Document:

Executed in 6 Parts
                                             Counterpart No. (   )

                              NATIONAL EQUITY TRUST
                          LOW FIVE PORTFOLIO SERIES 47
                            REFERENCE TRUST AGREEMENT

     This  Reference  Trust  Agreement  dated  ________,  2002 among  Prudential
Investment   Management  Services  LLC,  as  Depositor,   Prudential  Securities
Incorporated,  as Portfolio Supervisor and The Bank of New York, as Trustee sets
forth certain  provisions in full and incorporates other provisions by reference
to the document entitled  "National Equity Trust, Trust Indenture and Agreement"
(the "Basic Agreement") dated February 2, 2000. Such provisions as are set forth
in full herein and such provisions as are incorporated by reference constitute a
single instrument (the "Indenture").

                                WITNESSETH THAT:

     In  consideration  of the  premises  and of the  mutual  agreements  herein
contained, the Depositor and the Trustee agree as follows: Part I.

                     STANDARD TERMS AND CONDITIONS OF TRUST

     Subject to the provisions of Part II hereof,  all the provisions  contained
in the Basic  Agreement are herein  incorporated  by reference in their entirety
and  shall be deemed  to be a part of this  instrument  as fully and to the same
extent as though said provisions had been set forth in full in this instrument.

A.   Article I, entitled "Definitions," shall be amended as follows:

(i)  Section  1.01-Definitions  shall be amended to add the following definition
     at the end thereof:

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                                      -2-

     "Portfolio  Supervisor" of the Trust shall have the meaning  assigned to it
in Part II of the Reference Trust Agreement.

B.   Article  III,  entitled  "Administration  of  Trust,"  shall be  amended as
     follows:

     (i) The third  paragraph of Section  3.05-Distribution  shall be amended by
deleting any reference to Depositor and replacing it with Portfolio Supervisor.

     (ii)  Section  3.14-Deferred  Sales  Charge  shall  be  amended  to add the
following sentences at the end thereof:

"References to Deferred Sales Charge in this Trust Indenture and Agreement shall
include any Creation and  Development  Fee  indicated  in the  prospectus  for a
Trust.  The  Creation  and  Development  Fee  shall be  payable  on each date so
designated  and in an amount  determined  as specified in the  prospectus  for a
Trust."

C.   Article VIII, entitled "Depositor," shall be amended as follows:

     (i) Section 8.07-Compensation shall be amended by deleting any reference to
Depositor and replacing it with Portfolio Supervisor.

D.   Article IX,  entitled  "Additional  Covenants;  Miscellaneous  Provisions,"
     shall be amended as follows:

     (i) The first sentence of Section 9.05 - Written Notice shall be amended by
deleting the language "Prudential Securities  Incorporated at One Seaport Plaza,
New  York,  New  York  10292"  and  replacing  it  with  "Prudential  Investment
Management LLC at 100 Mulberry Street,  Gateway Center Three, Newark, New Jersey
07102".

                                    Part II.

                     SPECIAL TERMS AND CONDITIONS OF TRUST

     The following special terms and conditions are hereby agreed to:

<PAGE>

                                      -3-

A.   The Trust is denominated National Equity Trust, Low Five Portfolio Series
     47.

B.   The Units of the Trust shall be subject to a deferred sales charge.

C.   The publicly traded stocks listed in Schedule A hereto are those which,
     subject to the terms of this Indenture, have been or are to be deposited in
     Trust under this Indenture as of the date hereof.

D.   The term "Depositor" shall mean Prudential  Investment  Management Services
     LLC.

E.   The  term  "Portfolio   Supervisor"   shall  mean   Prudential   Securities
     Incorporated.

F.   The aggregate number of Units referred to in Sections 2.03 and 9.01 of the
      Basic Agreement is          as of the date hereof.

G.   A Unit of the Trust is hereby declared initially equal to 1/     th of the
     Trust.

H.   The term "First Settlement Date" shall mean                        , 2002.

I.   The terms  "Computation  Day" and "Record Date" shall mean on the tenth day
     of            2002,          2002,        2003 and                2003.

J.   The term "Distribution Date" shall mean on the twenty-fifth  day
     of            2002,          2002,        2003 and                2003.

K.   The term "Termination Date" shall mean          , 2003.

L.   The Trustee's Annual Fee shall be $.90 (per 1,000 Units) for 49,999,999 and
     below  units  outstanding  $.84 (per  1,000  Units) on the next  50,000,000
     Units,  $.78 (per 1,000 Units) on the next 100,000,000  Units and $.66 (per
     1,000 Units) on Units in excess of 200,000,000  Units.  In calculating  the
     Trustee's annual fee, the fee applicable to the number of units outstanding
     shall apply to all units outstanding.

