Document:

Exhibit 10.3

 EXHIBIT 10.3 
  
 Execution Copy 
  

  
 CBEYOND COMMUNICATIONS, INC.

  
 and 
  
 CBEYOND COMMUNICATIONS, LLC 
  

  
 $115,400,000 
  
 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
  
 Dated as of November 1, 2002 
  

  
 CISCO SYSTEMS CAPITAL CORPORATION 
  
 Administrative Agent 
  
 [GRAPHIC APPEARS HERE] 
  

 TABLE OF CONTENTS 
  

					
	SECTION 1.	 	    DEFINITIONS	  	1
			
	            1.1	 	Definitions	  	1
	            1.2	 	Interpretation	  	10
	            1.3	 	Accounting Principles	  	11
			
	SECTION 2.	 	    THE LOAN FACILITY	  	11
			
	            2.1	 	The Loans	  	11
	            2.2	 	Use of Proceeds	  	12
	            2.3	 	Borrowing Procedure	  	12
	            2.4	 	Evidence of Indebtedness	  	13
	            2.5	 	Interest and Fees	  	13
	            2.6	 	Computations	  	13
	            2.7	 	Highest Lawful Rate	  	13
	            2.8	 	Repayment of the Loans	  	14
	            2.9	 	Prepayments.	  	14
	            2.10	 	Reduction or Termination of the Aggregate Commitment	  	14
	            2.11	 	Regulatory Changes	  	14
	            2.12	 	Funding Losses	  	15
	            2.13	 	Reserves on LIBOR Loans	  	15
	            2.14	 	Illegality	  	16
	            2.15	 	Obligation to Mitigate	  	16
	            2.16	 	Payments	  	16
	            2.17	 	Pro Rata Treatment	  	17
	            2.18	 	Sharing.	  	17
	            2.19	 	Taxes	  	17
			
	SECTION 3.	 	    CONDITIONS PRECEDENT	  	19
			
	            3.1	 	Conditions Precedent to the Effectiveness of this Amendment	  	19
	            3.2	 	Conditions Precedent to All Loans	  	20
			
	SECTION 4.	 	    REPRESENTATIONS AND WARRANTIES	  	21
			
	            4.1	 	Representations and Warranties of Holdings and Borrower	  	21
	            4.2	 	Representations and Warranties of Lenders	  	24

  

 i 

					
			
	SECTION 5.	 	    COVENANTS	  	24
			
	            5.1	 	Covenants	  	24
			
	SECTION 6.	 	    EVENTS OF DEFAULT	  	36
			
	            6.1	 	Events of Default	  	36
	            6.2	 	Effect of Event of Default	  	39
	            6.3	 	Certain Agreements Regarding the Collateral	  	39
	            6.4	 	Forbearance	  	40
			
	SECTION 7.	 	    THE AGENT	  	40
			
	            7.1	 	Appointment and Authorization; “Agent”	  	40
	            7.2	 	Delegation of Duties	  	41
	            7.3	 	Liability of Agent	  	41
	            7.4	 	Reliance by Agent	  	41
	            7.5	 	Notice of Default	  	41
	            7.6	 	Credit Decisions	  	42
	            7.7	 	Indemnification of Agent	  	42
	            7.8	 	Agent in Individual Capacity	  	42
	            7.9	 	Collateral Matters	  	43
	            7.10	 	Successor Agent	  	43
			
	SECTION 8.	 	    MISCELLANEOUS	  	44
			
	            8.1	 	Amendments	  	44
	            8.2	 	Notices	  	44
	            8.3	 	No Waiver; Cumulative Remedies	  	45
	            8.4	 	Costs and Expenses; Indemnification	  	45
	            8.5	 	Survival	  	46
	            8.6	 	Benefits of Agreement	  	46
	            8.7	 	Binding Effect; Successors and Assigns	  	46
	            8.8	 	Confidentiality	  	48
	            8.9	 	Governing Law	  	49
	            8.10	 	Submission to Jurisdiction	  	49
	            8.11	 	Waiver of Jury Trial	  	50
	            8.12	 	Entire Agreement	  	50
	            8.13	 	Severability	  	50
	            8.14	 	Counterparts	  	50
	            8.15	 	Marshalling; Payments Set Asides	  	51
	            8.16	 	Set-off	  	51
	            8.17	 	Joint and Several Liability	  	51

  

 ii 

			
	 Exhibits
	  	 
		
	Exhibit A	  	 Form of Notice of Borrowing

	Exhibit B	  	 Form of Compliance Certificate

	Exhibit C	  	 Form of Second Amended and Restated Promissory Note

	Exhibit D	  	 Form of Acknowledgement and Confirmation

	Exhibit E	  	 Form of Stock Subscription Warrant

	Exhibit F	  	 Form of Assignment and Acceptance

	Exhibit G	  	 Form of Update Certificate

	 	  	 
	 Schedules and Annexes

	
	 Schedule of Additional Terms

	 Lender Annex

	 Annex to Schedule of Additional Terms

  

 iii 

 SECOND AMENDED AND RESTATED CREDIT AGREEMENT 
  
 This SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) is entered into as of November 1, 2002, among
Cbeyond Communications, LLC, a Delaware limited liability company (“Borrower”), Cbeyond Communications, Inc., a Delaware corporation (“Holdings”), the several lending institutions from time to time party to this Agreement
(individually, a “Lender” and, collectively, “Lenders”), and Cisco Systems Capital Corporation, as administrative agent for itself and the other Lenders (in such capacity, “Agent”). 
  
 Borrower, Holdings, Cbeyond Leasing, LP, the lenders from time to time a
party thereto and Agent, as administrative agent thereunder, are parties to the Amended and Restated Credit Agreement dated as of March 31, 2002 (the “March 2002 Credit Agreement”), which agreement amended and restated the Credit Agreement
dated as of February 15, 2001 among such parties (the “Original Credit Agreement”). The parties to the March 2002 Credit Agreement desire to amend and restate the March 2002 Credit Agreement as set forth herein. 
  
 The parties hereto agree as follows: 
  
 SECTION 1. DEFINITIONS. 
  
 1.1 Definitions. As used in this agreement (this
“Agreement”), the following terms shall have the following meanings: 
  
 “Additional Borrower” means any Additional Borrower designated in the Schedule or any Subsidiary of Borrower acceding hereto as an Additional Borrower as contemplated by the Schedule. 
  
 “Affiliate” means, as to any Person, any other Person which,
directly or indirectly, is in control of, is controlled by, or is under common control with, such Person. A Person shall be deemed to control another Person if the controlling Person possesses, directly or indirectly, the power to direct or cause
the direction of the management and policies of the other Person, whether through the ownership of voting securities, membership interests, by contract, or otherwise. 
  
 “Agent-Related Persons” means CSCC and any successor agent arising under Section 7.10, together with their
respective Affiliates, and the officers, directors, employees, agents and attorneys-in-fact of such Persons and Affiliates. 
  
 “Agent’s Payment Instructions” means the payment instructions of Agent set forth on the Schedule or such other payment instructions
as Agent may from time to time specify. 
  
 “Aggregate
Commitment” means the combined Commitments of Lenders. 
  
 “Annex” means the Lender Annex attached hereto. 
  
 “Approved Fund” means (a) with respect to any Lender which is a fund primarily engaged in making, purchasing or otherwise investing in commercial loans, any other fund which is primarily engaged in
making, purchasing or otherwise investing in commercial loans or 

 extending, or investing in extensions of, credit for its own account in the ordinary course of its business with net
assets of at least $500,000,000 and which is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor or (b) any other Person which has been approved by the Agent and which is (or which is
managed by a manager which manages funds which are) primarily engaged in making, purchasing or otherwise investing in commercial loans or extending, or investing in extensions of, credit for its own account in the ordinary course of its business
with net assets of at least $500,000,000; provided, however, that Approved Fund shall not include any Affiliate of Holdings. 
  
 “Availability Period” has the meaning set forth in the Schedule. 
  
 “Available Pledged Collateral Funds” has the meaning set forth in the definition of “Permitted
Liens.” 
  
 “Banking Day” has the meaning
set forth in the Schedule. 
  
 “Bankruptcy Code”
means Title 11 of the United States Code entitled “Bankruptcy”. 
  
 “Borrower” means Cbeyond Communications, LLC (subject to Section 8.17). 
  
 “Borrowing Date” means any date on which a Loan is made to Borrower. 
  
 “Change of Control” means (i) the acquisition of beneficial ownership, directly or indirectly, by any
Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), that is not the owner of shares of the capital stock of Holdings as of
the date hereof, of shares (or other applicable voting interests) representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding capital stock (or other applicable voting interests) of Holdings; or (ii)
occupation of a majority of the seats (other than vacant seats) on the Board of Directors of Holdings by Persons who were neither (A) nominated by the Board of Directors of Holdings nor (B) appointed by directors so nominated; or (iii) Holdings
shall cease to own and control directly, of record and beneficially, 100% of each class of outstanding capital stock (or other applicable equity interests) of Borrower free and clear of all Liens (other than any Liens under the Collateral Documents)
or (iv) so long as Borrower is managed by one or more Persons other than Holdings, the composition of the Board of Directors of Borrower and the composition of the Board of Directors of Holdings shall not be identical; provided, however, that no
Change of Control of Holdings shall exist hereunder if resulting from (A) an initial public offering of Holdings’ equity securities, (B) the distribution of capital stock of Holdings to any Person then holding capital stock of Holdings or (C)
with respect to clause (i) above, the acquisition of more than 35% of the aggregate ordinary voting power represented by the issued and oustanding capital stock (or other applicable voting interests) of Holdings by a group if, following the
applicable transaction, at least 50% or more of the beneficial ownership of such group is held by a Person or Persons that owns capital stock of Holdings as of the date hereof. 
  
 “Cisco Systems” means Cisco Systems, Inc. or any Subsidiary or Affiliate thereof. 
  

 2 

 “Cisco Products” means networking and telecommunications equipment and other goods,
spare parts, accessories, software and services which Cisco Systems manufactures, assembles, sells, licenses or provides directly or through a Vendor other than Cisco Systems. 
  
 “Closing Date” means the date occurring on or before the Closing Deadline on which all conditions precedent
set forth in Section 3.1 are satisfied or waived by all Lenders (or, in the case of subsection 3.1(e), waived by the Person entitled to receive such payment). 
  

“Closing Deadline” has the meaning set forth in the Schedule. 
  
 “Collateral” means the property described in the Collateral Documents, and all other property now existing
or hereafter acquired which may at any time be or become subject to a Lien in favor of Agent or Lenders pursuant to the Collateral Documents or otherwise, securing the payment and performance of the Obligations. 
  
 “Collateral Documents” means each Collateral Document
identified in the Schedule, any security agreement provided by a Subsidiary hereunder and any other agreement pursuant to which any Loan Party or any other Person provides a Lien on its assets in favor of Agent or Lenders and all filings, documents
and agreements made or delivered pursuant thereto. 
  
 “Commitment” means the Dollar amount for each Lender set forth in the Annex or where the context so requires, the obligation of each Lender to make Loans up to such aggregate principal amount on the terms and conditions set
forth in this Agreement. 
  
 “Compliance
Certificate” means a certificate of Holdings and Borrower, in substantially the form of Exhibit B, with such changes thereto as Agent or Majority Lenders may from time to time reasonably request. 
  
 “Creditor” has the meaning set forth in the Schedule.

  
 “CSCC” means Cisco Systems Capital
Corporation, a Nevada corporation. 
  
 “Default” means an Event of Default or an event or condition which with notice or lapse of time or both would constitute an Event of Default. 
  
 “Disqualified Stock” means any capital stock of any Person which by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any event (i) matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise on any date prior to the date that
is six months after the Maturity Date, (ii) is convertible or exchangeable for Indebtedness, (iii) requires the payment of dividends other than dividends payable solely in additional shares of capital stock of such Person, or (iv) is redeemable or
subject to required repurchase at the option of the holder thereof, in whole or in part, in each case, on any date prior to the date that is six months after the Maturity Date; provided, however, that any capital stock which would not
constitute Disqualified Stock but for provisions thereof requiring the repurchase or redemption of such capital stock on or prior to the date that is six months after the Maturity Date upon the occurrence of a Change of Control shall not constitute
Disqualified Stock if the change of control provisions applicable to such capital stock specifically provide that the issuer thereof will not repurchase or redeem any such stock pursuant to such provisions prior to the date the Obligations shall
have been paid in full. 
  

 3 

 “Dollars” and the sign “$” each means lawful money of the United
States. 
  
 “Eligible Assignee” means (a) a
commercial bank organized under the laws of the United States, or any state thereof, and having a combined capital and surplus of at least $500,000,000; (b) a commercial bank organized under the laws of any other country which is a member of the
Organization for Economic Cooperation and Development (the “OECD”), or a political subdivision of any such country, and having a combined capital and surplus of at least $500,000,000, provided that such bank is acting through a
branch or agency located in the United States; (c) a Person that is primarily engaged in the business of commercial banking and that is (i) a Subsidiary of a Lender, (ii) a Subsidiary of a Person of which a Lender is a Subsidiary, or (iii) a Person
of which a Lender is a Subsidiary; (d) any Approved Fund; (e) any financial institution or other institutional lender or investor which is an “accredited investor” (as defined in Regulation D under the Exchange Act) which extends credit or
buys loans as one of its businesses, including insurance companies, mutual funds and lease financing companies; and (f) any special purpose entity or other structured financial vehicle approved by Agent as a Lender hereunder; provided that
neither Holdings nor any Affiliate of Holdings shall be an Eligible Assignee. 
  
 “Environmental Laws” means all governmental laws, statutes, rules, regulations, ordinances and codes, together with all administrative orders, directives, requests, licenses, authorizations and
permits of, and agreements with (including consent decrees), any Governmental Authorities, in each case relating to or imposing liability or standards of conduct concerning land use, public health, safety and environmental protection matters and
pertaining to any property. 
  
 “ERISA” means the
Employee Retirement Income Security Act of 1974, including (unless the context otherwise requires) any rules or regulations promulgated thereunder. 
  
 “Event of Default” has the meaning set forth in Section 6.1. 
  
 “FCC’ means the Federal Communications Commission, or any successor thereto, administering the
Communications Act of 1934. 
  
 “FRB” means the
Board of Governors of the Federal Reserve System, and any Governmental Authority succeeding to any of its principal functions. 
  
 “Federal Funds Rate” means, for any day, the rate set forth in the weekly statistical release designated as H.15(519), or any successor
publication, published by the Federal Reserve Bank of New York with respect to the preceding Banking Day opposite the caption “Federal Funds (Effective)”; or, if for any relevant day such rate is not so published with respect to any such
preceding Banking Day, the rate for such day will be the arithmetic mean as determined by Agent of the rates for the last transaction in overnight Federal funds arranged prior to 9:00 a.m. (New York City time) on that day by each of three leading
brokers of Federal funds transactions in New York City selected by Agent. 
  

 4 

 “Fee Letter” means the letter agreement between Borrower and Agent, dated the date
hereof, relating to certain fees payable by Borrower in connection with this Agreement. 
  
 “Financed Products” means the Cisco Products and other goods, services and other property the acquisition of which is financed by Lenders or with respect to which any Lender is otherwise providing
financing or extending credit to enable Borrower to acquire such goods, services and other property. 
  
 “Financing Documents” has the meaning set forth in the Schedule. 
  
 “Funding Procedures and Policies” means Agent’s “Funding Procedures and Policies” as in
effect from time to time, as communicated to Borrower. 
  
 “GAAP” means generally accepted accounting principles as in effect from time to time. 
  
 “Governmental Authority” means any national or federal government, or any state, province or other political subdivision thereof or
therein, or any governmental ministry, department, body, commission, board, bureau, agency, central bank, court, tribunal or other instrumentality or authority exercising executive, legislative, judicial, regulatory or administrative functions of or
pertaining to government. 
  
 “Guarantor” means
Holdings, any Subsidiary of Holdings becoming a guarantor as provided under Section 5.1(n) and any other guarantor identified in the Schedule. 
  
 “Guarantor Documents” means any Guaranty and all other documents, agreements and instruments delivered to Agent and Lenders by a
Guarantor or under or in connection with any Guaranty. 
  
 “Guaranty” means the guaranty of any Guarantor. 
  
 “Hazardous Substances” means any toxic or hazardous substances, materials, wastes, contaminants or pollutants regulated under or forming the basis for liability under any applicable Environmental Law.

  
 “Holdings” means Cbeyond Communications,
Inc., a corporation organized and existing under the laws of the State of Delaware. 
  
 “Indebtedness” means, for any Person, (i) all indebtedness or other obligations of such Person for borrowed money, or for the deferred purchase price of property or services (acquired or obtained
other than on normal trade credit terms); (ii) all obligations evidenced by notes, bonds, debentures or similar instruments, including obligations so evidenced incurred in connection with the acquisition of property, assets or businesses; (iii) all
non-contingent reimbursement and other obligations of such Person in respect of letters of credit and bankers acceptances and all net obligations in respect of interest rate swaps, caps, floors and collars, currency swaps, or other similar financial
products; (iv) all obligations under leases which shall have been or should be, in accordance with GAAP, recorded as capital leases; (v) all Disqualified Stock of such Person; and (vi) all indebtedness of another Person of the types referred to in
clauses (i) through (v) guaranteed directly or indirectly in any manner by the Person for whom Indebtedness is being determined. 
  

 5 

 “Indemnified Person” has the meaning set forth in Section 8.4. 
  
 “Indemnified Liabilities” has the meaning set forth in
Section 8.4. 
  
 “Insolvency Proceeding” means
(i) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (ii) any general assignment for the
benefit of creditors, composition, marshalling of assets for creditors, or other, similar arrangement in respect of its creditors generally or any substantial portion of its creditors, in each case undertaken under U.S. federal, state or foreign
law, including the Bankruptcy Code. 
  
 “Interest Rate
Hedge Agreements” has the meaning set forth in Section 5.1(k). 
  
 “Lender” means each lending institution from time to time a party to this Agreement. 
  
 “Lien” means any mortgage, pledge, security interest, assignment, deposit arrangement, charge or encumbrance, lien or other type of
preferential arrangement (but excluding an operating lease not intended as security). 
  
 “Loan Documents” means this Agreement, the Fee Letter, the Notes, each of the Collateral Documents, each Guaranty, each Guarantor Document, the Letter Agreement dated as of the date hereof among the
Loan Parties and Agent (related to the Loans deemed made hereunder on the date hereof) and all other certificates, documents, agreements and instruments executed and delivered to Agent or Lenders under or in connection with this Agreement.

  
 “Loan Party” means Holdings, Borrower, each
Additional Borrower and each Guarantor. 
  
 “Loans” has the meaning set forth in Section 2.1. 
  
 “Majority Lenders” means at any time Lenders then holding in excess of 50% of the Aggregate Commitment, or if the Commitments have been terminated, the then aggregate unpaid principal amount of the
Loans. 
  
 “March 2002 Credit Agreement” has the
meaning set forth in the introductory paragraphs hereof. 
  
 “Material Adverse Change” means (i) a material adverse change in the business, operations or financial condition of Holdings and its Subsidiaries taken as a whole or Borrower and its Subsidiaries taken as a whole, or (ii)
any event, matter, condition or circumstance which (A) would materially impair the ability of any Loan Party or any other Person to perform or observe its obligations under or in respect of the Loan Documents, or (B) affects the legality, validity,
binding effect or enforceability or priority of any material provision of any of the Loan Documents. 
  

 6 

 “Material Contracts” means any telecommunications service provider agreements or other
supply, purchase, service or other agreement to which Holdings, Borrower or any of their Subsidiaries is a party (whether entered into before or after the Closing Date), for which the aggregate amount or value of goods or services to be supplied,
provided or performed, or funds or property to be paid or transferred, exceeds $1,000,000 (or its equivalent in another currency) during any twelve-month period. 
  
 “Maturity Date” means the Maturity Date as defined in the Schedule. 
  
 “Note” means the Second Amended and Restated Promissory Note
referred to in the Schedule. 
  
 “Obligations”
means the indebtedness, liabilities and other obligations of any Loan Party to Agent and Lenders under or in connection with the Loan Documents, including all Loans, all interest accrued thereon, all fees due under this Agreement and all other
amounts payable by any Loan Party to Agent or Lenders thereunder or in connection therewith. 
  
 “Organization Documents” means as to any Person the certificate or articles of incorporation and bylaws of such Person, the certificate of formation and operating agreement of such Person, the
certificate of limited partnership and limited partnership agreement of such Person, or other applicable organizational or constitutional documents of such Person. 
  
 “Original Credit Agreement” has the meaning set forth in the introductory paragraphs hereof. 
  
 “Permitted Liens” means: (i) Liens in favor of Agent,
Lenders in their capacity as lenders hereunder or Cisco Systems, (ii) the existing Liens disclosed in writing to Lenders on or prior to February 15, 2001 and Liens incurred in connection with any extension, renewal or refinancing of the Indebtedness
secured by such existing Liens permitted hereunder, provided that any extension, renewal or replacement Lien shall be limited to the property encumbered by the existing Lien and the principal amount of the Indebtedness being extended, renewed
or refinanced does not increase; (iii) Liens securing Indebtedness as provided in the Schedule; (iv) Liens for taxes, fees, assessments or other governmental charges or levies, either not delinquent or being contested in good faith by appropriate
proceedings and which are adequately reserved for in accordance with GAAP, provided the same does not have priority over any of Lender’s Liens; (v) Liens of landlords, materialmen, mechanics, warehousemen, carriers or employees or other
similar Liens provided for by mandatory provisions of law and securing obligations either not delinquent or being contested in good faith by appropriate proceedings and which do not in the aggregate materially impair the use or value of the property
or risk the loss or forfeiture thereof; (vi) Liens consisting of deposits or pledges to secure the performance of bids, trade contracts, leases, public or statutory obligations (including on account of workers compensation and unemployment
insurance), or other obligations of a like nature incurred in the ordinary course of business (other than for Indebtedness); (vii) Liens upon or in any property acquired or held by Borrower or any of its Subsidiaries to secure the purchase price of
such property or Indebtedness incurred solely for the purpose of financing the acquisition of such property; provided that (A) any such Lien attaches to such property concurrently with or within 20 days after the acquisition thereof, (B) such
Lien attaches solely to the property so acquired in such 
  

 7 

 transaction, (C) the principal amount of the Indebtedness secured thereby does not exceed 100% of the cost of such
property, and (D) no Default would occur hereunder as a result of the incurrence of such Indebtedness, and Liens securing capital leases permitted to be incurred under Section 5.1(k)(vi); (viii) Liens on specific tangible assets of Persons which
become Subsidiaries of Borrower after the date of this Agreement; provided, however, that (A) such Liens existed at the time the respective Persons became Subsidiaries and were not created in anticipation thereof, (B) any such Lien does not by its
terms cover any assets after the time such Person becomes a Subsidiary which were not covered immediately prior thereto, (C) any such Lien does not by its terms secure any Indebtedness other than Indebtedness existing immediately prior to the time
such Person becomes a Subsidiary, (D) the acquisition of such Person is permitted hereby, and (E) no Default would occur hereunder as a result of the incurrence of such Indebtedness; (ix) Liens consisting of judgment or judicial attachment Liens,
provided that the enforcement of such Liens is effectively stayed and the judgments or attachments secured by such Liens in the aggregate at any time outstanding for Holdings and its Subsidiaries do not exceed $1,000,000; (x) Liens in favor
of a letter of credit issuer consisting of cash collateral for any letter of credit reimbursement obligations (to the extent permitted hereunder); (xi) easements, rights-of-way, restrictions and other similar encumbrances on real property which do
not in the aggregate materially impair the use or value of such property or risk the loss or forfeiture thereof or similar liens incidental to the conduct of the business of such Person or the ownership of such properties; (xii) Liens, in addition
to Liens permitted pursuant to clauses (i) through (xi) above, securing Indebtedness of up to $1,000,000 as permitted under Section 5.1(k)(xii), if such Liens rank junior to the Liens created under the Collateral Documents; (xiii) Liens consisting
of pledges of cash collateral or government securities to secure on a mark-to-market basis permitted Interest Rate Hedge Agreements only, provided that the aggregate value of such collateral so pledged by the Loan Parties together in favor of
any counterparty does not at any time exceed $5,000,000 of Available Pledged Collateral Funds, as defined below; provided that the term “Permitted Liens” shall not include any Liens on any Collateral consisting of Financed Products
or any identifiable proceeds thereof except to the extent that (1) Majority Lenders have consented in writing to the existence of such Liens, and (2) such Liens are junior and subordinate to the Liens of Agent in such Collateral pursuant to a lien
subordination agreement in form and substance satisfactory to Agent. “Available Pledged Collateral Funds” shall mean funds (a) raised from sources other than borrowings hereunder and (b) that shall not be counted as part of the calculation
for purposes of determining the Consolidated Funded Debt to Capitalization ratio as set forth in Section 5.1(o)(v). 
  
 “Permitted Transaction” means any transaction or series of related transactions (the “Transaction”) for the purpose of or
resulting, directly or indirectly, in (i) the acquisition of all or substantially all of the assets of a Person, or of any business or division of a Person, (ii) the acquisition of all or any of the capital stock, partnership interests, membership
interests or equity of any Person, or otherwise causing such Person to become a Subsidiary, or (iii) a merger or consolidation or any other combination with another Person, that in each case conforms to the following requirements: (i) Holdings,
Borrower or the applicable Subsidiary is the surviving Person or if such Loan Party is not the surviving Person, the surviving Person takes all actions reasonably required to assume and succeed to the rights and obligations of such Loan Party under
the Loan Documents and to grant Agent a perfected security interest in such surviving Person’s property (subject to no Liens other than Permitted Liens); (ii) after giving effect to such Transaction, Holdings, Borrower and each of their
Subsidiaries remains in compliance with 
  

 8 

 Section 5.1(g), (iii) Agent and Lenders shall have received promptly, and in any event no less than ten Banking Days
prior to the consummation of such Transaction, (A) financial information regarding the assets, Person or business which is the subject of the Transaction, including pro forma projected financial statements showing the effect of the Transaction on
Holdings and its Subsidiaries, and (B) a completed worksheet in substantially the form of Schedule 1 to the Compliance Certificate demonstrating pro forma compliance with the financial covenants set forth herein, measured as of the last day
of the fiscal quarter then most recently ended, after giving effect to such Transaction, (iv) the Transaction shall be consummated in accordance with applicable Requirements of Law, (v) after giving effect to such Transaction: (A) no Default or
Event of Default shall have occurred and be continuing or would result therefrom, (B) 100% of the capital stock of any acquired or newly formed corporation, partnership, limited liability company or other business entity is owned directly by
Borrower, Holdings or a Subsidiary of Borrower or Holdings, and (C) all actions required to be taken with respect to such acquired or newly formed Subsidiary under Section 5.1(n) or as otherwise required under Section 5.1(n) shall have been taken,
and (vi) the consideration for such acquisition consists exclusively of Holdings’ equity securities the aggregate value of which shall not exceed $5,000,000 in the aggregate for all Transactions in any calendar year. 
  
 “Person” means an individual, corporation, partnership,
limited liability company, joint venture, trust, unincorporated organization or any other entity of whatever nature or any Governmental Authority. 
  
 “Pro Rata Share” means, as to any Lender at any time, the percentage equivalent (expressed as a decimal, rounded to the ninth decimal
place) at such time of such Lender’s Commitment divided by the Aggregate Commitment (or, if all Commitments have been terminated, the aggregate principal amount of such Lender’s Loans divided by the aggregate principal amount of the Loans
then held by all Lenders). The initial Pro Rata Share of each Lender is set forth opposite such Lender’s name in the Annex. 
  
 “Regulatory Change” has the meaning set forth in Section 2.11. 
  
 “Requirement of Law” means, as to any Person, any law, treaty, rule or regulation or determination of an
arbitrator or of a Governmental Authority, in each case applicable to or binding upon the Person or any of its property or to which the Person or any of its property is subject. 
  
 “Responsible Officer” means, as to any Person, the chief financial officer or treasurer of such Person (or
any other senior officer of such Person involved principally in the financial administration or controllership function of such Person). 
  
 “Schedule” means the Schedule of Additional Terms attached hereto. 
  
 “Solvent” means, as to any Person at any time, that (i) the fair value of the property of such Person is
greater than the amount of such Person’s liabilities (whether subordinated, contingent, unmatured, unliquidated or otherwise); (ii) the present fair saleable value of the property of such Person is not less than the amount that will be required
to pay the probable liability of such Person on its debts as they become absolute and matured; (iii) such 
  

 9 

 Person is able to realize upon its property and pay its debts and other liabilities as they mature in the normal course
of business; (iv) such Person does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature; and (v) such Person is not engaged in business or a
transaction, and is not about to engage in business or a transaction, for which such Person’s property would constitute unreasonably small capital. 
  
