A) shall be reinvested within 360 days in Replacement Assets; provided that (x) to the extent the assets subject
to such Asset Sale were Collateral, such newly acquired assets shall also be Collateral and (y) the purchase of the Replacement Assets is consummated no later than (i) the 360th day after such Asset Sale or (ii) so long as a binding
agreement with respect to the purchase of Replacement Assets is entered into within 360 days after the Asset Sale, 90 days after the date of such binding agreement, or (B) shall otherwise be used to make an Offer to Purchase (as described
below) in accordance with the following paragraph; or 

  

	 	(2)	in the case of any Asset Sale of assets not constituting Collateral, may be applied (A) as provided in the immediately preceding clause (1) above or
(B) within 365 days of receipt of such Net Available Cash, to permanently reduce any Indebtedness constituting Indebtedness of a non-Guarantor Subsidiary or to permanently reduce any senior Indebtedness of the Issuers or any Guarantor (in each
case owing to a Person other than the Company or any Affiliate of the Company) (and, if the obligation repaid is revolving credit Indebtedness, to correspondingly reduce loan commitments with respect thereto). 

  
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 (c) The amount of such Net Available Cash required to be applied (or to be committed to be
applied) during such 365 day period as set forth in Section 4.07(b) and not applied (or committed to be applied) as so required by the end of such period shall constitute “Excess Proceeds.” If, as of the first day of any
calendar month, the aggregate amount of Excess Proceeds totals at least $50 million, the Company must commence, not later than the 15th Business Day of such month, and consummate an Offer to Purchase, from the Holders and all holders of other Pari
Passu Debt containing provisions similar to those set forth in this Indenture with respect to offers to purchase with the proceeds of sales of assets, the maximum principal amount of Notes and such other Pari Passu Debt that may be purchased out of
the Excess Proceeds; provided that the amount of Excess Proceeds required to be used to make an Offer to Purchase pursuant to this paragraph shall be reduced by any mandatory prepayments made under any Series of Pari Passu Debt in respect of such
Excess Proceeds (and which prepayments shall not be in excess of such Series pro rata share of such Excess Proceeds). The offer price in any such Offer to Purchase will be equal to 100% of the principal amount (or accreted value, if applicable) of
the Notes and such other Pari Passu Debt plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant interest
payment date, and will be payable in cash. To the extent that any Excess Proceeds remain after consummation of an Offer to Purchase pursuant to this Section 4.07, the Company may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture, and those Excess Proceeds shall no longer constitute “Excess Proceeds.” 
 (d) Except in
the case of an Asset Sale of Collateral, for the purposes of this Section 4.07, the following are deemed to be Cash Equivalents: the assumption of (i) Indebtedness of the Company (other than Disqualified Stock or Indebtedness that is by
its terms subordinated in right of payment to the Notes); (ii) Indebtedness of any Restricted Subsidiary (other than Indebtedness of a Guarantor that is by its terms subordinated in right of payment to the Notes or Disqualified Stock of any
Guarantor) or (iii) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent liabilities, Indebtedness that is by its
terms subordinated to the Notes or any Note Guarantee and liabilities to the extent owed to the Company or any Subsidiary of the Company) and, in each case, the full and unconditional release of the Company or such Restricted Subsidiary from all
liability on such Indebtedness in connection with such Asset Sale. 
 Section 4.08 Future Subsidiary Note
Guarantees. 
 (a) If the Company or any Restricted Subsidiary acquires or creates another Domestic Subsidiary on or after
the date of the Assumption, then that newly acquired or created Domestic Subsidiary must become a Guarantor and (i) execute a supplemental indenture, (ii) deliver an Opinion of Counsel to the Trustee, (iii) execute supplements to the
applicable Security Documents in order to grant a Lien in the Collateral owned by such entity to the same extent as that set forth in this Indenture and the Security Documents, in each case, within 30 days following such acquisition or creation and
(iv) take all actions required by the Security Documents to perfect such Lien, provided that the obligation of such Domestic Subsidiary shall be subject to its obtaining prior approval of any by State PUC if so required by applicable law.

 (b) The Company will not permit any Restricted Subsidiary, directly or indirectly, to Guarantee any Indebtedness of the
Issuers or any Guarantor unless such Restricted Subsidiary (a) is a Guarantor or (b) within ten days executes and delivers to the Trustee an Opinion of Counsel and a supplemental indenture providing for the Guarantee of the payment of the
Notes by such Restricted Subsidiary, which Guarantee will rank senior in right of payment to or equally in right of payment with such Subsidiary’s Guarantee of such other Indebtedness. 

Section 4.09 Purchase of Notes upon a Change of Control. 

(a) Unless the Issuers have previously or concurrently delivered a redemption notice with respect to all the outstanding Notes as
described in Section 3.03, the Issuers must commence, within 30 days of the occurrence of a Change of Control, and consummate an Offer to Purchase for all Notes then outstanding, at a purchase price in cash equal to 101% of the aggregate
principal amount of the Notes repurchased, plus accrued and unpaid interest and Additional Interest, if any, thereon, to the date of repurchase, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the
relevant interest payment date. 

  
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 (b) The Issuers will not be required to make an Offer to Purchase upon a Change of Control
if a third party makes the Offer to Purchase in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to an Offer to Purchase made by the Issuers and purchases all Notes validly tendered
and not withdrawn under such Offer to Purchase. 
 Section 4.10 Limitation on Sale and Leaseback Transactions.

 The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction;
provided that the Company or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction with respect to assets or properties comprising Collateral if the aggregate amount of such assets or properties does not exceed $50,000,000 and
provided further that the Company or any Restricted Subsidiary may enter into a Sale and Leaseback Transaction with respect to assets or properties other than Collateral if: 

 

	 	(1)	the Company or such Restricted Subsidiary, as applicable, could have (a) Incurred Indebtedness in an amount equal to the Attributable Debt relating to such Sale
and Leaseback Transaction and (b) incurred a Lien to secure such Indebtedness pursuant to Section 4.06; 

  

	 	(2)	the gross cash proceeds of that Sale and Leaseback Transaction are at least equal to the Fair Market Value of the property that is the subject of that Sale and
Leaseback Transaction; and 

  

	 	(3)	the transfer of assets in that Sale and Leaseback Transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with
Section 4.07. 

 Section 4.11 Limitation on Dividend and Other Payment Restrictions Affecting
Restricted Subsidiaries. 
 (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
  

	 	(1)	pay dividends or make any other distributions on its Capital Stock (or with respect to any other interest or participation in, or measured by, its profits) to the
Company or any Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on Common Stock shall not be deemed a
restriction on the ability to make distributions on Capital Stock); 

  

	 	(2)	pay any liabilities owed to the Company or any Restricted Subsidiary; 

  

	 	(3)	make loans or advances to the Company or any Restricted Subsidiary (it being understood that the subordination of loans or advances made to the Company or any
Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or 

 

	 	(4)	transfer any of its properties or assets to the Company or any Restricted Subsidiary. 

(b) Section 4.11(a) will not apply to encumbrances or restrictions: 

  
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	 	(1)	existing under, by reason of or with respect to the New Credit Facilities or the Security Documents as in effect on the date of the Assumption or Existing Indebtedness
(including the Unsecured Notes) or any other agreements in effect on the Issue Date and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof; provided that the encumbrances
and restrictions in any such amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings, taken as a whole, are not, as determined by the Company in good faith, materially more restrictive
than those contained in, as the case may be, the New Credit Facilities or the Security Documents as in effect on the date of the Assumption or Existing Indebtedness or such other agreements as in effect on the Issue Date; 

 

	 	(2)	set forth in this Indenture, the Notes and the Note Guarantees; 

  

	 	(3)	existing under or by reason of applicable law, rule, regulation or order; 

  

	 	(4)	with respect to any Person or the property or assets of a Person acquired by the Company or any Restricted Subsidiary existing at the time of such acquisition and not
incurred in connection with or in contemplation of such acquisition, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so
acquired, and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof; provided that the encumbrances and restrictions in any such amendments, modifications, restatements,
renewals, extensions, supplements, refundings, replacements or refinancings, taken as a whole, are not, as determined by the Company in good faith, materially more restrictive than those in effect on the date of the acquisition;

  

	 	(5)	that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property
or asset; 

  

	 	(6)	existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company or any Restricted
Subsidiary not otherwise prohibited by this Indenture; 

  

	 	(7)	arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of
property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or any Restricted Subsidiary, as determined by the Company in good faith; 

 

	 	(8)	that restrict distributions or transfer by a Restricted Subsidiary if such restrictions exist under, by reason of or with respect to any agreement for the sale or other
disposition of all or substantially all of the Capital Stock of, or property and assets of, that Restricted Subsidiary and are pending such sale or other disposition; 

 

	 	(9)	on cash or other deposits or net worth, which encumbrances or restrictions are imposed by customers or suppliers or required by insurance, surety or bonding companies,
in each case, under contracts entered into in the ordinary course of business; 

  

	 	(10)	arising from customary provisions in joint venture agreements and other similar agreements entered into in the ordinary course of business and which the Board of
Directors of the Company determines in good faith will not adversely affect the Issuers’ ability to make payments of principal or interest on the Notes; 

  
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	 	(11)	arising from purchase money obligations Incurred in compliance with Section 4.03(b)(4) that impose restrictions of the nature described in Section 4.11(a)(4)
above on the assets acquired; and 

  

	 	(12)	existing under, by reason of, or with respect to Indebtedness of any Restricted Subsidiary that is a Foreign Subsidiary; provided that the Company’s Board of
Directors determines in good faith at the time such encumbrances or restrictions are created that they do not adversely affect the Issuers’ ability to make prepayments of principal or interest on the Notes. 

Section 4.12 Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary; provided that:

  

	 	(1)	any Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated will be deemed to be an Incurrence of Indebtedness
by the Company or such Restricted Subsidiary, as the case may be, at the time of such designation, and such Incurrence of Indebtedness would be permitted under Section 4.03; 

 

	 	(2)	the aggregate Fair Market Value of all outstanding Investments owned by the Company and the Restricted Subsidiaries in the Subsidiary being so designated (including any
Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of such Subsidiary) will be deemed to be an Investment made as of the time of such designation and that such Investment would be permitted under Section 4.04;

  

	 	(3)	such Subsidiary does not hold any Capital Stock or Indebtedness of, or own or hold any Lien on any property or assets of, or have any Investment in, the Company or any
Restricted Subsidiary; 

  

	 	(4)	the Subsidiary being so designated: 

  

	 	(i)	is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary unless the terms of any such agreement, contract,
arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; 

 

	 	(ii)	is a Person with respect to which neither the Company nor any Restricted Subsidiary has any direct or indirect obligation (i) to subscribe for additional Equity
Interests or (ii) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

 

	 	(iii)	has not Guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any Restricted Subsidiary, except to the extent
such Guarantee or credit support would be released upon such designation; and 

  
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	 	(5)	no Default or Event of Default would be in existence following such designation. 

 Any designation of a Restricted Subsidiary as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee the Board Resolution giving effect to such designation and an
Officers’ Certificate and an Opinion of Counsel certifying that such designation complied with the preceding conditions and was permitted by this Indenture. If, at any time, any Unrestricted Subsidiary (x) would fail to meet any of the
preceding requirements described in clause (4) above, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture, and any Indebtedness, Investments, or Liens on the property, of such Subsidiary will be deemed to be
Incurred or made by a Restricted Subsidiary as of such date, and if such Indebtedness, Investments or Liens are not permitted to be Incurred or made as of such date under this Indenture, the Issuers will be in default under this Indenture.