M.   The Depositor's  Portfolio  supervisory service fee shall be $.25 per 1,000
     Units.

               [Signatures and acknowledgments on separate pages]EXHIBIT 4.7

CONFIDENTIAL MATERIALS HAVE BEEN OMITTED FROM THIS EXHIBIT PURSUANT TO A REQUEST
FOR CONFIDENTIAL TREATMENT AND HAVE BEEN FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION. ASTERISKS DENOTE OMISSIONS.

THE SECURITIES REPRESENTED BY THIS WARRANT HAVE NOT BEEN REGISTERED UNDER EITHER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT"), OR APPLICABLE STATE
SECURITIES LAWS (THE "STATE ACTS"), AND SHALL NOT BE SOLD, ASSIGNED, PLEDGED,
HYPOTHECATED, DONATED OR OTHERWISE TRANSFERRED (WHETHER OR NOT FOR
CONSIDERATION) BY THE HOLDER EXCEPT BY REGISTRATION OR PURSUANT TO AN EXEMPTION
FROM REGISTRATION UPON THE ISSUANCE TO THE COMPANY OF A FAVORABLE OPINION OF
COUNSEL OR OTHER EVIDENCE REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT
THAT ANY SUCH TRANSFER SHALL NOT BE IN VIOLATION OF THE 1933 ACT AND THE STATE
ACTS.

5,287,841 Shares of Common Stock                                   Warrant No. 3

                                     WARRANT

                           To Purchase Common Stock of
            SAVVIS Communications Corporation, a Delaware corporation

1.       GRANT OF WARRANT. THIS IS TO CERTIFY THAT Constellation Venture Capital
II, L.P., a Delaware limited partnership, or its registered assigns (the
"Holder"), is entitled to exercise this Warrant to purchase from SAVVIS
Communications Corporation, a Delaware corporation (the "Company"), up to an
aggregate of 5,287,841 shares of common stock, par value $0.01 per share, of the
Company (the "Common Stock"), subject to adjustment as set forth in accordance
with Section 5 and exercisable in accordance with Section 3, all on the terms
and conditions and pursuant to the provisions hereinafter set forth. This
Warrant is being granted pursuant to the terms of that certain Securities
Purchase Agreement dated as of June 28, 2002, (the "Agreement") by and among the
Company and Constellation Venture Capital II, L.P., Constellation Venture
Capital Offshore II, L.P., The BSC Employee Fund IV, L.P. and CVC II Partners,
L.L.C. (the "Constellation Entities"), and the Company and the Constellation
Entities intend to be legally bound hereby and thereby. Any capitalized terms
used herein but not defined herein shall have the meanings ascribed to them in
the Agreement.

<PAGE>

2.       EXERCISE PRICE. The purchase price payable for each of the shares of
Common Stock sold upon exercise of this Warrant shall be $0.75 (the "Exercise
Price"). Such Exercise Price and the number of shares of Common Stock into which
this Warrant is exercisable are subject to adjustment from time to time as
provided in Section 5.

3.       EXERCISE. This Warrant may be exercised in whole or in part at any time
prior to January 28, 2007 (the "Expiration Date") with respect to that number of
shares of Common Stock indicated on Schedule A hereto, subject to adjustment in
accordance with Section 5.

         In order to exercise this Warrant, in whole or in part, the Holder
hereof shall deliver to the Company at its principal office at 12851 World Gate
Drive, Herndon, Virginia 20170, or at such other office as shall be designated
by the Company pursuant to the Agreement:

         (a) written notice of the Holder's election to exercise this Warrant,
which notice shall be substantially in the form of the attached "Subscription
Form" and shall specify the number of shares of Common Stock to be purchased
pursuant to such exercise;

         (b) either (i) a wire transfer of immediately available funds to the
Company or (ii) notice that the Exercise Price is satisfied by reduction of the
number of shares to be received by the Holder upon exercise of this Warrant as
provided in Section 4 below, with the amount of such reduction specified in such
notice; in each case such wire transfer or reduction in the number of shares
shall be in an amount equal to the aggregate purchase price for all shares of
Common Stock to be purchased pursuant to such exercise; and

         (c) this Warrant, properly endorsed.