 “Subordinated Debt” means unsecured Indebtedness in a principal amount not to exceed $200,000,000 complying with each of the following
requirements: (i) Holdings and Borrower shall, in a certificate provided on or immediately prior to the date of the receipt of proceeds of any such unsecured Indebtedness, demonstrate its pro forma compliance with the applicable financial
covenants set forth herein (after giving effect to the incurrence of any such unsecured Indebtedness); (ii) the final maturity date of such unsecured Indebtedness shall be at least six months after the Maturity Date (the “Subordinated Debt
Maturity Date”); (iii) the terms of such Indebtedness shall specify that no principal repayments in respect thereof (or in the case of any Disqualified Stock, any redemptions thereof) are required or may be made until the Subordinated Debt
Maturity Date and that all interest (or in the case of any Disqualified Stock, all dividends) shall either be capitalized, or subject to an interest escrow for at least three years if cash interest (or dividends) is provided for; (iv) any such
unsecured Indebtedness shall contain no covenants or provisions materially more restrictive on Holdings and on the Borrower and their Subsidiaries than those contained herein; and (v) such unsecured Indebtedness shall be subordinated to the payment
of the Obligations on terms that are usual and customary for unsecured Indebtedness issued under similar circumstances and for similar amounts in the high yield subordinated debt market and shall also be satisfactory to Majority Lenders. 

 
 “Subsidiary” of a Person means any corporation, limited
liability company, association, partnership, joint venture or other business entity of which more than 50% of the voting stock or other equity interest is owned directly or indirectly by such Person or one or more of the other Subsidiaries of such
Person or a combination thereof. 
  
 “United
States” and “U.S.” each means the United States of America. 
  
 “Vendor” means Cisco Systems, or any distributor or other reseller or provider of Cisco Products satisfactory to Cisco Systems. 
  
 1.2 Interpretation. (a) In the Loan Documents, except to the extent the context otherwise requires: (i) any reference
to an Article, a Section, a Schedule or an Exhibit is a reference to an article or section thereof, or a schedule or an exhibit thereto, respectively, and to a subsection or a clause is, unless otherwise stated, a reference to a subsection or a
clause of the Section or subsection in which the reference appears; (ii) the words “hereof,” “herein,” “hereto,” “hereunder” and the like mean and refer to this Agreement or any other Loan Document as a whole
and not merely to the specific Article, Section, subsection, paragraph or clause in which the respective word appears; (iii) the meaning of defined terms shall be equally applicable to both the singular and plural forms of the terms defined; (iv)
the words “including,” “includes” and “include” shall be deemed to be followed by the words “without limitation;” (v) references to agreements and other contractual instruments shall be deemed to include all
subsequent amendments and other modifications thereto; (vi) references to statutes or regulations are to be 
  

 10 

 construed as including all statutory and regulatory provisions consolidating, amending or replacing the statute or
regulation referred to; (vii) any table of contents, captions and headings are for convenience of reference only and shall not affect the construction of this Agreement or any other Loan Document; and (viii) in the computation of periods of time
from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the word “through” means “to
and including.” (b) Unless Majority Lenders have consented in writing to an amendment, waiver or other modification, the term “Financing Documents” as used herein shall not be deemed to refer to any such Financing Document as modified
by any such amendment, waiver or other modification to such Financing Document and shall instead mean and be such Financing Document without giving effect to such amendment, waiver or other modification. If any provision of any Financing Document is
incorporated herein by reference and such Financing Document shall terminate, the provisions thereof referred to herein shall continue to be incorporated by reference herein, as and to the extent applicable, mutatis mutandis, in each case in
the form thereof on the date of such termination. (c) This Agreement and other Loan Documents may use several different limitations, tests or measurements to regulate the same or similar matters. All such limitations, tests and measurements are
cumulative and shall each be performed in accordance with their terms. (d) This Agreement and the other Loan Documents are the result of negotiations among and have been reviewed by counsel to Agent, Holdings, Borrower and the other parties, and are
the products of all parties. Accordingly, they shall not be construed against Lenders or Agent merely because of Agent’s or Lenders’ involvement in their preparation. 
  
 1.3 Accounting Principles. Unless the context otherwise clearly requires, all accounting terms not expressly defined
herein shall be construed, and all financial computations required under this Agreement shall be made, in accordance with GAAP, consistently applied; provided, however, that, if GAAP shall have been modified after the Closing Date and the
application of such modified GAAP shall have a material effect on such financial computations (including the computations required for the purpose of determining compliance with the financial covenants set forth herein), then such computations shall
be made and such financial statements, certificates and reports shall be prepared, and all accounting terms not otherwise defined herein shall be construed, in accordance with GAAP as in effect prior to such modification, unless and until the
Majority Lenders, Holdings and Borrower shall have agreed upon the terms of the application of such modified GAAP. 
  
 SECTION 2. THE LOAN FACILITY. 
  
 2.1 The Loans. Subject to the provisions hereof, including satisfaction of all conditions precedent set forth in Sections 3.1 and 3.2, each Lender
agrees, on the terms and conditions hereinafter set forth, to make loans (each a “Loan” and, collectively, the “Loans”) to Borrower during the Availability Period, in an aggregate principal amount up to but not exceeding such
Lender’s Commitment; provided, however, that, after giving effect to any borrowing of Loans hereunder, the aggregate principal amount of all outstanding Loans shall not at any time exceed the Aggregate Commitment. Any amount of
the Loans repaid may not be reborrowed. 
  

 11 

 2.2 Use of Proceeds. Borrower agrees to use the proceeds of any Loans made hereunder solely for
the purposes described in the Schedule, and Holdings agrees to cause Borrower to use such proceeds solely for such purposes. 
  
 2.3 Borrowing Procedure. (a) Each Loan to be made hereunder shall be in such minimum principal amount and subject to such advance written notice,
or telephonic notice (confirmed immediately in writing), to Agent as shall be specified in the Schedule. Each such written notice of borrowing shall be in substantially the form of Exhibit A (with appropriate completions). Each borrowing of
Loans hereunder shall be made on a pro rata basis from Lenders. Agent will promptly notify each Lender of its receipt of any notice of borrowing and of the amount of such Lender’s Pro Rata Share of that borrowing. Each Lender will make
the amount of its Pro Rata Share of each borrowing available to Agent for the account of Borrower in accordance with Agent’s Payment Instructions by 11:00 a.m. (New York City time) on the proposed Borrowing Date as notified by Agent in funds
immediately available to Agent. Upon fulfillment of the applicable conditions set forth in Section 3.1 and 3.2, Agent shall make the proceeds of the Loans available in accordance with Borrower’s payment instructions. Without limiting the
generality of the foregoing, in the case of any Loans made hereunder for the purpose of paying the purchase price of Cisco Products, (i) Agent shall pay the proceeds of the Loans directly to the Vendor, and (ii) if the Vendor is Cisco Systems, each
such Loan shall be deemed to be outstanding hereunder and under the Notes evidencing such Loans effective as of the date 30 days after the invoice date of the Cisco Products which are being financed by such Loans (or on such date thereafter as Cisco
Systems shall agree to in its sole discretion), and Lenders are hereby authorized to make such Loans at the request of CSCC (through Agent) without being required to receive a notice of borrowing with respect thereto, provided that if
Borrower provides written notice to Agent within 25 days after the invoice date that payment or performance due Cisco Systems is not then due because one or more conditions of payment or performance has or have not been satisfied by Cisco Systems,
then clause (ii) of this section shall not apply and no such Loans shall be made until Borrower provides a notice of borrowing with respect to such invoice. Borrower hereby authorizes and directs Agent to make direct payment to any Vendor and any
other intended recipient, if any, of Loan proceeds (including, without limitation, Loan proceeds used to pay amounts outstanding under the March 2002 Credit Agreement and accrued interest hereunder). Notwithstanding anything in the Funding
Procedures and Policies to the contrary, Agent will, subject to the provisions of this Agreement, make Loan proceeds available to any Vendor or other recipient thereof on or not later than five Banking Days following the requested Borrowing Date.
All borrowings of Loans shall be subject to the Funding Procedures and Policies, unless CSCC shall no longer act as Agent hereunder. (b) Unless Agent receives notice from a Lender on or prior to the Closing Date or, with respect to any borrowing
after the Closing Date, at least one Banking Day prior to the date of such borrowing, that such Lender will not make available as and when required hereunder to Agent for the account of Borrower the amount of that Lender’s Pro Rata Share of the
borrowing, Agent may assume that each Lender has made such amount available to Agent in immediately available funds on the Borrowing Date and Agent may (but shall not be so required), in reliance upon such assumption, make available to Borrower on
such date a corresponding amount. If and to the extent any Lender shall not have made its full amount available to Agent in immediately available funds and Agent in such circumstances has made available to Borrower such amount, that Lender shall on
the Banking Day following such Borrowing Date make such amount available to Agent, together with interest at the Federal Funds Rate for each day during such period. A notice of Agent submitted to any 
  

 12 

 Lender with respect to amounts owing under this subsection (b) shall be conclusive, absent manifest error. If such amount
is so made available, such payment to Agent shall constitute such Lender’s Loan on the date of borrowing for all purposes of this Agreement. If such amount is not made available to Agent on the Banking Day following the Borrowing Date, Agent
will notify Borrower of such failure to fund and, upon demand by Agent, Borrower shall pay such amount to Agent for Agent’s account, together with interest thereon for each day elapsed since the date of such borrowing, at a rate per annum equal
to the interest rate applicable at the time to the Loans comprising such borrowing. (c) The failure of any Lender to make any Loan on any Borrowing Date shall not relieve any other Lender of any obligation hereunder to make a Loan on such Borrowing
Date, but no Lender shall be responsible for the failure of any other Lender to make the Loan to be made by such other Lender on any Borrowing Date. 
  
 2.4 Evidence of Indebtedness. As evidence of the Indebtedness of Borrower to Lenders resulting from the Loans made by Lenders, Borrower shall
execute and deliver the Notes required pursuant to the Schedule. Additionally, the Loans made by Lenders shall be evidenced by the records of Agent and one or more loan accounts maintained by each Lender in the ordinary course of business. The loan
accounts and records maintained by Agent and each Lender shall be conclusive absent manifest error of the amount of the Loans made by Lenders to Borrower and the interest and payments thereon. Any failure so to record or any error in doing so shall
not, however, limit or otherwise affect the obligation of Borrower hereunder to pay any amount owing with respect to the Loans. 
  
 2.5 Interest and Fees. 
  
 (a) Interest. Borrower shall pay interest on the unpaid principal amount of the Loans and on other Obligations, including interest on overdue
interest, at the interest rate and on the dates set forth in the Schedule. 
  
 (b) Fees. Borrower agrees to pay to Agent, for its own account or for the account of Lenders or any other Person as provided therein, such fees as may be specified in the Fee Letter, payable on the dates set
forth therein. All fees payable under the Fee Letter shall be nonrefundable. 
  
 (c) Determinations. Each determination by Agent of any applicable rate of interest, and of any change therein, in the absence of manifest error shall be conclusive and binding on the parties hereto. 

 
 2.6 Computations. All computations of fees and interest hereunder
shall be made on the basis of a year of 360 days for the actual number of days occurring in the period for which any such interest or fee is payable. 
  
 2.7 Highest Lawful Rate. Anything herein to the contrary notwithstanding, if during any period for which interest is computed hereunder, the
applicable interest rate, together with all fees, charges and other payments which are treated as interest under applicable law, as provided for herein or in any other Loan Document, would exceed the maximum rate of interest which may be charged,
contracted for, reserved, received or collected by Agent or Lenders in connection with this Agreement under applicable law (the “Maximum Rate”), Borrower shall not 
  

 13 

 be obligated to pay, and neither Agent nor any Lender shall not be entitled to charge, collect, receive, reserve or take,
interest in excess of the Maximum Rate, and during any such period the interest payable hereunder shall be limited to the Maximum Rate. 
  
 2.8 Repayment of the Loans. Borrower shall repay to Agent for the account of Lenders the principal amount of the Loans in accordance with the
provisions of the Schedule. 
  
 2.9 Prepayments. Borrower
may prepay the outstanding amount of the Loans in whole or in part, in a principal amount of at least $1,000,000 or any amount in excess thereof (unless such outstanding amount is less than $1,000,000, in which case Borrower may prepay the entire
outstanding amount thereof). If any mandatory prepayments are required under the Schedule, Borrower shall prepay the outstanding Loans in the amounts and at the times specified in the Schedule. No such prepayments shall be subject to any fee,
premium, penalty or other charges except as provided in Section 2.12 and except to the extent a prepayment fee is required under the Schedule. Borrower shall give prior notice to Lenders (through Agent) of any such prepayment identifying the Loans
to be prepaid and specifying the date and amount of the prepayment. Partial prepayments of any amortizing Loans shall be applied to the installments of principal thereof in the inverse order of maturity. Accrued interest on any principal amount
prepaid shall be due on the prepayment date. 
  
 2.10 Reduction
or Termination of the Aggregate Commitment. Borrower may, upon prior notice to Lenders (through Agent), terminate in whole or reduce in part, as of the date specified by Borrower in such notice, any then unused portion of the Aggregate
Commitment, in an amount of at least $1,000,000 or any amount in excess thereof (unless such unused portion of the Aggregate Commitment is less than $1,000,000, in which case Borrower may reduce the entire amount thereof). From the effective date of
any reduction or termination, any commitment fee payable pursuant to the Fee Letter shall be computed on the basis of the Aggregate Commitment as so reduced or terminated. Once reduced or terminated, the Aggregate Commitment may not be increased or
otherwise reinstated. 
  
 2.11 Regulatory Changes. (a) If,
due to either (i) the adoption of, or any change in, any applicable law, rule or regulation, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof (a
“Regulatory Change”), or (ii) compliance by any Lender other than CSCC with any request, guideline or directive (whether or not having the force of law) of any such Governmental Authority, there shall be any increase in the cost to any
Lender other than CSCC of agreeing to make or making, or funding or maintaining, any Loan, or any reduction of any amount received or receivable by such Lender under this Agreement or any Note with respect thereto, in an amount deemed by such Lender
to be material to it, then from time to time, within 15 days after demand by such Lender (through Agent), Borrower shall pay to such Lender such additional amounts as shall compensate such Lender for such increased cost or reduction. (b) If any
Lender other than CSCC shall have determined that any Regulatory Change regarding capital adequacy, or compliance by such Lender (or any Person controlling such Lender) with any request, guideline or directive regarding capital adequacy (whether or
not having the force of law) of any Governmental Authority, has or shall have the effect of reducing the rate of return on such Lender’s or such Person’s capital as a consequence of such Lender’s obligations hereunder to a level below
that which such Lender or such corporation would have achieved but for such 
  

 14 

 adoption, change or compliance (taking into consideration such Lender’s or such Person’s policies with respect
to capital adequacy), in an amount deemed by such Lender to be material to it, then from time to time, within 15 days after demand by such Lender, through Agent, Borrower shall pay to such Lender such additional amounts as shall compensate such
Lender for such reduction. (c) Any such request for compensation by any Lender under this Section 2.11 shall set forth the basis of calculation thereof and shall, in the absence of manifest error, be conclusive and binding for all purposes. In
determining the amount of such compensation, Lender may use any reasonable averaging and attribution methods. (d) Upon the receipt by Borrower from any Lender (an “Affected Lender”) of a claim for compensation under Section 2.11 or a claim
of illegality under Section 2.14, Borrower may: (i) request one or more of the other Lenders to acquire and assume all or part of such Affected Lender’s Loans and Commitment; or (ii) designate a replacement lending institution (which shall be
an Eligible Assignee) to acquire and assume all or a ratable part of such Affected Lender’s Loans and Commitment (a “Replacement Lender”). Any such designation of a Replacement Lender under clause (i) or (ii) shall be effected in
accordance with, and subject to the terms and conditions of, the assignment provisions contained in Section 8.7, and shall in any event be subject to the prior written consent of Agent (which consent shall not be unreasonably withheld). 

 
 2.12 Funding Losses. In addition to such amounts as are required to
be paid by Borrower pursuant to the Schedule, Borrower shall compensate each Lender other than CSCC, promptly upon receipt of such Lender’s written request (through Agent), for all losses, costs and expenses (including any loss or expense
incurred by any Lender in obtaining, liquidating or re-employing deposits or other funds to fund or maintain the Loans), if any, which such Lender sustains if: (i) Borrower repays or prepays any Loan on a date other than the last day of an Interest
Period for such Loan (whether as a result of an optional prepayment, a mandatory prepayment, a payment as a result of acceleration or otherwise); (ii) Borrower fails to borrow a Loan after giving its notice of borrowing under Section 2.3; (iii)
Borrower fails to prepay a Loan after giving its notice thereof, or (iv) any Loan shall be acquired from a Lender under Section 2.11 other than on the last day of an Interest Period for such Loan. For purposes of calculating amounts payable by
Borrower to Lenders under this Section, each Loan accruing interest at LIBOR made by a Lender (and each related reserve, special deposit or similar requirement) shall be conclusively deemed to have been funded at the rate used in determining LIBOR
for such Loan by a matching deposit or other borrowing in the interbank eurodollar market for a comparable amount and for a comparable period, whether or not such Loan is in fact so funded. Any such request for compensation shall set forth the basis
for requesting such compensation and shall, in the absence of manifest error, be conclusive and binding for all purposes. As used herein, “Interest Period” has the meaning set forth in the Schedule. 
  
 2.13 Reserves on LIBOR Loans. Borrower shall pay to each Lender, as
long as such Lender other than CSCC shall be required under regulations of the FRB to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency funds or deposits (currently known as “Eurocurrency
liabilities”), additional costs on the unpaid principal amount of each Loan accruing interest at “LIBOR” (as defined in the Schedule) equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive), payable on each date on which interest is payable on such Loan, provided Borrower shall have received at least 15 days’ prior written notice (with a copy to Agent) of such
additional interest from such Lender. If a Lender fails to 
  

 15 

 give notice 15 days prior to the relevant interest payment date, such additional interest shall be payable 15 days from
receipt of such notice. Any Lender claiming reimbursement or compensation under this Section 2.13 shall deliver to Borrower (with a copy to Agent) a certificate setting forth in reasonable detail the amount payable to such Lender hereunder and such
certificate shall be conclusive and binding on Borrower in the absence of manifest error. 
  
 2.14 Illegality. If any Lender shall determine that it has become unlawful, as a result of any Regulatory Change, for such Lender to make or maintain Loans as contemplated by this Agreement, such Lender shall
promptly give notice, through the Agent, of such determination to Borrower, and (a) the obligation of such Lender to make Loans shall be suspended until such Lender gives notice that the circumstances causing such suspension no longer exist; and (b)
Borrower shall forthwith (or on such later day as shall, in the good faith judgment of the Lender, be permitted by such Regulatory Change) prepay the Loans of such Lender without penalty or premium other than provided for in Section 2.13, together
with all accrued interest thereon, if so requested by such Lender. 
  
 2.15 Obligation to Mitigate. Each Lender agrees that as promptly as practicable after it becomes aware of the occurrence of an event that would entitle it to give notice pursuant to Section 2.11 or 2.14, and in any event if so
requested by Borrower, each Lender shall use reasonable efforts to make, fund or maintain its affected Loans through another lending office if as a result thereof the increased costs would be avoided or materially reduced or the illegality would
thereby cease to exist and if, in the reasonable opinion of such Lender, the making, funding or maintaining of such Loans through such other lending office would not in any material respect be disadvantageous to such Lender or contrary to such
Lender’s normal lending practices. 
  
 2.16 Payments.
(a) Borrower shall make each payment under the Loan Documents unconditionally in full and free and clear of, and without reduction for or on account of, any present and future taxes or withholdings, and all liabilities with respect thereto. Each
such payment shall be made without set-off, counterclaim or, to the extent permitted by applicable law, other defense, including without any deduction or setoff arising out of or in connection with the purchase of the Financed Products, all of which
rights of Borrower are hereby expressly waived by Borrower; provided, however, that no payment hereunder shall be deemed to be a waiver of any right or claim that Borrower may have against Cisco Systems or other Vendor with respect to the Cisco
Products. Each such payment shall be made on the day when due to Agent in Dollars and in immediately available funds, in accordance with Agent’s Payment Instructions, no later than 12:00 noon (New York City time) on the date specified herein.
Agent will promptly distribute to each Lender its Pro Rata Share (or other applicable share as expressly provided herein) of such payment in like funds as received. Any payment received by Agent later than 12:00 noon (New York City time) shall be
deemed to have been received on the following Banking Day and any applicable interest or fee shall continue to accrue. (b) Whenever any payment hereunder shall be stated to be due, or whenever any other date specified hereunder would otherwise
occur, on a day other than a Banking Day, then, except to the extent otherwise provided hereunder, such payment shall be made, and such other date shall occur, on the next succeeding Banking Day. (c) Each payment by or on behalf of Borrower or any
other Person under the Loan Documents shall, unless a specific determination is made by Agent or Majority Lenders with respect thereto, be applied in the following order: (i) first, to any fees, costs, 
  

 16 

 expenses and other amounts due Agent; (ii) second, to any fees, costs, expenses and other amounts (other than principal
and interest) due Lenders; (iii) third, to accrued and unpaid interest due Lenders; and (iv) fourth, to principal due Lenders. (d) Unless Agent receives notice from Borrower prior to the date on which any payment is due to Lenders that Borrower will
not make such payment in full as and when required, Agent may assume that Borrower has made such payment in full to Agent on such date in immediately available funds and Agent may (but shall not be so required), in reliance upon such assumption,
distribute to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent Borrower has not made such payment in full to Agent, each Lender shall repay to Agent on demand such amount distributed to such
Lender, together with interest thereon at the Federal Funds Rate for each day from the date such amount is distributed to such Lender until the date repaid. 
  
 2.17 Pro Rata Treatment. Except as otherwise provided in this Agreement, each borrowing hereunder, each Commitment reduction, and each payment
(including each prepayment) by Borrower or any other Person on account of the Obligations, shall be made ratably in accordance with the respective Pro Rata Shares of Lenders. 
  
 2.18 Sharing. If, other than as expressly provided elsewhere herein, any Lender shall obtain on account of the
Obligations in its favor any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of its ratable share (or other share contemplated hereunder), such Lender shall immediately (a) notify Agent
of such fact, and (b) purchase from the other Lenders such participations in the Loans made by them as shall be necessary to cause such purchasing Lender to share the excess payment pro rata with each of them; provided, however,
that if all or any portion of such excess payment is thereafter recovered from the purchasing Lender, such purchase shall to that extent be rescinded and each other Lender shall repay to the purchasing Lender the purchase price paid therefor,
together with an amount equal to such paying Lender’s ratable share (according to the proportion of (i) the amount of such paying Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) of any interest
or other amount paid or payable by the purchasing Lender in respect of the total amount so recovered. Borrower agrees that any Lender so purchasing a participation from another Lender may, to the fullest extent permitted by law, exercise all its
rights of payment (including the right of set-off, but subject to Section 8.16) with respect to such participation as fully as if such Lender were the direct creditor of Borrower in the amount of such participation. Agent will keep records (which
shall be conclusive and binding in the absence of manifest error) of participations purchased under this Section and will in each case notify Lenders following any such purchases or repayments. 
  
 2.19 Taxes. (a) All payments by Borrower to Agent and Lenders of
principal, interest, fees and other amounts due under this Agreement and any other Loan Document shall be made free and clear of and without deduction for any and all present and future taxes, levies, imposts, duties, fees, assessments, charges,
deductions or withholdings and all liabilities with respect thereto excluding, in the case of Agent and each Lender, income, franchise and gross receipts taxes imposed on it by the jurisdiction under the laws of which it is organized or in which its
principal executive offices may be located or any political subdivision or taxing authority thereof or therein (all such nonexcluded taxes, levies, imposts, duties, fees, assessments, charges, deductions, withholdings and liabilities being
hereinafter referred to as “Taxes”). Borrower agrees to cause all such Taxes to be paid on behalf of Agent and each Lender directly to the 
  

 17 

 appropriate Governmental Authority. If at any time Borrower is required by law or is otherwise compelled to withhold or
deduct any such Taxes from any payment to be made by Borrower in respect of the Loan Documents, Borrower shall increase the amount paid so that Agent and each Lender receives when due (and is entitled to retain), after deduction or withholding for
or on account of such Taxes (including deductions or withholdings applicable to additional sums payable under this Section 2.19), the full amount of the payment provided for in the Loan Documents. 
  
 (b) Borrower further agrees to pay any present or future stamp or documentary
taxes or any other excise or property taxes, charges or similar levies and any notarial fees that any Governmental Authorities may impose on this Agreement, on the issuance of any Note hereunder or on any other Loan Document, including any stamp
taxes or any other similar taxes which may be required for enforcement purposes (the “Other Charges”). Borrower hereby indemnifies and holds Agent and each Lender harmless for any and all payments made by Agent or any Lender of any Taxes
and Other Charges and for any liabilities (including penalties, interest, legal costs and expenses) incurred by Agent or any Lender or which may be imposed on Agent or any Lender in connection therewith or any delays in their payment. 
  
 (c) Borrower shall provide Agent and each Lender with original tax receipts,
notarized copies of tax receipts, or such other documentation as Agent or any Lender shall reasonably request, for all Taxes and Other Charges paid by Borrower pursuant to this Section 2.19. Borrower shall deliver such receipts or other
documentation to Agent or the requesting Lender, as the case may be, within 30 days after the due date, including any extensions, for the related Tax or Other Charge. 
  
 (d) Each Lender that is incorporated under the laws of any jurisdiction outside the United States agrees to deliver to the
Agent and Borrower on or prior to the Closing Date, and in a timely fashion thereafter, IRS Form W-8BEN, IRS Form W-8ECI or such other documents and forms of the U.S. Internal Revenue Service, duly executed and completed by such Lender, as are
required under United States law to establish such Lender’s status for United States withholding tax purposes. 
  
 (e) Notwithstanding the foregoing subsections (a) through (d) of this Section 2.19, Borrower shall not be required to pay any additional amounts to any
Lender in respect of United States withholding tax pursuant to such subsections (i) if the obligation to pay such additional amounts would not have arisen but for a failure by such Lender to comply with the requirements of subsection 2.19(d) or (ii)
at any time that such Lender shall not have furnished the Borrower with such forms listed in subsection 2.19(d). 
  
 (f) Each Lender agrees that as promptly as practicable after it becomes aware of the occurrence of an event that would cause the Borrower to make any
payment in respect of Taxes or Other Charges to such Lender or a payment in indemnification with respect to any Taxes or Other Charges, and in any event if so requested by the Borrower following such occurrence, each Lender shall use reasonable
efforts to make, fund or maintain its affected Loan (or relevant part thereof) through another lending office if as a result thereof the additional amounts so payable by Borrower would be avoided or materially reduced and if, in the reasonable
opinion of such Lender, the making, funding or maintaining of such Loan (or relevant 
  

 18 

 part thereof) through such other lending office would not in any material respect be disadvantageous to such Lender or
contrary to such Lender’s normal lending practices. 
  
 SECTION 3. CONDITIONS PRECEDENT. 
  
 3.1
Conditions Precedent to the Effectiveness of this Amendment. The obligation of each Lender to make its Loan on the initial Borrowing Date hereunder, shall become effective upon the satisfaction of each of the following conditions precedent:

  
 (a) Documents. Agent shall have received the
following, in form and substance satisfactory to Agent and each Lender: (i) the Note (or Notes) required under the Schedule, executed by Borrower and each Additional Borrower; (ii) any required Guaranty and any additional Loan Documents specified in
the Schedule, executed by each of the respective parties thereto, and in sufficient number for Agent and each Lender, and (iii) any other documents and information specified in the Schedule. 
  
 (b) Additional Closing Documents. Agent shall have received the
following, in form and substance satisfactory to Agent and each Lender: (i) evidence that all approvals or consents of any other Person, required in connection with the execution, delivery and performance of the Loan Documents shall have been
obtained; and (ii) a certificate of the Secretary or other appropriate officer of each Loan Party, dated the Closing Date certifying (A) copies of the Organization Documents of such Loan Party and the resolutions adopted by such Loan Party and other
actions taken or adopted by such Loan Party authorizing the execution, delivery and performance of the Loan Documents, and (B) the incumbency, authority and signatures of each officer of such Loan Party authorized to execute and deliver the Loan
Documents and act with respect thereto. 
  
 (c) Legal
Opinion. Agent shall have received a legal opinion of legal counsel to the Loan Parties, dated the Closing Date, in form and substance satisfactory to Agent and each Lender. 
  