 (b) The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted
Subsidiary; provided that: 
  

	 	(1)	such designation will be deemed to be an Incurrence of Indebtedness by a Restricted Subsidiary of any outstanding Indebtedness of such Unrestricted Subsidiary and such
designation will only be permitted if such Indebtedness is permitted under Section 4.03; 

  

	 	(2)	all outstanding Investments owned by such Unrestricted Subsidiary will be deemed to be made as of the time of such designation and such designation will only be
permitted if such Investments would be permitted under Section 4.04; 

  

	 	(3)	all Liens upon property or assets of such Unrestricted Subsidiary existing at the time of such designation would be permitted under Section 4.06; and

  

	 	(4)	no Default or Event of Default would be in existence following such designation. 

 Section 4.13 Business Activities. 
 The Company will not, and will not
permit any Restricted Subsidiary to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and the Restricted Subsidiaries taken as a whole. 

Section 4.14 Payments for Consent. 
 The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid to all Holders that may legally participate in the transaction, in the structure proposed
by the Company, and is paid to all such Holders of the Notes that consent, waive or agree to amend in the time frame and in the manner set forth in the solicitation documents relating to such consent, waiver or agreement. 

Section 4.15 Provision of Financial Information. 
 (a) The Issuers will (i) furnish to the Trustee, (ii) upon request, furnish to beneficial owners and prospective investors and (iii) prior to the consummation of the Exchange Offer, make
publicly available on its website, a copy of all of the information and reports referred to in clauses (1) and (2) below within the time periods specified in the Commission’s rules and regulations: 

(1) all quarterly and annual financial information that would be required to be contained in a filing with the Commission
on Forms 10-Q and 10-K if the Issuers were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on
the annual financial statements by the Company’s certified independent accountants; and 

  
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 (2) all current reports that would be required to be filed with the
Commission on Form 8-K if the Issuers were required to file such reports. 
 (b) After consummation of the Exchange Offer
contemplated by the Registration Rights Agreement, whether or not required by the Commission, the Issuers will comply with the periodic reporting requirements of the Exchange Act and will file the reports specified in Section 4.15(a) with the
Commission within the time periods specified in Section 4.15(a) unless the Commission will not accept such a filing. The Issuers will not take any action for the purpose of causing the Commission not to accept any such filings. If,
notwithstanding the foregoing, the Commission will not accept any Issuers’ filings for any reason, such Issuer will deliver a copy of such reports to the Trustee and post the reports referred to in the preceding paragraph on its website within
the time periods that would apply if such Issuer were required to file those reports with the Commission. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officer’s Certificates). 
 (c) If the Company has designated as Unrestricted Subsidiaries any of its
Subsidiaries that is a Significant Subsidiary or that, when taken together with all other Unrestricted Subsidiaries, would be a Significant Subsidiary, then the quarterly and annual financial information required by this Section 4.15 will
include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial
condition and results of operations of the Company and the Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries. 

(d) Notwithstanding the foregoing, if any parent of the Company becomes a Guarantor, the reports, information and other documents
required to be filed and provided as described above may be those of the parent, rather than those of the Company, so long as such filings would satisfy the Commission’s requirements. 

(e) So long as any Notes remain outstanding, the Issuers and Guarantor will furnish to the Holders and to prospective investors, upon
their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

Section 4.16 Statement by Officers as to Default. 
 (a) The Issuers will deliver to the Trustee, on or before a date not more than 90 days after the end of each fiscal year of the Issuers, an Officers’ Certificate, as to compliance herewith,
including whether or not, after a review of the activities of the Issuers during such year and of the Issuers and each Guarantor’s performance under this Indenture, to the best knowledge, based on such review, of the signers thereof, the
Issuers and each Guarantor have fulfilled all of their respective obligations and are in compliance with all conditions and covenants under this Indenture throughout such year, as the case may be, and, if there has been a Default specifying each
Default and the nature and status thereof and any actions being taken by the Issuers and the Guarantors with respect thereto. 

(b) When any Default or Event of Default has occurred and is continuing, the Issuers shall deliver to the Trustee by registered or
certified mail or facsimile transmission of an Officers’ Certificate specifying such Default or Event of Default, within five Business Days after becoming aware of the occurrence of such Default or Event of Default. 

  
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 Section 4.17 Maintenance of Insurance.

 (a) At all times, at its own expense, the Company shall cause to be carried and maintained by all the Grantors with reputable
insurers, insurance (including property insurance, liability insurance, business interruption insurance, and workers’ compensation insurance) of the kinds and in the amounts and with deductibles as are customarily maintained by prudent
businesses in similar circumstances, carrying on similar businesses or having comparable properties and reasonably acceptable to the Collateral Agent. 
 (b) The Collateral Agent shall be named as an additional insured and loss payee (as appropriate) with respect to all insurance maintained by the Grantors on the Collateral. Upon request of the Collateral
Agent, the Company shall furnish to the Collateral Agent such information relating to its property and property of the other Grantors and liability insurance carriers as may be reasonably requested from time to time. 

(c) No provision of this Section 4.17 shall impose on the Collateral Agent or the Trustee any duty or obligation to verify the
existence or adequacy of the insurance coverage maintained by the Company or the other Grantors, nor shall the Collateral Agent or the Trustee be responsible for any representations or warranties made by or on behalf of the Company to any insurance
company or underwriter. Any failure on the part of the Collateral Agent, the Trustee or the Holders to pursue or obtain the evidence of insurance required by this Section 4.17 from the Company or the other Grantors and/or failure of the
Collateral Agent, the Trustee or Holders to point out any non-compliance of such evidence of insurance shall not constitute a waiver of any of the insurance requirements in this Section 4.17. 

(d) During the existence and continuation of an Event of Default, all insurance proceeds or condemnation proceeds received by the Company
or any of its Subsidiaries in respect of any Collateral shall, if so directed by the Collateral Agent, be held in the Loan and Notes Collateral Account held by the Collateral Agent for the benefit of the Holders pending application of such proceeds
as permitted by this Indenture, the Intercreditor Agreement and the other Security Documents. 
 Section 4.18
Maintenance of Properties. 
 Each Issuer will, and will cause each of its Subsidiaries to, maintain or cause to be
maintained in the ordinary course of business in good repair, working order and condition, normal wear and tear and disposal of obsolete equipment excepted, all properties used or useful in its business (whether owned or held under lease), and from
time to time make or cause to be made all needed and appropriate repairs, renewals, replacements, additions, betterments, and improvements thereto, except where the failure to do so could not reasonably be expected to have a material adverse effect.

 Section 4.19 Suspension of Certain Covenants. 

(a) Following the first day of a Covenant Suspension and ending on a Reversion Date (such period a “Suspension Period”),
the Company and its Restricted Subsidiaries will not be subject to the provisions of the Suspended Covenants. 

  
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 (b) If at any time the Notes cease to have such Investment Grade Rating by either Rating
Agency or if a Default or Event of Default occurs and is continuing, then the Suspended Covenants will, from such date and thereafter be reinstated as if such covenants had never been suspended (the “Reversion Date”) and be
applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of this Indenture), unless and until the Notes subsequently attain an Investment Grade
Rating from both Ratings Agencies and no Default or Event of Default is in existence (in which event the Suspended Covenants shall no longer be in effect for such time that the Notes maintain an Investment Grade Rating from both Ratings Agencies and
no Default or Event of Default is in existence); provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants based on,
and none of the Company or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period (as defined below), or any actions taken at any time pursuant to any contractual obligation arising
prior to the Reversion Date, regardless of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such period. 

(c) On the Reversion Date, all Indebtedness Incurred during the Suspension Period will be classified to have been Incurred pursuant to
one of the clauses (other than pursuant to Section 4.03(b)(2) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after giving effect to the Indebtedness Incurred prior to the Suspension
Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Section 4.03(b) such Indebtedness will be deemed to have been outstanding on the Issue Date, so that it is
classified as permitted under Section 4.03(b)(2). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as though the covenants described under
Section 4.04 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under
Section 4.04(a) to the extent set forth in such covenant. 
 Section 4.20 Escrow of Funds. 

(a) Concurrently with the execution and delivery of this Indenture (i) the Company shall cause to be deposited in an escrow account
maintained with The Bank of New York Mellon Trust Company, N.A., as escrow agent (in such capacity, the “Escrow Agent”) (such account referred to as the “Escrow Account”) $762,916,666.67 (such amount referred to as
the “Initial Deposit”) and (ii) the Company, the Trustee and the Escrow Agent shall enter into an Escrow Agreement to be dated as of the Issue Date (the “Escrow Agreement”). The Initial Deposit shall be in an
amount sufficient to redeem in cash the entire aggregate principal amount of the Notes at a redemption price equal to 100% of the principal amount thereof and a special mandatory redemption fee of 1% of the aggregate principal amount of the
outstanding Notes, plus accrued and unpaid interest thereon to, but excluding, July 30, 2012. 
 (b) the Company agrees
that (i) the terms of the Escrow Agreement shall exclusively control the conditions under which and procedures pursuant to which the Escrowed Funds shall be released and (ii) it will not attempt to have the Escrowed Funds released from the
Escrow Account except in accordance with the Escrow Agreement. In the case of a conflict between the terms of this Indenture and the Escrow Agreement, the Escrow Agreement shall govern. 

Section 4.21 Activities Prior to the Escrow Release. 

Notwithstanding anything else to the contrary contained herein: 

  
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 (a) prior to the Assumption, Zayo Escrow Corporation’s primary activities shall be
limited to (i) issuing the Notes and the Unsecured Notes, (ii) to the extent permitted, issuing Capital Stock to, and receiving capital contributions from, Zayo Group, LLC or any of its Subsidiaries, (iii) performing its obligations
in respect of the Notes and the Unsecured Notes, this Indenture, the indenture governing the Unsecured Notes and the Escrow Agreement, (iv) granting Liens in favor of the Holders of the Notes and the Unsecured Notes, (v) consummating the
Assumption and redeeming the Notes and the Unsecured Notes, if applicable, and (vi) conducting such other activities as are necessary or appropriate to carry out the foregoing activities described above; 

(b) prior to the Assumption, Zayo Escrow Corporation shall not own, hold or otherwise have any interest in any assets other than the
Escrow Account, cash and Cash Equivalents; and 
 (c) prior to the Assumption, Zayo Escrow Corporation will not engage in any
business activity or enter into any transaction or agreement (including, without limitation, making any Restricted Payment, Incurring any Indebtedness other than the Notes and the Unsecured Notes, incurring any Liens except in favor of the holders
of the Notes and the Unsecured Notes, entering into any merger, consolidation or sale of all or substantially all of its assets or engaging in any transaction with its Affiliates) except as is necessary to effectuate the Assumption. 

Section 4.22 Covenant Compliance Prior to the Escrow Release. 