Upon receipt thereof, the Company shall, as promptly as practicable, and in any
event within ten (10) days thereafter, execute or cause to be executed and
delivered to the Holder a certificate or certificates representing the aggregate
number of full shares of Common Stock issuable upon such exercise. The stock
certificate or certificates so delivered shall be registered in the name of the
Holder or such other name as shall be designated in said notice.

         This Warrant shall be deemed to have been exercised and such
certificate or certificates shall be deemed to have been issued, and the Holder
or any other person so designated to be named therein shall be deemed to have
become a Holder of record of such shares for all purposes, as of the date of
that said notice, together with said payment and this Warrant, is received by
the Company as aforesaid (the "Exercise Date"). Except as otherwise provided in
the Agreement or this Warrant, the Holder of this Warrant shall not, by virtue
of its ownership of this Warrant, be entitled to any rights of a stockholder in
the Company, either at law or in equity; provided, however, that the Holder
shall, for all purposes, be deemed to have become the Holder of record of such
shares on the Exercise Date. If the exercise is for less than all of the shares
of Common Stock issuable as provided in this Warrant, the Company shall issue a
new Warrant of like tenor and date for the balance of such shares issuable
hereunder to the Holder. The Holder of this Warrant, by its acceptance hereof,
consents to and agrees to be bound by and to comply with all of the provisions
of this Warrant.

                                      -2-

<PAGE>

4.       "CASHLESS" EXERCISE. At the option of the Holder, the Holder may
exercise this Warrant without a cash payment of the Exercise Price, by
designating that the number of the shares of Common Stock issuable to the Holder
upon such exercise shall be reduced by the number of shares having a Current
Market Value as of the Exercise Date equal to the amount of the total Exercise
Price for such exercise. In such instance, no cash or other consideration will
be paid by the Holder in connection with such exercise other than the surrender
of the Warrant itself, and no commission or other remuneration will be paid or
given by the Holder or the Company in connection with such exercise. If such
exercise results in only a partial exercise of this Warrant, then the Company
shall deliver to the Holder a new Warrant evidencing the remaining rights under
the Warrant, as provided in Section 3 above. "Current Market Value" means, on
any date, the average of the daily closing market prices for each day for five
trading days ending one business day before such date as of which such a price
can be established in the manner set forth below. The closing market price for
each such trading day shall be the last sale price on such day as reported in
the Consolidated Last Sale Reporting System or as quoted in the National
Association of Securities Dealers Automated Quotation System, or if such last
sale price is not available, the average of the closing bid and asked prices as
reported in either such system, or in any other case the higher bid price quoted
for such day as reported by The Wall Street Journal and the National Quotation
Bureau pink sheets. If there is no active public market, the value shall be the
fair market value thereof as reasonably determined in good faith by the Board of
Directors of the Company.

5.       ADJUSTMENTS. If any of the following events shall occur at any time or
from time to time prior to the exercise of the Warrant, the following
adjustments shall be made in the Exercise Price and/or the number of shares then
purchasable upon the exercise of the Warrant, as appropriate:

         (a) "Stock Splits and Combinations". In case the Company shall at any
time or from time to time after the Closing Date (i) subdivide or split the
outstanding shares of Common Stock, (ii) combine or reclassify the outstanding
shares of Common Stock into a smaller number of shares or (iii) issue by
reclassification of the shares of Common Stock any shares of capital stock of
the Company, then, and in each such case, the Exercise Price in effect
immediately prior to such event or the record date therefor, whichever is
applicable, shall be proportionately increased or reduced, as applicable, and
the aggregate number of shares for which the Warrant shall be exercisable shall
be proportionately increased or reduced, as applicable, so that the Holder of
the Warrant thereafter surrendered for exercise shall be entitled to receive the
number of shares of Common Stock or other securities of the Company which such
Holder would have owned or have been entitled to receive after the occurrence of
any of the events described above, had such Warrant been surrendered for
conversion immediately prior to the occurrence of such event or the record date
therefor, whichever is applicable. An adjustment made pursuant to this
subparagraph (a) shall become effective at the close of business on the day upon
which such corporate action becomes effective. Such adjustment shall be made
successively whenever any event listed above shall occur.

         (b) "Dividends and Distributions in Common Stock". In case the Company
shall at any time or from time to time after the Closing Date pay a dividend or
make a distribution payable in shares of Common Stock on any class of Capital
Stock of the Company other than

                                      -3-
<PAGE>

dividends or distributions of shares of Common Stock or other securities with
respect to which adjustments are provided in paragraph (a) above, the Exercise
Price shall be reduced to the price determined by multiplying (i) the applicable
Exercise Price by (ii) a fraction, the numerator of which shall be the number of
shares of Common Stock theretofore outstanding and the denominator of which
shall be the sum of such number of shares and the total number of shares
issuable in such dividend or distribution. The provisions of this clause shall
similarly apply to successive distributions.