 (d) Collateral. If any Collateral Documents are referred to in the Schedule, Agent shall have received the following,
in form and substance satisfactory to Agent and each Lender: (i) all UCC-1 and UCC-3 or other financing statements necessary or appropriate in the reasonable opinion of Agent to perfect the security interests of Agent created under the Collateral
Documents; (ii) such Lien and judgment searches as Agent or any Lender shall have requested, and such termination statements or other documents, as may be necessary to confirm that the Collateral described in the Collateral Documents is subject to
no other Liens in favor of any Persons (other than Permitted Liens); (iii) evidence that all other actions necessary or appropriate in the reasonable opinion of Agent and Lenders to perfect and protect the security interest created by the Collateral
Documents have been taken; and (iv) evidence of insurance coverage, together with evidence that Agent has been named as loss payee under all policies of property insurance and as additional insured under all policies of liability insurance, in each
case as required by the Collateral Documents. 
  

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 (e) Fees, Costs and Expenses. Borrower shall have paid (i) all fees then due in accordance with
the Fee Letter, and (ii) all invoiced costs and expenses then due in accordance with Section 8.4. 
  
 (f) Compliance Certificate. Agent shall have received a completed Compliance Certificate of a Responsible Officer of Holdings and Borrower, as of
the end of the fiscal quarter immediately preceding the Closing Date, with respect to any of the financial covenants set forth in Section 5.1 in effect as of such date. 
  
 (g) Material Contracts. If requested by Agent or any Lender, Borrower shall have delivered to Lenders (through Agent)
a complete and current copy of each Material Contract in existence as of the Closing Date, except that Borrower shall not have any obligation to deliver such Material Contract but shall instead provide Agent with a description of the material terms
of such Material Contract in reasonable detail, if such delivery is prohibited by the terms of such Material Contract or by the terms of any confidentiality or other similar restriction with respect thereto, and if such prohibition was required by a
party other than Borrower or any of its Subsidiaries. 
  
 3.2 Conditions Precedent to All Loans. The obligation of each Lender to make each Loan to be made by it hereunder shall be subject to the satisfaction of each of the following conditions precedent: 
  
 (a) Use of Proceeds. Agent shall have received details with respect
to the use of proceeds of the Loan at least five Banking Days prior to the proposed funding date (in the form of a schedule or other listing of the Financed Products or otherwise in a form as shall be specified by Agent or in the Funding Procedures
and Policies), and the foregoing (including the proposed use of proceeds) shall be satisfactory to Agent; provided no such notice shall be necessary to the extent a borrowing is effected pursuant to clause (ii) of Section 2.3. 
  
 (b) Representations and Warranties; No Default. On and as of the date
of such Loan, both before and after giving effect thereto and to the application of proceeds therefrom: (i) the representations and warranties contained in Section 4.1 and in the other Loan Documents shall be true, correct and complete as though
made on and as of such date (unless they expressly refer to an earlier date, in which case they shall be true, complete and correct as of such earlier date); and (ii) no Default shall have occurred and be continuing or shall result from the making
of such Loan. For purposes of this Section 3.2, clause (i) shall take into account any amendments to any disclosures made in writing by any Loan Party to Agent and Lenders after the Closing Date and approved by Majority Lenders. The giving of any
notice of borrowing and the acceptance by Borrower of the proceeds of each Loan made following the Closing Date shall each be deemed a certification to Agent and each Lender that on and as of the date of such Loan such statements are true.

  
 (c) Material Adverse Change. On and as of the date of
such Loan, there shall have occurred no Material Adverse Change since the date of the financial statements furnished to Lenders prior to the Closing Date. 
  
 (d) Closing Date. The Closing Date has occurred. 
  

 20 

 (e) Additional Documents and Conditions. Agent shall have received, in form and substance
satisfactory to Agent and each Lender, such additional approvals, opinions, documents and other information as Agent or any Lender may reasonably request, including any specified in the Schedule; and any additional conditions precedent set forth in
the Schedule shall have been satisfied. 
  
 SECTION 4.
REPRESENTATIONS AND WARRANTIES. 
  
 4.1 Representations
and Warranties of Holdings and Borrower. Each of Holdings and Borrower represents and warrants to Agent and each Lender that: 
  
 (a) Organization and Powers. Each of Holdings and Borrower (i) is duly organized, validly existing and in good standing under the laws of the
jurisdiction of its incorporation or formation, (ii) has all requisite power and authority to own its assets and carry on its business and to execute, deliver and perform its obligations under the Loan Documents to which it is a party, (iii) is
qualified to do business and is in good standing in each jurisdiction in which the failure so to qualify or be in good standing would result in a Material Adverse Change, and (iv) is in compliance with all Requirements of Law, except to the extent
that such noncompliance could not reasonably be expected to result in a Material Adverse Change. 
  
 (b) Authorization; No Conflict. The execution, delivery and performance by each of Holdings and Borrower of the Loan Documents to which it is a
party have been duly authorized by all necessary action of each such Person and do not and will not (i) contravene the terms of the Organization Documents of such Person or result in a breach of or constitute a default under any Material Contract or
any material lease, instrument, contract or other agreement to which such Person is a party or by which it or its properties may be bound or affected; or (ii) violate any provision of any law, rule, regulation, order, judgment, decree or the like
binding on or affecting such Person except as may be set forth in the Schedule. 
  
 (c) Binding Obligations. The Loan Documents to which Holdings or Borrower is a party constitute, or when delivered under this Agreement will constitute, legal, valid and binding obligations of each such Person,
enforceable against such Person in accordance with their respective terms, except as limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and by general equity
principles. 
  
 (d) Consents. No authorization, consent,
approval, license, exemption of, or filing or registration with, any Governmental Authority, or approval or consent of any other Person, is required for the due execution, delivery or performance by any Loan Party of any of the Loan Documents or the
purchase of the Financed Products, except as may be set forth in the Schedule and except for any filings necessary to perfect any Liens on any Collateral. 
  
 (e) Litigation. Except as set forth on the Annex to Schedule of Additional Terms attached hereto, there are no actions, suits or proceedings
pending or, to the best of Borrower’s or Holdings’ knowledge, threatened against or affecting Borrower, Holdings or any of their Subsidiaries before any Governmental Authority or arbitrator which if determined 
  

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 adversely to Borrower, Holdings or any such Subsidiary would result in a Material Adverse Change. 
  
 (f) Financial Statements. All financial statements of Holdings and its
Subsidiaries delivered to Agent and each Lender are complete and correct and fairly present the financial condition of Holdings and its Subsidiaries as at the times and for the periods covered by such statements, in each case in accordance with
GAAP, consistently applied, subject, in the case of any unaudited financial statements, to normal year-end adjustments and any absence of notes. Since the date of the most recent financial statements furnished to Lenders prior to the Closing Date,
there has not been any Material Adverse Change. 
  
 (g)
Purchase Transaction. Each purchase transaction to be financed with any Loan represents a bona fide and undisputed transaction between Borrower and the Vendor (or other applicable vendor of Financed Products) entered into in compliance with
all applicable laws and regulations. 
  
 (h) Subsidiaries. Except
for Borrower and as set forth in the Schedule, on the date of this Agreement Holdings has no Subsidiaries. 
  
 (i) Licenses, Patents, Trademarks and Other Rights. Each of Holdings and its Subsidiaries possesses all material approvals, authorizations,
permits, franchises, licenses, patents, trademarks, trade names, service marks, copyrights, leases and all rights with respect thereto, free from burdensome restrictions, that are reasonably necessary for the ownership, maintenance and operation of
its business, and neither Holdings nor any such Subsidiary is in material violation of any rights of others with respect to the foregoing. Without limiting the generality of the foregoing, the Schedule sets forth all material authorizations,
permits, licenses and approvals of or from the FCC or any other Governmental Authority (“Permits and Licenses”) held by Borrower and each Subsidiary existing on the date of this Agreement; each Permit and License is in full force and
effect and has not been revoked, suspended, canceled, or modified in any materially adverse way and, except as may be set forth in the Schedule, is not subject to any materially adverse conditions or requirements; and Borrower has no knowledge of
the occurrence of any event (including any investigation, proceeding, notice, violation, or other order or complaint issued by or before any Governmental Authority) which (i) results in, or after notice or lapse of time or both would result in,
revocation, suspension, adverse modifications, non-renewal, impairment, restriction, loss or termination of, or order of forfeiture with respect to, any of the Permits and Licenses in any respect that could reasonably be expected to result in a
Material Adverse Change, or (ii) affects or could reasonably be expected in the future to affect any of the rights of Borrower or any Subsidiary under any of the Permits and Licenses in any respect that could reasonably be expected to result in a
Material Adverse Change. 
  
 (j) Liens. There are no Liens
upon or with respect to any of the properties or assets of Holdings and its Subsidiaries, including any of the Collateral, except for Permitted Liens. 
  
 (k) Insurance. The properties of Holdings and its Subsidiaries are insured, with financially sound and reputable insurance companies, in such
amounts, with such deductibles and covering such risks as is customarily carried by companies engaged in similar businesses and owning similar properties in the localities where Holdings or such Subsidiary operates. 
  

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 (l) Taxes. Holdings and its Subsidiaries have filed all federal and other material tax returns and
reports required to be filed, have made timely remittance of all material amounts as required by any Governmental Authority and have paid all federal and other material taxes, assessments, fees and other governmental charges levied or imposed upon
them or their properties, income or assets otherwise due and payable, except those which are being or will be contested in good faith by appropriate proceedings and for which adequate reserves have been provided in accordance with GAAP. Neither
Holdings nor Borrower has received any notice of any proposed tax assessment against Holdings, Borrower or any Subsidiary that would, if made, result in a Material Adverse Change. 
  
 (m) Regulated Entities. None of Holdings, Borrower, any Person controlling Holdings, or any Subsidiary, is an
“Investment Company” within the meaning of the Investment Company Act of 1940. No Loan Party is subject to regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act, the Interstate Commerce Act, any state
public utilities code, or any other Federal or state statute or regulation limiting its ability to incur Indebtedness. 
  
 (n) Material Contracts. Each Material Contract in existence on the date hereof is listed in the Schedule. All of the Material Contracts are in full
force and effect as of the date of this Agreement and, to the best knowledge of Holdings and Borrower, (i) no Loan Party is in default in any material respect under the terms of a Material Contract and (ii) no other Person who is a party to a
Material Contract is in default in any material respect under the terms of such Material Contract. 
  
 (o) ERISA. Except as specifically disclosed to Lenders on or prior to the date of this Agreement, (i) Holdings, Borrower and their Subsidiaries are
in compliance with all applicable provisions of ERISA, unless noncompliance could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Change; and (ii) there are no pending or, to the best knowledge of
Holdings and the Borrower, threatened claims, litigation, investigations or other actions or proceedings by or involving any Governmental Authority, under or in connection with ERISA that could be reasonably be expected to result in a Material
Adverse Change. 
  
 (p) Environmental Compliance. Holdings,
Borrower and their Subsidiaries conduct in the ordinary course of business a review of the effect of existing Environmental Laws and claims alleging potential liability or responsibility for violation of any Environmental Law on their respective
businesses, operations and properties, and as a result thereof Holdings and Borrower have reasonably concluded that, except as specifically disclosed to Lenders on or prior to the date of this Agreement, such Environmental Laws and claims would not,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Change. 
  
 (q) Solvency. Each of Holdings, Borrower and their Subsidiaries is Solvent, both before and after giving effect to any borrowing of Loans
hereunder. 
  

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 (r) Disclosure. (i) Borrower has disclosed to Agent and each Lender the existence, as of the date
of this Agreement, of each credit agreement, loan agreement, indenture, purchase agreement, guarantee, letter of credit or other arrangement providing for or otherwise relating to any Indebtedness or any extension of credit (or commitment for any
extension of credit) to, or guarantee by, Holdings, Borrower or any of their Subsidiaries the aggregate principal or face amount of which equals or exceeds (or may equal or exceed) $100,000 and any Liens with respect thereto. (ii) None of the
representations or warranties made by any Loan Party in the Loan Documents as of the date of such representations and warranties, and none of the statements contained in any other information with respect to Holdings and its Subsidiaries, including
each exhibit or report, furnished by or on behalf of Holdings or Borrower to Lenders in connection with the Loan Documents, contains any untrue statement of a material fact or omits any material fact required to be stated therein or necessary to
make the statements made therein, in the light of the circumstances under which they are made, not misleading. 
  
 4.2 Representations and Warranties of Lenders. Each Lender represents and warrants to Holdings and Borrower that such Lender: (i) will acquire each
Note for its own account for investment and (subject to the disposition of its property being at all times within its control) not with a view to any resale or other distribution of such Note in a transaction constituting a public offering or
otherwise requiring registration under the Securities Act of 1933 (the “Securities Act”) or in a transaction that would result in noncompliance with applicable state securities laws; (ii) has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and the risks of its acquisition of any Note and credit extensions to Borrower, (iii) is an accredited investor as such term is defined in Rule 501 of Regulation D under the Securities Act,
and (iv) understands that such Note has not been, and will not be, registered under the Securities Act or any state securities laws. 
  
 SECTION 5. COVENANTS. 
  
 5.1 Covenants. So long as any of the Obligations shall remain unpaid or any Lender shall have any Commitment, each of Holdings and Borrower agrees
that: 
  
 (a) Financial Statements and Other Information.
Holdings and Borrower shall furnish to Lender: (i) (A) as soon as available and in any event within 30 days after the end of each calendar month, Holdings’ consolidated unaudited financial statements for such month, prepared in accordance with
GAAP, together with its customer counts for such month and, if requested by a Lender, its consolidating financial statements for such month, and (B) as soon as available and in any event within 45 days after the end of the first three fiscal
quarters of each fiscal year of Holdings, its consolidated unaudited financial statements for such quarter, prepared in accordance with GAAP, and, if requested by a Lender, its consolidating financial statements for such quarter, accompanied in each
case by a certificate of a Responsible Officer of Holdings stating that such financial statements fairly present the financial condition of Holdings and its Subsidiaries as at such date and the results of operations of Holdings and its Subsidiaries
for the period ended on such date and have been prepared in accordance with GAAP consistently applied, subject to changes from normal, year-end adjustments and except for the absence of notes, (ii) as soon as available and in any event within 90
days after the end of each fiscal year of Holdings, its consolidated audited annual financial statements, prepared in accordance with GAAP and, if requested by a Lender, consolidating annual financial statements, and in the case 
  

 24 

 of consolidated financial statements, accompanied by an unqualified report thereon of independent certified public
accountants of recognized standing; (iii) as soon as available and in any event not more than 90 days after the commencement of each fiscal year, the financial projections and management commentary thereon, for the forthcoming fiscal year of
Borrower, and of Holdings and its Subsidiaries; (iv) promptly after Holdings or Borrower has knowledge or becomes aware thereof, notice of (A) the occurrence of any Default hereunder, and (B) any default or event of default under any Financing
Documents; (v) prompt written notice of any condition or event which has resulted, or that could reasonably be expected to result, in a Material Adverse Change; (vi) together with the financial statements required pursuant to clauses (i) and (ii), a
Compliance Certificate of a Responsible Officer of Holdings and Borrower as of the end of the applicable accounting period; (vii) as soon as available and in any event not more than 45 days after the end of each calendar quarter, an Update
Certificate, in substantially the form of Exhibit G, executed by a Responsible Officer of the Company; and (viii) such other information respecting the operations, properties, business or financial condition of Holdings, Borrower, and their
Subsidiaries as Agent or any Lender may from time to time reasonably request or as may be specified in the Schedule. 
  
 (b) Preservation of Existence, Etc. Each of Holdings and Borrower shall, and shall cause each of its Subsidiaries to, maintain and preserve (i) its
legal existence, and (ii) all material copyrights, patents, trademarks, trade names and service marks and other intellectual property rights, and all other material rights, qualifications, permits, licenses, franchises and privileges, necessary or
desirable in the normal course of its business and operations and the ownership of its properties, except for the dissolution of any shell or dormant Subsidiary and except in connection with any transactions expressly permitted by this Section 5.1.

  
 (c) Licenses. Each of Holdings and Borrower shall, and
shall cause each of its Subsidiaries to, obtain and maintain all licenses, authorizations, consents, filings, exemptions, registrations and other governmental approvals of any Governmental Authority necessary or desirable (i) in connection with the
execution, delivery and performance of the Loan Documents, the purchase of the Financed Products or the consummation of the transactions therein contemplated, or (ii) in the normal course of its business and operations and the ownership of its
properties, except, in the case of this clause (ii), to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Change. 
  
 (d) Compliance with Laws. Each of Holdings and Borrower shall comply, and shall cause each Subsidiary to comply, in
all material respects with all Requirements of Law (including ERISA and all Environmental Laws) of any Governmental Authority having jurisdiction over it or its business, except such as may be contested in good faith or as to which a bona fide
dispute may exist and where noncompliance could not reasonably be expected to result in a Material Adverse Change. 
  
 (e) Payment of Obligations. Each of Holdings and Borrower shall, and shall cause each of its Subsidiaries to, pay and discharge (i) all federal and
other material taxes, fees, assessments and governmental charges or levies imposed upon it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful claims for labor, materials and supplies which, if
unpaid, might become a Lien upon any properties or assets of Holdings, Borrower or any Subsidiary, except to the extent such taxes, fees, assessments or governmental 
  

 25 

 charges or levies, or such claims, are being contested in good faith by appropriate proceedings and are adequately
reserved against in accordance with GAAP; (ii) all lawful claims which, if unpaid, would by law become a Lien upon its property not constituting a Permitted Lien; and (iii) all Indebtedness, as and when due and payable, but subject to any
subordination provisions contained in any instrument or agreement evidencing such Indebtedness (except where failure to do so would not otherwise constitute a Default or Event of Default hereunder). 
  
 (f) Insurance. Each of Holdings and Borrower shall, and shall cause
each of its Subsidiaries to, carry and maintain in full force and effect, at its own expense and with financially sound and reputable insurance companies, insurance in such amounts, with such deductibles and covering such risks as is customarily
carried by companies engaged in the same or similar businesses and owning similar properties in the localities where Holdings, Borrower or such Subsidiary operates. Without limiting the generality of the foregoing, each of Holdings and Borrower
shall, and shall cause each of its Subsidiaries to, comply with all requirements of the Collateral Documents pertaining to maintenance of insurance. 
  
 (g) Change in Nature of Business. Holdings and Borrower shall not, and shall not permit any of their respective Subsidiaries to, engage in any
material line of business substantially different from those lines of business carried on by it or contemplated to be carried on by it (as disclosed to Lenders) at the date hereof. 
  
 (h) Restrictions on Fundamental Changes. Holdings and Borrower shall not, and shall not permit any of their
respective Subsidiaries to, merge with or consolidate into, or acquire all or substantially all of the assets of, any Person, or sell, transfer, lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or
substantially all of its assets, except that (i) any of Borrower’s wholly-owned Subsidiaries may merge with, consolidate into or transfer all or substantially all of its assets to another of Borrower’s wholly-owned Subsidiaries or to
Borrower and in connection therewith such Subsidiary may be liquidated or dissolved (provided that if any such transaction shall be between an Additional Borrower and another Subsidiary not an Additional Borrower, or a Subsidiary which is a
Guarantor and a Subsidiary which is not a Guarantor, and such Additional Borrower or Subsidiary Guarantor is not the continuing or surviving Person, then the continuing or surviving Person shall have assumed all of the obligations of such Additional
Borrower or Subsidiary Guarantor, as the case may be, under the Loan Documents to which it is a party); (ii) Holdings, Borrower or any of their Subsidiaries may enter into a Permitted Transaction; and (iii) Borrower or any of its Subsidiaries may
sell or dispose of assets in accordance with the provisions of subsection (i) below. 
  
 (i) Sales of Assets. Holdings and Borrower shall not, and shall not permit any of their respective Subsidiaries to, sell, lease, transfer, or otherwise dispose of (whether in one transaction or a series of
transactions) any assets (including any shares of stock in any Subsidiary or other Person and any accounts and notes receivable, with or without recourse) (each a “Transfer”), or enter into any agreement to do any of the foregoing, except:
(i) Transfers of inventory, or worn-out or surplus equipment, all in the ordinary course of business; (ii) the Transfer of equipment to the extent that such equipment is exchanged for credit against the purchase price of similar replacement
equipment, or the proceeds of such sale are reasonably promptly applied to the purchase price of such replacement equipment, or the Transfer of equipment promptly following the purchase of similar replacement equipment; (iii) Transfers of

  

 26 

 inventory or equipment by Borrower or any Subsidiary of Borrower to Borrower or any wholly-owned Subsidiary of Borrower
pursuant to reasonable business requirements and in the ordinary course of business; (iv) the lease or sublease of real property by Borrower or any Subsidiary to other Persons in the ordinary course of business; (v) the Transfer of cash equivalents
and other short term money market investments in the ordinary course of business pursuant to Holdings’ or Borrower’s usual and customary cash management policies and procedures; (vi) Transfers permitted under Section 5.1(h); (vii)
Transfers to Borrower or any Subsidiary of Borrower of stock of Persons acquired by Holdings (or of Persons established by Holdings to acquire assets of Persons) in a Permitted Transaction; provided that any such Transfer occurs immediately
upon the consummation of any such Permitted Transaction; (viii) Transfers by Borrower or any Subsidiary not otherwise permitted hereunder which are made for fair market value, if the aggregate fair market value of all assets so subject to any such
Transfers by Borrower and its Subsidiaries shall not exceed in any fiscal year $1,000,000 for cash or cash-equivalents; and (ix) any Transfers of any assets from Holdings to Borrower or Borrower’s Subsidiaries; provided, however,
that nothing in this Section 5.1(i) shall be deemed to permit (1) any Transfers of accounts or notes receivable, unless in connection with the sale of all or substantially all of a business unit, division or Subsidiary of Borrower and such sale is
otherwise permitted hereunder or unless involving a Transfer for collection purposes; (2) any Transfer if any Default shall exist or shall result from such Transfer; (3) any Transfers that could reasonably be expected to result in a Material Adverse
Change or that would violate the terms of any other Loan Document; or (4) any Transfers (i) to be made by Borrower or any Subsidiary to Holdings, or (ii) involving Financed Products, other than in the ordinary course of business to a wholly-owned
Subsidiary that is a Guarantor hereunder and that has granted to Agent a perfected, first priority Lien on such Financed Products under a security agreement in form and substance satisfactory to Lender and has furnished such other opinions,
certificates and other documents in connection therewith as Agent shall have reasonably requested; provided further, however, that as a condition to consummating any such Transfer to any Subsidiary of Financed Products, Borrower shall provide 15
Banking Days’ prior written notice to Lenders of the proposed Transfer and obtain Majority Lenders’ prior written consent thereto. 
  
 (j) Negative Pledge. Holdings and Borrower shall not, and shall not permit any of their respective Subsidiaries to, create, incur, assume or suffer
to exist any Lien upon or with respect to any of its properties, revenues or assets, whether now owned or hereafter acquired, other than Permitted Liens. 
  
 (k) Indebtedness. Holdings and Borrower shall not, and shall not permit any of their respective Subsidiaries to, create, incur, assume or otherwise
become liable for or suffer to exist any Indebtedness, other than: (i) Indebtedness of Borrower to Agent, Lenders in their capacity as lenders hereunder or Cisco Systems; (ii) Indebtedness of Holdings and its Subsidiaries existing on February 15,
2001 and disclosed to Lenders or extensions, renewals and refinancings of such Indebtedness, provided that the principal amount of such Indebtedness being extended, renewed or refinanced does not increase; (iii) Indebtedness of Holdings and its
Subsidiaries under the Financing Documents (if any) or any refinancings, extensions and renewals of such Indebtedness, provided that the principal amount of such Indebtedness being extended, renewed or refinanced does not increase; (iv) accounts
payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money) incurred in the ordinary course of Holdings’, Borrower’s or such Subsidiary’s business in 
  

 27 

 accordance with customary terms and paid within the specified time, unless contested in good faith by appropriate
proceedings and reserved for in accordance with GAAP; (v) Indebtedness consisting of (A) guarantees resulting from endorsement of negotiable instruments for collection by Holdings, Borrower or any such Subsidiary in the ordinary course of business,
and (B) guaranties by Holdings or Borrower in respect of Indebtedness of any of their wholly-owned Subsidiaries, or guaranties by any of their wholly-owned Subsidiaries in respect of Indebtedness of Borrower or another wholly-owned Subsidiary, in
each case to the extent such Indebtedness is permitted hereunder; (vi) Indebtedness of Borrower and its Subsidiaries under capital leases or otherwise incurred under or in connection with any Liens of the type referred to in clause (vii) or (viii)
of the definition of Permitted Liens in Section 1.1 in an aggregate principal amount at any time outstanding not to exceed $15,000,000; (vii) Subordinated Debt of Holdings; (viii) letter of credit reimbursement obligations of Borrower or any of its
Subsidiaries in the ordinary course of business in an amount not to exceed $2,000,000 at any time outstanding; (ix) Indebtedness of Borrower to any of its wholly-owned Subsidiaries or of any of its wholly-owned Subsidiaries to another of its
wholly-owned Subsidiaries; and (x) any obligations under any interest rate protection agreement, swap, cap, collar, floor, caption or swaption agreements or similar arrangements designed to hedge the risk of variable interest rate volatility or to
reduce interest costs in respect of the Loans (“Interest Rate Hedge Agreements”), provided that both of the following criteria shall be satisfied: (A) such obligations are (or were) entered into by such Person in the ordinary course
of business for the purpose of directly mitigating risks associated with the Loans made hereunder, and not for purposes of speculation; and (B) such Interest Rate Hedge Agreements do not contain any provision (“walk-away” provision)
exonerating the non-defaulting party from its obligation to make payments on outstanding transactions to the defaulting party; and (xii) up to $1,000,000 of additional secured and unsecured Indebtedness. 
  
 (l) Loans and Investments. Holdings and Borrower shall not, and shall
not permit any of their respective Subsidiaries to, purchase or otherwise acquire the capital stock, assets (constituting a business unit), obligations or other securities of or any interest in any Person, or otherwise extend any credit to or make
any additional investments in any Person, other than in connection with: (i) extensions of credit in the nature of accounts receivable or notes receivable arising from the sales of goods or services in the ordinary course of business; (ii) (A)
extensions of credit by Holdings to, and other investments by Holdings in, Borrower, provided that any such Indebtedness is subordinated to the payment of the Obligations on terms satisfactory to Agent and Lenders, (B) extensions of credit by
Holdings or Borrower to, and other investments by Holdings or Borrower in, any of its wholly-owned Subsidiaries or (C) extensions of credit by any of Holdings’ or Borrower’s wholly-owned Subsidiaries to another of its wholly-owned
Subsidiaries or Borrower; (iii) employee loans and guarantees in the ordinary course of business in accordance with Holdings’, Borrower’s or such Subsidiary’s usual and customary practices with respect thereto; (iv) short term,
investment grade money market instruments, in accordance with Holdings’ and Borrower’s usual and customary treasury management policies; and (v) any Permitted Transaction. 
  
 (m) Distributions. Holdings and Borrower shall not, and shall not suffer or permit any Subsidiary to, declare or pay
any dividends in respect of Borrower’s capital stock, or purchase, redeem, retire or otherwise acquire for value any shares of Borrower’s capital stock, or any warrants, rights or options to acquire such shares, now or hereafter
outstanding, return any capital to Borrower’s shareholders as such, or make any distribution of assets to Borrower’s 
  

 28 

 shareholders as such, or permit any of their Subsidiaries to purchase, redeem, retire, or otherwise acquire for value any
shares of stock of Holdings or Borrower or any other Subsidiary or any warrants, rights or options to acquire such shares, except that: (A) Holdings, Borrower or any Subsidiary may declare and deliver dividends and distributions payable only in its
common stock; (B) Holdings may purchase, redeem, retire, or otherwise acquire shares of its capital stock with the proceeds received from a substantially concurrent issue of new shares of its capital stock; (C) any Subsidiary may declare and make
dividends to a wholly-owned Subsidiary of Borrower or Borrower; (D) Borrower may declare and pay cash dividends to Holdings (not more often than once each fiscal quarter) on account of (1) taxes required to be paid by Holdings on behalf of Borrower
and (2) actual corporate overhead expenses of Holdings in an amount not to exceed $500,000 in the aggregate in any fiscal year; (E) Borrower may declare and pay dividends to Holdings in an amount not to exceed in the aggregate in any calendar year
the cash interest (and, in the case of Disqualified Stock, dividends) due and payable in such calendar year on Subordinated Debt permitted to be issued by Holdings hereunder, provided that (i) no Default or Event of Default shall have occurred and
be continuing or would result therefrom, (ii) the entire net proceeds of such Subordinated Debt shall have been contributed to Borrower as equity capital, (iii) the holders of the Subordinated Debt are then entitled to receive cash payments of
interest (or dividends) in compliance with the subordination provisions and restrictions contained in the instruments evidencing such Subordinated Debt and such cash interest (or dividend) payments are then due and payable, and (iv) such dividend
shall be paid by Borrower to Holdings no earlier than the date five Banking Days prior to the date on which such cash interest (or dividend) payment in respect of the Subordinated Debt is actually paid by Holdings to the holders thereof; (F)
Holdings may repurchase stock owned by employees, directors and consultants of Holdings pursuant to the terms of any employment, consulting or other stock restriction agreements at such time as any such employee, director or consultant terminates
his or her affiliation with Holdings, provided that no Default or Event of Default shall exist either immediately prior to or after giving effect to such repurchase, and provided further that the total amount paid in connection therewith by Holdings
shall not exceed $250,000 (or its equivalent in another currency) in any year, provided that no Default or Event of Default shall have occurred and be continuing or would result therefrom; and (G) Holdings may repurchase through the issuance
of additional shares of capital stock of Holdings shares of capital stock of Borrower not owned by Holdings as of February 15, 2001. Additionally, neither Holdings nor Borrower shall permit any of its Subsidiaries to grant or otherwise agree to or
suffer to exist any consensual restrictions on the ability of such Subsidiary to pay dividends and make other distributions to Borrower, or to pay any Indebtedness owed to Borrower or transfer properties and assets to Borrower. 
  