(a) To the extent Zayo Group, LLC or any Restricted Subsidiary has Incurred Indebtedness, made any Restricted Payments, consummated any
Asset Sale or otherwise taken any action or engaged in any activities during the period beginning on the Issue Date and ending on the date of the Assumption, such actions and activities will be treated and classified under this Indenture (including
but not limited to (i) impacting relevant baskets and (ii) determining whether a Default or Event of Default would have occurred) as if this Indenture and the covenants set forth therein had applied to the Company and the Restricted
Subsidiaries of the Company during such period; provided that no such Default or Event of Default will be deemed to have occurred if such Default or Event of Default no longer exists on the date of the Assumption. For purposes of the foregoing, all
Restricted Subsidiaries shall be deemed to be Restricted Subsidiaries for the period from the Issue Date through the date of the Assumption. 
 (b) Notwithstanding anything to the contrary herein, for all purposes of this Indenture, each transaction or event constituting part of the AboveNet Acquisition shall be deemed to have occurred and been
effective on the Issue Date as if it had occurred simultaneously with the issuance of the Notes issued on the Issue Date, but, for the avoidance of doubt, the payment of the acquisition consideration pursuant to the AboveNet Acquisition Agreement
shall not be deemed to be a Restricted Payment hereunder. 
 ARTICLE 5 

SUCCESSORS 

Section 5.01 Consolidation, Merger or Sale of Assets. 

(a) The Issuers will not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not such Issuer
is the surviving corporation), or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties and assets of the Issuers and the Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless: 

  
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 (1) immediately after giving effect to such transaction, no Default or Event
of Default exists; 
 (2) either: 

(A) such Issuer is the surviving corporation; or 

(B) the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or to which such sale,
assignment, transfer, conveyance or other disposition will have been made (i) is a Person organized or existing under the laws of the United States, any state thereof or the District of Columbia; provided that in the case where such Person is
not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws and (ii) assumes all the obligations of such Issuer under the Notes, this Indenture and the Security Documents pursuant to a supplemental
indenture reasonably satisfactory to the Trustee; 
 (3) immediately after giving effect to such transaction on a
pro forma basis, (i) such Issuer or the Person formed by or surviving any such consolidation or merger (if other than such Issuer), or to which such sale, assignment, transfer, conveyance or other disposition will have been made, will be
permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in Section 4.03(a); or (ii) the Consolidated Leverage Ratio is positive and less than the Company’s Consolidated
Leverage Ratio immediately prior to such transaction; 
 (4) each Guarantor, unless such Guarantor is the Person
with which such Issuer has entered into a transaction under this covenant, will have confirmed to the Trustee in writing that its Note Guarantee will apply to the obligations of such Issuer or the surviving Person in accordance with the Notes and
this Indenture; 
 (5) the Company delivers to the Trustee an Officers’ Certificate (attaching the
arithmetic computation to demonstrate compliance with clause (3) above) and Opinion of Counsel, in each case stating that such transaction and such agreement (including any supplement to any Security Document if required in connection with such
transaction) comply with this covenant and that all conditions precedent provided for in this Indenture relating to such transaction have been complied with; 
 (6) such Issuer or the surviving entity, as applicable, promptly causes such amendments, supplements or other instruments to be executed, delivered, filed and recorded, as applicable, in such
jurisdictions as may be reasonably required by applicable law to preserve and protect the Lien of the Security Documents on the Collateral owned by or transferred to such Issuer or the surviving entity; 

(7) the Collateral owned by or transferred to such Issuer or the surviving entity, as applicable, shall (a) continue
to constitute Collateral under this Indenture and the Security Documents, (b) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the Notes, and (c) not be subject to any Lien other
than Permitted Liens; and 

  
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 (8) the property and assets of the Person which is merged or consolidated
with or into such Issuer or the surviving entity, as applicable, to the extent that they are property or assets or of the types which would constitute Collateral under the Security Documents, shall be treated as After-Acquired Property and such
Issuer or the surviving entity shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the extent required in this Indenture; 

provided that clause (3) above will not apply (i) if, in the good faith determination of the Board of Directors of the Company, whose
determination shall be evidenced by a Board Resolution a copy of which shall be delivered to the Trustee, the principal purpose of such transaction is to change the state of incorporation of the Company, and such transaction does not have as one of
its purposes the evasion of the foregoing limitations; or (ii) to any consolidation, merger, sale, assignment, transfer, conveyance or other disposition of assets between or among such Issuers and any Guarantor. 

Upon any consolidation, merger, sale, assignment, transfer, conveyance or other disposition in accordance with this Section 5.01,
the successor Person formed by such consolidation or into or with which such Issuer is merged or to which such sale, assignment, transfer, conveyance or other disposition is made will succeed to, and be substituted for (so that from and after the
date of such consolidation, merger, sale, assignment, conveyance or other disposition, the provisions of this Indenture referring to the “Issuers” will refer instead to the successor Person and not to such Issuer), and may exercise every
right and power of, such Issuer under this Indenture with the same effect as if such successor Person had been named as an Issuer in this Indenture. In the event of any such transfer, the predecessor will be released and discharged from all
liabilities and obligations in respect of the Notes and this Indenture and the predecessor may be dissolved, wound up or liquidated at any time thereafter. 
 In addition, the Company and the Restricted Subsidiaries may not, directly or indirectly, lease all or substantially all of the properties or assets of the Company and the Restricted Subsidiaries
considered as one enterprise, in one or more related transactions, to any other Person. 
 (b) A Guarantor will not, directly or
indirectly: (i) consolidate or merge with or into another Person (whether or not such Guarantor is the surviving Person), or (ii) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties and assets
of the Guarantor, in one or more related transactions, to another Person, other than the Company or another Guarantor, unless: 
 (1) immediately after giving effect to that transaction, no Default or Event of Default exists; and 
 (2) either: 
 (A) the Guarantor is the surviving corporation, or
the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, assignment, transfer, conveyance or other disposition which has been made (i) is organized or existing under the laws of the
United States, any state thereof or the District of Columbia and (ii) assumes all the obligations of that Guarantor under this Indenture, including its Note Guarantee, and the Security Documents pursuant to a supplemental indenture satisfactory
to the Trustee; provided that 
 (i) the Guarantor or the surviving entity, as applicable, promptly causes such
amendments, supplements or other instruments to be executed, delivered, filed and recorded, as applicable, in such jurisdictions as may be reasonably required by applicable law to preserve and protect the Lien of the Security Documents on the
Collateral owned by or transferred to the Guarantor or the surviving entity; 

  
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 (ii) the Collateral owned by or transferred to the Guarantor or the
surviving entity, as applicable, shall (x) continue to constitute Collateral under this Indenture and the Security Documents, (y) be subject to the Lien in favor of the Collateral Agent for the benefit of the Trustee and the Holders of the
Notes, and (z) not be subject to any Lien other than Permitted Liens; and 
 (iii) the property and assets
of the Person which is merged or consolidated with or into the Guarantor or the surviving entity, as applicable, to the extent that they are property or assets or of the types which would constitute Collateral under the Security Documents, shall be
treated as After-Acquired Property and the Guarantor or the surviving entity shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the Security Documents in the manner and to the
extent required in this Indenture; or 
 (B) such sale, assignment, transfer, conveyance or other disposition or
consolidation or merger complies with the covenant described above under Section 4.07. 
 Section 5.02 Successor
Substituted. 
 Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or disposition of all
or substantially all of the properties and assets of any Issuer or any Guarantor, if any, in accordance with Section 5.01, the successor Person formed by such consolidation or into which such Issuer or such Guarantor, as the case may be, is
merged, or the successor Person to which such sale, assignment, conveyance, transfer, lease or disposition is made, shall succeed to, and be substituted for, and may exercise every right and power of, such Issuer or such Guarantor, as the case may
be, under this Indenture, the Notes and/or the related Note Guarantee, as the case may be, and the Registration Rights Agreement, with the same effect as if such successor had been named as such Issuer or such Guarantor, as the case may be, herein,
in the Notes and/or in the Note Guarantee, as the case may be, and the Registration Rights Agreement, and the applicable Issuer or such Guarantor, as the case may be, shall be discharged from all obligations and covenants under this Indenture and
the Notes or its Note Guarantee, as the case may be, and the Registration Rights Agreement; provided that in the case of a transfer by lease, the predecessor shall not be released from the payment of principal and interest on the Notes or its
Note Guarantee, as the case may be. 
 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 

Each of the following is an “Event of Default”: 

(1) default for 30 days in the payment when due of interest on, or Additional Interest with respect to, the Notes;

 (2) default in payment when due (whether at maturity, upon acceleration, redemption or otherwise) of the
principal of, or premium, if any, on the Notes; 

  
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 (3) failure by the Company or any Restricted Subsidiary to make or
consummate an Offer to Purchase in accordance with Section 4.07 or Section 4.09 or to comply with the provisions under Section 5.01; 
 (4) failure by the Company or any Restricted Subsidiary for 60 days after written notice by the Trustee or Holders representing 25% or more of the aggregate principal amount of Notes outstanding to comply
with any of the other agreements in this Indenture or under the Security Documents; 
 (5) default under any
mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness by the Company or any Restricted Subsidiary (or the payment of which is Guaranteed by the Company or any Restricted
Subsidiary) whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default: 
 (a) is caused by a failure to make any payment when due at the final maturity of such Indebtedness (a “Payment Default”); or 

(b) results in the acceleration of such Indebtedness prior to its express maturity; 

and, in each case, the amount of any such Indebtedness, together with the amount of any other such Indebtedness that is
then subject to a Payment Default or the maturity of which has been so accelerated, aggregates $40 million or more; 
 (6) failure by the Company or any Restricted Subsidiary to pay final judgments (to the extent such judgments are not paid or covered by insurance provided by a reputable and solvent carrier) aggregating
in excess of $40 million, which judgments are not paid, discharged or stayed for a period of 90 days; 
 (7)
except as permitted by this Indenture, any Note Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor,
denies or disaffirms its obligations under its Note Guarantee; 
 (8) there shall have been the entry of a decree
or order that remains unstayed and in effect for 60 consecutive days by a court of competent jurisdiction under any applicable Bankruptcy Code (a) for relief in an involuntary case or proceeding in respect of such Issuer, any Significant
Subsidiary or any group of Restricted Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary or (b) adjudging the
Issuers, any Significant Subsidiary or any group of Restricted Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary
bankrupt or insolvent or (c) seeking reorganization, arrangement, adjustment or composition under any applicable federal or state law of or in respect of the Issuers, any Significant Subsidiary or any group of Restricted Subsidiaries which
collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary or (d) appointing a custodian of such Issuer, any Significant Subsidiary or any
group of Restricted Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary or of substantially all of the assets of such
Issuer or such Significant Subsidiary, or ordering the winding up or liquidation of their affairs; 

  
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 (9) such Issuer, any Significant Subsidiary or any group of Restricted
Subsidiaries which collectively (as of the latest audited consolidated financial statements for the Company and its Restricted Subsidiaries) would constitute a Significant Subsidiary (a) commences a voluntary case or proceeding in respect of
such Issuer, such Significant Subsidiary or such group of Restricted Subsidiaries under any applicable Bankruptcy Code or any other case or proceeding to be adjudicated bankrupt or insolvent, (b) consents to the entry of a decree or order for
debt relief in respect of such Issuer, such Significant Subsidiary or such group of Restricted Subsidiaries in an involuntary case or proceeding under any applicable Bankruptcy Code or to the commencement of any bankruptcy or insolvency case or
proceeding against it, (c) files a petition or answer or consent seeking reorganization or debt relief in respect of such Issuer, such Significant Subsidiary or such group of Restricted Subsidiaries under any Bankruptcy Code or applicable
federal or state insolvency law, (d) consents to the filing of such petition for the appointment of, or taking possession by, a custodian of such Issuer, such Significant Subsidiary or such group of Restricted Subsidiaries or of substantially
all of the assets of such Issuer or such Significant Subsidiary, (e) makes an assignment for the benefit of creditors, (f) admits in writing its inability to pay its debts generally as they become due or (g) takes any corporate action
to authorize any such actions in this Section 6.01(9); and 
 (10) unless all of the Collateral has been
released from the Liens in accordance with the provisions of the Security Documents, (i) default by any Issuer or any Guarantor in the performance of any obligation under the Security Documents which adversely affects the enforceability,
validity, perfection or priority of the Liens securing the Notes on a material portion of the Collateral, (ii) the repudiation or disaffirmation by the any Issuer or any Guarantor of any of its material obligations under the Security Documents
or (iii) the determination in a judicial proceeding that the Security Documents are unenforceable or invalid against any Issuer or any Guarantor party thereto for any reason with respect to a material portion of the Collateral and, in the case
of any event described in subclauses (i) through (iii), such default, repudiation, disaffirmation or determination is not rescinded, stayed, or waived by the Persons having such authority pursuant to the Security Documents or otherwise
cured within 60 days. 
 Section 6.02 Acceleration. 