         (c) "Distribution of Indebtedness, Securities or Assets". In case the
Company shall at any time or from time to time after the Closing Date distribute
to any holders of Common Stock (whether by dividend or in a merger,
amalgamation, consolidation or otherwise) evidences of indebtedness, shares of
Capital Stock of any class or series, other securities, cash or assets (other
than securities referred to in subparagraph (b) above or (e) below or a dividend
payable exclusively in cash and other than as a result of a Fundamental Change)
in respect of such holder's Common Stock, the Exercise Price in effect
immediately prior to the close of business on the record date fixed for
determination of stockholders entitled to receive such distribution shall be
reduced by multiplying such Exercise Price by a fraction, the numerator of which
is the Volume Weighted Market Value on such record date less the fair market
value (as determined by the Board of Directors of the Company, whose
determination in good faith shall be conclusive) of the portion of such
evidences of indebtedness, shares of Capital Stock, other securities, cash and
assets so distributed applicable to one share of Common Stock and the
denominator of which is the Volume Weighted Market Value. Such adjustment shall
be made successively whenever any such event shall occur. "Capital Stock" means
as to any entity (whether a corporation, partnership or another entity),
corporate stock and any and all shares, partnership interests, limited
partnership interests, limited liability company interests, membership
interests, equity interests, participations, rights or other equivalents
(however designated) of corporate stock or any of the foregoing issued by any
such entity. "Volume Weighted Market Value" means, at any date, the price per
share of Common Stock which equals (i) the sum of the products, for each of the
prior 20 trading days, of the Closing Market Price on such day, multiplied by
the volume of shares traded on such day, (ii) divided by the total volume of
shares traded the prior 20 trading days. If no Closing Market Price for shares
of Common Stock can be determined, the Volume Weighted Market Value shall be the
fair market value thereof as reasonably determined in good faith by the Board of
Directors of the Company. For purposes of this definition, "Closing Market
Price" means, on any trading day, the last sale price for shares of Common Stock
on such day as reported in the Consolidated Last Sale Reporting System or as
quoted in the National Association of Securities Dealers Automated Quotation
System, or if such last sale price is not available, the average of the closing
bid and asked prices as reported in either such system, or in any other case the
higher bid price quoted for such day as reported by The Wall Street Journal and
the National Quotation Bureau pink sheets.

         (d) "Fundamental Changes". In case of any Fundamental Change, this
Warrant shall be exercisable for the kind and amount of stock, other securities,
cash and assets that it would have been exercisable for prior thereto (or
anything that such stock, other securities or assets are later converted or
changed into); provided, however, that in the event such Fundamental Change
shall result in a successor entity to the Company, at the option of such
successor entity, such Warrant shall immediately become exercisable at the time
of such Fundamental Change for the

                                      -4-
<PAGE>

aggregate number of shares of Common Stock represented by this Warrant
notwithstanding the provisions of Schedule A. In the event a successor entity
does not elect to fully vest the Warrant as provided in the proviso of the
immediately preceding sentence, such successor entity shall assume in writing
all of the obligations of the Company under this Warrant (in form and substance
reasonably satisfactory to the Holder). In any such case, appropriate adjustment
shall be made in the application of the provisions of this Section 5 with
respect to the rights of the Holder of the Warrant after the Fundamental Change
to the end that the provisions of this Section 5 shall be applicable after that
event in a manner as nearly equivalent as practicable as before the Fundamental
Change. "Fundamental Change" means any transaction or event, including, without
limitation, any merger, consolidation, sale of assets, reclassification,
recapitalization, compulsory share exchange or liquidation, in which all or
substantially all outstanding shares of the Company's common stock are converted
into or exchanged for stock, other securities or assets.

         (e) "Adjustment of Exercise Price Upon Issuance of Additional Shares of
Common Stock".