 (n) Additional Subsidiaries. (i) If Holdings or Borrower
proposes to incorporate, create or acquire any additional Subsidiary, Borrower shall notify Agent thereof. After the incorporation, creation or acquisition of any such Subsidiary, within five Banking Days following receipt by Borrower from Agent of
a security agreement and pledge agreement, in form and substance satisfactory to Agent and Majority Lenders, and a guaranty of the Obligations in form and substance satisfactory to Agent and Majority Lenders, each of Borrower and Holdings shall
cause such Subsidiary to execute and deliver such guaranty and security agreement to Agent and pledge (or cause to be pledged) the capital stock or other ownership interests of such Subsidiary to Agent pursuant to such stock pledge agreement.
Majority Lenders may elect in their sole discretion to waive any such requirement for any Subsidiary that will 
  

 29 

 remain a dormant or shell Subsidiary, and Lenders agree to waive such requirement or in the case of any non-U.S.
Subsidiary (or in the case of a stock pledge, to require the pledge of not more than 65% of the capital stock or other ownership interests of any such Subsidiary), if any adverse tax consequences under applicable U.S. tax law would result therefrom,
as certified in a reasonably satisfactory manner by Borrower to Lenders. (ii) Within five Banking Days after receipt from Agent of any request to do so, Holdings or Borrower shall, or shall cause such Subsidiary to, have executed and filed any UCC-1
financing statements furnished by Agent in each jurisdiction in which such filing is necessary to perfect the security interest of Agent in the Collateral of such Subsidiary and in which Agent requests that such filing be made. (iii) If at any time
Holdings, Borrower or any Subsidiary shall become the owner of any real property that has an aggregate fair market value equal to at least $500,000, Borrower shall promptly, and in any event within thirty 30 days following acquisition of such real
property, notify Agent thereof. Upon request of Majority Lenders, Holdings and Borrower shall (and shall cause any of their Subsidiaries to) enter into and deliver to Majority Lenders deed of trust, mortgage, or other document as shall be effective
to create a Lien on such real property, in form and substance reasonably satisfactory to Agent and Majority Lenders, together with such title insurance polices, insurance endorsements, surveys, appraisals, consents, estoppels, subordination
agreements and other documents and other instruments as Agent or Majority Lenders shall reasonably request. (iv) Additionally, Holdings, Borrower and each such Subsidiary shall execute and deliver to Agent such other items as reasonably requested by
Agent or Majority Lenders in connection with the foregoing, including resolutions, incumbency and officers’ certificates, opinions of counsel, search reports and other certificates and documents. 
  
 (o) Financial Covenants. (i) Leverage Ratio. On a consolidated
basis, Borrower and its Subsidiaries shall not, as of the last day of any fiscal quarter, permit its ratio of Consolidated Funded Debt to EBITDA (measured on a rolling four quarter basis for the four fiscal quarters ended on the last day of each
quarterly period set forth below) to be greater than the ratios indicated below: 
  

			
	 Quarterly Period Ending

	    	Required Ratio

	 June 30, 2004
	    	19.7:1.00
	 September 30, 2004
	    	7.1:1.00
	 December 31, 2004
	    	4.4:1.00
	 March 31, 2005
	    	3.4:1.00
	 June 30, 2005
	    	2.8:1.00
	 September 30, 2005
	    	2.3:1.00
	 December 31, 2005 and
 each fiscal quarter
 thereafter
	    	2.0:1.00

  
 (ii) Minimum Total
Revenues. On a consolidated basis, Borrower and its Subsidiaries shall maintain total revenues of Borrower and its Subsidiaries for each quarterly period set forth below of not less than the correlative amount indicated: 
  

 30 

				
	 Quarterly Period Ending

	    	Required Amount

	 September 30, 2002
	    	$	4,400,000.00
	 December 31, 2002
	    	$	7,000,000.00
	 March 31, 2003
	    	$	10,100,000.00
	 June 30, 2003
	    	$	13,300,000.00
	 September 30, 2003
	    	$	16,700,000.00
	 December 31, 2003
	    	$	19,700,000.00
	 March 31, 2004
	    	$	22,600,000.00
	 June 30, 2004
	    	$	25,400,000.00
	 September 30, 2004
	    	$	27,800,000.00
	 December 31, 2004
	    	 	N/A
	 March 31, 2005
	    	 	N/A
	 June 30, 2005
	    	 	N/A
	 September 30, 2005
	    	 	N/A
	 December 31, 2005
	    	 	N/A

  
 (iii) Minimum
EBITDA. On a consolidated basis, Borrower and its Subsidiaries shall maintain EBITDA for each period of four quarters ended on the last day of each quarterly period set forth below of not less than the correlative amount indicated (bracketed
amounts (< >) are negative): 
  

			
	 Quarterly Period Ending

	    	Required Amount

	 September 30, 2002
	    	<$39,200,000.00>
	 December 31, 2002
	    	<$37,500,000.00>
	 March 31, 2003
	    	<$37,000,000.00>
	 June 30, 2003
	    	<$32,200,000.00>
	 September 30, 2003
	    	<$24,200,000.00>
	 December 31, 2003
	    	<$15,100,000.00>
	 March 31, 2004
	    	<$4,900,000.00>
	 June 30, 2004
	    	$4,100,000.00
	 September 30, 2004
	    	$11,300,000.00
	 December 31, 2004
	    	N/A
	 March 31, 2005
	    	N/A
	 June 30, 2005
	    	N/A
	 September 30, 2005
	    	N/A
	 December 31, 2005
	    	N/A

  
 (iv) Interest
Coverage Ratio. On a consolidated basis, Borrower and its Subsidiaries shall not permit the ratio of EBITDA to Interest Expense for any period of four quarters ended on a date set forth below to be less than the ratio set forth below opposite
such date: 
  

 31 

			
	 Four Quarter Period Ending

	  	Required Ratio

	 June 30, 2004
	  	.40 : 1.00
	 September 30, 2004
	  	1.20 : 1.00
	 December 31, 2004
	  	1.90 : 1.00
	 March 31, 2005
	  	2.30 : 1.00
	 June 30, 2005
	  	2.80 : 1.00
	 September 30, 2005
	  	3.00 : 1.00
	 December 31, 2005 and each quarterly date thereafter
	  	3.00 : 1.00

  
 (v) Maximum Funded
Debt to Capitalization. On a consolidated basis, Borrower and its Subsidiaries shall not permit the percentage that is equivalent to the ratio of Consolidated Funded Debt to Capitalization to exceed the percentage set forth below (determined as
of the end of the quarterly period set forth below and subject to adjustment in the case of any Available Pledged Collateral Funds): 
  

				
	 Quarterly Period Ending

	  	Percentage

	 
	 September 30, 2002
	  	50	%
	 December 31, 2002
	  	50	%
	 March 31, 2003
	  	50	%
	 June 30, 2003
	  	50	%
	 September 30, 2003
	  	50	%
	 December 31, 2003
	  	50	%
	 March 31, 2004
	  	50	%
	 June 30, 2004
	  	50	%
	 September 30, 2004
	  	50	%
	 December 31, 2004
	  	50	%
	 March 31, 2005
	  	50	%
	 June 30, 2005
	  	50	%
	 September 30, 2005
	  	50	%
	 December 31, 2005 and each fiscal quarter thereafter
	  	50	%

  
 (vi) Minimum
Customers. The number of revenue generating customers of Borrower and its Subsidiaries as of any date listed below shall not be less than the number listed opposite such date: 
  

 32 

			
	 Date

	    	Number

	 September 30, 2002
	    	2,482
	 December 31, 2002
	    	3,638
	 March 31, 2003
	    	4,815
	 June 30, 2003
	    	5,936
	 September 30, 2003
	    	6,997
	 December 31, 2003
	    	8,003
	 March 31, 2004
	    	8,949
	 June 30, 2004
	    	9,838
	 September 30, 2004
	    	10,672
	 December 31, 2004
	    	11,450
	 March 31, 2005
	    	12,174
	 June 30, 2005
	    	12,847
	 September 30, 2005
	    	13,472
	 December 31, 2005
	    	14,052

  
 (vii) Minimum Cash
Reserves. 
  
 (1) On a consolidated basis, Borrower and its
Subsidiaries shall maintain at all times Minimum Cash Reserves of not less than $7,000,000. 
  
 (2) On a consolidated basis, Borrower and its Subsidiaries shall not, as of the last day of any fiscal quarter, have less than the amount of Minimum Cash Reserves set forth below opposite such quarter (measured as the
average of Minimum Cash Reserves of Borrower and its Subsidiaries on the last day of each of the three calendar months included in such fiscal quarter): 
  

				
	 Fiscal Quarter Ending

	    	Required Amount

	 December 31, 2002
	    	$	26,100,000
	 March 31, 2003
	    	$	20,200,000
	 June 30, 2003
	    	$	14,900,000
	 September 30, 2003
	    	$	11,100,000
	 December 31, 2003
	    	$	7,700,000
	 March 31, 2004
	    	$	7,000,000
	 June 30, 2004
	    	$	7,000,000
	 September 30, 2004
	    	$	7,000,000
	 December 31, 2004
	    	$	7,000,000
	 March 31, 2005
	    	$	8,500,000
	 June 30, 2005
	    	$	9,000,000
	 September 30, 2005
	    	$	10,000,000
	 December 31, 2005 and the last day of each fiscal quarter thereafter
	    	$	12,500,000

  

 33 

 As used in this subsection (o), the following terms shall have the following meanings:
“Capitalization” means, on any date, the sum of (i) Consolidated Funded Debt, and (ii) all cash equity contributions made to Borrower and its Subsidiaries which constitute capital of such Persons on such date, on a consolidated basis and
as determined in accordance with GAAP; “Consolidated Funded Debt” means, as of any date of determination, all Indebtedness of Borrower and its Subsidiaries on such date, on a consolidated basis and as determined in accordance with GAAP;
“EBITDA” means, for any period with respect to Borrower and its Subsidiaries, net income (excluding extraordinary items), plus (except to the extent attributable to extraordinary items) the amount of any interest, taxes,
depreciation, and amortization and any non-cash accounting charges arising from the issuance of stock options or warrants which are characterized as interest expense or arising from the issuance of stock options or warrants which are characterized
as deferred compensation expense, deducted in determining such net income, all of the foregoing as determined on a consolidated basis for Borrower and its Subsidiaries in conformity with GAAP; “Interest Expense” means, for any period with
respect to Borrower and its Subsidiaries, the amount of interest expense, both expensed and capitalized (including the portion of any payments in respect of any capital leases allocable to interest expense), on a consolidated basis and as determined
in accordance with GAAP, paid or payable during such period in respect of any Indebtedness of Borrower and its Subsidiaries plus the amount of cash interest expense of Holdings in respect of Subordinated Debt (including cash dividends in
respect of Subordinated Debt consisting of Disqualified Stock); “Minimum Cash Reserves” means unrestricted cash and cash equivalents of Borrower and its wholly-owned Subsidiaries. 
  
 (p) [reserved] 
  
 (q) Subordinated Debt. Holdings and Borrower shall not, and shall not
permit any of their respective Subsidiaries to, agree to or permit any material amendment, modification or waiver of any provision of any document or instrument governing or evidencing Subordinated Debt. 
  
 (r) Lease Obligations. Holdings and Borrower shall not, and shall not
suffer or permit any Subsidiary to, create or suffer to exist any obligations for the payment of rent for any property under lease or agreement to lease (other than capital leases) which would cause the direct or contingent liabilities of Borrower
and its Subsidiaries, on a consolidated basis, in respect of all such obligations to exceed the greater of $25,000,000 or 15% of consolidated total revenues in any fiscal year, provided that if leases of integrated access devices are under GAAP
treated as operating leases instead of capital leases, such leases shall be excluded from the determination of such liabilities, and provided further that all such permitted leases shall be for (i) any premises to be occupied by the Loan Parties to
conduct their business in the ordinary course, (ii) any operating leases for equipment required by the Loan Parties in the ordinary course, or (iii) otherwise entered into in connection with the operation of the Borrower’s business in the
ordinary course. 
  
 (s) Material Contracts.
Holdings and Borrower shall not, and shall not permit any of their Subsidiaries to, agree to or permit any amendment, modification or waiver of any material provision of any Material Contract, if the effect thereof could reasonably be expected to
result in a Material Adverse Change. If Holdings, Borrower or any of their Subsidiaries enters into a Material Contract after the Closing Date, Borrower shall promptly notify Agent thereof 
  

 34 

 and, if requested by Agent or any Lender, Borrower shall deliver to Lenders (through Agent) a complete and current copy
of such Material Contract in a reasonably prompt fashion after the request therefor, except that Borrower shall not have any obligation to deliver such Material Contract but shall instead provide Agent with a description of the material terms of
such Material Contract in reasonable detail, if such delivery is prohibited by the terms of such Material Contract and if such prohibition was required by a party other than Borrower or any of its Subsidiaries. 
  
 (t) Capital Expenditures. Holdings and Borrower shall not, and shall
not suffer or permit any Subsidiary to, make any expenditures for fixed or capital assets in excess of $37,000,000, on a consolidated basis, in any fiscal year; any unused portion thereof may be carried over and added to the limit hereunder for the
next fiscal year, provided that any carry-over amount not used in the next fiscal year may not again be carried over. 
  
 (u) Transactions with Non-U.S. Subsidiaries. Any provision contained herein to the contrary notwithstanding, Holdings shall not, and shall not
permit Borrower or any other U.S. Subsidiary to, effect any Transfer of assets (within the meaning of Section 5.1(i)) to, extend credit to or make any additional investments in, or guarantee any Indebtedness or other Obligations of, any non-U.S.
Subsidiary, or merge any U.S. Subsidiary with or into a non-U.S. Subsidiary, if the transaction would cause Total U.S. Assets to be less than 99% of Consolidated Total Assets. As used herein, “Consolidated Total Assets” means, as of any
date of determination, the total assets of Holdings and its Subsidiaries on a consolidated basis, as determined in accordance with GAAP; and “Total U.S. Assets” means Consolidated Total Assets, minus all investments in Subsidiaries
and other Persons not principally located or organized in the U.S. (which term for purposes of this definition includes Puerto Rico and any other territories or possessions of the U.S.) and all other assets not located in the U.S. 
  
 (v) Ownership of Subsidiaries. Holdings and Borrower shall cause each
of their Subsidiaries to remain and be a direct or indirect wholly-owned Subsidiary. 
  
 (w) Accounting Changes. Holdings and Borrower shall not, and shall not suffer or permit any Subsidiary to, make any significant change in accounting treatment or reporting practices, except as required or
permitted by GAAP, or change the fiscal year of Holdings, Borrower or of any Subsidiary, except to change the fiscal year of a Subsidiary to conform its fiscal year to Holdings’ or Borrower’s. 
  
 (x) Hazardous Substances. Holdings and Borrower shall not, and shall
not permit any of their Subsidiaries to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Substances, except in compliance with all applicable Environmental Laws, unless noncompliance could not, individually or
in the aggregate, reasonably be expected to result in a Material Adverse Change. 
  
 (y) Books and Records; Inspections. Holdings and Borrower shall, and shall cause each of their Subsidiaries to, keep adequate records and books of account, in which complete entries will be made in accordance
with GAAP. Holdings and Borrower shall provide Agent and each Lender and their respective agents access to their premises and the premises of their Subsidiaries at any time and from time to time, during normal business hours and upon 
  

 35 

 reasonable notice under the circumstances, and at any time on and after the occurrence of a Default or Event of Default,
for the purposes of (i) inspecting and verifying the Collateral, (ii) inspecting and copying (at Borrower’s expense) any and all records pertaining thereto, and (iii) discussing the affairs, finances and business of Holdings and its
Subsidiaries with any officer, employee or director of Holdings and Borrower or with their accountants. In the case of Agent, Borrower shall reimburse Agent for the reasonable travel and related expenses of Agent’s employees or, at Agent’s
option, of such outside accountants or examiners as may be retained by Agent to verify or inspect Collateral, records or documents of Holdings and Borrower on a regular basis or for a special inspection if Agent deems the same appropriate. If
outside examiners or accountants are used, Borrower shall also pay Agent such sum as Agent may be obligated to pay as fees therefor; provided that prior to the occurrence of an Event of Default, Borrower shall only be liable to Lender for one such
inspection during any twelve-month period. 
  
 (z) Transactions
with Affiliates. Borrower shall not, and shall not suffer or permit any Subsidiary to, enter into any transaction with Holdings or any other Affiliate of Borrower or such Subsidiary, except upon fair and reasonable terms no less favorable to
Borrower or such Subsidiary than would obtain in a comparable arm’s-length transaction with a Person not an Affiliate of Borrower or such Subsidiary; provided, however, that (without limiting any other restrictions in the Loan Documents)
nothing in this subsection shall prohibit any transactions in the ordinary course of business between the Borrower and its wholly-owned Subsidiaries or between the Borrower’s wholly-owned Subsidiaries. 
  
 (aa) Further Assurances and Additional Acts. Holdings and Borrower
shall execute, acknowledge, deliver, file, notarize and register at its own expense all such further agreements, instruments, certificates, documents and assurances and perform such acts as Agent or Majority Lenders shall deem necessary or
appropriate to effectuate the purposes of the Loan Documents, and promptly provide Agent and Lenders with evidence of the foregoing satisfactory in form and substance to Agent and Majority Lenders. 
  
 SECTION 6. EVENTS OF DEFAULT. 
  
 6.1 Events of Default. Any of the following events which shall occur
shall constitute an “Event of Default”: 
  
 (a)
Payments. (i) Borrower shall fail to pay when due any amount of principal of any Loan or Note, or (ii) Borrower shall fail to pay when due any amount of interest on any Loan or Note, or any fee or other amount payable under any of the Loan
Documents, or Holdings or any other Loan Party shall fail to pay when due any amount payable under any of the Loan Documents, and in the case of this clause (ii) any such default shall remain unremedied for five Banking Days. 
  
 (b) Representations and Warranties. Any representation or warranty by
any Loan Party under or in connection with the Loan Documents shall prove to have been incorrect in any material respect when made or deemed made. 
  

 36 

 (c) Failure by Holdings or Borrower to Perform Certain Covenants. Holdings or Borrower shall fail
to perform or observe any term, covenant or agreement contained in subsections (b)(i) or (g) through (w) of Section 5.1. 
  
 (d) Failure by Holdings or Borrower to Perform Other Covenants. Holdings or Borrower shall fail to perform or observe any other term, covenant or
agreement contained in any Loan Document on its part to be performed or observed and any such failure shall remain unremedied for a period of 20 days from the occurrence thereof (unless Majority Lenders reasonably determine that such failure is not
capable of remedy). 
  
 (e) Insolvency. (i) Holdings,
Borrower or any of their respective Subsidiaries shall be dissolved, liquidated, wound up or cease its legal existence, except to the extent expressly permitted by Section 5.1; or (ii) Holdings, Borrower or any such Subsidiary (A) shall make a
general assignment for the benefit of creditors, or shall generally fail to pay, or admit in writing its inability to pay, its debts as they become due, subject to applicable grace periods, if any, whether at stated maturity or otherwise; (B) shall
voluntarily cease to conduct its business in the ordinary course, except to the extent expressly permitted by Section 5.1; (C) shall commence any Insolvency Proceeding with respect to itself; or (D) shall take any action to effectuate or authorize
any of the foregoing. 
  
 (f) Involuntary Proceedings. (i)
Any involuntary Insolvency Proceeding is commenced or filed against Holdings, Borrower or any or their respective Subsidiaries, or any writ, judgment, warrant of attachment, execution or similar process, is issued or levied against a substantial
part of Holdings’, Borrower’s or any such Subsidiary’s properties, and any such proceeding or petition shall not be dismissed, or such writ, judgment, warrant of attachment, execution or similar process shall not be released, vacated
or fully bonded within 60 days after commencement, filing or levy; (ii) Holdings, Borrower or any such Subsidiary admits the material allegations of a petition against it in any Insolvency Proceeding, or an order for relief (or similar order under
non-U.S. law) is ordered in any Insolvency Proceeding; or (iii) Holdings, Borrower or any such Subsidiary acquiesces in the appointment of a receiver, trustee, custodian, conservator, liquidator, mortgagee in possession (or agent therefor), or other
similar Person for itself or a substantial portion of its property or business. 
  
 (g) Defaults Under Other Indebtedness. Holdings, Borrower or any of their respective Subsidiaries shall fail (i) to make any payment of any Indebtedness evidenced by or arising under any Financing Document, or
any amount of any other Indebtedness in an aggregate principal amount of at least $1,000,000 (or its equivalent in another currency) when due (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure
shall continue after the applicable grace or notice period, if any, specified in the agreement or instrument relating to such Indebtedness as of the date of such failure, or (ii) to perform or observe any term, covenant or condition on its part to
be performed or observed under any Financing Document, or any other agreement, note or instrument relating to any such Indebtedness, when required to be performed or observed, or any other event shall occur or condition shall exist thereunder, and
such failure, event or condition shall continue after the applicable grace or notice period, if any, specified in such agreement, note or instrument, if the effect of such failure, event or condition is to accelerate, or to permit the acceleration
of, the maturity of such Indebtedness; or any such Indebtedness shall be declared to be due and payable, 
  

 37 

 or required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity
thereof; or (without limiting the generality of the foregoing) any defined “Event of Default” (as defined in any Financing Document) shall have occurred and be continuing. 
  
 (h) Cisco Defaults. So long as CSCC is a Lender hereunder, any of the Loan Parties or any of their respective
Subsidiaries (i) shall fail to pay any Indebtedness or other obligations owing under any other agreement with Cisco Systems or any Subsidiary thereof (including CSCC) or under any note or instrument in favor of Cisco Systems or any Subsidiary
thereof (including CSCC), when due (whether at scheduled maturity or by required prepayment, acceleration, demand or otherwise), or (ii) shall otherwise be in breach of or default in any of its obligations under any such agreement, note or
instrument, and such failure, breach or default shall continue after the applicable grace period, if any, specified in such agreement, note or instrument. 
  
 (i) Material Adverse Change. Any Material Adverse Change shall occur. 
  
 (j) Failure by Guarantor to Perform Covenants; Invalidity of Guaranty. Any Guarantor shall fail to perform or observe
any term, covenant or agreement contained in any Guaranty on its part to be performed or observed in all material respects, or any default shall occur under any Guaranty, and any such failure or default shall continue after the applicable grace
period, if any, specified in any Guaranty as of the date of such failure, or any defined “Event of Default” as defined in any Guaranty shall have occurred and is continuing; or any Guaranty or any other Guarantor Document shall for any
reason be revoked or invalidated, or otherwise cease to be in full force and effect, or any Guarantor or any other Person shall contest in any manner the validity or enforceability thereof or deny that it has any further liability or obligation
thereunder. 
  
 (k) Default under Other Documents. Any
defined “Event of Default” (as defined in any other Loan Document) shall have occurred; or Holdings, Borrower or any Subsidiary shall be in breach of or default in any of its obligations under any Material Contract, and such failure,
breach or default shall continue after the applicable grace period, if any, specified in such Material Contract and could reasonably be expected to result in a Material Adverse Change. 
  
 (l) Consents, Etc. Any law, decree, license, consent, authorization, registration or approval now or hereafter
necessary, (i) to enable any Loan Party to comply with its obligations incurred in the Loan Documents, or (ii) in connection with the purchase of Financed Products shall be modified in a materially adverse manner, or shall be revoked, withdrawn or
withheld or shall cease to remain in full force and effect if, in the case of clause (ii), such revocation, withdrawal or withholding could reasonably be expected to result in a Material Adverse Change. 
  
 (m) Judgments. (i) A final judgment or order for the payment of money
in excess of $1,000,000 (or its equivalent in another currency) which is not fully covered by third-party insurance shall be rendered against Holdings, Borrower or any of their respective Subsidiaries; or (ii) any non-monetary judgment or order
shall be rendered against Holdings, Borrower or any such Subsidiary which has resulted in or would reasonably be expected to result 
  

 38 

 in a Material Adverse Change; and in each case there shall be any period of 30 consecutive days during which such
judgment continues unsatisfied or during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect. 
  
 (n) Change of Control. Any Change of Control shall occur and the Majority Lenders shall have notified Borrower that
such Change of Control is an Event of Default within 30 days of the Agent receiving notice from Borrower of such Change of Control; provided that any Change of Control shall automatically constitute an Event of Default if Borrower fails to
notify Lender of such Change of Control within 10 days of the occurrence of such Change of Control. 
  
 (o) Subordination. Any Loan Party shall make any voluntary or optional payment or repayment on, redemption, exchange or acquisition for value of,
or any sinking fund or similar payment with respect to, any Subordinated Debt other than as permitted in the applicable subordination agreement, or if any Person who has subordinated such Subordinated Debt terminates or in any way limits its
subordination agreement. 
  
 (p) Collateral Documents. Any
of the Collateral Documents after delivery thereof shall for any reason be revoked or invalidated, or otherwise cease to be in full force and effect except as permitted by the terms hereof, or any Loan Party or any other Person shall contest in any
manner the validity or enforceability thereof, or any Loan Party or any other Person shall deny that it has any further liability or obligation thereunder; or any of the Collateral Documents for any reason, except to the extent permitted by the
terms thereof, shall cease to create a valid and perfected Lien subject only to Permitted Liens in any of the Collateral purported to be covered thereby; or any of the Financed Products shall at any time be located outside of the United States.

  
 6.2 Effect of Event of Default. If any Event of Default
shall occur and is continuing, Agent shall, at the request of, or may, with the consent of, Majority Lenders, by notice from Agent to Borrower, (i) declare the Commitments to be terminated, whereupon the same shall forthwith terminate, and (ii)
declare the entire unpaid principal amount of the Loans and the Notes, all interest accrued and unpaid thereon and all other Obligations to be forthwith due and payable, whereupon the Loans and the Notes, all such accrued interest and all such other
Obligations shall become and be forthwith due and payable, without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived by Borrower, provided that if an event described in Section 6.1(e) or 6.1(f)
shall occur, the result which would otherwise occur only upon giving of notice by Agent to Borrower as specified in this Section 6.2 shall occur automatically, without the giving of any such notice. Additionally, Agent and Lenders may exercise any
or all of their rights and remedies under the Collateral Documents, and proceed to enforce all other rights and remedies available to them under the Loan Documents and applicable law. 
  
 6.3 Certain Agreements Regarding the Collateral. Any provision contained herein or in any Collateral Document to the
contrary notwithstanding, no action shall be taken hereunder or under any of the Collateral Documents by Agent or any Lender with respect to any Collateral in any jurisdiction in which any Loan Party possesses any Permits and Licenses unless and
until all applicable state laws, and all applicable rules and regulations of any Governmental Authority 
  

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 applicable to or having jurisdiction over such Loan Party or with respect to such Collateral (including the pledged stock
of Borrower or a Subsidiary of Borrower), have been fully satisfied to the extent reasonably necessary to take such action and there have been obtained such consents, approvals and authorizations, as may be required to be obtained from applicable
regulatory authorities and any other Governmental Authority under the terms of any such Permit and License in order to take such action. 
  
 6.4 Forbearance. So long as CSCC is the sole Lender under this Agreement, CSCC agrees that in the event Cisco Systems shall fail to perform any of
its material obligations with respect to deliveries of Cisco Products under the Service Provider Agreement, between Borrower and Cisco Systems (including the Exhibits, Schedules and other attachments thereto), or there shall occur and continue
material nonperformance of any Cisco Products (each a “Cisco Systems Default”), and any such Cisco Systems Default results in a breach by Borrower of any financial covenant contained in Section 5.1(o) or any Event of Default under Section
6.1(i) (collectively, a “Cisco Specific Default”), CSCC agrees on a one time basis to forebear from exercising any rights and remedies it may have under this Agreement and the other Loan Documents for a two month period following the
occurrence of the Cisco Specific Default to permit Cisco Systems and Borrower to conduct good faith negotiations during such two month forbearance period for the purpose of resolving the Cisco Systems Default giving rise to the Cisco Specific
Default, including modifying the affected financial covenants, as necessary or appropriate, to take into account the Cisco Systems Default. Borrower understands that so long as such Cisco Specific Default exists CSCC shall have no obligation to make
the Loans available for borrowing hereunder, and that except as set forth in this Section 6.4, nothing herein shall constitute a waiver of any rights and remedies that CSCC may have hereunder and under the other Loan Documents as a result of the
occurrence of any other Event of Default or with respect to the continued existence of any Cisco Specific Default after the expiration of said two month period, and CSCC and Borrower each understands that nothing herein shall constitute a waiver of
any obligations, rights and remedies Cisco Systems or Borrower may have under said Service Provider Agreement as a result of any Cisco Systems Default. 
  