If an Event of Default (other than as specified in Section 6.01(8) or (9) shall occur and be continuing with respect to this
Indenture, the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, and accrued interest
on all Notes to be due and payable immediately, by a notice in writing to the Issuers (and to the Trustee if given by the Holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest shall become due and payable
immediately. If an Event of Default specified in Section 6.01(8) or (9) occurs and is continuing, then all the Notes shall automatically become and be due and payable immediately in an amount equal to the principal amount of the Notes,
together with accrued and unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the Trustee or any Holder. 

  
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 After a declaration of acceleration, but before a judgment or decree for payment of the
money due has been obtained by the Trustee, the holders of a majority in aggregate principal amount of Notes outstanding by written notice to the Issuers and the Trustee, may rescind and annul such declaration and its consequences if: 

(a) the Issuers have paid or deposited with the Trustee a sum sufficient to pay (1) all sums paid or advanced by the
Trustee under this Indenture and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, (2) all overdue interest and Additional Interest on all Notes then outstanding, (3) the principal
of, and premium, if any, on any Notes then outstanding which have become due otherwise than by such declaration of acceleration and interest thereon at the rate borne by the Notes and (4) to the extent that payment of such interest is lawful,
interest upon overdue interest at the rate borne by the Notes; and 
 (b) all Events of Default, other than the
non-payment of principal of, premium, if any, and interest on the Notes which have become due solely by such declaration of acceleration, have been cured or waived. 
 No such rescission shall affect any subsequent default or impair any right consequent thereon. 
 Section 6.03 Other Remedies. 
 If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture or any Security Document. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

The Holders of not less than a majority in aggregate principal amount of the Notes outstanding may on behalf of the Holders of all
outstanding Notes waive any past Default under this Indenture and its consequences, except a Default in the payment of the principal of, premium, if any, or interest on any Note (which may only be waived with the consent of each Holder of Notes
affected). 
 Section 6.05 Control by Majority. 

Subject to the terms of the Intercreditor Agreement, the Security Documents and certain restrictions, the Holders of a majority in
principal amount of the then-outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or the Collateral Agent. However, the Trustee and the Collateral
Agent may refuse to follow any direction that conflicts with law, the Intercreditor Agreement, any other Security Document or this Indenture, that may involve the Trustee’s or the Collateral Agent’s personal liability, or that the Trustee
or the Collateral Agent determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction
received from Holders of Notes. 

  
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 Section 6.06 Limitation on Suits. 

A Holder may not pursue any remedy with respect to this Indenture or the Notes unless: (1) the Holder gives the Trustee written
notice of a continuing Event of Default; (2) the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written request to the Trustee to pursue the remedy; (3) such Holder or Holders offer the Trustee indemnity
reasonably satisfactory to the Trustee against any costs, liability or expense; (4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of indemnity; and (5) during such 60-day period, the
Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 Notwithstanding the foregoing, in no event may any Holder enforce any Lien of the Collateral Agent pursuant to the Security Documents. 

Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium, if
any, and Additional Interest, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer pursuant to Section 4.07 or a Change of Control Offer), or to bring suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by Trustee. 
 If an Event of Default
specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount of principal of, premium, if any, and
Additional Interest, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 Section 6.09
Restoration of Rights and Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or
remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings or
any other proceedings, the Issuers, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies hereunder of the Trustee and the Holders shall continue as though
no such proceeding has been instituted. 
 Section 6.10 Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in
Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy. 

  
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 Section 6.11 Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12 Trustee May File
Proofs of Claim. 
 Subject to the Intercreditor Agreement, the Trustee is authorized to file such proofs of claim and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the
Notes allowed in any judicial proceedings relative to the Issuers (or any other obligor upon the Notes including the Guarantors), their creditors or their property and shall be entitled and empowered to participate as a member in any official
committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to
make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the
claim of any Holder in any such proceeding. 
 Section 6.13 Priorities. 

Subject to the Security Documents, if the Trustee collects any money pursuant to this Article 6 (including any amounts received from
the Collateral Agent), it shall pay out the money in the following order: 
 (i) to the Trustee, Paying Agent,
Registrar, Transfer Agent, their agents and attorneys for amounts due under Section 7.07, including payment of all compensation, expenses, fees, costs and liabilities incurred, and all advances made, by the Trustee, Paying Agent, Registrar or
Transfer Agent and the costs and expenses of collection; 
 (ii) to Holders of Notes for amounts due and unpaid
on the Notes for principal, premium, if any, and Additional Interest, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and Additional
Interest, if any, and interest, respectively; and 
 (iii) to the Issuers or to such party as a court of
competent jurisdiction shall direct, including a Guarantor, if applicable. 

  
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 The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.13. 
 Section 6.14 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee, a suit by
a Holder of a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE 7 
 TRUSTEE 

Section 7.01 Duties of Trustee. 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(i) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from liabilities for its own
grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 

(i) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 

  
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 (d) Whether or not therein expressly so provided, every provision of this Indenture that in
any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture or the Security Documents at the request or direction of any of the Holders of the Notes unless the Holders have offered to the Trustee indemnity or
security reasonably satisfactory to it against any loss, liability or expense. 
 (f) The Trustee shall not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Issuers. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

Section 7.02 Rights of Trustee. 
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated
in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuers, personally or by agent or attorney at the sole cost of the Issuers and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or
attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise
specifically provided in this Indenture, any demand, request, direction or notice from the Issuers shall be sufficient if signed by an Officer of the Issuers. 
 (f) None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties
hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured to it. 

(g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 

(h) In no event shall the Trustee be responsible or liable for special, indirect, punitive, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
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 (i) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) In the event the Issuers are required to pay Additional Interest, the Issuers will provide written notice to the Trustee of the
Issuers’ obligation to pay Additional Interest no later than 15 days prior to the next Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Issuers. The Trustee shall not at any time
be under any duty or responsibility to any Holders to determine whether the Additional Interest is payable and the amount thereof. 
 (k) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder. 
 (l) The Trustee may request that the Issuers deliver a certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
Indenture. 
 (m) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might
be incurred by it in compliance with such request or direction. 
 (n) The Trustee agrees to accept and act upon instructions or
directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods, provided, however, that the Trustee shall have received an incumbency certificate listing persons designated
to give such instructions or directions and containing specimen signatures of such designated persons. Such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Issuers elect to
give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed
controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or inconsistency
with a subsequent written instruction. The Issuers agree to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including the risk of the Trustee acting on unauthorized
instructions, and the risk or interception and misuse by third parties. 
 Section 7.03 Individual Rights of
Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise
deal with the Issuers or any Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to
the Commission for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.10 and 7.11. 

  
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 Section 7.04 Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, the Security
Documents or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it shall not be responsible for
the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes
or pursuant to this Indenture other than its certificate of authentication. 
 Section 7.05 Notice of Defaults.

 If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice
of the Default within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if and so
long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. The Trustee shall not be deemed to know of any Default unless a Responsible Officer of the Trustee
has actual knowledge thereof or unless written notice of any event which is such a Default is received by the Trustee at the Corporate Trust Office of the Trustee. 
 Section 7.06 Reports by Trustee to Holders of the Notes. 
 Within
60 days after each November 15, beginning with the November 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such
reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted).
The Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by Trust Indenture Act Section 313(c). 

A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Issuers and filed with the Commission and
each stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Issuers shall promptly notify the Trustee in writing when, if applicable, the Notes are listed on any stock exchange and of any
delisting thereof. 
 Section 7.07 Compensation and Indemnity. 

The Issuers and the Guarantors, jointly and severally, shall pay to the Trustee from time to time such compensation for its acceptance of
this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers and the Guarantors, jointly
and severally, shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable
compensation, disbursements and expenses of the Trustee’s agents and counsel. 

  
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 The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee for, and
hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration of this trust and the performance of its
duties hereunder (including the costs and expenses of enforcing this Indenture against the Issuers or any of the Guarantors (including this Section 7.07) or defending itself against any claim whether asserted by any Holder, the Issuers or any
Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee to so
notify the Issuers shall not relieve the Issuers of its obligations hereunder. The Issuers and the Guarantors need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own
willful misconduct or gross negligence. 
 The obligations of the Issuers under this Section 7.07 shall survive the
satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 
 Notwithstanding anything
contrary in Section 4.06 hereto, to secure the payment obligations of the Issuers and the Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except
that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(8) or Section 6.01(9) occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Code. 
 The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to the extent applicable. As used in this Section 7.07, the term “Trustee” shall also include each
of the Paying Agent, Registrar, and Transfer Agent, as applicable. 
 Section 7.08 Replacement of Trustee.

 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time and the Registrar, Paying Agent and Transfer Agent may resign with 60 days’ prior written notice and be
discharged from the trust hereby created by so notifying the Issuers. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing and may remove the
Registrar, Paying Agent or Transfer Agent by so notifying such Registrar, Paying Agent or Transfer Agent, as applicable, with 90 days’ prior written notice. The Issuers may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.10; 

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
any Bankruptcy Code; 
 (c) a custodian or public officer takes charge of the Trustee or its property; or

 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers.

 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
retiring Trustee (at the Issuers’ expense), the Issuers or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

  
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 If the Trustee, after written request by any Holder who has been a Holder for at least
six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, and upon
payment of the retiring Trustee’s fees and expenses (including the fees and expenses of its agents and counsel), the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided
all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07
shall continue for the benefit of the retiring Trustee. 
 As used in this Section 7.08, the term “Trustee” shall
also include each of the Paying Agent, Registrar and Transfer Agent, as applicable. 
 Section 7.09 Successor Trustee by
Merger, Etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate
trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 

Section 7.10 Eligibility; Disqualification. 
 There shall at all times be a Trustee hereunder that is a corporation or national banking association organized and doing business under the laws of the United States of America or of any state thereof
that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent
published annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the requirements of Trust
Indenture Act Sections 310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b). 

Section 7.11 Preferential Collection of Claims Against the Company. 

The Trustee is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act
Section 311(b). A Trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated therein. 
 Section 7.12 Authority to Enter into Escrow Agreement. 
 The Trustee
is authorized and directed to execute, deliver and perform its duties under the Escrow Agreement. 

  
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 ARTICLE 8 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01 Option to Effect
Legal Defeasance or Covenant Defeasance. 
 The Issuers may, at their option and at any time, elect to have either
Section 8.02 or 8.03 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02 Legal Defeasance and Discharge. 
 Upon the Issuers’
exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuers and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their
obligations with respect to all outstanding Notes and Note Guarantees on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers shall be deemed to have
paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in
(a) and (b) below, and to have satisfied all its other obligations under such Notes and this Indenture including that of the Guarantors (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments, in
form and substance reasonably satisfactory to the Trustee, acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or premium
and Additional Interest, if any, on such Notes when such payments are due from the trust referred to in Section 8.05; 
 (b) the Issuers’ obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency
for payment and money for security payments held in trust; 
 (c) the rights, powers, trusts, duties, indemnities
and immunities of the Trustee and the Issuers’ and the Guarantors’ obligations in connection therewith; and 
 (d) this Section 8.02. 
 Subject to compliance with this Article 8, the
Issuers may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03. 