             (i) In the event the Company shall issue Additional Shares of
Common Stock (including Additional Shares of Common Stock deemed to be issued
pursuant to Section 5(e)(ii)), without consideration or for a consideration per
share less than the Exercise Price in effect on the date of and immediately
prior to such issue, then, and in each such event, the Exercise Price will be
recalculated in accordance with the following formula: the Exercise Price then
in effect shall be multiplied by a fraction, (x) the numerator of which shall be
the number of shares of Common Stock outstanding immediately prior to such
issuance ("Outstanding Common Stock") plus the number of shares of Common Stock
that the aggregate consideration (determined in the manner provided in Section
5(e)(iii)) received by the Company for such issuance would purchase at the
Exercise Price in effect immediately prior to such issuance; and (y) the
denominator of which shall be the number of shares of Outstanding Common Stock
plus the number of Additional Shares of Common Stock. For purposes of the
foregoing calculation, the term "Outstanding Common Stock" shall include,
without limitation, shares of Common Stock issued or issuable upon the exercise,
exchange or conversion of outstanding securities, excluding Common Stock
issuable upon the exercise, exchange or conversion of options, warrants or
similar rights to acquire Common Stock, at a price greater than the Volume
Weighted Market Value as of the date of adjustment. "Additional Shares of Common
Stock" means any shares of Common Stock issued (or deemed to have been issued
pursuant to Section 5(e)(ii)) by the Company other than: (a) Common Stock issued
pursuant to a transaction described in Section 5(a) or 5(b), (b) shares of
Common Stock issued or issuable upon conversion of the Company's Series A
Convertible Preferred Stock, (c) in addition to the shares of Common Stock
described in (d) below, shares of Common Stock or options, warrants or similar
rights to purchase shares of Common Stock, which shares are issuable or issued
to employees, consultants or directors of the Company directly or pursuant to a
stock option, restricted stock, employee stock purchase or similar plan approved
by the Board of Directors of the Company, and (d) shares of Common Stock issued
or issuable upon conversion of all securities convertible, exchangeable or
exercisable for, or rights to purchase, shares of Common Stock validly issued
and outstanding as of the Closing Date.

                                      -5-
<PAGE>

             (ii) In the case of the issuance of options to purchase or rights
to subscribe for Common Stock, securities by their terms or by agreement with
the Company convertible into or exchangeable for Common Stock or options to
purchase or rights to subscribe for such convertible or exchangeable securities,
the following provisions shall be taken into account in making the adjustment:

                         (A) The shares of Common Stock deliverable upon
exercise of such options to purchase or rights to subscribe for Common Stock
shall be deemed to have been issued at the time such options or rights were
issued and for a consideration equal to the consideration (determined in the
manner provided in Section 5(e)(iii)), if any, received by the Company upon the
issuance of such options or rights plus the minimum exercise price provided in
such options or rights (without taking into account potential antidilution
adjustments) for the Common Stock covered thereby.

                         (B) The aggregate maximum number of shares of Common
Stock deliverable upon conversion of or in exchange (assuming the satisfaction
of any condition to convertibility or exchangeability, including without
limitation, the passage of time, but without taking into account potential
antidilution adjustments, accrual of dividends or payment of any premiums or
preferences conditioned upon the occurrence of specified transactions) for any
such convertible or exchangeable securities or upon the exercise of options to
purchase or rights to subscribe for such convertible or exchangeable securities
and subsequent conversion or exchange thereof shall be deemed to have been
issued at the time such securities were issued or such options or rights were
issued and for a consideration equal to the consideration, if any, received by
the Company for any such securities and related options or rights (excluding any
cash received on account of accrued interest or accrued dividends), plus the
minimum additional consideration, if any, to be received by the Company (without
taking into account potential antidilution adjustments) upon the conversion or
exchange of such securities or the exercise of any related options or rights
(the consideration in each case to be determined in the manner provided in
Section 5(e)(iii)).

             (iii) In the case of the issuance of Common Stock for cash, the
consideration shall be deemed to be the amount of cash paid therefor before
deducting any reasonable discounts, commissions or other expenses allowed, paid
or incurred by the Company for any underwriting or otherwise in connection with
the issuance and sale thereof. In the case of the issuance of the Common Stock
for a consideration in whole or in part other than cash, the consideration other
than cash shall be deemed to be the fair value thereof as determined in good
faith by the Board of Directors of the Company irrespective of any accounting
treatment.

             (iv) Notwithstanding any other provisions of this Section 5(e), no
adjustment of the Exercise Price pursuant to this Section 5(e) shall have the
effect of increasing the Exercise Price above the Exercise Price in effect
immediately prior to such adjustment.

         (f) "Number of Shares Upon Adjustment of Exercise Price". Upon each
adjustment of the Exercise Price, the Holder of a Warrant shall thereafter be
entitled to purchase, at the Exercise Price resulting from such adjustment, the
number of shares obtained by multiplying the Exercise Price in effect
immediately prior to such adjustment by the number of shares

                                      -6-
<PAGE>

purchasable pursuant to such Warrant immediately prior to such adjustment and
dividing the product thereof by the Exercise Price resulting from such
adjustment.