 SECTION 7. THE AGENT. 
  
 7.1 Appointment and Authorization; “Agent”. Each Lender hereby irrevocably (subject to Section 7.10) appoints, designates and authorizes
Agent to take such action on its behalf under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan
Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, Agent shall not have any duties or responsibilities, except
those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or
any other Loan Document or otherwise exist against Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in this Agreement with reference to Agent is not intended to connote any fiduciary or other
implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent
contracting parties. 
  

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 7.2 Delegation of Duties. Agent may execute any of its duties under this Agreement or any other
Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or
attorney-in-fact that it selects with reasonable care. 
  
 7.3
Liability of Agent. None of Agent-Related Persons shall (i) be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby
(except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of Lenders for any recital, statement, representation or warranty made by Holdings or Borrower or any Subsidiary or Affiliate of Borrower, or
any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other
Loan Document, or for the value of or title to any Collateral, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document, or for any failure of any Loan Party to perform its obligations
hereunder or thereunder. No Agent-Related Person shall be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan
Document, or to inspect the properties, books or records of Borrower or any of Holdings, Borrower or any of their Subsidiaries or Affiliates. 
  
 7.4 Reliance by Agent. (a) Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent,
certificate, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon
advice and statements of legal counsel (including counsel to Borrower), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan
Document unless it shall first receive such advice or concurrence of the Majority Lenders as it deems appropriate and, if it so requests, it shall first be indemnified to its satisfaction by Lenders against any and all liability and expense which
may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or
consent of the Majority Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon all of Lenders. (b) For purposes of determining compliance with the conditions specified in Section 3.1 and 3.2, each
Lender that has executed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter either sent (or made available) by Agent to such Lender for consent, approval, acceptance or
satisfaction, or required thereunder to be consented to or approved by or acceptable or satisfactory to such Lender. 
  
 7.5 Notice of Default. Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, except with
respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of Lenders, unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default”. 
  

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 Agent will notify Lenders of its receipt of any such notice. Agent shall take such action with respect to such Default or
Event of Default as may be requested by the Majority Lenders in accordance with Article VI; provided, however, that unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or
refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable or in the best interest of Lenders. 
  
 7.6 Credit Decisions. Each Lender acknowledges that none of Agent-Related Persons has made any representation or warranty to it, and that no act by
Agent hereinafter taken, including any review of the affairs of Holdings, Borrower and their Subsidiaries, shall be deemed to constitute any representation or warranty by any Agent-Related Person to any Lender. Each Lender represents to Agent that
it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations, property,
financial and other condition and creditworthiness of Holdings, Borrower and their Subsidiaries, the value of and title to any Collateral, and all applicable regulatory laws relating to the transactions contemplated hereby, and made its own decision
to enter into this Agreement and to extend credit to Borrower and any Additional Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and
information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems
necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties. Except for notices, reports and other documents expressly herein required to be furnished to
Lenders by Agent, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of Holdings,
Borrower or any Subsidiary which may come into the possession of any of Agent-Related Persons. 
  
 7.7 Indemnification of Agent. Whether or not the transactions contemplated hereby are consummated, Lenders shall indemnify upon demand all Agent-Related Persons (to the extent not reimbursed by or on behalf of
Borrower and without limiting the obligation of Borrower to do so), pro rata, from and against any and all Indemnified Liabilities; provided, however, that no Lender shall be liable for the payment to Agent-Related Persons of
any portion of such Indemnified Liabilities resulting solely from such Person’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for its ratable share of any costs or
out-of-pocket expenses incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of
rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this
Section shall survive the payment of all Obligations hereunder and the resignation or replacement of Agent. 
  
 7.8 Agent in Individual Capacity. CSCC and its Affiliates (including Cisco Systems) may make loans to, enter into leases with, sell equipment and
provide related services to, acquire 
  

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 equity interests in and generally engage in any kind of business with Holdings, Borrower and their Subsidiaries and
Affiliates as though CSCC were not Agent hereunder and without notice to or consent of Lenders. Lenders acknowledge that, pursuant to such activities, CSCC or its Affiliates may receive information regarding Holdings, Borrower or their Affiliates
(including information that may be subject to confidentiality obligations in favor of Holdings, Borrower or such Affiliate) and acknowledge that Agent shall be under no obligation to provide such information to them. With respect to its Loans, CSCC
shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not Agent, and the terms “Lender” and “Lenders” include CSCC in its individual capacity. 
  
 7.9 Collateral Matters. (a) Agent is authorized on behalf of all
Lenders, without the necessity of any notice to or further consent from Lenders, from time to time to take any action with respect to any Collateral or the Collateral Documents which may be necessary to perfect and maintain perfected the security
interest in and Liens upon the Collateral granted pursuant to the Collateral Documents. (b) Lenders irrevocably authorize Agent, at its option and in its discretion, to release any Lien granted to or held by Agent upon any Collateral (i) upon
termination of the Commitments and payment in full of all Loans and all other Obligations known to Agent and payable under this Agreement or any other Loan Document; (ii) constituting property sold or to be sold or disposed of as part of or in
connection with any disposition permitted hereunder; (iii) constituting property in which a Loan Party owned no interest at the time the Lien was granted or at any time thereafter; (iv) constituting property leased to a Loan Party in a transaction
permitted under this Agreement; (v) consisting of an instrument evidencing Indebtedness or other debt instrument, if the indebtedness evidenced thereby has been paid in full; or (vi) if approved, authorized or ratified in writing by the Majority
Lenders or all Lenders, as the case may be, as provided in Section 8.1. Upon request by Agent at any time, Lenders will confirm in writing Agent’s authority to release particular types or items of Collateral pursuant to this Section 7.9,
provided that the absence of any such confirmation for whatever reason shall not affect Agent’s rights under this Section 7.9. (c) Each Lender agrees with and in favor of each other (which agreement shall not be for the benefit of
Borrower or any Subsidiary) that the Obligations to such Lender are not and shall not be secured by any real property collateral now or hereafter acquired by such Lender other than the real property described in the Schedule. 
  
 7.10 Successor Agent. Agent may, and at the request of the Majority
Lenders shall, resign as Agent upon 30 days’ notice to Lenders. If Agent resigns under this Agreement, the Majority Lenders shall appoint from among Lenders a successor agent for Lenders. If no successor agent is appointed prior to the
effective date of the resignation of Agent, Agent may appoint, after consulting with Lenders and Borrower, a successor agent from among Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed
to all the rights, powers and duties of the retiring Agent and the term “Agent” shall mean such successor agent and the retiring Agent’s appointment, powers and duties as Agent shall be terminated. After any retiring Agent’s
resignation hereunder as Agent, the provisions of this Article VII and Section 8.4 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor agent has accepted
appointment as Agent by the date which is 30 days following a retiring Agent’s notice of resignation, the retiring Agent’s resignation shall nevertheless thereupon become effective and Lenders shall perform all of the duties of Agent
hereunder until such time, if any, as the Majority Lenders appoint a successor agent as provided for above. 
  

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 SECTION 8. MISCELLANEOUS. 
  
 8.1 Amendments. No amendment or waiver of any provision of this Agreement or any other Loan Document, and no consent
with respect to any departure by Holdings, Borrower or any applicable Subsidiary therefrom, shall be effective unless the same shall be in writing and signed by the Majority Lenders (or by Agent at the written request of the Majority Lenders),
Holdings and Borrower and acknowledged by Agent, and then any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given; provided, however, that no such waiver, amendment, or consent shall,
unless in writing and signed by all Lenders, Holdings and Borrower and acknowledged by Agent, do any of the following: 
  
 (a) increase or extend the Commitment of any Lender (or reinstate any Commitment terminated pursuant to Section 6.1); 
  
 (b) postpone or delay any date fixed by this Agreement or any other Loan
Document for any payment of principal, interest, fees or other amounts due to Lenders (or any of them) hereunder or under any other Loan Document (including the date of any mandatory prepayment hereunder); 
  
 (c) reduce the principal of, or the rate of interest specified herein on any
Loan, or (subject to clause (ii) below) any fees or other amounts payable hereunder or under any other Loan Document; 
  
 (d) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans which is required for Lenders or any of them to take
any action hereunder; 
  
 (e) amend this Section 8.1, Section
2.18, the definition of “Majority Lenders” herein, or any provision herein providing for consent or other action by all Lenders or some specified amount of Lenders; or 
  
 (f) discharge any Guarantor, or release any portion of the Collateral except as otherwise may be provided in this Agreement
or the Collateral Documents or except where the consent of the Majority Lenders only is specifically provided for; 
  
 and, provided further, that (i) no amendment, waiver or consent shall, unless in writing and signed by Agent in addition to the Majority Lenders or all Lenders, as the
case may be, affect the rights or duties of Agent under this Agreement or any other Loan Document, and (ii) the Fee Letter may be amended, or rights or privileges thereunder waived, in a writing executed by the parties thereto. 
  
 8.2 Notices. (a) All notices and other communications provided for
hereunder and under the other Loan Documents shall, unless otherwise stated herein, be in writing (including by facsimile transmission) and mailed, sent or delivered to the respective parties hereto at or to their respective addresses or facsimile
numbers set forth in the Schedule or the Annex, as the case may be, or at or to such other address or facsimile number as shall be designated by any party in a written notice to the other party hereto. All such notices and communications shall be
effective (i) if delivered by hand, when delivered; (ii) if sent by courier service, when delivered; (iii) if 
  

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 sent by mail, upon the earlier of the date of receipt or five Banking Days after deposit in the mail, first class (or air
mail, with respect to communications to be sent to or from the United States), postage prepaid; and (iv) if sent by facsimile transmission, when sent; provided, however, that notices and communications to Agent pursuant to Section 2 shall not be
effective until received. (b) Any agreement of Agent and Lenders herein to receive certain notices by telephone or facsimile is solely for the convenience and at the request of Borrower. Agent and Lenders shall be entitled to rely on the authority
of any Person purporting to be a Person authorized by Borrower to give such notice and Agent and Lenders shall not have any liability to Borrower or other Person on account of any action taken or not taken by Agent or Lenders in reliance upon such
telephonic or facsimile notice. The obligation of Borrower to repay the Loans shall not be affected in any way or to any extent by any failure by Agent and Lenders to receive written confirmation of any telephonic or facsimile notice or the receipt
by Agent and Lenders of a confirmation which is at variance with the terms understood by Agent and Lenders to be contained in the telephonic or facsimile notice. (c) Each Lender shall notify Agent in writing of any changes in the address to which
notices to the Lender should be directed, of addresses of any lending office, of payment instructions in respect of all payments to be made to it hereunder and of such other administrative information as Agent shall reasonably request. 

 
 8.3 No Waiver; Cumulative Remedies. No failure on the part of Agent
or any Lender to exercise, and no delay in exercising, any right, remedy, power or privilege under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies under the Loan Documents are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise
be available to Agent or any Lender. 
  
 8.4 Costs and
Expenses; Indemnification. Borrower agrees to pay on demand by Agent (i) the reasonable out-of-pocket costs and expenses of Agent and any of its Affiliates, and the reasonable fees and disbursements of counsel to Agent (including allocated costs
and expenses for internal legal services if CSCC is no longer Agent hereunder), in connection with the negotiation, preparation, execution and delivery of the Loan Documents; (ii) all reasonable costs and expenses of Agent and its Affiliates, and
fees and disbursements of counsel (including allocated costs and expenses for internal legal services if CSCC is no longer Agent hereunder), in connection with any amendments, modifications or waivers of the terms of any Loan Documents, and (iii)
all reasonable costs and expenses of Agent, each Lender and their respective Affiliates, and reasonable fees and disbursements of counsel (including allocated costs and expenses for internal legal services), in connection with any Default, the
enforcement or attempted enforcement of, and preservation of any rights or interests under, the Loan Documents, and any out-of-court workout or other refinancing or restructuring or any bankruptcy or insolvency case or proceeding. In connection with
the costs and expenses to be paid by Borrower in accordance with this Section 8.4, Agent shall provide detailed invoices or other reasonable supporting documentation upon request. In addition, whether or not the transactions contemplated hereby
shall be consummated, each of Holdings and Borrower hereby agrees to indemnify each Agent-Related Person, each Lender, any Affiliate thereof and their respective directors, officers, employees, agents, counsel and other advisors (each an
“Indemnified Person”) against, and hold each of them harmless from, any and all liabilities, obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or 
  

 45 

 nature whatsoever, including the reasonable fees and disbursements of counsel to an Indemnified Person (including
allocated costs and expenses for internal legal services), which may be imposed on, incurred by, or asserted against any Indemnified Person, in any way relating to or arising out of any of the Loan Documents, the use or intended use of the proceeds
of the Loans or the transactions contemplated hereby or thereby, including with respect to any investigation, litigation or other proceeding relating to any of the foregoing, irrespective of whether the Indemnified Person shall be designated a party
thereto (the “Indemnified Liabilities”); provided that neither Holdings nor Borrower shall be liable to any Indemnified Person for any portion of such Indemnified Liabilities to the extent they resulted from such Indemnified Person’s
gross negligence or willful misconduct. If and to the extent that the foregoing indemnification is for any reason held unenforceable, each of Holdings and Borrower agrees to make the maximum contribution to the payment and satisfaction of each of
the Indemnified Liabilities which is permissible under applicable law. 
  
 8.5 Survival. All covenants, agreements, representations and warranties made in any Loan Documents shall, except to the extent otherwise provided therein, survive the execution and delivery of this Agreement, the making of the Loans
and the execution and delivery of any Note, and shall continue in full force and effect so long as any Lender has any Commitment, any Loans remain outstanding or any other Obligations remain unpaid or any obligation to perform any other act
hereunder or under any other Loan Document remains unsatisfied. Without limiting the generality of the foregoing, the obligations of Holdings and Borrower under Section 2.11, Section 2.12, Section 2.13, Section 2.19 and Section 8.4, and all similar
obligations under the other Loan Documents (including all obligations to pay costs and expenses and all indemnity obligations), shall survive the repayment of the Loans and the termination of the Commitment. 
  
 8.6 Benefits of Agreement. The Loan Documents are entered into for the
sole protection and benefit of the parties hereto and their successors and assigns and the Indemnified Persons, and no other Person (other than Cisco Systems) shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause
of action or claim in connection with, any Loan Document. 
  
 8.7
Binding Effect; Successors and Assigns. (a) Any Lender may, with the written consent of the Agent (which shall not be unreasonably withheld), at any time assign and delegate to one or more Eligible Assignees (each an “Assignee”)
all, or any ratable part of all, of the Loans, the Commitment and the other rights and obligations of such Lender hereunder; provided, however, that (i) no written consent of Agent shall be required in connection with any assignment and delegation
by a Lender to an Eligible Assignee that is another Lender or an Affiliate of such Lender or an Approved Fund; and (ii) except in connection with an assignment of all of a Lender’s rights and obligations with respect to its Commitment and
Loans, any such assignment to an Eligible Assignee that is not a Lender hereunder shall be equal to or greater than $1,000,000; and provided further, however, that Holdings, Borrower and Agent may continue to deal solely and directly with such
Lender in connection with the interest so assigned to an Assignee until (A) such Lender and its Assignee shall have delivered to Holdings, Borrower and Agent an Assignment and Acceptance Agreement substantially in the form of Exhibit F (an
“Assignment and Acceptance”), together with any Note or Notes subject to such assignment; (B) a written notice of such assignment, together with payment instructions, addresses and related information with respect to the Assignee, in
substantially the form of the 
  

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 Notice of Assignment and Acceptance attached as Schedule 1 to the Assignment and Acceptance, shall have been given to
Holdings, Borrower and Agent by such Lender and the Assignee; (C) the assignor Lender or Assignee shall have paid to Agent a processing fee in the amount of $4,000; and (D) Agent shall have provided any required consent to such assignment in
accordance with this Section. 
  
 (b) From and after the date that
Agent notifies the assignor Lender and Borrower that Agent has received (and, if required, provided its consent with respect thereto) an executed Assignment and Acceptance and payment of the above-referenced processing fee, (i) the Assignee
thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it pursuant to such Assignment and Acceptance, shall have the rights and obligations of a Lender under the Loan Documents, (ii) this
Agreement shall be deemed to be amended to the extent, but only to the extent, necessary to reflect the addition of the Assignee and the resulting adjustment of the Commitments arising therefrom, and (iii) the assignor Lender shall, to the extent
that rights and obligations hereunder and under the other Loan Documents have been assigned by it pursuant to such Assignment and Acceptance, relinquish its rights and be released from its obligations under the Loan Documents; provided, however,
that the assignor Lender shall not relinquish its rights under Sections 2.11, 2.13, 2.19 or 8.14 (and any equivalent provisions of the other Loan Documents) to the extent such rights relate to the time prior to the effective date of the Assignment
and Acceptance. The Commitment allocated to each Assignee shall reduce the Commitment of the assigning Lender pro tanto. 
  
 (c) Within five Banking Days after Borrower’s receipt of notice by Agent that it has received an executed Assignment and Acceptance and payment of
the processing fee, Borrower shall execute and deliver to Agent any new Notes requested by such Assignee evidencing such Assignee’s assigned Loans and Commitment and, if the assignor Lender has retained a portion of its Loans and its
Commitment, replacement Notes as requested by the assignor Lender evidencing the Loans and Commitment retained by the assignor Lender (such Notes to be in exchange for, but not in payment of, the Notes held by such Lender, if any). 
  
 (d) Any Lender may at any time sell to one or more lending institutions or
other Persons not Affiliates of Holdings (a “Participant”) participating interests in any Loans, the Commitment of that Lender and the other interests of that Lender (the “originating Lender”) hereunder and under the other Loan
Documents; provided, however, that (i) the originating Lender’s obligations under this Agreement shall remain unchanged, (ii) the originating Lender shall remain solely responsible for the performance of such obligations, (iii) Holdings,
Borrower and Agent shall continue to deal solely and directly with the originating Lender in connection with the originating Lender’s rights and obligations under this Agreement and the other Loan Documents, and (iv) no Lender shall transfer or
grant any participating interest under which the Participant has rights to approve any amendment to, or any consent or waiver with respect to, this Agreement or any other Loan Document, except to the extent such amendment, consent or waiver would
require unanimous consent of Lenders as described in the first proviso to Section 8.1. In the case of any such participation, the Participant shall be entitled to the benefit of Sections 2.11, 2.19 and 8.04 as though it were also a Lender hereunder,
and if amounts outstanding under this Agreement are due and unpaid, or shall have been declared or shall have become due and payable upon the occurrence of an Event of Default, each Participant shall be deemed to have the right of set-off in respect
of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement. 
  

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 (e) Notwithstanding any other provision in this Agreement, any Lender may at any time create a security
interest in, or pledge, all or any portion of its rights under and interest in this Agreement and the Notes held by it in favor of any Federal Reserve Bank in accordance with Regulation A of the FRB or U.S. Treasury Regulation 31 C.F.R.
§203.14, and such Federal Reserve Bank may enforce such pledge or security interest in any manner permitted under applicable law. 
  
 8.8 Confidentiality. (a) Each of Lenders and Agent agrees to take normal and reasonable precautions and exercise due care to maintain the
confidentiality of all information respecting Holdings, Borrower and their respective businesses (“Customer Information”). Each of Holdings and Borrower agrees that Agent or any Lender may disclose from time to time all Customer
Information in its possession to Agent’s or any such Lender’s legal counsel, agents and other professional advisors, and to their respective Subsidiaries and Affiliates, to any potential assignees or participants of the rights and/or
obligations of any such Lender hereunder, to any underwriters or placement agents for any securities to be issued by such Lender or any of its Subsidiaries or Affiliates (or any transferee of any such Subsidiaries or Affiliates) and to any rating
agency rating such securities and to their respective legal counsel, agents and other professional advisors; provided that, in the case of any potential assignee or participant, such Person shall execute and deliver a confidentiality
agreement that obligates such Person to maintain the confidentiality of the Customer Information to the same extent as Agent and Lenders are required hereunder and any other recipient of Customer Information shall be advised of, and agree to be
bound by, the confidentiality provisions hereof. Each of Holdings and Borrower also consents to the disclosure of Customer Information by Agent or any Lender, or any of their respective Subsidiaries or Affiliates, (i) at the request of any
Governmental Authority having jurisdiction over Agent or such Lender or such Subsidiary or Affiliate, (ii) pursuant to subpoena or other court process, (iii) to the extent reasonably required in connection with any litigation to which Agent or such
Lender or any of their respective Subsidiaries or Affiliates is a party, (iv) to the extent reasonably required in connection with the exercise of any remedy hereunder or under any other Loan Document, (iv) when otherwise required to do so in
accordance with applicable law, and (v)(A) to the extent such information is made available by Holdings or Borrower or was or becomes generally available to the public other than as a result of disclosure by Agent or such Lender, or (B) was or
becomes available on a non-confidential basis from a source other than Holdings or Borrower, provided that such source is not bound by a confidentiality agreement with Holdings or Borrower known to Agent or such Lender; and provided further, that to
the extent that the disclosure of any Customer Information is to be made by Agent or any Lender pursuant to the immediately preceding clauses (ii) or (iii) and Agent or such Lender may lawfully do so, each of Agent and such Lender shall use
commercially reasonable efforts to first give Borrower notice and a reasonable opportunity to interpose an objection to such disclosure to obtain a protective order requiring that the Customer Information so disclosed be held in confidence by such
court or other Governmental Authority or, if disclosed, be used only for the purposes for which such disclosure is required and otherwise permitted under such clauses. 
  

 48 

 (b) Each of Holdings and Borrower agrees to take normal and reasonable precautions and exercise due care
to maintain the confidentiality of this Agreement, the Fee Letter, and the terms and provisions hereof and thereof. Agent and each Lender agree that Holdings and Borrower may disclose from time to time the existence of this Agreement, the Fee Letter
and the terms and provisions hereof and thereof to Holdings’ and Borrower’s legal counsel, agents and other professional advisors, and to their Subsidiaries and Affiliates, as reasonably required in connection with negotiations with a
prospective acquirer of Holdings or Borrower or substantially all of Holdings’ or Borrower’s assets or a prospective merger partner, to any prospective equity investor in Borrower or Holdings, to any bank or other financial institution
providing financing to Holdings, Borrower or any of their Subsidiaries or Affiliates, to any underwriters or placement agents for any securities to be issued by Holdings or any of its Subsidiaries or Affiliates and to any rating agency rating such
securities and to their respective legal counsel, agents and other professional advisors. Agent and each Lender also consent to the disclosure of this Agreement, and Fee Letter and the terms and provisions hereof and thereof by Holdings and
Borrower, or any of their Subsidiaries or Affiliates, (i) at the request of any Governmental Authority having jurisdiction over Holdings, Borrower or such Subsidiary or Affiliate, (ii) pursuant to subpoena or other court process, (iii) to the extent
reasonably required in connection with any litigation to which Holdings, Borrower or any of their Subsidiaries or Affiliates is a party, and (iv) when otherwise required to do so in accordance with applicable law. The foregoing permitted
disclosure does not include disclosure to any other vendor providing vendor financing to Holdings, Borrower or any of their Subsidiaries (whether directly or indirectly). Holdings and Borrower shall provide prior notice to Agent of any proposed
public announcements or other public disclosure or filings of or relating to this Agreement, the Fee Letter, and the terms and provisions hereof and thereof as permitted by this subsection (b) (“Public Disclosure”), and no Public
Disclosure may be made in respect of the fees, interest rate and other pricing information with respect hereto without Agent’s prior consent (such consent not to be unreasonably withheld, conditioned or delayed). Prior to making any required
filing with the U.S. Securities and Exchange Commission or any other federal, state, provincial or foreign Governmental Authority as part of any Public Disclosure, Holdings or Borrower (as the case may be) shall request confidential treatment of the
fees, interest rate and other pricing information with respect hereto to the extent permitted by applicable law. 
  
 8.9 Governing Law. This Agreement shall be governed by, and construed in accordance with, the law of the State of New York. 
  
 8.10 Submission to Jurisdiction. (a) Each of Holdings and Borrower
hereby (i) submits to the non-exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States sitting in the Borough of Manhattan (collectively, the “New York Courts”), for the purpose of any
action or proceeding arising out of or relating to the Loan Documents, (ii) irrevocably waives (to the extent permitted by applicable law) any objection which it now or hereafter may have to the laying of venue of any such action or proceeding
brought in any of the New York Courts, and any objection on the ground that any such action or proceeding in any New York Court has been brought in an inconvenient forum, and (iii) agrees that (to the extent permitted by applicable law) a final
judgment in any such action or proceeding brought in a New York Court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner permitted by law. 
  

 49 

 (b) If a process agent (the “Process Agent”) is specified in the Schedule, each of Holdings and
Borrower hereby irrevocably appoints the Process Agent as its authorized agent with all powers necessary to receive on its behalf service of copies of the summons and complaint and any other process which may be served in any action or proceeding
arising out of or relating to the Loan Documents in any of the New York Courts. Such service may be made by mailing or delivering a copy of such process to Holdings or Borrower in care of the Process Agent at the Process Agent’s above address
and each of Holdings and Borrower hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf and agrees that the failure of the Process Agent to give any notice of any such service to Holdings or Borrower shall
not impair or affect the validity of such service or of any judgment rendered in any action or proceeding based thereon. As an alternative method of service, each of Holdings and Borrower also irrevocably consents to the service of any and all
process in any such action or proceeding by the mailing of copies of such process to Holdings or Borrower at its address specified in the Schedule. If for any reason the Process Agent specified in the Schedule shall cease to act as such, each of
Holdings and Borrower shall appoint forthwith, in the manner provided for herein, a successor Process Agent qualified to act as an agent for service of process with respect to all New York Courts and acceptable to Lender. 
  
 (c) No Limitation. Nothing in this Section 8.10 shall affect the right
of Agent or any Lender to serve legal process in any other manner permitted by law or limit the right of Agent or any Lender to bring any action or proceeding against Holdings or Borrower or its property in the courts of other jurisdictions.

  
 8.11 Waiver of Jury Trial. Each of Agent, Lenders,
Holdings and Borrower hereby knowingly, voluntarily and intentionally waives any rights it may have to a trial by jury in respect of any litigation in connection with any Loan Document. 
  
 8.12 Entire Agreement. The Loan Documents reflect the entire agreement among Holdings, Borrower, Agent and Lenders
with respect to the matters set forth therein and supersede any prior agreements, commitments, drafts, communication, discussions and understandings, oral or written, with respect thereto, including, without limitation, the March 2002 Credit
Agreement and the Original Credit Agreement. This Agreement is an amendment and restatement, but not a novation, of the March 2002 Credit Agreement. 
  
 8.13 Severability. Whenever possible, each provision of the Loan Documents shall be interpreted in such manner as to be effective and valid under
all applicable laws and regulations. If, however, any provision of any of the Loan Documents shall be prohibited by or invalid under any such law or regulation in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to
the minimum requirements of such law or regulation, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of such Loan
Document, or the validity or effectiveness of such provision in any other jurisdiction. 
  
 8.14 Counterparts. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all
of which taken together shall constitute but one and the same agreement. 
  

 50 

 8.15 Marshalling; Payments Set Asides. Neither Agent nor Lenders shall be under any obligation to
marshal any assets in favor of Borrower or any other Person or against or in payment of any or all of the Obligations. To the extent that Borrower makes a payment to Agent or Lenders, or Agent or Lenders exercise their right of set-off, and such
payment or the proceeds of such set-off or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by Agent or such Lender in its discretion)
to be repaid to a trustee, receiver or any other party, in connection with any Insolvency Proceeding or otherwise, then (a) to the extent of such recovery the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such set-off had not occurred, and (b) each Lender severally agrees to pay to Agent upon demand its Pro Rata Share of any amount so recovered from or repaid by Agent.