  
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 Section 8.03 Covenant Defeasance. 

Upon the Issuers’ exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuers and the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants contained in Section 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12,
Section 4.13, Section 4.14, 4.15 and 4.16, clauses (1), (3), (4), (5), (6), (7) and (8) of Section 5.01(a), and Section 5.01(b) with respect to the outstanding Notes on and after the date the conditions set forth
in Section 8.04 are satisfied (“Covenant Defeasance”), the Note Guarantees will be released pursuant to Section 13.06 and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction,
waiver, consent or declaration or act of Holders (and the consequences of any default thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such
Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other
document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the
Issuers’ exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Section 6.01(3), 6.01(4)(as it relates to the covenants specified
above), 6.01(5), 6.01(6), 6.01(7), 6.01(8), 6.01(8)(solely with respect to Restricted Subsidiaries that are Significant Subsidiaries), 6.01(9) (solely with respect to Restricted Subsidiaries) and Section 6.01(9) shall not constitute an Event of
Default. 
 Section 8.04 Conditions to Legal or Covenant Defeasance. 

The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes: 

(1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in
U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, and interest and premium
and Additional Interest, if any, on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to maturity or to a particular redemption
date; 
 (2) in the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of
Counsel reasonably acceptable to the Trustee confirming that (a) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there has been a change in the applicable
federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such
Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (4) no Default or Event of Default shall have occurred and be continuing either (a) on the date of such deposit; or (b) insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 91st day after the date of deposit; 

  
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 (5) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under, any material agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound; 

(6) the Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that, assuming no intervening
bankruptcy of any Issuers or any Guarantor between the date of deposit and the 91st day following the deposit and assuming that no Holder is an “insider” of any Issuer under applicable bankruptcy law, after the 91st day following the
deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, including Section 547 of the United States Bankruptcy Code and
Section 15 of the New York Debtor and Creditor Law; 
 (7) the Issuers shall have delivered to the Trustee
an Officers’ Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders over the other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding creditors of the
Issuers or others; 
 (8) if the Notes are to be redeemed prior to their Stated Maturity, the Issuers shall have
delivered to the Trustee irrevocable instructions to redeem all of the Notes on the specified redemption date under arrangement satisfactory to the Trustee for the giving of notice of such redemption by the Trustee in the Issuers’ names and at
the Issuers’ expense; and 
 (9) the Company shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as applicable, have been complied with. 

Section 8.05 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuers or a Guarantor acting as Paying Agent), to the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium and Additional Interest, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or Government Securities deposited pursuant to Section 8.04 or the
principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the written request of the Issuers any money or Government
Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered
under Section 8.04(2)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

  
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 Section 8.06 Repayment to the Issuers. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of,
premium and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium and Additional Interest, if any, or interest has become due and payable shall be paid to the Issuers on their
request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Issuers as trustee thereof, shall thereupon cease. 
 Section 8.07 Reinstatement.

 If the Trustee or Paying Agent is unable to apply any U.S. dollars or Government Securities in accordance with
Section 8.04 or 8.05, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under this Indenture and
the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.04 or 8.05 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.04 or 8.05, as
the case may be; provided that, if the Issuers make any payment of principal of, premium and Additional Interest, if any, or interest on any Note following the reinstatement of their obligations, the Issuers shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9

 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01 Without Consent of Holders of Notes. 
 Notwithstanding
Section 9.02, the Issuers, any Guarantor, any other obligor under the Notes and the Trustee, as applicable, may amend or supplement this Indenture, any Note Guarantee, any Security Document or Notes without the consent of any Holder:

 (1) to cure any provision determined by the Board of Directors of the Company in good faith, evidenced by a
Board Resolution, to be an ambiguity, defect or inconsistency; 
 (2) to provide for uncertificated Notes in
addition to or in place of certificated Notes; 
 (3) to provide for the assumption of any Issuer’s or any
Guarantor’s obligations to Holders of Notes in accordance with this Indenture in the case of a merger or consolidation or sale of all or substantially all of such Issuer’s or such Guarantor’s assets; 

(4) to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not
materially, in the good faith determination of the Board of Directors of the Company, evidenced by a Board Resolution, adversely affect the legal rights under this Indenture of any such Holder; 

  
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 (5) to comply with requirements of the Commission in order to effect or
maintain the qualification of this Indenture under the Trust Indenture Act; 
 (6) to comply with the provisions
under Section 4.08; 
 (7) to evidence and provide for the acceptance of appointment by a successor Trustee
or Collateral Agent; 
 (8) to provide for the issuance of Additional Notes in accordance with this Indenture;

 (9) to conform this Indenture, the Notes, the Intercreditor Agreement or any Security Documents to any
provision of the “Description of the Senior Secured First-Priority Notes” in the Offering Memorandum to the extent such provision is intended to be a verbatim recitation thereof; 

(10) to amend the Intercreditor Agreement to add additional lenders holding Additional Pari Passu Obligations permitted
under this Indenture, the New Credit Facilities, the Intercreditor Agreement and any Additional Pari Passu Agreements then in effect; or 
 (11) to add to the Collateral securing the Notes. 
 The Holders of a majority in
aggregate principal amount of the Notes outstanding may waive compliance with certain restrictive covenants and provisions of this Indenture. 
 Section 9.02 With Consent of Holders of Notes. 
 Except as provided
below in this Section 9.02, the Issuers, each Guarantor party thereto, if any, and the Trustee, as applicable, may amend or supplement this Indenture, the Notes, the Note Guarantees and any Security Document with the consent of the Holders of
at least a majority in principal amount of the Notes (including Additional Notes, if any) then outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes), and, subject to Section 6.04 and 6.07, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium and Additional Interest, if any, or interest on the
Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Note Guarantees, the Security Documents or the Notes may be waived with the consent of the Holders of a
majority in principal amount of the then-outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).
Section 2.08 and Section 2.09 shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02. 
 Without the consent of each affected Holder of Notes, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 

(1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(2) change the Stated Maturity of the principal of, or any installment of interest on, any Note; 

  
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 (3) reduce the principal amount of, or premium, if any, or interest on, any
Note; 
 (4) change the optional redemption dates or optional redemption prices of the Notes from those stated
under Section 3.07; 
 (5) waive a Default or Event of Default in the payment of principal of, or interest,
or premium or Additional Interest, if any, on, the Notes (except, upon a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes, a waiver of the payment default that resulted from
such acceleration) or in respect of any other covenant or provision that cannot be amended or modified without the consent of all Holders; 
 (6) make any Note payable in money other than U.S. dollars; 
 (7)
make any change in the amendment and waiver provisions of this Indenture; 
 (8) release any Guarantor from any
of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; 
 (9) impair the right to institute suit for the enforcement of any payment on or with respect to the Notes or the Note Guarantees; 

(10) amend, change or modify the obligation of the Company to make and consummate an Offer to Purchase with respect to any
Asset Sale in accordance with the covenant described above under Section 4.07 after the obligation to make such Offer to Purchase has arisen, or the obligation of the Issuers to make and consummate an Offer to Purchase in the event of a Change
of Control in accordance with the covenant described above under Section 4.09 after such Change of Control has occurred, including, in each case, amending, changing or modifying any definition relating thereto; 

(11) except as otherwise permitted under the Section 5.01 and Section 4.08 consent to the assignment or transfer
by any Issuers or any Guarantor of any of their rights or obligations under this Indenture. 
 In addition, any amendment to, or
waiver of, any provision of this Indenture or any Security Document that has the effect of releasing all or substantially all of the Collateral from the Liens of the Notes will require consent of the Holders of at least 75% in aggregate principal
amount of the Notes then outstanding. 
 Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies
with the Trust Indenture Act as then in effect. 
 Section 9.04 Effect of Consents. 

An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder; provided that any
amendment or waiver that requires the consent of each affected Holder shall not become effective with respect to any non-consenting Holder. 

  
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 The Issuers may, but shall not be obligated to, fix a record date for the purpose of
determining the Holders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and
only such Persons, shall be entitled to consent to such amendment, supplement, or waiver, whether or not such Persons continue to be Holders after such record date. 
 Section 9.05 Notation on or Exchange of Notes. 
 The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that
reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note shall not affect
the validity and effect of such amendment, supplement or waiver. 
 Section 9.06 Trustee to Sign Amendments, Etc.

 The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9 if the amendment or
supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuers may not sign an amendment, supplement or waiver until the Board of Directors approves it. In executing any amendment, supplement or
waiver, the Trustee shall receive and (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 15.04, an Officers’ Certificate and an Opinion of Counsel stating
that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and any Guarantors party thereto,
enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to
execute any amendment or supplement adding a new Guarantor under this Indenture. 
 It shall not be necessary for the consent of
the Holders of Notes under this Article 9 to approve the particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.026 becomes effective, the Issuers shall mail to the Holders of Notes
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental
indenture or waiver. 

  
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 ARTICLE 10 
 [RESERVED] 
 ARTICLE 11 

COLLATERAL 
 The
Issuers will grant the Trustee, for the benefit of the Holders of the Notes and the Unsecured Notes, prior to the Assumption, a first priority security interest in the Escrow Account, the Issuers’ rights in the Escrow Account and all Escrowed
Funds deposited therein to secure the Notes and the Unsecured Notes, including the Special Mandatory Redemption. Prior to the release of the Escrowed Funds, the Notes will be secured solely by a pledge of the Escrowed Funds. 

ARTICLE 12 

[RESERVED] 

ARTICLE 13 

GUARANTEES 

This Article 13 shall only be applicable after the date of the Assumption 

Section 13.01 Guarantee. 
 Subject to this Article 13, each of the Guarantors hereby, jointly and severally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors
and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Issuers hereunder or thereunder, that: (a) the principal of, interest, premium and Additional Interest, if any, on the Notes
shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuers to the Holders or
the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations,
that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuers, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Issuers, any right to require a proceeding first against the Issuers, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture. 

  
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 Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by the Trustee or any Holder in enforcing any rights under this Section 13.01. 

If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuers or the Guarantors, any amount paid either to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect. 
 Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect
of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors
for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantees. 

Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Issuers for liquidation or reorganization, should the Issuers become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuers’ assets, and shall, to
the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or
returned by any obligee on the Notes or Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment or any
part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

In case any provision of any Note Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
 Each payment to be made by a Guarantor in respect
of its Note Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 
 As used in
this Section 13.01, the term “Trustee” shall also include each of the Paying Agent, Registrar and Transfer Agent, as applicable. 

  
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 Section 13.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect
to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 13, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable
law. Each Guarantor that makes a payment under its Note Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s
pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP. 
 Section 13.03 [RESERVED]. 
 Section 13.04 Subrogation.

 Each Guarantor shall be subrogated to all rights of Holders of Notes against the Issuers in respect of any amounts paid by
any Guarantor pursuant to the provisions of Section 13.01; provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right
of subrogation until all amounts then due and payable by the Issuers under this Indenture or the Notes shall have been paid in full. 
 Section 13.05 Benefits Acknowledged. 
 Each Guarantor acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits.