6.       TAXES. The issuance of any Common Stock or other certificate upon the
exercise of this Warrant shall be made without charge to the registered Holder
hereof, or for any tax in respect of the issuance of such certificate, unless
such tax is imposed by law upon the Holder (including, without limitation,
Federal, state or local income taxes), in which case such taxes shall be paid by
the Holder. The obligations of the parties under this Section shall survive any
redemption, repurchase or acquisition of this Warrant or the Common Stock issued
upon exercise of this Warrant by the Company, and any cancellation or
termination of this Warrant.

7.       TRANSFER. Except as otherwise provided under the Agreement, this
Warrant and all options and rights hereunder are transferable, as to all or any
part of the number of shares of Common Stock purchasable upon its exercise, by
the Holder hereof in person or by its duly authorized attorney on the books of
the Company upon surrender of this Warrant at the principal offices of the
Company, together with the "Assignment Form" attached hereto duly executed. The
Company shall deem and treat the registered Holder of this Warrant at any time
as the absolute owner hereof for all purposes and shall not be affected by any
notice to the contrary. If this Warrant is transferred in part, the Company
shall, at the time of surrender of this Warrant, issue to the transferee a
Warrant covering the number of shares of Common Stock transferred and to the
transferor a Warrant covering the number of shares not transferred.

8.       NO FRACTIONAL SHARES. No fractional shares of Common Stock shall be
issued upon the exercise of this Warrant and, in lieu thereof, any fractional
shares shall be rounded down to the nearest whole.

9.       REGISTRATION RIGHTS. The Common Stock into which this Warrant is
exercisable is subject to that certain Investor Rights Agreement by and among
the Company and certain other parties dated as of March 6, 2002, as such
agreement may be amended from time to time.

10.      RESERVATION OF SHARES. The Company shall, at all times after the
Consent Effectiveness Date (as defined in the Agreement) prior to the Expiration
Date, reserve and keep available such number of authorized shares of its Common
Stock, solely for the purpose of effecting the exercise of this Warrant, as may
from time to time be issuable upon exercise of this Warrant. If, at any time,
the number of authorized but unissued shares of Common Stock shall not be
sufficient to effect the exercise of the Warrant or otherwise to comply with the
terms of the Agreement, the Company shall forthwith use commercially reasonable
efforts to take such corporate action as may be necessary to increase its
authorized but unissued shares of Common Stock to such number of shares as shall
be sufficient for such purposes. The Company shall use commercially reasonable
efforts to obtain any authorization, consent, approval or other action by or
make any filing with any court or administrative body that may be required under
applicable state securities laws in connection with the issuance of shares of
Common Stock upon exercise of the Warrant.

11.      APPLICABLE LAW. THIS WARRANT SHALL BE GOVERNED BY, CONSTRUED AND
ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK

                                      -7-
<PAGE>

WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS PROVISIONS THEREOF. EACH OF THE
PARTIES HEREBY SUBMITS TO PERSONAL JURISDICTION AND WAIVES ANY OBJECTION AS TO
VENUE IN THE COUNTY OF NEW YORK, STATE OF NEW YORK. SERVICE OF PROCESS ON THE
PARTIES IN ANY ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT SHALL BE
EFFECTIVE IF MAILED TO THE PARTIES IN ACCORDANCE WITH SECTION 8.04 OF THE
AGREEMENT. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR
PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS HEREUNDER.

12.      SUCCESSORS AND ASSIGNS. This Warrant and the rights evidenced hereby
shall inure to the benefit of, and be binding upon, the successors and assigns
of the Holder hereof and shall be enforceable by any such Holder. In the event
this Warrant is sold, transferred or assigned, the transferor will give written
notice to the Company within fifteen (15) days following such sale, transfer or
assignment and in such notice designate the name and address of the transferee.

13.      EXCHANGE OF CERTIFICATES FOR WARRANTS. This Warrant may be exchanged,
at the option of the Holder, and upon surrender of such Warrant to the Company,
for another Warrant, or other Warrants of different denominations, of like tenor
and representing in the aggregate the right to purchase a like number of shares
of Common Stock. The Holder shall make such request in a writing delivered to
the Company, and must surrender the Warrant to be so exchanged. Thereupon, the
Company will execute and deliver to the Holder the new Warrants so requested.
The Warrant surrendered for exchange will be cancelled by the Company.