  
 8.16 Set-off. In addition to any rights and remedies of
Lenders provided by law, if an Event of Default exists or the Loans have been accelerated, each Lender is authorized at any time and from time to time, without prior notice to Borrower or Holdings, any such notice being waived by Borrower and
Holdings to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held by, and other indebtedness at any time owing by, such Lender to or for the credit
or the account of Borrower or Holdings against any and all Obligations owing to such Lender, now or hereafter existing, irrespective of whether or not Agent or such Lender shall have made demand under this Agreement or any Loan Document and although
such Obligations may be contingent or unmatured. Each Lender agrees promptly to notify Borrower or Holdings, as the case may be, and Agent after any such set-off and application made by such Lender; provided, however, that the failure
to give such notice shall not affect the validity of such set-off and application. NOTWITHSTANDING THE FOREGOING, NO LENDER SHALL EXERCISE, OR ATTEMPT TO EXERCISE, ANY RIGHT OF SET-OFF, BANKER’S LIEN, OR THE LIKE, AGAINST ANY DEPOSIT ACCOUNT OR
PROPERTY OF BORROWER OR ANY SUBSIDIARY OF HOLDINGS OR BORROWER HELD OR MAINTAINED BY SUCH LENDER WITHOUT THE PRIOR WRITTEN CONSENT OF AGENT. 
  
 8.17 Joint and Several Liability. If any Additional Borrowers are designated in the Schedule, the liability of Borrower and such Additional
Borrowers shall be joint and several, and, except as the context otherwise requires, each reference herein, in the Schedule and in any Note, to “Borrower” shall mean and be a reference to each Borrower and such Additional Borrowers.
Borrower and any such Additional Borrowers agree that any and all of the Obligations shall be the joint and several responsibility of each of them notwithstanding any absence herein or in any other Loan Document of a reference such as “jointly
and severally” with respect to such Obligation. The compromise of any claim with, or the release of, Borrower shall not constitute a compromise with, or a release of, any Additional Borrower, and the compromise of any claim with, or the release
of, any Additional Borrower shall not constitute a compromise with, or a release of, Borrower or any other Additional Borrower. 
  
 [remainder of page intentionally left blank] 
  

 51 

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

			
	 Cbeyond Communications, LLC

		
	 By:
	 	 CBEYOND COMMUNICATIONS, LLC

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Cbeyond Communications, Inc.

		
	 By:
	 	 CBEYOND COMMUNICATIONS, INC.

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Cbeyond Leasing, LP,

	 as Additional Borrower

	 By: Cbeyond Communications, LLC, its

	 General Partner

  

			
		
	 By:
	 	 CBEYOND LEASING, LP

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Cisco Systems Capital Corporation,
 as Agent and as a Lender

		
	 By:
	 	 CISCO SYSTEMS CAPITAL CORPORATION

	 Name:
	 	 
	 Title:
	 	 

 [GRAPHIC APPEARS HERE] 
  
 SCHEDULE OF ADDITIONAL TERMS 
  
 This Schedule of Additional Terms dated as of November 1, 2002 (this “Schedule”) is an integral part of the Second Amended and Restated Credit
Agreement dated as of November 1, 2002 (as amended, modified, renewed or extended from time to time, the “Credit Agreement”) among Cbeyond Communications, Inc., Cbeyond Communications, LLC, any Additional Borrowers party thereto, Lenders
named therein and Cisco Systems Capital Corporation, as Agent. Capitalized terms used herein shall have the respective meanings assigned to them in the Credit Agreement unless otherwise defined in this Schedule. 
  
 1. Information Relating to the Loans, Holdings and Borrower: 
  
 (a) Availability Period: (i) (A) Up to $40,000,000
(“Tranche A1”) and up to $10,000,000 (“Tranche B1”) will be available from the Closing Date to March 31, 2003 (“Tranche 1 Availability Termination Date”), and (B) up to $15,900,000 (“Tranche X”) will be
available from the Closing Date until September 30, 2003 (“Tranche X Availability Termination Date”). 
  
 (ii) up to $14,800,000 (“Tranche A2”) and up to $5,700,000 (“Tranche B2”) will be available until March 31, 2004 (“Tranche 2
Availability Termination Date”) from the earlier of (A) the Tranche 1 Availability Termination Date or (B) the date upon which Tranches A1 and B1 shall have been fully drawn. 
  
 (iii) up to $23,200,000 (“Tranche A3”) and up to $5,800,000 (“Tranche B3”) will be available until
March 31, 2005 (the “Tranche 3 Availability Termination Date”) from the earlier of (A) the Tranche 2 Availability Termination Date or (B) the date upon which Tranches A2 and B2 shall have been fully drawn, provided that, in each case, an
aggregate amount of no less than $54,000,000 cash shall have been contributed to the equity capital of Borrower as of such date since March 31, 2002. 
  
 Tranches A1, A2, A3, B1, B2, B3 and X are herein each referred to as a “Tranche”, individually, and the “Tranches”, collectively.

  
 Availability under all Tranches terminates on March 31, 2005.
Unused availability under Tranches A1, B1, A2 and B2 may be used, at Borrower’s option, to increase availability of Tranches A2, B2, A3 and B3, respectively. 
  
 Tranche A1, Tranche B1 and Tranche X are hereinafter referred to as “Tranche 1,” and any Loans outstanding under
Tranche 1 are hereinafter referred to as “Tranche 1 Loans.” Tranche A2 and Tranche B2 are hereinafter referred to as “Tranche 2,” and any Loans outstanding under Tranche 2 are hereinafter referred to as “Tranche 2
Loans.” Tranche A3 and Tranche B3 are hereinafter referred to as “Tranche 3,” and any Loans outstanding under Tranche 3 are hereinafter referred to as “Tranche 3 Loans.” 

 Tranches A1 through A3 are hereinafter referred to as “Tranche A,” and any Loans outstanding
under Tranche A are hereinafter referred to as “Tranche A Loans.” Tranches B1 through B3 are hereinafter referred to as “Tranche B,” and any Loans outstanding under Tranche B are hereinafter referred to as “Tranche B
Loans.” Any Loans outstanding under Tranche X are hereinafter referred to as “Tranche X Loans.” 
  
 The last Banking Day on which Loans are available hereunder is referred to as the “Commitment Expiry Date”; the Tranche 1 Availability
Termination Date, the Tranche 2 Availability Termination Date, the Tranche 3 Availability Termination Date and the Tranche X Availability Termination Date are each referred to as a “Tranche Termination Date” and the period from the Closing
Date to the Commitment Expiry Date is referred to as the “Availability Period.” 
  
 (b) Notice of Borrowing, Minimum Amounts and other Limitations: Borrower shall provide five Banking Days’ advance notice to Agent of any proposed borrowing. Except to the extent otherwise permitted by
Agent in its sole discretion, each Loan shall be in a minimum principal amount of $500,000; provided that so long as CSCC is the sole Lender the foregoing minimum amount provision shall not apply. Additionally, no more than two Loan drawdowns under
any Tranche will be permitted in any calendar month. 
  
 (c)
Commitment: $115,400,000. 
  
 (d) Interest: Borrower
agrees to pay interest on the unpaid principal amount of each Loan outstanding under the Credit Agreement from the date such Loan is made until the maturity thereof, on the last day of each calendar quarter (each a “Quarterly Date”), at a
rate per annum equal at all times during each Interest Period for such Loan to LIBOR for such Interest Period plus the applicable margin as set forth in the table below (the “Applicable Margin”). 
  
 The Applicable Margin for any Interest Period shall be the amount per annum
set forth below based on the Leverage Ratio (calculated as set forth in the Compliance Certificate) as of the first day of an Interest Period as set forth in the most recently delivered Compliance Certificate delivered by Borrower pursuant to
Section 5.1(a) of the Credit Agreement. Until the first Compliance Certificate setting forth the Leverage Ratio is delivered, the Applicable Margin shall be 5.50% per annum. Changes in the Applicable Margin resulting from a change in the Leverage
Ratio shall become effective for the next Interest Period after the date of delivery by Borrower of a new Compliance Certificate pursuant to Section 5.1(a). If any Compliance Certificate is not delivered by Borrower when required under Section
5.01(a) of the Credit Agreement or if such Certificate is delivered but does not set forth the Leverage Ratio, the highest Applicable Margin shall apply until a Compliance Certificate setting forth the Leverage Ratio is delivered by Borrower.

  

				
	 Leverage Ratio

	  	Applicable Margin

	 
	 >= 10:1
	  	5.50	%
	 >= 8:1
 < 10:1
	  	5.00	%
	 >= 6:1
 < 8:1
	  	4.50	%
	 >= 4:1
 < 6:1
	  	4.00	%
	 < 4:1
	  	3.50	%

  

 2 

 The period between the date of a Loan and the Maturity Date shall be divided into successive periods,
each such period being an “Interest Period” for purposes of the Credit Agreement. The initial Interest Period for a Loan shall begin on the date such Loan is made and end on the next Quarterly Date. Each subsequent Interest Period shall
begin on the last day of the immediately preceding Interest Period and shall end on the next succeeding Quarterly Date (with the last Interest Period to end on the Maturity Date). Interest shall accrue on each outstanding Loan during each Interest
Period with respect thereto from the first day of such Interest Period to the last day thereof. As used herein, “LIBOR” means for any Interest Period the rate of interest per annum determined by Agent to be the rate of interest per annum
(rounded upward, if necessary, to the nearest 1/100 of 1%) for deposits in Dollars for three months appearing on “Telerate Page 3750”, at or about 11:00 a.m. (London time) on the second Banking Day preceding the first day of the applicable
calendar quarter in which such Interest Period occurs, provided that if no, or only one, offered quotation appears on such page, “LIBOR” shall be determined by reference to the Reuters Screen LIBO Page of the Reuters Monitor Money Rates
Service (or any replacement page thereof or other applicable Reuters display page) or other comparable source of interest quotations for such interbank rates selected by Agent. For purposes hereof, “Telerate Page 3750” means the display
designated as “3750” by Moneyline Telerate or any replacement page thereof. 
  
 Interest on each Loan shall be payable in arrears to Lender (through Agent) on each Quarterly Date and on the Maturity Date; provided that if any prepayment of the Loans is effected other than on a Quarterly Date,
accrued interest on the Loans shall be due on such prepayment date as to the principal amount prepaid. 
  
 If any Quarterly Date or the Maturity Date would occur on a day other than a Banking Day, then such Quarterly Date or the Maturity Date, as the case may
be, shall occur on the next preceding Banking Day. 
  
 As used
herein, “Banking Day” means a day other than a Saturday or Sunday on which commercial banks are not required or authorized by law to close in San Jose, California,except that if the applicable Banking Day relates to any
determination of LIBOR, “Banking Day” means such a day on which dealings are carried out in the applicable offshore U.S. Dollar interbank market. 
  
 In the event that any amount of principal of the Loans or interest thereon, or any other Obligations, shall not be paid in full when due (whether at
stated maturity, by acceleration or otherwise), Borrower shall pay interest (after as well as before entry of judgment thereon to the extent permitted by law) on such unpaid amount to Lender (through Agent), from the date such amount becomes due
until the date such amount is paid in full, payable on demand of Agent, at a fluctuating rate per annum equal at all times to the Prime Rate (as defined below) plus the Applicable Margin plus 2% per annum (the “Default Rate”).
Additionally, and without limiting the foregoing, following the occurrence and during the continuance of any Event of Default, at the option of Majority Lenders, the interest rate on all Loans shall be the Default Rate. 
  

 3 

 As used herein, “Prime Rate” means for any day the rate of interest in effect for such day as
publicly announced from time to time by Citibank, N.A., in New York, New York, as its base rate. Each change in the interest rate on the Obligations based on a change in the Prime Rate shall be effective at the opening of business on the day
specified in the public announcement of such change. 
  
 (e)
Amortization: Borrower shall repay to Lenders the aggregate principal amount of the Loans outstanding under each Tranche in substantially equal consecutive quarterly installments, commencing in each case for each such Tranche on the last date
of the quarter first occurring after the Tranche Termination Date for such Tranche, with subsequent installments payable on the last day of each calendar quarter thereafter, and with the last such installment to be due and payable on March 31, 2010
(the “Maturity Date”) and in the amount necessary to repay in full the unpaid principal balance owing to such Lender in respect of each such Tranche. 
  

(f) Prepayment Fee: None. 
  
 (g) Closing Deadline: November 1, 2002. 
  
 (h) Additional closing documents and information: Completion prior to the Closing Date of additional due diligence satisfactory to Lenders,
including satisfactory analysis validating underlying industry and market assumptions with regard to Holdings’ and Borrower’s business plan and pro forma financials. 
  
 (i) Other conditions: 
  
 (i) Conditions Precedent to Closing Date: The following condition(s) precedent shall be satisfied on or prior to the Closing Date: (A) all amounts
outstanding under the March 2002 Credit Agreement shall have been converted into new Loans under this Agreement or exchanged for and coverted into equity capital of Holdings pursuant to the Stock Exchange Agreement dated as of the date hereof
between Holdings and Agent, (B) an aggregate amount of no less than $40,000,000 cash shall have been contributed to the equity capital of Borrower since March 31, 2002, and (C) Borrower, Holdings and their respective Subsidiaries shall have executed
a general release in favor of Cisco Systems, CSCC and their respective Affiliates, in form and substance satisfactory to Cisco Systems and CSCC. 
  
 (ii) Conditions Precedent to Each Borrowing Date: Additionally, the following condition(s) precedent shall be satisfied on or prior to each
Borrowing Date: After giving effect to any borrowings under Tranche A and Tranche B, the aggregate principal amount of outstanding Tranche A and Tranche B Loans shall not exceed 125% of the aggregate principal amount of Tranche A Loans then
outstanding; provided, that for purposes of such calculation, an aggregate amount of up to $2,000,000 of Tranche B used to finance Additional Gear (as defined in Section 2(a)(ii) below) shall be excluded. 
  
 (j) Multiple Borrower provisions: The following Person is designated
as an Additional Borrower as of the Closing Date: Cbeyond Leasing, LP, a Delaware limited partnership. Each Subsidiary of Borrower hereafter designated in writing to Agent and Lenders 
  

 4 

 by Borrower shall be an Additional Borrower, provided that such Subsidiary has executed and delivered to Agent such
documents and instruments as Agent and Majority Lenders shall reasonably request to evidence such Subsidiary’s accession to the Loan Documents as an Additional Borrower and Agent and Majority Lenders shall consent thereto. Each Additional
Borrower shall be entitled to obtain Loans under the Credit Agreement. For purposes of requesting any Loans, receiving any Loan proceeds and otherwise administering the Loans and the Credit Agreement, each such Additional Borrower hereby irrevocably
appoints, designates and authorizes Borrower to act on such Additional Borrower’s behalf, and the action of Borrower in the name of any Additional Borrower shall in each case bind such Additional Borrower. Agent and Lenders shall be fully
entitled to rely upon and act following receipt of any notice, request or instructions by Borrower on behalf of any Additional Borrower. 
  
 (k) Subsidiaries: See Annex. 
  
 2. Additional Terms and Conditions: 
  
 (a) Use of Proceeds: (i) Up to $78,000,000 under Tranche A for the financing of Borrower’s purchase of Cisco Systems networking and
telecommunications equipment (and any software that is an integral part thereof), including integrated access devices, from the Vendor thereof and the conversion of Tranche A Loans outstanding under the March 2002 Credit Agreement into Tranche A
Loans under this Agreement; (ii) up to $21,500,000 under Tranche B for the financing of any standalone Cisco Systems software products and any other soft costs of Borrower incurred from Cisco Systems or other provider (other than any principal
competitor of Cisco Systems) associated with the integration and installation of Cisco Systems networking and telecommunications equipment, and the conversion of Tranche B Loans outstanding under the March 2002 Credit Agreement into Tranche B Loans
under this Agreement; provided that no more than $2,000,000 of said $21,500,000 may be borrowed for the purchase of echo cancellers, muxes and Agilent testing equipment (“Additional Gear”) and no Loan proceeds shall be paid to Borrower to
reimburse Borrower for purchases of Additional Gear made by the Borrower prior to February 15, 2001; and (iii) up to $15,900,000 under Tranche X for the financing of accrued interest hereunder and the conversion of $5,000,000 of Tranche C Loans (as
defined in the March 2002 Credit Agreement) outstanding under the March 2002 Credit Agreement into Tranche X Loans under this Agreement. 
  
 (b) Note(s): Execution and delivery to each Lender of a Second Amended and Restated Promissory Note in substantially the form of Exhibit C
evidencing the Loans from such Lender. 
  
 (c) Mandatory
Prepayment: (i) Promptly after the end of each fiscal year, Borrower shall calculate Excess Cash Flow for the fiscal year then ended and shall, not later than 150 days after the end of such fiscal year, prepay the outstanding principal amount of
the Loans, in an amount equal to 50% of the Excess Cash Flow for such fiscal year; provided, however, that any such prepayment shall not be required if the amount of Excess Cash Flow for such year is less than $500,000. 
  
 (ii) First, the Tranche X Loans and second, the Tranche B Loans shall be
subject to mandatory prepayment on any date Holdings or Borrower receives net cash proceeds from the sale of any of its equity securities or debt instruments or securities, whether in one transaction or a series of transactions, in the amount of
such proceeds; provided that no such 
  

 5 

 prepayment shall be due with respect to (i) the gross proceeds received from the issuance of Series B Participating
Preferred Stock in accordance with the Stock Purchase Agreement, dated the date hereof, among Holdings and the investors party thereto, to the extent gross proceeds do not exceed $56,000,000 or (ii) the initial $20,000,000 of gross proceeds received
with respect to sales of any of Holdings’ equity securities other than than as referenced in clause (i) preceding. 
  
 (iii) The Loans shall be subject to mandatory prepayment on any date Holdings or Borrower makes any voluntary prepayments under the Financing Documents
or on any term loans or other Indebtedness for borrowed money (other than revolving working capital loans, unless a permanent commitment reduction occurs simultaneously with the principal payment), on a pro rata basis with the principal
payment made to the holder(s) of such Indebtedness. 
  
 (iv) The
Loans shall be subject to mandatory prepayment on any date Borrower sells, transfers or otherwise disposes of any Financed Products, in the amount of the net proceeds received therefrom; provided that any such sales, transfers or other dispositions
shall be done in compliance with the restrictions and limitations thereon set forth in the Credit Agreement. Additionally, the Loans shall be subject to mandatory prepayment on the date Holdings, Borrower or any Subsidiary receives the net cash
proceeds from the sale, transfer or other disposition of any of Holdings’, Borrower’s or any Subsidiary’s assets (or group of related assets) other than Financed Products, in the amount of such proceeds; provided that Holdings,
Borrower or such Subsidiary, as the case may be, may retain the first $500,000 of such proceeds in any calendar year without being required to make such prepayment; and provided further that any such sales, transfers or other dispositions shall be
done in compliance with the restrictions and limitations thereon set forth in the Credit Agreement. 
  
 (v) If any Casualty Event shall occur with respect to any of Borrower’s or its Subsidiaries’ properties or assets in an amount exceeding
$500,000, or any of the Financed Products, the Loans shall be subject to mandatory prepayment on the date Borrower or such Subsidiary receives the net cash proceeds therefrom, in the amount of such proceeds (except to the extent that within 180 days
of receipt of such proceeds Borrower applies such proceeds to the repair or replacement thereof). 
  
 Except to the extent that any such prepayment is required to be applied to a particular tranche, any such amounts received as a mandatory prepayment of
the Loans shall be applied first to the Tranche X Loans, second the Tranche B Loans and third to the Tranche A Loans. 
  
 If the amount of funds available for application to a prepayment pursuant to clause (i), (ii) or (iii) above exceeds the outstanding principal amount of
Loans subject to the prepayment requirement (the “Subject Loans”) and any part of the unused Commitments is available for the borrowing of additional Subject Loans, the Commitments with respect to the Subject Loans shall be reduced by an
amount equal to the difference between (1) the amount of outstanding Subject Loans and (2) the amount that would be required to be prepaid assuming the Commitments with respect to the Subject Loans were fully utilized. 
  
 As used herein, “Casualty Event” means, with respect to any
property of any Person, any loss of or damage to, or any condemnation or other taking of, such property for which such Person or any of its Subsidiaries receives insurance proceeds, or proceeds of a 
  

 6 

 condemnation award or other compensation; “Excess Cash Flow” means for any period, determined with respect to
Borrower and its Subsidiaries on a consolidated basis in accordance with GAAP, without duplication, EBITDA for such period, minus Capital Expenditures made during such period, plus the aggregate amount of capital leases and other
Indebtedness incurred during such period for the purpose of financing such Capital Expenditures made during such period, minus all principal payments on Indebtedness (including payments with respect to capital leases) required to be made
during such period, but only to the extent not refinanced from the proceeds of other Indebtedness, minus (plus) additions (reductions) to non-cash working capital for such period (i.e., the increase or decrease in consolidated
non-cash current assets of Borrower and its Subsidiaries minus the consolidated current liabilities (excluding the current maturities of long term debt) of Borrower and its Subsidiaries from the beginning to the end of such period); and
“Capital Expenditures” means, with respect to Borrower and its Subsidiaries for any period, the aggregate amount of all expenditures during such period which are or should be included as “capital expenditures”, “additions to
property, plant and equipment” or similar items in the financial statements of Borrower and its Subsidiaries in conformity with GAAP. 
  
 (d) Collateral Documents: The Acknowledgment and Confirmation of Holdings, Borrower and the Subsidiaries of Borrower in substantially the form of
Exhibit D, and each of the documents listed in Schedule 1 thereto. 
  
 (e) Guaranty: Guaranty as defined in the March 2002 Credit Agreement. 
  
 (f) Additional Loan Documents: Stock Subscription Warrant from Holdings in favor of CSCC, in substantially the form of Exhibit E; and
Collateral Access Agreements, as required pursuant to the Collateral Documents. 
  
 (g) Financing Documents: None. 
  
 (h) Governmental Licenses and Permits: See Annex. 
  
 (i) Other Required Consents: See Annex. 
  
 (j)
Additional Permitted Liens: None. 
  
 (k) Additional
Reporting Requirements: See Annex. 
  
 (l) Material
Contracts: See Annex. 
  

 7 

 3. Addresses for Notices: 
  
 (a) Holdings: 
  
 Cbeyond Communications, Inc. 
 320 Interstate North Parkway SE  
 Suite 300 
 Atlanta, GA 30339  
 Attn: J. Robert Fugate  
 Fax No.: (678) 424-2504 
  
 (b) Borrower: 
  
 Cbeyond Communications, LLC 
 320 Interstate North Parkway SE  
 Suite 300 
 Atlanta, GA 30339  
 Attn: J. Robert Fugate  
 Fax No.: (678) 424-2504 
  
 (c) Agent: 
  
 Cisco Systems
Capital Corporation 
 6005 Plumas Street, Suite 101 
 Reno, NV 89509 
 Attn.: Loan Compliance and Administration 
 Fax No.: (775) 823-7880 
  

	4.	Agent’s Payment Instructions: 

  
 Account no.: 30448199 
 Account Name: Citicorp North America as Agent for Cisco Systems 
 Ref. Cisco Systems Capital/Cbeyond Communications,
LLC 
 ABA no.: 021000089 
  
 Account maintained with: 
  
 Citibank, N.A. 
  
 5. Process Agent: 
  
 CT Corporation System 
 111 Eighth Avenue 
 New York, NY 10011 
  
 [remainder of page intentionally left blank] 
  

 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Schedule to be duly executed and delivered by
their proper and duly authorized officers or representatives as of the day and year first above written. 
  
  

			
	 Cbeyond Communications, LLC

		
	 By:
	 	 CBEYOND COMMUNICATIONS, LLC

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Cbeyond Communications, Inc.

		
	 By:
	 	 CBEYOND COMMUNICATIONS, INC.

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Cbeyond Leasing, LP,

	 as Additional Borrower

	 By: Cbeyond Communications, LLC, its

	 General Partner

  

			
		
	 By:
	 	 CBEYOND LEASING, LP

	 Name:
	 	 
	 Title:
	 	 

  

			
	 Cisco Systems Capital Corporation,
 as Agent and as a Lender

		
	 By:
	 	 CISCO SYSTEMS CAPITAL CORPORATION

	 Name:
	 	 
	 Title:
	 	 

 LENDER ANNEX 
  
 COMMITMENTS 
 AND PRO RATA SHARES 
  

							
	 Lender

	  	Commitment

	  	Pro Rata Share

	 
			
	 Cisco Systems Capital Corporation
	  	$	115,400,000	  	100	%
			
	 TOTAL
	  	$	115,400,000	  	100	%

  
 ADDRESS FOR NOTICES
TO LENDERS 
  
 Cisco Systems Capital
Corporation 
     as Lender  
  
 Notices for borrowing and payments:  
  
 Cisco Systems Capital Corporation 
 6005 Plumas Street, Suite 101 
 Reno, NV 89509 
 Attn.: Loan Compliance and Administration 
 Fax No.: (775) 823-7880 
  
 Other notices: 
  
 Cisco Systems Capital Corporation 
 6005 Plumas Street, Suite 101 
 Reno, NV 89509 
 Attn.: Loan Compliance and Administration 
 Fax No.: (775) 823-7880  

 ANNEX TO SCHEDULE OF ADDITIONAL TERMS 
  

	1.	Subsidiaries: Cbeyond Holdings of Texas, LLC, a Delaware limited liability company, Cbeyond Communications of Texas, L.P., a Delaware limited partnership, Cbeyond Leasing,
LP, a Delaware limited partnership, and Cbeyond Leasing of Texas, LLC, a Delaware limited liability company, and Cbeyond Leasing, Inc., a Delaware corporation. 

  

	2.	Governmental Licenses and Permits: See Schedule 2 attached hereto, reference is made also to Item 3 below. 

  

	3.	Other Required Consents: None, except as set forth otherwise in Item 5 below. 

  

	4.	Material Contracts: Borrower has entered into a supply agreement with Siebel Systems, Inc. (“Siebel”) pursuant to which Borrower may purchase the rights of use of
various software applications and maintenance services. This supply agreement has confidentiality and assignment provisions which prohibit the disclosure of the supply agreement’s terms, delivery of a copy of the supply agreement to Agent, or
the assignment of the agreement without the prior written consent of Siebel. By their acceptance of this Annex, Agent and Lenders acknowledge and agree that (1) no consent to the assignment of the foregoing agreement for security purposes will be
required, and (2) the grant of a security interest as provided in the Security Agreement to which Borrower is a party shall not extend to, and the term “Collateral” a defined therein shall not include, such agreement, so long as and to the
extent that (i) such agreement is not assignable or capable of being encumbered under the terms of the agreement (but solely to the extent that such restriction shall be enforceable under applicable law), without the consent of Siebel and (ii) such
consent has not been obtained; provided, however, that the foregoing grant of security interest shall extend to, and such term “Collateral” shall include, (A) any interest in such agreement consisting which is an account receivable or a
proceed of, or otherwise related to the enforcement or collection of, any account receivable, or goods which are the subject of any account receivable, (B) any and all proceeds of any general intangibles which are otherwise excluded to the extent
that the assignment or encumbrance of such proceeds is not so restricted, and (C) upon obtaining the consent of Siebel with respect to any otherwise excluded general intangibles, such general intangibles as well as any and all proceeds thereof that
might have theretofore have been excluded from such grant of a security interest and the term “Collateral”. 

  

	5.	Exceptions and qualifications to Representations and Warranties contained in Section 4.1: In certain states in which the Borrower is authorized by a Governmental Authority to
provide telecommunications service, applicable statutes or rules require the approval of the Governmental Authority for issuance of notes or other evidence of indebtedness, provision of guarantees or granting a security interest in the assets of the
Borrower. 

  
 The states normally requiring
approval for one or more of such activities are: The States of Georgia, New York and Pennsylvania. 

 In addition, the State of North Carolina requires a notification of such activities but does not require
prior approval. 
  
 Of the states requiring approval, the State
of Pennsylvania exempts carriers such as the Borrower who have not had any intrastate telecommunications revenues for the preceding 12 months. The State of New York does not require prior approval of financing transactions which will not be used for
construction of facilities or provision of service within the State of New York. Borrower does not intend to use the proceeds of any draw under the Credit Agreement in the State of New York until the required approval has been obtained. Borrower has
obtained those approvals required by any Georgia governmental authority. 
  
 On July 10, 2002 Cbeyond Communications, LLC terminated the Lease Agreement dated November 15, 2000 between Cbeyond Communications, LLC and SunGard eSourcing, a Division of SunGard Recovery Services LP, following
SunGard eSourcing’s failure to cure the material breaches and defaults noted in the letter sent by Cbeyond Communications, LLC on June 24, 2002. SunGard eSourcing denied breach and attempted to resolve the dispute in an inadequate manner.
Subsequently, Cbeyond Communications, LLC attempted to enter into dialogue to resolve the outstanding disputed amounts owed to SunGard eSourcing on a business basis but was not successful. On September 30,2002 SunGard eSourcing again denied breach
and terminated the Lease Agreement stating that Cbeyond Communications, LLC was in default under the Settlement Agreement dated April 1, 2002 and under the Lease Agreement. SunGard eSourcing is requesting payment of $282,103.48 and is threatening
litigation. Discussions are currently underway between attorneys for the parties. SunGard eSourcing formerly provided hosting services and equipment leasing to Cbeyond Communications, LLC in connection with operational support systems. Cbeyond
Communications, LLC has replaced, and obtains no services from, SunGard sourcing. 