 Section 13.06 Release of Guarantees. 
 A Note Guarantee of a Guarantor will be automatically and unconditionally released (and thereupon shall terminate and be discharged and be of no further force and effect): 

(1) in connection with any sale or other disposition (including by merger or otherwise) of Capital Stock of the Guarantor
after which such Guarantor is no longer a Subsidiary of the Company, if the sale of all such Capital Stock of that Guarantor complies with the applicable provisions of this Indenture; 

(2) if the Company properly designates the Guarantor as an Unrestricted Subsidiary under this Indenture; 

(3) solely in the case of a Note Guarantee created pursuant to Section 4.08(b). upon the release or discharge of the
Guarantee that resulted in the creation of such Note Guarantee pursuant to that covenant, except a discharge or release by or as a result of payment under such Note Guarantee; 

  
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 (4) upon a Legal Defeasance or satisfaction and discharge of this Indenture
that complies with the provisions under Section 8.02, 8.03 or Section 14.01, respectively; or 
 (5)
upon payment in full of the aggregate principal amount of all Notes then outstanding and all other obligations under this Indenture and the Notes then due and owing. 
 Upon any occurrence giving rise to a release of a Note Guarantee as specified above, the Trustee will, at the written direction of the Company, execute any documents reasonably required in order to
evidence or effect such release, termination and discharge in respect of such Note Guarantee. Neither the Company nor any Guarantor will be required to make a notation on the Notes to reflect any Note Guarantee or any such release, termination or
discharge. Upon any release of a Guarantor from its Note Guarantee, such Guarantor shall also be released from its obligations under the Security Documents. 
 ARTICLE 14 
 SATISFACTION AND DISCHARGE 

Section 14.01 Satisfaction and Discharge. 
 This Indenture shall be discharged and shall cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of the Notes as is herein expressly provided) as to
all Notes issued hereunder, when: 
 (1) either: 

(a) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and
Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Issuers) have been delivered to the Trustee for cancellation; or 

(b) all Notes that have not been delivered to the Trustee for cancellation (x) have become due and payable (by
reason of the mailing of a notice of redemption or otherwise), (y) will become due and payable at Stated Maturity within one year, or (z) are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the Issuers’ names and at the Issuer’s expense, and in each such case the Issuers have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for
the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, without
consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and Additional Interest, if any, and accrued interest to the Stated
Maturity or redemption date, as the case may be; 
 (2) no Default or Event of Default will have occurred and be
continuing on the date of such deposit or will occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which any Issuer or any Guarantor is a party or by
which any Issuer or any Guarantor is bound; 

  
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 (3) any Issuer or any Guarantor has paid or caused to be paid all sums
payable by it under this Indenture; and 
 (4) the Issuers have delivered irrevocable instructions to the Trustee
under this Indenture to apply the deposited money toward the payment of the Notes at Stated Maturity or the redemption date, as the case may be. 
 In addition, the Issuers must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee
pursuant to clause (1)(b) of this Section 14.01, the provisions of Section 14.02 and Section 8.06 shall survive. 
 Section 14.02 Application of Trust Money. 
 Subject to the provisions
of Section 8.06, all money or Government Securities deposited with the Trustee pursuant to Section 14.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Issuers acting as their own Paying Agent), to the Persons entitled thereto, of the principal (and premium and Additional Interest, if any) and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 If
the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 14.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Issuers’ and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 14.01;
provided that if the Issuers have made any payment of principal of, premium and Additional Interest, if any, or interest on any Notes because of the reinstatement of their obligations, the Issuers shall be subrogated to the rights of the
Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 15 

MISCELLANEOUS 

Section 15.01 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Trust Indenture Act Section 318(c), the imposed duties shall control. 

Section 15.02 Notices. 
 Any notice or communication by the Issuers, any Guarantor or the Trustee to the others is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return
receipt requested), fax or overnight air courier guaranteeing next day delivery, to the others’ address: 

  
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 If to the Issuers and/or any Guarantor: 

c/o Zayo Group, LLC 
 400 Centennial Parkway, Suite 200 
 Louisville, Colorado 80027 

Facsimile: (303) 226-5923 
 Attention: General Counsel 
 If to the Trustee: 

The Bank of New York Mellon Trust Company, N.A. 
 400 South Hope Street, Suite 400 
 Los Angeles, California 90071 

Facsimile: (213) 630-6298 
 Attention: Corporate Unit 
 The Issuers , any Guarantor or the Trustee, by notice
to the others, may designate additional or different addresses for subsequent notices or communications. 
 All notices and
communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class mail;
when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be
deemed effective upon actual receipt thereof. 
 Any notice or communication to a Holder shall be mailed by first-class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in
Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. So long as the
Notes are registered in the name of DTC, any notices to be provided to the Holders may be provided by electronic means in accordance with DTC’s operational procedures. 
 If the Issuers mail a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time. 
 Section 15.03 Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar and
anyone else shall have the protection of Trust Indenture Act Section 312(c). 
 Section 15.04 Certificate and
Opinion as to Conditions Precedent. 
 Upon any request or application by the Issuers or any of the Guarantors to the
Trustee to take any action under this Indenture, the Issuers or such Guarantor, as the case may be, shall furnish to the Trustee: 

  
 -99-

 (a) an Officers’ Certificate in form and substance reasonably
satisfactory to the Trustee (which shall include the statements set forth in Section 15.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed
action have been satisfied; and 
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 15.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 15.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to Trust Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section 314(e) and shall include: 

(a) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (c) a statement that, in the opinion of such Person, he or
she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may be limited to reliance
on an Officers’ Certificate as to matters of fact); and 
 (d) a statement as to whether or not, in the
opinion of such Person, such condition or covenant has been complied with. 
 Section 15.06 Rules by Trustee and
Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may
make reasonable rules and set reasonable requirements for its functions. 
 Section 15.07 No Personal Liability of
Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator, stockholder of the
Issuers, member, manager or partner of any Issuer or any Guarantor, as such, will have any liability for any obligations of the Issuers or the Guarantors under the Notes, this Indenture, the Note Guarantees, or the Security Documents or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes, by accepting a Note, waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 Section 15.08 Governing Law; Waiver of Jury Trial. 

THIS INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

  
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 EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 15.09 Force Majeure. 
 In no event shall the Trustee, Paying
Agent, Registrar or Transfer Agent be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including
without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer
(software or hardware) services. 
 Section 15.10 Successors. 

All agreements of the Issuers in this Indenture and the Notes shall bind its successors. All agreements of the Trustee and the Paying
Agent, Registrar and Transfer Agent in this Indenture shall bind their respective successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 13.06. The provisions of Article
11 referring to the Collateral Agent shall inure to the benefit of such Collateral Agent. 
 Section 15.11
Severability. 
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 15.12 Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. Delivery of an executed counterpart of a
signature page to this Indenture by facsimile, email or other electronic means shall be effective as delivery of a manually executed counterpart of this Indenture. 
 Section 15.13 Table of Contents, Headings, Etc. 
 The Table of
Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the
terms or provisions hereof. 
 Section 15.14 Qualification of Indenture. 

The Issuers and the Guarantors shall qualify this Indenture under the Trust Indenture Act in accordance with and to the extent required
by the terms and conditions of the Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Issuers, the Guarantors and the Trustee) incurred in connection therewith,
including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the Issuers and the Guarantors any such Officers’
Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act. 

  
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 Section 15.15 USA Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee and Agents, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account. The
parties to this agreement agree that they will provide the Trustee and the Agents with such information as they may request in order to satisfy the requirements of the USA Patriot Act. 

[Signatures on following pages] 

  
 -102-

 
					
	ZAYO ESCROW CORPORATION
		
	By:	 	/s/ Ken desGarennes
		 	Name:	 	Ken desGarennes
		 	Title:	 	Vice President, Chief Financial Officer

  
 Signature Page
to Indenture 

 
					
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	/s/ Melonee Young
		 	Name:	 	Melonee Young
		 	Title:	 	Vice President

 EXHIBIT A-1 
 [Face of Note] 
 [Insert the Global Note Legend, if applicable, pursuant to the
provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture]

  
 A-1-1

 CUSIP [98919U AA5] [U98828 AA1] 

ISIN [US9891UAA51] [USU98828AA13] 
 [RULE 144A] [REGULATION S] GLOBAL NOTE 
 8.125% Senior Secured First-Priority
Notes due 2020 
  

			
	No. A-001	  	$[•]

 ZAYO ESCROW CORPORATION 
 promise to pay to CEDE & CO. or registered assigns, the principal sum set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto in United States Dollars on
January 1, 2020. 
 Interest Payment Dates: January 1 and July 1 
 Record Dates: December 15 and June 15 

  
 A-1-2

 IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

 

			
	ZAYO ESCROW CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-1-3

 This is one of the Notes referred to in the within-mentioned Indenture: 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-1-4

 8.125% Senior Secured First-Priority Notes due 2020 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1. INTEREST. Zayo Escrow Corporation, a Delaware corporation (the “Issuer”) promises to pay interest on the
principal amount of this Note at 8.125% per annum from June 28, 2012 until maturity and shall pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuer will pay interest and
Additional Interest, if any, semi-annually in arrears on January 1 and July 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the
Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest Payment Date shall be January 1, 2013. The Issuer will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal and premium, if any, and interest and Additional Interest, if any, at a rate that is 2% higher than the then applicable interest rate on the Notes.
Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 2. METHOD OF PAYMENT. The Issuer
will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the December 15 or June 15 (whether or not a Business Day), as the case may be, immediately
preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest
and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to
principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent. Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., will act as Paying Agent and Registrar. The
Issuer may change any Paying Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in any such capacity. 
 4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of June 28, 2012 (the “Indenture”), among the Issuer and the Trustee. This Note is one of a duly authorized
issue of notes of the Issuer designated as its 8.125% Senior Secured First-Priority Notes due 2020. The Issuer shall be entitled to issue Additional Notes pursuant to Section 2.01 of the Indenture. The terms of the Notes include those stated in
the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such terms, and Holders are referred to the Indenture and such
Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

5. OPTIONAL REDEMPTION. 
 (a) At any time prior to July 1, 2015, the Issuer may redeem all or part of the Notes at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the
Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest and Additional Interest, if any, to the date of redemption, subject to the rights of Holders of Notes on the relevant record date to receive interest due on
the relevant interest payment date. 

  
 A-1-5

 (b) On or after July 1, 2015, the Issuer may redeem all or a part of the Notes, at the
redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable redemption date, subject to the rights of Holders of Notes on the relevant
record date to receive interest due on the relevant interest payment date, if redeemed during the 12-month period beginning on July 1, of the years indicated below: 

 

					
	 Year
	  	Redemption
Price	 
	 2015
	  	 	104.063	% 
	 2016
	  	 	102.031	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c) At any time prior July 1, 2015, the Issuer may redeem up to 35% of the aggregate principal
amount of Notes issued under the Indenture (including any Additional Notes) at a redemption price of 108.125% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon to the redemption date,
subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds of one or more Equity Offerings; provided that at least (i) 65% of the
aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company or its Affiliates) and (ii) the
redemption must occur within 90 days of the date of the closing of such Equity Offering. 
 (d) If less than all of the Notes
are to be redeemed, the Trustee shall select the Notes to be redeemed in compliance with the requirements of the principal national security exchange, if any, on which the Notes are listed, or if the Notes are not listed, on a pro rata basis, by lot
or by any other method the Trustee shall deem fair and reasonable. Notes redeemed in part must be redeemed only in integral multiples of $1,000 and no Note with a principal amount of less than $2,000 will be redeemed in part. 