14.      REPLACEMENT OF INSTRUMENTS. Upon receipt by the Company of evidence
reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of any certificate or instrument evidencing this
Warrant, and (a) in the case of loss, theft or destruction, of indemnity
reasonably satisfactory to it (provided that if the Holder is an institutional
lender or investor, its own agreement of indemnity shall be deemed to be
satisfactory), or (b) in the case of mutilation, upon surrender or cancellation
thereof, the Company, at its expense, shall execute, register and deliver, in
lieu thereof, a new certificate or instrument for (or covering the purchase of)
an equal number of shares of Common Stock.

15.      INFORMATION RIGHTS; INSPECTION RIGHTS. Within ten (10) days of the end
of every calendar month, the Company shall provide the Holder with a written
report detailing the progress of the Constellation Entities towards achieving
the revenue targets set forth on Schedule A. The Holder shall have the right, at
any time, upon reasonable notice and during normal business hours, to audit the
books and records of the Company to confirm the information set forth in the
Company's monthly reports.

16.      NOTICES OF CERTAIN EVENTS.

         (a) In the event of (i) any setting by the Company of a record date
with respect to the holders of any class of securities of the Company for the
purpose of determining which of such holders are entitled to dividends or other
distributions, or any right to subscribe for, purchase or otherwise acquire any
shares of Common Stock or any other securities or property, or to receive any
other right; (ii) any capital reorganization of the Company, or reclassification
or

                                      -8-
<PAGE>

recapitalization of the Common Stock of the Company or any transfer of all or
substantially all of the assets of the Company to, or consolidation or merger of
the Company with or into, any other entity or Person; or (iii) any involuntary
dissolution, liquidation or winding-up of the Company; then, and in each such
event, the Company will mail or cause to be mailed to the Holder of the Warrant
at the time (as reflected in the records of the Company), a notice specifying,
as the case may be: (A) the date on which any such record is to be set for the
purpose of such dividend, distribution or right, and stating the amount and
character of such dividend, distribution or right; or (B) the date on which any
such reorganization, reclassification, recapitalization, transfer,
consolidation, merger, dissolution, liquidation or winding-up is to take place
and the time, if any is to be fixed, as of which the holders of record of Common
Stock (or such other Capital Stock or securities receivable upon the exercise of
the Warrant) shall be entitled to exchange their shares of Common Stock (or such
other Capital Stock or securities) for securities or other property deliverable
upon such event. Any such notice shall be given, as provided in Section 8.04 of
the Agreement, at least fifteen (15) days prior to the date therein specified
and the Holder of the Warrant may exercise its Warrant at any time within the
fifteen (15) day period from the date of mailing of such notice.

         (b) If there shall be any adjustment as provided in Section 5, or if
the securities or property other than shares of Common Stock of the Company
shall become purchasable in lieu of shares of such Common Stock upon exercise of
the Warrant, the Company shall forthwith cause written notice thereof to be
sent, as provided in Section 8.04 of the Agreement, to the Holder of the Warrant
at the address of such Person shown on the books of the Company, which notice
shall be accompanied by a certificate of the chief financial officer of the
Company setting forth in reasonable detail the basis for the Holder becoming
entitled to purchase such shares and the number of shares that may be purchased
and the Exercise Price thereof, or the facts requiring any such adjustment and
the Exercise Price and the number of shares purchasable after such adjustment,
or the kind and amount of any such securities or property so purchasable upon
the exercise of the Warrant, or the number of shares issued to the Holder as
ownership protection, as the case may be. At the request of the Holder and upon
surrender of the Warrant, the Company shall reissue the Warrant in a form
conforming to such adjustments.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                      -9-
<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to be duly
executed and issued on its behalf.

DATED as of June 28, 2002.

                                             SAVVIS COMMUNICATIONS CORPORATION
                                             A DELAWARE CORPORATION

                                             By:   /s/ Lane H. Blumenfled
                                             Name:  Lane H. Blumenfeld

                                             Title: Vice President and
                                                    Acting General Counsel

                                      -10-
<PAGE>

                                SUBSCRIPTION FORM

                 (To be executed only upon exercise of Warrant)

         The undersigned registered owner of this Warrant irrevocably exercises
this Warrant for and purchases ________ shares of Common Stock of SAVVIS
Communications Corporation, a Delaware corporation, purchasable with this
Warrant, and herewith makes payment therefor, all at the price and on the terms
and conditions specified in this Warrant and requests that certificates for the
shares of Common Stock hereby purchased (and any securities or other property
issuable upon such exercise) be issued in the name of and delivered to
________________________ whose address is ________________________________, and
if such shares of Common Stock shall not include all of the shares of Common
Stock issuable as provided in this Warrant, that a new Warrant of like tenor and
date for the balance of the shares of Common Stock issuable thereunder to be
delivered to the undersigned.