											
	 Entity

	  	Jurisdiction

	  	Type of
Authority

	  	File Date

	  	Approval Date

	  	Certificate Number

	 Cbeyond Communications, LLC
	  	Georgia	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	May 17, 2000	  	August 15, 2000	  	Certificate No. L-0207
	 	  	 	  	Long Distance	  	May 17, 2000	  	July 5, 2000	  	Certificate No. R-0721
	 	  	 	  	AOS	  	May 17, 2000	  	July 5, 2000	  	Certificate No. A-0186
						
	 Cbeyond Communications, LLC
	  	Pennsylvania	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	June 23, 2000	  	October 13, 2000	  	Docket No. A-310974
	 	  	 	  	Long Distance	  	June 23, 2000	  	October 13, 2000	  	Docket No. A-
310974F0002
						
	 Cbeyond Communications, LLC
	  	California	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	June 30, 2000	  	December 7, 2000	  	Decision 00-12-009
Certificate No. U-6446-C
	 	  	 	  	Long Distance	  	June 30, 2000	  	December 7, 2000	  	Decision 00-12-009
						
	 Cbeyond Communications of
 Texas, LP
	  	Texas	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	July 5, 2000	  	August 22, 2000	  	Docket No. 22754
	 	  	 	  	Long Distance	  	July 5, 2000	  	August 22, 2000	  	Docket No. 22754
						
	 Cbeyond Communications, LLC
	  	Illinois	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	June 29, 2000	  	September 20, 2000	  	Docket No. 00-0469
	 	  	 	  	Long Distance	  	June 29, 2000	  	September 20, 2000	  	Docket No. 00-0469
						
	 Cbeyond Communications, LLC
	  	Florida	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	July 5, 2000	  	November 14, 2000	  	Certificate No. 7624

  

 1 

											
	 Entity

	  	Jurisdiction

	  	Type of
Authority

	  	File Date

	  	Approval Date

	  	Certificate Number

	 	  	 	  	Long Distance	  	July 5, 2000	  	November 14, 2000	  	Certificate No. 7623
	 Cbeyond Communications, LLC
	  	New York	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	July 5, 2000	  	August 23, 2000	  	Case No. 00-C-1155
	 	  	 	  	Long Distance	  	July 5, 2000	  	August 23, 2000	  	Case No. 00-C-1155
	 Cbeyond Communications, LLC
	  	Virginia	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	June 30, 2000	  	November 9, 2000	  	Certificate No. T-518
	 Cbeyond Communications, LLC
	  	DC	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	July 5, 2000	  	January 24, 2001	  	Order No. 11890
						
	 Cbeyond Communications, LLC
	  	FCC	  	International
Long Distance	  	October 16, 2000	  	November 10, 2000	  	ITC-214-20001016-00619
	 Cbeyond Communications, LLC
	  	Colorado	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	August 1, 2000	  	September 20, 2000	  	Docket No. 00A-433T
Decision No. C00-1021
	 	  	 	  	Long Distance	  	August 1, 2000	  	September 20, 2000	  	Docket No. 00A-433T
Decision No. C00-1021
	 Cbeyond Communications, LLC
	  	North
Carolina	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	September 11, 2000	  	Pending	  	 
	 	  	 	  	Long Distance	  	September 11, 2000	  	October 12, 2000	  	NC does not issue a
Certificate Number.
	 Cbeyond Communications, LLC
	  	Massachusetts	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	October 3, 2000	  	October 18, 2000	  	MA does not issue a
Certificate Number.
	 	  	 	  	Long Distance	  	October 3, 2000	  	October 18, 2000	  	MA does not issue a
Certificate Number.
	 Cbeyond Communications, LLC
	  	Missouri	  	 	  	 	  	 	  	 
	 	  	 	  	Local	  	October 9, 2000	  	Pending	  	 
	 	  	 	  	Long Distance	  	October 9, 2000	  	Pending	  	 

  

 2 

 EXHIBIT A 
  

Notice of Borrowing 
  
 Date:              
  

	To:	Cisco Systems Capital Corporation 

 6005 Plumas Street,
Suite 101 
 Reno, NV 89509 
 Attn.: Loan Compliance and Administration 
 Fax No.: (775) 823-7880 
  
 Ladies and Gentlemen: 
  
 The undersigned, Cbeyond Communications, LLC (“Borrower”), refers to the Credit Agreement dated as of November 1,
2002 (as amended, modified, renewed or extended from time to time, the “Credit Agreement”), among Cbeyond Communications, Inc. (“Holdings”), Borrower, any Additional Borrowers party thereto, Lenders named therein and Cisco
Systems Capital Corporation, as Agent, the terms defined therein being used herein as therein defined, and hereby gives you notice irrevocably, pursuant to Section 2.3 of the Credit Agreement, of the borrowing of the Loans specified herein:

  

	 	1.	The date of the proposed borrowing is
[                    ]. 

  

	 	2.	The amount of the proposed borrowing is $                    .

  

	 	3.	The borrowing is a utilization of Tranche      

  

	 	4.	The borrowing is to be made available to
[Borrower][                     as Additional Borrower]. 

  

	 	5.	The purpose of the borrowing is                     . Detailed information
on any purchase transaction being financed by the proposed borrowing is attached hereto. 

  
 6. In the case of a funding to any Person other than Cisco Systems, the payment instructions with respect to the funds to be made available by Agent are
as follows:                     . 
  
 7. After giving effect to all borrowings of Loans, including any borrowings requested hereby, Borrower will be in full compliance with the requirements of
Section 1(i)(ii) of the Schedule. 
  
 Borrower hereby certifies to
Agent and each Lender that on and as of the date of the borrowing requested hereby, both before and after giving effect thereto and to the application of proceeds therefrom: (i) the representations and warranties contained in Section 4.1 and in the
other Loan Documents shall be true, correct and complete as though made on and as of such date (unless they expressly refer to an earlier date, in which case they shall be true, complete and correct as of such earlier date); and (ii) no Default
shall have occurred and be continuing or shall result from the making of any Loans on such borrowing date. For purposes hereof, clause (i) 
  

 A-1 

 above shall take into account any amendments to any disclosures made in writing by any Loan Party to Agent and Lenders
after the Closing Date and approved by Majority Lenders. 
  

			
	 Cbeyond Communications, LLC

		
	By:	 	 CBEYOND COMMUNICATIONS, LLC

	 Title:
	 	  

  

 A-2 

 EXHIBIT B 
  

Compliance Certificate 
  
 Date:             ,      
  

	To:	Cisco Systems Capital Corporation 

 6005 Plumas Street,
Suite 101 
 Reno, NV 89509 
 Attn.: Loan Compliance and Administration 
 Fax No.: (775) 823-7880 
  
 Re: Cbeyond Communications, LLC 
  
 Ladies and Gentlemen: 
  
 This Compliance Certificate is made and delivered pursuant to the Credit Agreement dated as of November 1, 2002 (as amended, modified, renewed or extended
from time to time, the “Credit Agreement”), among Cbeyond Communications, Inc. (“Holdings”), Cbeyond Communications, LLC (“Borrower”), any Additional Borrowers party thereto, Lenders named therein and Cisco Systems
Capital Corporation, as Agent. All capitalized terms used in this Compliance Certificate and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. This Compliance Certificate relates to the accounting period
ending             ,     . 
  
 I am a Responsible Officer of Holdings and Borrower. I have reviewed the terms of the Credit Agreement and I have made, or caused to be made under my
supervision, a detailed review of the transactions and conditions of Holdings, Borrower and their Subsidiaries during such accounting period. I hereby certify that the information set forth on Schedule 1 hereto (and on any additional
schedules hereto setting forth further supporting detail) is true, accurate and complete as of the end of such accounting period. 
  
 I hereby further certify that (i) as of the date hereof that no Default has occurred and is continuing, and (ii) on and as of the date hereof, there has
occurred no Material Adverse Change since the date of the financial statements furnished to Lenders prior to the Closing Date, except in each case as may be set forth in a separate attachment hereto describing in detail the nature of each condition
or event constituting an exception to the foregoing statements, the period during which it has existed and the action which Holdings, Borrower or other Person is taking or proposes to take with respect to each such condition or event. 
  
 IN WITNESS WHEREOF, the undersigned officer has signed this Compliance
Certificate this              day of                     ,
    . 
  
 Title:

  

 B-1 

 SCHEDULE 1 
 to the Compliance Certificate 
  
 Dated                     ,          
  
 For the fiscal quarter ended
                    ,          
  

															
	 	  	 	  	 	 	 	  	 	  	Actual

	  	Required/Permitted

	Section 5.1(o)(i) / Applicable Margin – Leverage Ratio	  	 	 	 	 	  	 	 	  	 	  	 
	(A)	  	 Borrower Consolidated Funded Debt
	  	 	 	 	 	  	$	 	  	  

	  	 
							
	(B)	  	Borrower EBITDA calculation (measured for purposes of Section 5.1(o)(i) for each four consecutive fiscal quarter period on a rolling four quarter basis and, for purposes of determining the
Applicable Margin, on a rolling two quarter basis, multiplied by two)	  	 	 	 	 	  	 	 	  	 	  	 
							
	 	  	 For purposes of 5.1(o)(i):
	  	 	 	 	 	  	 	 	  	 	  	 
							
	 	  	 consolidated net income (excluding extraordinary items)
	  	$	 	 	  

	  	 	 	  	 	  	 
	 	  	 plus consolidated interest expense
	  	 	 	 	  

	  	 	 	  	 	  	 
	 	  	 plus consolidated income tax expense
	  	 	 	 	  

	  	 	 	  	 	  	 
	 	  	 plus consolidated depreciation expense
	  	 	 	 	  

	  	 	 	  	 	  	 
	 	  	 plus consolidated amortization expense
	  	 	 	 	  

	  	 	 	  	 	  	 
	 	  	 plus certain non-cash accounting charges
	  	 	 	 	  

	  	 	 	  	 	  	 
	 	  	 minus extraordinary gains
	  	 	 	 	  

	  	 	 	  	 	  	 

  

 1 

													
	 	  	 	  	 	  	 	  	 	  	Actual

	  	Required/
Permitted

	 	  	plus extraordinary losses	  	 	  	 	  	 	  	 	  	 
							
	 	  	Borrower EBITDA	  	 	  	
	  	$	  	  

	  	 
							
	 	  	For purposes of the Applicable Margin:	  	 	  	 	  	 	  	 	  	 
							
	 	  	consolidated net income (excluding extraordinary items)	  	$	  	  

	  	 	  	 	  	 
							
	 	  	plus consolidated interest expense	  	 	  	
	  	 	  	 	  	 
							
	 	  	plus consolidated income tax expense	  	 	  	
	  	 	  	 	  	 
							
	 	  	plus consolidated depreciation expense	  	 	  	
	  	 	  	 	  	 
							
	 	  	plus consolidated amortization expense	  	 	  	
	  	 	  	 	  	 
							
	 	  	plus certain non-cash accounting charges	  	 	  	
	  	 	  	 	  	 
							
	 	  	minus extraordinary gains	  	 	  	
	  	 	  	 	  	 
							
	 	  	plus extraordinary losses	  	 	  	
	  	 	  	 	  	 
							
	 	  	Borrower EBITDA	  	 	  	 	  	$	  	  

	  	 
	 	  	 	  	 	  	 	  	 	  	 	  	 
	(C)	  	Ratio of (A) to (B) [Section 5.1(o)(i) compliance]	  	 	  	 	  	 	  	        :        	  	Not greater than
	 	  	 	  	 	  	 	  	 	  	 	  	        :    
							
	 	  	Ratio of (A) to (B) [Applicable Margin]	  	 	  	 	  	 	  	        :        	  	    % (Applicable
Margin)

  

 2 

											
	 	  	 	  	 	  	Actual

	  	 Required/Permitted

	 	  	 	  	 	 	  	 	 	  	See Table in Section 5.1(o)(i) of the Credit Agreement and pricing grid in Schedule
				
	Section 5.1(o)(ii) – Minimum Total Revenues	  	 	 	  	 	 	  	 
	Borrower consolidated total revenues	  	 	 	  	$	            	  	 Not less than $            

	 	  	 	  	 	 	  	 	 	  	See Table in Section 5.1(o)(ii) of the Credit Agreement
				
	Section 5.1(o)(iii) – Minimum EBITDA	  	 	 	  	 	 	  	 
	Borrower EBITDA calculation (measured for
each four consecutive fiscal quarter period on
a rolling four quarter basis), as calculated as
provided above	  	 	 	  	$	            	  	 Not less than $             
  
 See Table in Section 5.1(o)(iii) of the Credit Agreement

				
	Section 5.1(o)(iv) – Interest Coverage Ratio	  	 	 	  	 	 	  	 
	(A)	  	Borrower EBITDA calculation (measured for each four consecutive fiscal quarter period on a rolling four quarter basis), as calculated as provided above	  	 	 	  	$	            	  	 
					
	(B)	  	Borrower Interest Expense (measured for each four consecutive fiscal quarter period on a rolling four quarter basis)	  	 	 	  	 	 	  	 
					
	 	  	Interest payments in respect of any Indebtedness	  	$	            	  	 	 	  	 
					
	 	  	Borrower Interest Expense	  	 	 	  	$	                	  	 
					
	(C)	  	Ratio of (A) to (B)	  	 	 	  	 	        :        	  	 Not less than
        :        
 See Table in Section 5.1(o)(iv) of the
Credit Agreement

											
	 	  	 	  	 	  	Actual

	 	 Required/Permitted

	Section 5.1(o)(v) – Maximum Funded Debt
to Capitalization (Subject to adjustment as
provided for in Section 5.1(o)(v))	  	 	 	  	 	 	 	 
					
	(A)	  	Borrower Consolidated Funded Debt	  	 	 	  	$	            	 	 
					
	(B)	  	Capitalization	  	 	 	  	 	 	 	 
	 	  	Borrower Consolidated Funded Debt	  	$	            	  	 	 	 	 
	 	  	plus cash equity contributions constituting capital Capitalization	  		
	  	 	 	 	 
	 	  	 	  	 	 	  	$	            	 	 
					
	(C)	  	Percentage equivalent of the ratio of (A) to (B)	  	 	 	  	 	            %	 	 Not to exceed             %
  
 See Table in Section 5.1(o)(v) of the Credit Agreement

				
	Section 5.1(o)(vi) – Minimum Customers	  	 	 	  	 	 	 	 
					
	 	  	 Total revenue generating customers
	  	 	 	  		
	 	 Not less than             
 See Table in Section 5.1(o)(vi) of the Credit Agreement

				
	Section 5.1(o)(vii) – Minimum Cash
Reserves	  	 	 	  	 	 	 	 
					
	 	  	 (A) Borrower consolidated unrestricted cash
 plus Borrower consolidated cash equivalents
 Borrower Minimum Cash Reserves
	  	$ 
 $
	              
             
	  	$	            	 	Not less than $            
					
	 	  	 (B) Borrower Minimum Cash Reserves
 (measured as the
average Minimum Cash
 Reserves on the last day of each of the three
 calendar months included in such fiscal quarter)
	  	$	            	  	$	            	 	 Not less than $            
 See Table in Section 5.1(o)(vii) of the Credit Agreement

  

 73 

 EXHIBIT C 
  

Second Amended and Restated Promissory Note 
  
 THIS SECOND AMENDED AND RESTATED PROMISSORY NOTE (THIS, “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY
OTHER APPLICABLE SECURITIES LAWS. IT MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNDER CIRCUMSTANCES THAT WOULD RESULT IN A VIOLATION OF THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933 OR SUCH OTHER LAWS. 
  

			
	U.S.$115,400,000	 	November 1, 2002

  
 FOR VALUE RECEIVED,
the undersigned, Cbeyond Communications, LLC (“Borrower”), a limited liability company organized and existing under the laws of the State of Delaware, and each Additional Borrower party hereto, HEREBY UNCONDITIONALLY PROMISES TO PAY to the
order of Cisco Systems Capital Corporation (“Lender”), the principal sum of One Hundred Fifteen Million Four Hundred Thousand Dollars (U.S.$115,400,000), or such greater or lesser amount as represents the aggregate principal amount of
loans under Tranches A, B and X (the “Loans”) made by Lender to Borrower pursuant to the Credit Agreement referred to below, in the amounts and on the dates specified in the Credit Agreement. This Note is an amendment and restatement of
the Amended and Restated Promissory Note dated March 31, 2002 in the original aggregate principal amount of $146,000,000 (the “Original Note”). 
  
 Borrower further promises to pay interest on the unpaid principal amount of the Loans evidenced hereby from time to time at the rates, on the dates, and
otherwise as provided in the Credit Agreement. 
  
 Lender shall
record the date and amount of each Loan made to Borrower, the amount of principal and interest due and payable from time to time hereunder, each payment thereof, and the resulting unpaid principal balance hereof, in Lender’s internal records,
and any such records shall be conclusive evidence absent manifest error of the amount of the Loans made by Lender and the interest and payments thereon; provided, however, that Lender’s failure so to record shall not limit or
otherwise affect the obligations of Borrower hereunder and under the Credit Agreement to repay the principal of and interest on the Loans. 
  
 This Note is a Note referred to in, and is subject to and entitled to the benefits of, the Credit Agreement dated as of November 1, 2002 (as amended,
modified, renewed or extended from time to time, the “Credit Agreement”) among Cbeyond Communications, Inc. (“Holdings”), Borrower, any Additional Borrowers party thereto, Lenders named therein and Cisco Systems Capital
Corporation, as Agent. Capitalized terms used herein shall have the respective meanings assigned to them in the Credit Agreement. 
  
 The Credit Agreement provides, among other things, for acceleration (which in certain cases shall be automatic) of the maturity hereof upon the occurrence
of certain stated events, in each case without presentment, demand, protest or further notice of any kind, all of which are hereby expressly waived. 
  

 C-1 

 This Note is subject to prepayment in whole or in part as provided in the Credit Agreement. 

 
 Borrower hereby waives diligence, presentment, protest or notice of total
or partial nonpayment or dishonor with respect to this Note. 
  
 Failure by the holder hereof to exercise any of its rights hereunder in any instance shall not constitute a waiver thereof in that or any other instance. 
  
 Borrower agrees to pay on demand all costs and expenses of Lender and its Affiliates, and fees and disbursements of counsel
(including allocated costs and expenses for internal legal services), in connection with the enforcement or attempted enforcement of, and preservation of any rights or interests under, (i) this Note, and (ii) any out-of-court workout or other
refinancing or restructuring or any bankruptcy or insolvency case or proceeding, including any losses, costs and expenses sustained by Lender as a result of any failure by Borrower to perform or observe its obligations contained herein. 

 
 This Note shall be governed by, and construed in accordance with, the
law of the State of New York. 
  
 Borrower hereby (a) submits
to the non-exclusive jurisdiction of the courts of the State of New York and the Federal courts of the United States sitting in the Borough of Manhattan (collectively, the “New York Courts”), for the purpose of any action or proceeding
arising out of or relating to this Note, (b) irrevocably waives (to the extent permitted by applicable law) any objection which it now or hereafter may have to the laying of venue of any such action or proceeding brought in any of the New York
Courts, and any objection on the ground that any such action or proceeding in any New York Court has been brought in an inconvenient forum, and (c) agrees that (to the extent permitted by applicable law) a final judgment in any such action or
proceeding brought in a New York Court shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner permitted by law. 
  
 IN WITNESS WHEREOF, Borrower and each Additional Borrower signing below by its duly authorized legal representative(s) has
executed this Note on the date and in the year first above mentioned. 
  

			
	 Borrower

	
	 Cbeyond Communications, LLC

		
	 By:
	 	 CBEYOND COMMUNICATIONS, LLC

	 Name:
	 	 
	 Title:
	 	 

  

 C-2 

					
	 	 	 Additional Borrower

		
	 	 	 Cbeyond Leasing, LP

	 	 	 by: Cbeyond Communications, LLC,
its General Partner

	 	 	 
			
	 	 	 By:
	 	 CBEYOND LEASING, LP

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 C-3 

 EXHIBIT D 
  

Form of Acknowledgment and Confirmation 
  
 Each of the undersigned does hereby consent, as of November 1, 2002, to the amendment of the March 2002 Credit Agreement (as defined below) as set forth
in the Second Amended and Restated Credit Agreement (the “Amended Credit Agreement”) dated as of November 1, 2002 among Cbeyond Communications, LLC, a Delaware limited liability company (“Borrower”), Cbeyond Communications, Inc.,
a Delaware corporation (“Holdings”), Cbeyond Leasing, LP, a Delaware limited partnership (“Cbeyond Leasing”), the several lending institutions from time to time party thereto (individually, a “Lender” and, collectively,
“Lenders”), and Cisco Systems Capital Corporation (“CSCC”), as administrative agent for itself and the other Lenders (in such capacity, “Agent”). The Amended Credit Agreement amends and restates in its entirety the
Credit Agreement dated as of March 31, 2002 among Borrower, Holdings, Cbeyond Leasing, the lenders a party thereto and Agent (the “March 2002 Credit Agreement”). 
  
 Each of the undersigned agrees that the Obligations as such term is defined in the agreements set forth in Schedule 1 hereto (the
“Existing Agreements”) to which it is a party include the Obligations as such term is defined in the Amended Credit Agreement. Each of the undersigned hereby ratifies and confirms its obligations under the Existing Agreements to which it
is a party and agrees that each of its obligations under such Existing Agreements remain in full force and effect. 
  
 This Acknowledgement and Confirmation shall be binding on each of the undersigned and each of its successors, transferees and assigns and shall inure to the benefit of
the secured parties set forth in the Existing Agreements. This letter agreement shall be governed by, and construed in accordance with, the law of the State of New York, and shall be a Loan Document under the Amended Credit Agreement. 
  

					
	 	 	 CBEYOND COMMUNICATIONS, INC.

			
	 	 	 By:
	 	 CBEYOND COMMUNICATIONS, INC.

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 	 	 CBEYOND COMMUNICATIONS, LLC

			
	 	 	 By:
	 	 CBEYOND COMMUNICATIONS, LLC

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 D-1 

					
	 CBEYOND LEASING, LP

	 	 	 By:
	 	 Cbeyond Communications, LLC,
 its General Partner

			
	 	 	 By:
	 	 CBEYOND LEASING, LP

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 	 	 CBEYOND COMMUNICATIONS OF TEXAS, LP

	 	 	 By:
	 	 Cbeyond Communications, LLC,
 its General Partner

			
	 	 	 By:
	 	 CBEYOND COMMUNICATIONS OF TEXAS, LP

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 	 	 CBEYOND HOLDINGS OF TEXAS, LLC

	 	 	 By:
	 	 Cbeyond Communications, LLC,
 its Sole Member

			
	 	 	 By:
	 	 CBEYOND HOLDINGS OF TEXAS, LLC

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 	 	 CBEYOND LEASING OF TEXAS, LLC

	 	 	 By:
	 	 Cbeyond Leasing, LP, its Sole Member

			
	 	 	 By:
	 	 CBEYOND LEASING OF TEXAS, LLC

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

					
	 	 	 CBEYOND LEASING, INC.

			
	 	 	 By:
	 	 CBEYOND LEASING, INC.

	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 D-2. 

 Schedule 1 
  
 to Acknowledgement and Confirmation 
  
 Existing Agreements 
  
 (a) Security Agreement, dated as of February 15, 2001, between Borrower and CSCC, as collateral agent; 
  
 (b) Security Agreement, dated as of February 15, 2001, between Holdings and
CSCC, as collateral agent; 
  
 (c) Security Agreement, dated as of
February 15, 2001, among Cbeyond Leasing, Inc. (“Leasing Inc.”), Cbeyond Holdings of Texas, LLC (“TX Holdings LLC”), Cbeyond Leasing of Texas, LLC (“TX Leasing LLC”), Cbeyond Communications of Texas, LP
(“Communications of TX LP”)and CSCC, as collateral agent; 
  
 (d) Security Agreement, dated as of February 15, 2001, between Cbeyond Leasing and CSCC, as collateral agent; 
  
 (e) Patent and Trademark Security Agreement, dated as of February 15, 2001, between Borrower and CSCC, as collateral agent; 
  
 (f) Guaranty, dated as of February 15, 2001, made by Holdings in favor of
Agent and the Lenders; 
  
 (g) Guaranty, dated as of February 15,
2001, made by Leasing Inc., TX Holdings LLC, Communications of TX LP, Leasing LP and TX Leasing LLC in favor of Agent and the Lenders; 
  
 (h) Membership Pledge Agreement, dated as of February 15, 2001, made by Holdings in favor of CSCC, as collateral agent, related to Borrower; 

 
 (i) Membership Pledge Agreement, dated as of February 15, 2001, made by
Borrower in favor of CSCC, as collateral agent, related to TX Holdings LLC; 
  
 (j) Partnership Interest Pledge Agreement, dated as of February 15, 2001, made by Borrower in favor of CSCC, as collateral agent, related to Communications LP and Leasing LP; 
  
 (k) Partnership Interest Pledge Agreement, dated as of February 15, 2001,
made by TX Holdings LLC in favor of CSCC, as collateral agent, related to Communications LP; 
  
 (l) Membership Pledge Agreement, dated as of February 15, 2001, made by Leasing LP in favor of CSCC, as collateral agent, related to TX Leasing LLC; 
  

 D-3. 

 (m) Stock Pledge Agreement, dated as of February 15, 2001, made by Holdings in favor of CSCC, as
collateral agent, related to Cbeyond Leasing, Inc.; 
  
 (n)
Partnership Interest Pledge Agreement, dated as of February 15, 2001, made by Leasing Inc. in favor of CSCC, as collateral agent, related to Leasing LP; 
  

 D-4. 

 EXHIBIT E 
  

Form of Stock Subscription Warrant 
  
 (see attached Stock Subscription Warrant) 
  

 E-1 

 EXHIBIT F 
  

Assignment and Acceptance Agreement 
  
 THIS ASSIGNMENT AND ACCEPTANCE AGREEMENT (this “Agreement”) dated as of
                    ,         , is made between
                                 (the “Assignor”) and
                                 (the “Assignee”). 
  
 PRELIMINARY STATEMENTS 
  
 1. The Assignor is party to that certain Second Amended and Restated Credit
Agreement dated as of November 1, 2002 (as amended, restated, modified, supplemented or renewed from time to time, the “Credit Agreement”), among Cbeyond Communications, Inc. (“Holdings”), Cbeyond Communications, LLC (the
“Borrower”), any Additional Borrower named therein, Lenders named therein (including the Assignor), and Cisco Systems Capital Corporation, as administrative agent (the “Agent”). All capitalized terms used in this Agreement and
not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. 
  
 2. As provided under the Credit Agreement, the Assignor has committed to making Loans to the Borrower in an aggregate amount not to exceed $             (the
“Commitment”) [, and its Commitment to make Loans has terminated]; 
  
 3. [The Assignor has made Loans in the aggregate principal amount of $                     to the
Borrower consisting of                      [describe Lender’s interests in tranches
outstanding]] [No Loans are outstanding under the Credit Agreement.] 
  
 4. The Assignor wishes to assign to the Assignee [part of the] [all] rights and obligations of the Assignor under the Credit
Agreement in respect of its Commitment, [together with a corresponding portion of each of its outstanding Loans], in an amount equal to     % of the Assignor’s Commitment [and Loans], on
the terms and subject to the conditions set forth herein, and the Assignee wishes to accept assignment of such rights and to assume such obligations from the Assignor on such terms and subject to such conditions. 
  
 Accordingly, in consideration of the foregoing and the mutual agreements
contained herein, the parties hereto agree as follows: 
  
 1.
Assignment and Acceptance. 
  
 (a) Subject to the terms and
conditions of this Agreement, (i) the Assignor hereby sells, transfers and assigns to the Assignee, and (ii) the Assignee hereby purchases, assumes and undertakes from the Assignor, without recourse and without representation or warranty (except as
provided in this Agreement)     % (the “Assignee’s Percentage Share”) of (A) the Commitment [and the Loans] of the Assignor and (B) all related rights, benefits, obligations, liabilities and
indemnities of the Assignor under and in connection with the Credit Agreement and the Loan Documents. 
  

 F-1 

 (b) With effect on and after the Effective Date (as defined in Section 5 hereof), the Assignee shall be a
party to the Credit Agreement and succeed to all of the rights and be obligated to perform all of the obligations of a Lender under the Credit Agreement, including the requirements concerning confidentiality, if any, and the payment of
indemnification, with a Commitment in the amount set forth in subsection (c) below. The Assignee agrees that it shall perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be
performed by it as a Lender. It is the intent of the parties hereto that the Commitment of the Assignor shall, as of the Effective Date, be reduced by an amount equal to the portion thereof assigned to the Assignee hereunder, and the Assignor shall
relinquish its rights and be released from its obligations under the Credit Agreement to the extent such obligations have been assumed by the Assignee; provided, however, that the Assignor shall not relinquish its rights under Sections 2.11, 2.13,
2.19 or 8.14 of the Credit Agreement (and any equivalent provisions of the other Loan Documents)to the extent such rights relate to the time prior to the Effective Date. 
  