(e) In addition to the Issuer’s rights to redeem the Notes as set forth above, the Issuer may purchase Notes in open-market
transactions, tender offers or otherwise 
 6. MANDATORY REDEMPTION. 

(a) Pursuant to an escrow agreement (the “Escrow Agreement”) dated June 28, 2012 between the Issuer, Zayo Group,
LLC, the Trustee and the Escrow Agent, the proceeds of the offering of the Notes were funded directly into an escrow account (the “Escrow Account”) along with cash on hand in an aggregate amount equal to the aggregate principal
amount of the Notes, plus a special redemption fee of 1% of the aggregate principal amount of the Senior Secured Notes and the interest payable on the Notes to July 30, 2012. Funds held in the Escrow Account will be released in accordance with
the conditions set forth in the Escrow Agreement (the “Release Date”). If the Release Date does not occur on or prior to three Business Days prior to July 30, 2012 (or as such date may be extended from time to time pursuant to
the Escrow Agreement up to December 18, 2012),or if certain other events specified under the Escrow Agreement occur, the Issuer shall cause a notice of a special mandatory redemption to be delivered to DTC in accordance with the terms of the
Indenture. If such notice is delivered, subject to the terms of the Indenture, the amounts in the Escrow Account shall be used by the Issuer to redeem the Notes at a price equal to the principal amount of the Notes outstanding and a special
mandatory redemption fee of 1% of the aggregate principal amount of the Notes outstanding, plus accrued and unpaid interest up to, but not including, the Redemption Date. 

  
 A-1-6

 (b) Other than as set out in clause (a) above, the Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
 7. NOTICE OF REDEMPTION. Subject to
Section 3.03 of the Indenture, notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date (except that redemption notices may be mailed more than 60 days prior to
a Redemption Date if the notice is issued in connection with Article 8 or Article 14 of the Indenture) to each Holder whose Notes are to be redeemed at its registered address; provided that in connection with a special mandatory redemption
described in Section 6 above, the redemption notice may be mailed less than 30 days prior to the Redemption Date. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless
all of the Notes held by a Holder are to be redeemed. On and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption. 
 8. OFFERS TO REPURCHASE. 
 (a) If a Change of Control occurs, each Holder of Notes
will have the right to require the Issuer to purchase all or any part (in integral multiples of $1,000 except that no purchase will be permitted that would result in a Note having a remaining principal amount of less than $2,000) of such
Holder’s Notes pursuant to a Change of Control offer. In the Change of Control offer, the Issuers will offer to purchase all of the Notes, at a purchase price in cash in an amount equal to 101% of the principal amount of such Notes, plus
accrued and unpaid interest, if any, to (but not including) the date of purchase (subject to the rights of Holders of record on relevant Record Dates to receive interest due on an Interest Payment Date). The Change of Control offer shall be made in
accordance with Section 4.09 of the Indenture. 
 (b) Under certain circumstances described in the Indenture, the Issuer
will be required to apply the proceeds of Asset Sales to the repayment of the Notes and Pari Passu Debt. The offer shall be made in accordance with Section 4.07 of the Indenture 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Notes or portion of Notes selected for redemption, except for the
unredeemed portion of any Notes being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed. 

10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture or the Notes may be amended or supplemented as provided in the Indenture. 

  
 A-1-7

 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in
Section 6.01 of the Indenture. If any Event of Default (other than as specified in Section 6.01(8) or 6.01(9) of the Indenture with respect to the Issuer) shall occur and be continuing with respect to the Indenture, the Trustee or the
Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, and accrued interest on all Notes to be due and
payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by the holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest shall become due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default as specified in Section 6.01(8) or 6.01(9), with respect to the Issuer occurs and is continuing, then all the Notes shall automatically become and be due and payable immediately
in an amount equal to the principal amount of the Notes, together with accrued and unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the Trustee or any holder. Holders may not
enforce the Indenture, the Notes or the Note Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, Additional Interest, if any, or interest) if it determines that
withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its
consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, Additional Interest, if any, or interest on, any of the Notes held by a non-consenting Holder. The Issuers and each Guarantor (to the
extent that such Guarantor is so required under the Trust Indenture Act) are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required within five (5) Business Days after
becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Issuer proposes to take with respect thereto. 
 13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to
Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the right to receive Additional Interest (as defined in the
Registration Rights Agreement). 
 15. GOVERNING LAW. THE INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 16. WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THE
INDENTURE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

17. CUSIP/ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-1-8

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to the Issuer at the following address: 
 c/o Zayo
Group, LLC 
 400 Centennial Parkway, Suite 200 
 Louisville, Colorado 80027 
 Facsimile: (303) 226-5923 

Attention: General Counsel 

  
 A-1-9

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:           
                                         
                                         
                                         
            

                       
                                     (Insert assignee’ legal
name) 
  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
   

 
   

 
   

 
   

 
 (Print or type assignee’s name,
address and zip code) 

and irrevocably appoint                   
                                         
                                         
                                         
                                    

to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date:
                         

 

			
		
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                         
            
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.07 or 4.09 of the Indenture, check the
appropriate box below: 

 ̈  Section 4.07          
                ̈  Section 4.09 
 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.07 or Section 4.09 of the Indenture, state the amount you elect to have purchased: 

$                      
           
 Date:
                             

 

					
		
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)
	Tax Identification No.:	 	  

 Signature Guarantee*:
                                         
                            
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-11

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $[•]. The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of
Exchange
	  	Amount of
decrease in
Principal Amount
of this Global Note	  	Amount of increase
in Principal
Amount of this
Global Note	  	Principal Amount of
this Global Note
following such
decrease or increase	  	Signature of
authorized signatory
of Trustee or 
Notes Registrar

 

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-1-12

 EXHIBIT A-2 
 [Face of Regulation S Temporary Note] 
 [Insert Regulation S Temporary
Global Note Legend] 
 [Insert the Global Note Legend] 
 [Insert the Private Placement Legend] 

  
 A-2-1

 CUSIP 98828 AA1 
 ISIN USU98828AA13 
 TEMPORARY REGULATION S GLOBAL NOTE 

8.125% Senior Secured First-Priority Notes due 2020 
  

			
	No. R-001	  	$[•]

 ZAYO ESCROW CORPORATION 
 promise to pay to CEDE & CO. or registered assigns, the principal sum of [•] United States Dollars on January 1, 2020. 
 Interest Payment Dates: January 1 and July 1 
 Record Dates: December 15 and
June 15 

  
 A-2-2

 IN WITNESS HEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	ZAYO ESCROW CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  
 A-2-3

 This is one of the Notes referred to in the within-mentioned Indenture: 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-2-4

 [Back of Note] 
 8.125% Senior Secured First-Priority Notes due 2020 
 Capitalized terms used
herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Zayo Escrow
Corporation, a Delaware corporation (the “Issuer”) promises to pay interest on the principal amount of this Note at 8.125% per annum from June 28, 2012 until maturity and shall pay the Additional Interest, if any, payable
pursuant to the Registration Rights Agreement referred to below. The Issuer will pay interest and Additional Interest, if any, semi-annually in arrears on January 1 and July 1 of each year, or if any such day is not a Business Day, on the
next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that the first Interest Payment Date shall be January 1, 2013. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Code) on overdue principal and premium, if any, and interest
and Additional Interest, if any, at a rate that is 2% higher than the then applicable interest rate on the Notes. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall
not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Termporary Global Note shall in all other respects be entitled to the same benefits as the other Notes under the Indenture. 

2. METHOD OF PAYMENT. The Issuer will pay interest on the Notes and Additional Interest, if any, to the Persons who are registered
Holders of Notes at the close of business on the December 15 or June 15 (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. Payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set
forth in the register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other
Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. 
 3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., will act
as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. The Issuer issued the Notes under an Indenture, dated as of June 28, 2012 (the “Indenture”), among
the Issuer and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated as its 8.125% Senior Secured First-Priority Notes due 2020. The Issuer shall be entitled to issue Additional Notes pursuant to
Section 2.01 of the Indenture. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes
are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling. 

  
 A-2-5

 5. OPTIONAL REDEMPTION. 

(a) At any time prior to July 1, 2015, the Issuer may redeem all or part of the Notes at a redemption price equal to the sum of
(i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest and Additional Interest, if any, to the date of redemption, subject to the rights of
Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 (b) On or after
July 1, 2015, the Issuer may redeem all or a part of the Notes, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable
redemption date, subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the 12-month period beginning on July 1, of the years indicated below:

  

					
	 Year
	  	Redemption
Price	 
	 2015
	  	 	104.063	% 
	 2016
	  	 	102.031	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c) At any time prior July 1, 2015, the Issuer may redeem up to 35% of the aggregate principal
amount of Notes issued under the Indenture (including any Additional Notes) at a redemption price of 108.125% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon to the redemption date,
subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date, with the net cash proceeds of one or more Equity Offerings; provided that at least (i) 65% of the
aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company or its Affiliates) and (ii) the
redemption must occur within 90 days of the date of the closing of such Equity Offering. 
 (d) If less than all of the Notes
are to be redeemed, the Trustee shall select the Notes to be redeemed in compliance with the requirements of the principal national security exchange, if any, on which the Notes are listed, or if the Notes are not listed, on a pro rata basis, by lot
or by any other method the Trustee shall deem fair and reasonable. Notes redeemed in part must be redeemed only in integral multiples of $1,000 and no Note with a principal amount of less than $2,000 will be redeemed in part. 

(e) In addition to the Issuer’s rights to redeem the Notes as set forth above, the Issuer may purchase Notes in open-market
transactions, tender offers or otherwise 
 6. MANDATORY REDEMPTION. 

(c) Pursuant to an escrow agreement (the “Escrow Agreement”) dated June 28, 2012 between the Issuer, Zayo Group,
LLC, the Trustee and the Escrow Agent the proceeds of the offering of the Notes were funded directly into an escrow account (the “Escrow Account”) along with cash on hand in an aggregate amount equal to the aggregate principal
amount of the Notes, plus a special redemption fee of 1% of the principal amount of the Senior Secured Notes and the interest payable on the Notes to July 30, 2012. Funds held in the Escrow Account will be released in accordance with the
conditions set forth in the Escrow Agreement (the “Release Date”). If the Release Date does not occur on or prior to three Business Days prior toJuly 30, 2012 (or as such date may be extended from time to time pursuant to the Escrow
Agreement up to December 18, 2012), or if certain other events specified under the Escrow Agreement occur, the Issuer shall cause a notice of a special mandatory redemption to be delivered to DTC in accordance with the terms of the Indenture.
If such notice is delivered, subject to the terms of the Indenture, the amounts in the Escrow Account shall be used by the Issuer to redeem the Notes at a price equal to the aggregate principal amount of the Notes outstanding and a special mandatory
redemption fee of 1% of the aggregate principal amount of the Notes outstanding, plus accrued and unpaid interest up to, but not including, the Redemption Date. 