         DATED:  _________________, _____.  ____________________________________

                                              By:   ____________________________

                                              Name: ____________________________

                                              Title:____________________________

                                              Address:   _______________________

                                                         _______________________

                                                         _______________________

                                 ASSIGNMENT FORM

         FOR VALUE RECEIVED, the undersigned registered owner of this Warrant
hereby sells, assigns and transfers unto the Assignee named below all of the
rights of the undersigned under this Warrant, with respect to the number of
shares of Common Stock set forth below:

     Name and Address of Assignee                     No. of Shares
     ----------------------------                     Common Stock
                                                      -------------

<PAGE>
and does hereby irrevocably constitute and appoint as Attorney _________________
to register such transfer on the books of _____________________________
maintained for the purpose, with full power of substitution in the premises.

         DATED:  _________________, _____.  ____________________________________

                                              By:   ____________________________

                                              Name: ____________________________

                                              Title:____________________________

NOTICE:           The signature to this assignment must correspond with the name
                  as written upon the face of the within Warrant in every
                  particular, without alteration or enlargement or any change
                  whatever.

                           ACKNOWLEDGMENT BY ASSIGNEE

         The undersigned Assignee hereby acknowledges receipt of the Warrant
Agreement, and agrees to be bound by its terms.

                                              __________________________________

                                              By:   ____________________________

                                              Name: ____________________________

                                              Title:____________________________

<PAGE>

                                   SCHEDULE A

At all times on and after the first date that the Company and its Subsidiaries
have, in the aggregate, [**] determined in accordance with GAAP of at least (i)
[**] the number of shares of Common Stock issuable upon exercise of this Warrant
shall equal [**] (subject to adjustment in accordance with Section 5), (ii)
[**]the number of shares of Common Stock issuable upon exercise of this Warrant
shall be increased by [**] (subject to adjustment in accordance with Section 5)
and (iii) [**] the number of shares of Common Stock issuable upon exercise of
this Warrant shall be increased by [**] (subject to adjustment in accordance
with Section 5), in each case from any combination of the following: (a) [**] in
which any of the [**]directly or indirectly, [**]to the Company or its
Subsidiaries or otherwise [**]; (b) [**] and (c) [**] (collectively, (a) through
(c) are the "Covered Transactions"); provided, however, that (x) there shall be
excluded from such [**]and (y) for the avoidance of doubt, there shall be
included in such [**] with respect to any entity which is a part of the same
organization as an entity whose [**] would be included in a Covered Transaction,
such as a subsidiary, parent company, division or business unit of any such
entity. "Affiliate" means, as to any Person, any other Person (a) that directly
or indirectly, through one or more intermediaries, controls or is controlled by,
or is under common control with such Person. For purposes of this definition,
the term "control" means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise. In
the event the Company and the Constellation Entities are unable to reach
agreement within twenty (20) days of a transaction as to whether such
transaction is a Covered Transaction, this determination shall be made in
arbitration pursuant to the then-current Commercial Rules and supervision of the
American Arbitration Association (the "AAA"). The arbitration shall be held in
New York, New York. The Company , on the one hand, and the Constellation
Entities, on the other hand, shall appoint one arbitrator within twenty (20)
days of receipt by the respondent of the notice of arbitration. The two
arbitrators appointed by such parties shall, within twenty (20) days after their
appointment, appoint a third, presiding arbitrator. If either such party fails
to nominate an arbitrator, or the two arbitrators appointed by such parties are
unable to appoint a presiding arbitrator within the stated periods, the second
or presiding arbitrator, as the case may be, shall be appointed by the AAA. All
arbitrators shall be fluent in English and all hearings shall be conducted in
the English language. The arbitrators shall, by majority vote, render a written
decision stating reasons therefor. The arbitrators' decision and award shall be
final and binding and may be entered in any court having jurisdiction thereof.
The costs and expenses of the arbitration shall be paid by the losing party. The
parties hereto will use their reasonable best efforts to cause the arbitrators
hereunder to render a final and binding decision within ninety (90) days
following the commencement of any such proceeding.

[**] CONFIDENTIAL TREATMENT REQUESTED

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