  
 A-2-6

 (d) Other than as set out in clause (a) above, the Issuer shall not be required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
 7. NOTICE OF REDEMPTION. Subject to
Section 3.03 of the Indenture, notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date (except that redemption notices may be mailed more than 60 days prior to
a Redemption Date if the notice is issued in connection with Article 8 or Article 14 of the Indenture) to each Holder whose Notes are to be redeemed at its registered address; provided that in connection with a special mandatory redemption
described in Section 6 above, the redemption notice may be mailed less than 30 days prior to the Redemption Date. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless
all of the Notes held by a Holder are to be redeemed. On and after the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption. 
 8. OFFERS TO REPURCHASE. 
 (a) If a Change of Control occurs, each Holder of Notes
will have the right to require the Issuer to purchase all or any part (in integral multiples of $1,000 except that no purchase will be permitted that would result in a Note having a remaining principal amount of less than $2,000) of such
Holder’s Notes pursuant to a Change of Control offer. In the Change of Control offer, the Issuer will offer to purchase all of the Notes, at a purchase price in cash in an amount equal to 101% of the principal amount of such Notes, plus accrued
and unpaid interest, if any, to (but not including) the date of purchase (subject to the rights of Holders of record on relevant Record Dates to receive interest due on an Interest Payment Date). The Change of Control offer shall be made in
accordance with Section 4.09 of the Indenture. 
 (b) Under certain circumstances described in the Indenture, the Issuer
will be required to apply the proceeds of Asset Sales to the repayment of the Notes and Pari Passu Debt. The offer shall be made in accordance with Section 4.07 of the Indenture 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Notes or portion of Notes selected for redemption, except for the
unredeemed portion of any Notes being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed. 

10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture or the Notes may be amended or supplemented as provided in the Indenture. 

  
 A-2-7

 12. DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in
Section 6.01 of the Indenture. If any Event of Default (other than as specified in Section 6.01(8) or 6.01(9)of the Indenture with respect to the Issuer) shall occur and be continuing with respect to the Indenture, the Trustee or the
Holders of not less than 25% in aggregate principal amount of the Notes then outstanding may, and the Trustee at the request of such Holders shall, declare all unpaid principal of, premium, if any, and accrued interest on all Notes to be due and
payable immediately, by a notice in writing to the Issuer (and to the Trustee if given by the holders of the Notes) and upon any such declaration, such principal, premium, if any, and interest shall become due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default as specified in Section 6.01(8) or 6.01(9), with respect to the Issuer occurs and is continuing, then all the Notes shall automatically become and be due and payable immediately
in an amount equal to the principal amount of the Notes, together with accrued and unpaid interest, if any, to the date the Notes become due and payable, without any declaration or other act on the part of the Trustee or any holder. Holders may not
enforce the Indenture, the Notes or the Note Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the Trustee in its exercise of
any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, Additional Interest, if any, or interest) if it determines that
withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or and its
consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, Additional Interest, if any, or interest on, any of the Notes held by a non-consenting Holder. The Issuers and each Guarantor (to the
extent that such Guarantor is so required under the Trust Indenture Act) are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required within five (5) Business Days after
becoming aware of any Default, to deliver to the Trustee a statement specifying such Default and what action the Issuer proposes to take with respect thereto. 
 13. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual signature of the Trustee. 

14. ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to
Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, including the right to receive Additional Interest (as defined in the
Registration Rights Agreement). 
 15. GOVERNING LAW. THE INDENTURE, THE NOTES AND ANY NOTE GUARANTEE WILL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 16. WAIVER OF JURY TRIAL. EACH OF THE PARTIES TO THE
INDENTURE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

17. CUSIP/ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuer has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee may use CUSIP/ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-2-8

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture and/or the Registration Rights Agreement. Requests may be made to the Issuer at the following address: 
 c/o Zayo
Group, LLC 
 901 Front Street, Suite 200 
 Louisville, Colorado 80027 
 Facsimile: (303) 226-5923 

Attention: General Counsel 

  
 A-2-9

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 (I) or (we) assign and transfer this Note to:
                                         
                                         
                                         
                        
                                   
                              (Insert assignee’ legal name) 

 
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
   

 
   

 
   

 
 (Print or type assignee’s name,
address and zip code) 

and irrevocably appoint                   
                                         
                                         
                                         
                                    

to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Date:
                                     

 

			
		
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee*:
                                         
                                         
                   
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-10

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.07 or 4.09 of the Indenture, check the
appropriate box below: 
  ̈  Section 4.07
                     ̈  Section 4.09 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.07 or Section 4.09 of the
Indenture, state the amount you elect to have purchased: 

$                      
       
 Date:
                                     

 

					
			
	Your Signature:	 	 	 	 
		 		 	(Sign exactly as your name appears on the face of this Note)
	Tax Identification No.:	 	  

 Signature Guarantee*:
                                         
                                         
                                   

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-11

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGULATION S TEMPORARY GLOBAL NOTE* 

The initial outstanding principal amount of this Regulation S Temporary Global Note is $[•]. The following exchanges of a part of
this Regulation S Temporary Global Note for an interest in another Regulation S Temporary Global Note or for a Definitive Note, or exchanges of a part of another Regulation S Temporary Global or Definitive Note for an interest in this Regulation S
Temporary Global Note, have been made: 
  

									
	 Date of
 Exchange
	  	Amount of
decrease in
Principal Amount
of this Regulation
S Temporary
Global
Note	  	Amount of increase
in Principal
Amount of this
Regulation S Temporary
Global
Note	  	Principal Amount of
this Regulation S
Temporary Global
Note
following
such
decrease or increase	  	Signature of
authorized signatory
of Trustee or 
Notes Registrar

 

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-2-12

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Zayo Escrow Corporation1 
 c/o Zayo Group, LLC 
 901 Front Street, Suite 200 

Louisville, Colorado 80027 
 Facsimile:
(303) 226-5923 
 Attention: General Counsel 
 The Bank of New York Mellon Trust Company, N.A. 
 400 South Hope Street, Suite 400 

Los Angeles, California 90071 
 Facsimile:
(213) 630-6298 
 Attention: Corporate Unit 
 Re: 8.125% Senior Secured First-Priority Notes due 2020 
 Reference is hereby made
to the Indenture, dated as of June 28, 2012 (the “Indenture”), among Zayo Escrow Corporation and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

            (the “Transferor”) owns and proposes to transfer
the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $            in such Note[s] or interests (the “Transfer”), to
            (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 
 1.  ̈  CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The
Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such
Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is
in compliance with any applicable blue sky securities laws of any state of the United States. 
  

	1 	 Prior to the Assumption 

  
 B-1

 2.  ̈  CHECK IF TRANSFEREE WILL
TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S TEMPORARY GLOBAL NOTE, THE REGULATION S PERMANENT GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee
was outside the United States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a
designated offshore securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention
of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the
proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Temporary
Global Note, the Regulation S Permanent Global Note and/or the Restricted Definitive Note Indenture and the Securities Act. 
 3.  ̈  CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO ANY PROVISION
OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)  ̈  such Transfer is being effected pursuant to and in
accordance with Rule 144 under the Securities Act; 
 or 

(b)  ̈  such Transfer is being effected to the Issuers or a
subsidiary thereof; 
 or 
 (c)  ̈  such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act. 
 (d)
 ̈  such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144
or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the applicable transfer restrictions and the
requirements of the exemption claimed, which certification is supported by an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in
compliance with the Securities Act. 

  
 B-2

 4.  ̈  CHECK IF TRANSFEREE WILL
TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 
 (a)  ̈  CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 to a Person who is not an affiliate (as defined in
Rule 144) of the Issuers under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 

(b)  ̈  CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act to a Person who is not an affiliate (as defined in Rule 144) of the Issuers and in compliance with the transfer restrictions contained in
the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
 (c)  ̈  CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act
other than Rule 144, Rule 903 or Rule 904 to a Person who is not an affiliate (as defined in Rule 144) of the Issuers and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes or Restricted Definitive Notes and in the Indenture. 
 5.
 ̈  CHECK IF TRANSFEROR IS AN AFFILIATE OF THE ISSUERS. 
 6.  ̈  CHECK IF TRANSFEREE IS AN AFFILIATE OF THE ISSUERS. 

  
 B-3

 This certificate and the statements contained herein are made for your benefit and the
benefit of the Issuers. 
  

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                             

  
 B-4

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 
  

	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP [            ]), or

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP [            ]), or

  

	(b)	 ̈ a Restricted Definitive Note. 

 

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP [            ]), or

  

	 	(ii)	 ̈ Regulation S Global Note (CUSIP [            ]), or

  

	 	(iii)	 ̈ Unrestricted Global Note (CUSIP [            ]), or

  

	(b)	 ̈ a Restricted Definitive Note; or 

 

	(c)	 ̈ an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 B-5

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Zayo Escrow Corporation 

c/o Zayo Group, LLC 
 901 Front Street, Suite 200

 Louisville, Colorado 80027 

Facsimile: (303) 226-5923 
 Attention:
General Counsel 
 The Bank of New York Mellon Trust Company, N.A. 
 400 South Hope Street, Suite 400 
 Los Angeles, California 90071 

Facsimile: (213) 630-6298 
 Attention:
Corporate Unit 
 Re: 8.125% Senior Secured First-Priority Notes due 2020 

Reference is hereby made to the Indenture, dated as of June 28, 2012 (the “Indenture”), among Zayo Escrow
Corporation and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
             (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $            in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 
 a)  ̈ CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Issuers. 
 b)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the
Owner is not an affiliate (as defined in Rule 144) of the Issuers. 

  
 C-1

 c)  ̈ CHECK IF EXCHANGE IS
FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies
(i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the beneficial
interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Issuers. 

d)  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own
account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act, (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States and (v) the Owner is not an affiliate (as defined in Rule 144) of the Issuers. 
 2) EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 

a)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL
NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

  
 C-2

 b)  ̈ CHECK IF EXCHANGE IS
FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ]
Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon
consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global
Note and in the Indenture and the Securities Act. 
 3)  ̈ CHECK IF OWNER IS AN
AFFILIATE OF THE ISSUERS. 
 4)  ̈ CHECK IF OWNER IS EXCHANGING THIS NOTE IN
CONNECTION WITH AN EXPECTED TRANSFER TO AN AFFILIATE OF THE ISSUERS. 
 This certificate and the statements contained herein are
made for your benefit and the benefit of the Issuers and are dated                    . 

 

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                             

  
 C-3

 EXHIBIT D 
 [FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 Supplemental Indenture (this “Supplemental Indenture”), dated as of
            , among             (the “Guaranteeing Subsidiary”), a subsidiary of Zayo Group, LLC, a Delaware
limited liability company (the “Company”), and/or Zayo Capital, Inc., a Delaware corporation (the “Co-Issuer” and, together with the Company, the “Issuers”) and The Bank of New York Mellon Trust
Company, N.A., a national banking association organized and existing under the bank of the United States of America, as trustee (the “Trustee”). 
 W I T N E S S E T H 
 WHEREAS, Zayo Escrow Corporation has heretofore executed and
delivered to the Trustee an indenture (as supplemented, the “Indenture”), dated as of June 28, 2012, providing for the issuance of an unlimited aggregate principal amount of 8.125% Senior Secured First-Priority Notes due 2020
(the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set
forth herein and under the Indenture; and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized
to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

(1) Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 (2) Agreement to be Bound. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as
such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 

(3) Guarantee. The Guaranteeing Subsidiary agrees, on a joint and several basis with all the existing Guarantors, to Guarantee to
each Holder of the Notes and the Trustee the Indenture Obligations pursuant to Article 10 of the Indenture. 
 (4) No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Issuers or the Guarantors (including the Guaranteeing Subsidiary) under the
Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes and the Note Guarantees. 

  
 D-1

 (5) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 (6) Counterparts. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 (7)
Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 

(8) The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary. 
 (9) Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will
receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Note Guarantee are knowingly made in contemplation of
such benefits. 
 (10) Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall
bind its successors, except as otherwise provided in the Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

  
 D-2

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the date first above written. 
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 D-3

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