 (c) After giving effect to the assignment and assumption set forth herein, on the Effective Date: (i) the Assignee’s
Commitment shall be $                    ; and (ii) the Assignee’s aggregate outstanding Loans shall be
$                    . 
  
 (d) After giving effect to the assignment and assumption set forth herein, on the Effective Date: (i) the Assignor’s Commitment shall be
$                    ; and (ii) the Assignor’s aggregate outstanding Loans shall be
$                    . 
  
 2. Payments. 
  
 (a) As consideration for the sale, assignment and transfer contemplated in Section 1 hereof, the Assignee shall pay to the Assignor on the Effective Date
in immediately available funds an amount equal to $                    , representing the Assignee’s Percentage Share of the principal
amount of all Loans previously made by the Assignor to the Borrower under the Credit Agreement and outstanding on the Effective Date. 
  
 (b) The [Assignor] [Assignee] further agrees to pay to the Agent a processing fee in the amount specified in Section 8.7(a) of
the Credit Agreement. 
  
 3. Reallocation of Payments. Any
interest, fees and other payments accrued to the Effective Date with respect to the Commitment [and Loans] of the Assignor shall be for the account of the Assignor. Any interest, fees and other payments accrued on and after the
Effective Date with respect to the portion of such Commitment [and Loans] assigned to the Assignee shall be for the account of the Assignee. Each of the Assignor and the Assignee agrees that it will hold in trust for the other party
any interest, fees and other amounts which it may receive to which the other party is entitled pursuant to the preceding sentence and pay to the other party any such amounts which it may receive promptly upon receipt. 
  
 4. Independent Credit Decision. The Assignee (a) acknowledges that it
has received a copy of the Credit Agreement and the Schedules and Exhibits thereto, together with copies of the most recent financial statements delivered pursuant to the Credit Agreement, and such other documents and information as it has deemed
appropriate to make its own credit and 
  

 F-2 

 .legal analysis and decision to enter into this Agreement; and (b) agrees that it will, independently and without
reliance upon the Assignor, the Agent or any other Lender and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit and legal decisions in taking or not taking action under the Credit
Agreement and the other Loan Documents. 
  
 5. Effective Date;
Notices. 
  
 (a) As between the Assignor and the Assignee, the
effective date for this Agreement shall be                      (the “Effective Date”); provided that the following conditions
precedent have been satisfied on or before the Effective Date: 
  
 (i) this Agreement shall have been executed and delivered by the Assignor and the Assignee; 
  
 (ii) any consent of the Agent required under Section 8.7 of the Credit Agreement for the effectiveness of the assignment hereunder by the Assignor to the
Assignee shall have been duly obtained and shall be in full force and effect as of the Effective Date; 
  
 (iii) the Assignee shall have paid to the Assignor all amounts due to the Assignor under this Agreement; 
  
 (iv) the processing fee referred to in Section 2(b) hereof and in Section
8.7(a) of the Credit Agreement shall have been paid to the Agent; and 
  
 (v) the Assignor and Assignee shall have complied with the other requirements of Section 8.7 of the Credit Agreement (to the extent applicable). 
  
 (b) Promptly following the execution of this Agreement, the Assignor shall deliver to Holdings, the Borrower and the Agent for acknowledgment by the
Agent, a Notice of Assignment substantially in the form attached hereto as Schedule 1. 
  
 6. Agent. The Assignee hereby appoints and authorizes the Assignor to take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are delegated
to the Agent by Lenders pursuant to the terms of the Credit Agreement and such other Loan Documents. [The Assignee shall assume no duties or obligations held by the Assignor in its capacity as Agent under the Credit Agreement and the other
Loan Documents. [INCLUDE ONLY IF ASSIGNOR IS AGENT]] 
  
 7. Withholding Tax. The Assignee (a) represents and warrants to the Assignor, the Agent and the Borrower that under applicable law and treaties no tax will be required to be withheld by the Assignor with respect to any payments to be
made to the Assignee hereunder, and (b) agrees to furnish (if it is organized under the laws of any jurisdiction other than the United States or any State thereof) to the Agent and the Borrower prior to the time that the Agent or Borrower is
required to make any payment of interest or fees under the Credit Agreement, duplicate executed originals of IRS Form W-8BEN, IRS Form W-8ECI or such other documents and forms of the United States Internal Revenue Service, duly executed and
completed by the Assignee, as are required under United States law to establish the Assignee’s status for United States withholding tax purposes. 
  

 F-3 

 8. Representations and Warranties. 
  
 (a) The Assignor represents and warrants that (i) it is the legal and beneficial owner of the interest being assigned by it
hereunder and that such interest is free and clear of any Lien or other adverse claim; (ii) it is duly organized and existing and it has the full power and authority to take, and has taken, all action necessary to execute and deliver this Agreement
and any other documents required or permitted to be executed or delivered by it in connection with this Agreement and to fulfill its obligations hereunder; (iii) no notices to, or consents, authorizations or approvals of, any Person are required
(other than those referred to in Section 5(a)(ii) hereof and any already given or obtained) for its due execution, delivery and performance of this Agreement, and apart from any agreements or undertakings or filings required by the Credit Agreement,
no further action by, or notice to, or filing with, any Person is required of it for such execution, delivery or performance; and (iv) this Agreement has been duly executed and delivered by it and constitutes the legal, valid and binding obligation
of the Assignor, enforceable against the Assignor in accordance with the terms hereof, subject, as to enforcement, to bankruptcy, insolvency, moratorium, reorganization and other laws of general application relating to or affecting creditors’
rights and to general equitable principles. 
  
 (b) The Assignor
makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document or the execution, legality, validity,
enforceability, genuineness, sufficiency or value of the Credit Agreement or any other Loan Document. The Assignor makes no representation or warranty in connection with, and assumes no responsibility with respect to, the solvency, financial
condition or statements of the Borrower or any other Person, or the performance or observance by the Borrower or any other Person, of any of its respective obligations under the Credit Agreement or any other Loan Document. 
  
 (c) The Assignee represents and warrants that (i) it is duly organized and
existing and it has full power and authority to take, and has taken, all action necessary to execute and deliver this Agreement and any other documents required or permitted to be executed or delivered by it in connection with this Agreement, and to
fulfill its obligations hereunder; (ii) no notices to, or consents, authorizations or approvals of, any Person are required (other than those referred to in Section 5(a)(ii) hereof and any already given or obtained) for its due execution, delivery
and performance of this Agreement; and apart from any agreements or undertakings or filings required by the Credit Agreement, no further action by, or notice to, or filing with, any Person is required of it for such execution, delivery or
performance; (iii) this Agreement has been duly executed and delivered by it and constitutes the legal, valid and binding obligation of the Assignee, enforceable against the Assignee in accordance with the terms hereof, subject, as to enforcement,
to bankruptcy, insolvency, moratorium, reorganization and other laws of general application relating to or affecting creditors’ rights and to general equitable principles; and (iv) it is an Eligible Assignee. 
  

 F-4 

 9. Further Assurances. The Assignor and the Assignee each hereby agrees to execute and deliver
such other instruments, and take such other action, as either party may reasonably request in connection with the transactions contemplated by this Agreement, including the delivery of any notices or other documents or instruments to the Borrower or
the Agent, which may be required in connection with the assignment and assumption contemplated hereby. 
  
 10. Miscellaneous. 
  
 (a) Any amendment or waiver of any provision of this Agreement shall be in writing and signed by the parties hereto. 
  
 (b) No failure on the part of the Assignor or Assignee to exercise, and no
delay in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege. The rights and remedies under this Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to the parties. 
  
 (c) All payments made hereunder shall be made without any set-off or
counterclaim. 
  
 (d) The Assignor and the Assignee shall each pay
its own costs and expenses incurred in connection with the negotiation, preparation, execution and performance of this Agreement. 
  
 (e) This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. 
  
 (f) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
  
 [Other provisions to be added as may be negotiated between the Assignor
and the Assignee, provided that such provisions are not inconsistent with the Credit Agreement.] 
  
 IN WITNESS WHEREOF, the Assignor and the Assignee have caused this Agreement to be executed and delivered by their duly authorized officers or agents as
of the date first above written. 
  

 F-5 

			
	 THE ASSIGNOR

	 [                                      
  ]

		
	 By:
	 	 
	 Title:
	 	  

  

			
	 THE ASSIGNEE

	
	 [                                      
  ]

		
	 By:
	 	  

	 Title:
	 	  

  

 F-6 

 SCHEDULE 1 
  
 to the Assignment and Acceptance Agreement 
  
 NOTICE OF ASSIGNMENT AND ACCEPTANCE 
  
 Date:                      
  

	To:	Cisco Systems Capital Corporation, as Agent 

  
 Cbeyond Communications, LLC 
  
 Cbeyond Communications, Inc. 
  
 Re: Cbeyond Communications, LLC 
  
 Ladies and Gentlemen: 
  
 We refer to the Second Amended and Restated Credit Agreement dated as of November 1, 2002 (as amended, restated, modified, supplemented or renewed from
time to time, the “Credit Agreement”) among Cbeyond Communications, Inc. (“Holdings”), Cbeyond Communications, LLC (the “Borrower”), any Additional Borrower named therein, Lenders named therein (including the Assignor),
and Cisco Systems Capital Corporation, as administrative agent (the “Agent”). Terms defined in the Credit Agreement are used herein as therein defined. 
  
 1. We hereby give you notice of[, and request the consent of the Agent to,] the assignment by
                         (the “Assignor”) to
                         (the “Assignee”) of     % of the right, title and interest
of the Assignor in and to the Credit Agreement (including, without limitation,     % of the right, title and interest of the Assignor in and to the Commitment of the Assignor [and all outstanding Loans made by the
Assignor]) pursuant to that certain Assignment and Acceptance Agreement, dated as of                          (the
“Assignment and Acceptance”) between Assignor and Assignee, a copy of which Assignment and Acceptance is attached hereto. Before giving effect to such assignment the Assignor’s Commitment is
$                    . [The Assignor has made Loans in the aggregate principal amount of
$                     to the Borrower consisting of
                     [describe Lender’s interests in tranches outstanding]. [No Loans are outstanding under the
Credit Agreement.] 
  
 2. The Assignee agrees that, upon
receiving the consent of the Agent to such assignment (if applicable) and from and after the Effective Date (as such term is defined in Section 5 of the Assignment and Acceptance), the Assignee shall be bound by the terms of the Credit Agreement,
with respect to the interest in the Credit Agreement assigned to it as specified above, as fully and to the same extent as if the Assignee were the Lender originally holding such interest in the Credit Agreement. 
  
 3. The following administrative details apply to the Assignee: 
  
 (a) Lending Office(s): 
  

 1 

					
	 	 	        Assignee name:	 	  

	 	 	         Address:
	 	  

	 	 	 	 	  

	 	 	 	 	  

	 	 	 	 	  

	 	 	         Attention:
	 	  

	 	 	         Telephone:
	 	 (        )

	 	 	         Facsimile:
	 	 (        )

			
	 (b)
	 	 Address for Notices
  
	 	 
	 	 	         Assignee name:
	 	  

	 	 	         Address:
	 	  

	 	 	 	 	  

	 	 	 	 	  

	 	 	 	 	  

	 	 	         Attention:
	 	  

	 	 	         Telephone:
	 	 (        )

	 	 	         Facsimile:
	 	 (        )

			
	 (c)
	 	 Payment Instructions:
  
	 	 
	 	 	         Account No.:
	 	  

	 	 	         ABA No.:
	 	  

	 	 	         At:
	 	  

	 	 	 	 	  

	 	 	 	 	  

	 	 	         Reference:
	 	  

	 	 	         Attention:
	 	  

  
 4. You are entitled to
rely upon the representations, warranties and covenants of each of the Assignor and Assignee contained in the Assignment and Acceptance. 
  
 5. This Notice of Assignment and Acceptance may be executed by the Assignor and the Assignee in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute one and the same notice and agreement. 
  
 IN WITNESS WHEREOF, the Assignor and the Assignee have caused this Notice of Assignment and Acceptance to be executed by their respective duly authorized
officers or agents as of the date first above written. 
  

 2 

											
	 	 	 	 	 	 	 	 	 Very truly yours,

			
	 Adjusted Commitment:
	 	 	 	 [ASSIGNOR]

					
	 $
	 	  

	 	 	 	 By:
	 	  

	 	 	 	 	 	 	 	 	 Title:
	 	  

	 Adjusted Pro Rata Share:
	 	 	 	 	 	 
				
	             %
	 	 	 	 	 	 
			
	 Commitment:
	 	 	 	 [ASSIGNEE]

					
	 $
	 	  

	 	 	 	 By:
	 	  

	 	 	 	 	 	 	 	 	 Title:
	 	  

				
	 Pro Rata Share:
	 	 	 	 	 	 
				
	             %
	 	 	 	 	 	 
				
	ACKNOWLEDGED [AND CONSENTED TO] this      day of             :	 	 	 	 	 	 
				
	 Cisco Systems Capital Corporation, as Agent
	 	 	 	 	 	 
					
	 By:
	 	  

	 	 	 	 	 	 
	 Title:
	 	  

	 	 	 	 	 	 

  

 3 

 EXHIBIT G 
  

Form of Update Certificate 
  
 (see attached Update Certificate)Exhibit 10.4

 Exhibit 10.4 
  
 STOCK PURCHASE AGREEMENT 
  
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of November 1, 2002, by and between Cbeyond
Communications, Inc., a Delaware corporation (the “Company”), and Cisco Systems Capital Corporation (“Cisco”). Capitalized terms used but not otherwise defined herein have the meanings given to them in Section 5
below. 
  
 A. The Company has entered into a Stock Purchase
Agreement by and among the Company and the other parties (the “Investors”) listed on Exhibit A thereto (the “Investor Stock Purchase Agreement”), pursuant to which the Company is selling to the Investors shares of
its Series B Participating Preferred Stock (the “Series B Financing”). 
  
 B. The Company, its subsidiary Cbeyond Communications, LLC, and Cisco are parties to an Amended and Restated Credit Agreement, dated as of March 31, 2002 (the “Credit Agreement”). 
  
 C. In connection with the Series B Financing, Cisco has agreed to cancel
certain debt outstanding under the Credit Agreement in exchange for shares of Series B Participating Preferred Stock of the Company. 
  
 D. The purpose of this Agreement is to set forth certain of the terms on which the Company will issue such shares of Series B Participating Preferred
Stock to Cisco and Cisco will cancel certain debt owed by the Company. 
  
 NOW, THEREFORE, in consideration of the mutual promises made herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as
follows: 
  
 Section 1. Authorization; Sale of Preferred
Stock; Cancellation of Indebtedness; Closing. 
  
 1.1
Authorization of the Preferred Stock. The Company has authorized the issuance and sale of 65,000,000 shares of the Company’s Series B Participating Preferred Stock, par value $.01 per share, having the rights and preferences set forth in
its Second Restated Certificate of Incorporation, as filed with the Secretary of State of the State of Delaware on November 1, 2002 (the “Certificate of Incorporation”). The Company’s Series B Participating Preferred Stock is
convertible into shares of the Company’s Common Stock, par value $.01 per share (the “Common Stock”), as set forth in the Certificate of Incorporation. 
  
 1.2 Purchase and Sale of Preferred Stock; Cancellation of Indebtedness. Subject to the terms and conditions set forth
herein, for the consideration set forth in the following sentence, the Company shall issue and sell to Cisco and Cisco shall purchase from the Company shares of Series B Participating Preferred Stock constituting five percent (5%) of the capital
stock of the Company on a fully-diluted basis as of the Series B Stage 1 Closing (the “Preferred Stock”) which will result in the issuance by the Company to Cisco of (i) at the Closing, 2,768,744 shares of Preferred Stock and (ii)
at the closing of the Rights Offering (as 

  

 
such term is defined in the Investor Stock Purchase Agreement), such further number of shares of Preferred Stock necessary for the total amount of shares of
Preferred Stock issued to Cisco hereunder to equal five percent (5%) of the capital stock of the Company on a fully-diluted basis as of such time. At the Closing, Cisco shall forgive and cancel $25,000,000 of Tranche C amounts outstanding and owed
to Cisco by the Company under the Credit Agreement. 
  
 1.3
Closing. The closing (the “Closing”) shall take place at the offices of Latham & Watkins in Reston, Virginia, on November 1, 2002, or at such other time and place as the Company and Cisco (the “Closing
Date”). At the Closing, the Company shall deliver to Cisco a stock certificate evidencing the Preferred Stock to be issued to Cisco at the Closing, registered in the name of Cisco, upon execution of this Agreement. 
  
 Section 2. Conditions to the Closing. The obligations of Cisco
to purchase and pay for the Preferred Stock at the Closing are subject to the satisfaction as of the Closing of the following conditions: 
  
 2.1 Adoption of Certificate of Incorporation. The Certificate of Incorporation shall have been amended and restated in substantially the form
attached as Exhibit B to the Investor Stock Purchase Agreement, shall be in full force and effect under the laws of the State of Delaware and shall not have been further amended or modified. 
  
 2.2 Securities Law Compliance. The Company shall have made all filings
under all applicable federal and state securities laws necessary to consummate the issuance, in compliance with such laws, of the Preferred Stock to be issued pursuant to this Agreement. 
  
 2.3 Compliance with Applicable Laws. The purchase of Preferred Stock by Cisco hereunder shall not be prohibited by
any applicable law or governmental rule or regulation and shall not otherwise subject Cisco to any penalty, liability or, in Cisco’s reasonable judgment, other onerous condition under or pursuant to any applicable law or governmental rule or
regulation, and the purchase of the Preferred Stock by Cisco hereunder shall be permitted by the laws, rules and regulations of the jurisdictions and governmental authorities and agencies to which Cisco is subject. 
  
 2.4 Merger. A Certificate of Merger for the merger of Cbeyond
Investors, LLC with and into the Company, with the Company as the surviving entity, substantially in the form attached as Exhibit E to the Investor Stock Purchase Agreement, shall have been filed with the Secretary of State of the State of Delaware
and the Merger shall become effective prior to the Series B Stage 1 Closing. 
  
 2.5 Board of Directors. The Company shall have taken all necessary corporate action such that immediately following the Series B Stage 1 Closing, the directors of the Company shall be those listed on Exhibit F
to the Investor Stock Purchase Agreement, and there shall be no vacancies on the Board. 
  
 2.6 Proceedings. All corporate and other proceedings taken or required to be taken by the Company in connection with the transactions to occur at the Series B Stage 1 

  

 2 

 
Closing shall be consummated at or prior to the Series B Stage 1 Closing and all documents incident thereto shall be satisfactory in form and substance to
counsel to Cisco. 
  
 2.7 Cisco Credit Agreement. The
Company, its subsidiary Cbeyond Communications, LLC, and Cisco shall have executed and delivered an amendment to the Credit Agreement, with terms and conditions reasonably satisfactory to the Major Investors (as such term is defined in the Investor
Stock Purchase Agreement) and the Investors (as such term is defined in the Investor Stock Purchase Agreement) named in that certain Letter Agreement dated January 2001 addressed by such Investors to Cisco Systems, Inc. shall have received a written
confirmation from Cisco that such Investors (as such term is defined in the Investor Stock Purchase Agreement) have no obligations thereunder. 
  
 2.8 Waiver. Any condition specified in this Section 2 may be waived if such waiver is consented to in writing by Cisco. 
  
 2.9 Deliveries. At the Closing, the Company shall have executed
and delivered to Cisco the following documents: 
  
 (a) the
Amended and Restated Shareholders Agreement, dated November 1, 2002 amending and restating that certain Unitholders Agreement, dated March 28, 2000, as amended (the “Shareholders Agreement”); 
  
 (b) the Second Amended and Restated Registration Rights Agreement, dated
November 1, 2002 (the “Registration Rights Agreement”); 
  
 (c) this Agreement; 
  
 (d) an
Officer’s Certificate, dated the Closing Date, stating that the conditions specified in Section 1.1 have been fully satisfied and the conditions under Sections 1.2 and 1.3 have been fully satisfied to the extent such conditions relate to the
Company’s obligations thereunder; 
  
 (e) certified copies of
the resolutions duly adopted by the Board, which resolutions shall not have been rescinded or modified, authorizing the execution, delivery and performance of this Agreement, the Shareholders Agreement and the Registration Rights Agreement and each
of the other agreements contemplated hereby to which the Company is a party or by which it is bound, the issuance and sale of the Preferred Stock, the reservation for issuance upon conversion of the Preferred Stock of that number of shares of Common
Stock issuable upon conversion of all shares of Preferred Stock and the consummation of all other transactions to occur as of the Closing as contemplated by this Agreement; 
  
 (f) certified copies of the Certificate of Incorporation and the Bylaws, each as in effect on the Closing Date; 

 
 (g) copies of all third party and governmental consents, approvals and
filings required in connection with the consummation of the transactions to occur as of the Closing 

  

 3 

 
hereunder (including all blue sky law filings and waivers of all preemptive rights and rights of first refusal); and 
  
 (h) such other documents relating to the transactions contemplated by this
Agreement as counsel to Cisco may reasonably request. 
  
 Section 3. Contractual Preemptive Rights. 
  
 3.1 Except for issuances (i) of Preferred Stock as contemplated under this Agreement or of Preferred Stock (as contemplated by, and as such term is defined in, the Investor Stock Purchase Agreement) or of Common Stock upon conversion of
such Preferred Stock, (ii) of shares of Common Stock issued or issuable to employees, directors, consultants and other service providers of the Company or any Subsidiary directly or pursuant to stock option plans, stock purchase plans or agreements
approved by the Board of Directors, (iii) in connection with the acquisition of another company or business, (iv) pursuant to a Public Offering, (v) of up to 3,000,000 shares of Common Stock issued or issuable pursuant to any equipment leasing
arrangement or debt financing from Cisco or (vi) of up to 150,000 shares of Common Stock issued or issuable pursuant to any equipment leasing arrangement or debt financing from a bank or other similar financial institution or shares of Common Stock
issued in connection with any acquisition of any interest in intellectual property, so long as such issuance is approved by the Board of Directors or as otherwise excluded from the anti-dilution provisions of the Preferred Stock, if the Company
authorizes the issuance or sale of any shares of Common Stock or any securities containing options or rights to acquire any shares of Common Stock (other than as a dividend on the outstanding Common Stock), the Company shall first offer to sell to
each holder of Preferred Stock or Underlying Common Stock a portion of such stock or securities equal to the quotient obtained by dividing (1) the number of shares of Common Stock (on an as converted basis) held by such holder, by (2) the
total number of shares of outstanding Common Stock on a fully-diluted basis (including Underlying Common Stock as defined herein and Underlying Common Stock as defined in the Investor Stock Purchase Agreement). The Company shall deliver a notice by
certified mail (“Notice”) to the holders of Preferred Stock and Underlying Common Stock stating (i) its bona fide intention to offer such shares, (ii) the number of shares to be offered, and (iii) the price and terms, if any, upon
which it proposes to offer such shares. Each such holder shall be entitled to purchase such stock or securities at the most favorable price and on the most favorable terms as such stock or securities are to be offered to any other Persons;
provided that if all Persons entitled to purchase or receive such stock or securities are required to also purchase other securities of the Company, the holders exercising their rights pursuant to this Section shall also be required to
purchase the same strip of securities (on the same terms and conditions) that such other Persons are required to purchase. The purchase price for all stock and securities offered to such holders hereunder shall be payable in cash. 

 
 3.2 In order to exercise its purchase rights hereunder, each holder must
within thirty (30) days after receipt of Notice, deliver a written notice to the Company describing such holder’s election hereunder. If all of the securities offered to such holders are not fully subscribed, the remaining stock and securities
shall be reoffered by the Company to the holders purchasing their full allotment upon the terms set forth in this Section, except that such holders must exercise their rights within five (5) business days after receipt of such reoffer. If such

  

 4 

 
holders in the aggregate elect to purchase more than the number of remaining securities reoffered by the Company, such securities shall be allocated among
the holders electing to purchase such securities pro rata based upon the number of securities elected to be purchased. 
  
 3.3 Upon the expiration of the offering periods described above, the Company shall be entitled to sell any such stock or securities which such holders
have not elected to purchase during the 180 days following such expiration at a price not less and on other terms and conditions not materially more favorable to the purchasers thereof than those offered to such holders. Any stock or securities
offered or sold by the Company after such 180-day period must be reoffered to such holders pursuant to the terms of this Section. 
  
 3.4 The rights of the holders of Preferred Stock and Underlying Common Stock under this Section shall terminate upon the consummation of the first to
occur of (x) the consummation of a Public Offering or (y) a Sale of the Company.  
  
 Section 4. Representations and Warranties of the Company. As a material inducement to Cisco to enter into this Agreement and purchase the Preferred Stock hereunder, the Company hereby represents and
warrants that: 
  
 4.1 Organization, Corporate Power and
Licenses. Each of the Company and its Subsidiaries is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation and is qualified to do business in every
jurisdiction in which its ownership of property or conduct of business requires it to qualify, except where the failure to be so qualified could not reasonably be expected to have a material adverse effect on the Company and its Subsidiaries. The
Company and each of its Subsidiaries possesses all requisite power and authority and all material licenses, permits and authorizations necessary to own and operate its properties, to carry on its businesses as presently conducted or as presently
proposed to be conducted and to carry out the transactions contemplated by this Agreement. The copies of the Company’s and each Subsidiary’s charter documents, Bylaws or other organizational documents which have been furnished to counsel
to Cisco to the extent requested reflect all amendments made thereto at any time prior to the date of this Agreement and are correct and complete. 
  
 4.2 Capital Stock and Related Matters. 
  
 (a) As of the Series B Stage 1 Closing (but not including any sales of securities pursuant to the Rights Offering) and immediately thereafter, the
authorized capital stock of the Company shall consist of (a) 65,000,000 shares of preferred stock, all of which have been designated Series B Participating Preferred Stock, 45,542,832 of which shares shall be issued and outstanding as of the Series
B Stage 1 Closing (but prior to the closing of the Rights Offering) and (b) 255,000,000 shares of Common Stock, of which 433,797 shares shall be issued and outstanding, 176,500,000 shares shall be reserved for issuance upon conversion of the
Preferred Stock issued in the Series B Stage 1 Closing and 9,373,252 shares shall be reserved for issuance upon exercise of options issued pursuant to Permitted Stock Option Plans and 2,918,744 shares shall be reserved for issuance upon exercise of
outstanding warrants. Except as set forth on the attached “Capitalization Schedule,” as of the Series B Stage 1 Closing, the Company shall not 

  

 5 

 
have outstanding any stock or securities, nor any options, warrants or other rights to acquire capital stock or securities of the Company or any phantom
stock plans or stock appreciation rights. As of the Series B Stage 1 Closing, all of the outstanding shares of the Company’s capital stock listed on the Capitalization Schedule shall be validly issued, fully paid and non-assessable.

  
 (b) Except as set forth on Schedule 4.2(b), there are no
statutory or contractual stockholders preemptive rights or rights of first refusal with respect to the issuance of the Preferred Stock hereunder or the issuance of the Common Stock upon conversion of any of the Preferred Stock. The Company has not
violated any applicable federal or state securities laws in connection with the offer, sale or issuance of any of its capital stock, and the offer, sale and issuance of the Preferred Stock hereunder or the issuance of the Common Stock upon the
conversion of the Preferred Stock or the exercise of the options granted under Permitted Stock Option Plans do not require registration under the Securities Act or any applicable state securities laws. There are no agreements between the
Company’s stockholders with respect to the voting or transfer of the Company’s capital stock or with respect to any other aspect of the Company’s affairs, except for this Agreement and the Shareholders Agreement.  

 
 4.3 Authorization; No Breach. The execution, delivery and
performance of this Agreement, the Registration Rights Agreement, the Shareholders Agreement and all other agreements contemplated hereby to which the Company is a party, and the filing of the Certificate of Incorporation referred to in Section 2.1
above have been duly authorized by the Company. This Agreement, the Registration Rights Agreement, the Shareholders Agreement, the Certificate of Incorporation, and all other agreements contemplated hereby to which the Company is a party each
constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. The execution and delivery by the Company of this Agreement, the Registration Rights Agreement, the Shareholders Agreement and
all other agreements contemplated hereby to which the Company is a party and the consummation of the transactions contemplated hereby and thereby, the offering, sale and issuance of the Preferred Stock hereunder, the issuance of the Common Stock
upon conversion of the Preferred Stock, the filing of the Certificate of Incorporation referred to above and the fulfillment of and compliance with the respective terms hereof and thereof by the Company, do not and shall not (i) conflict with or
result in a breach of the terms, conditions or provisions of, (ii) constitute a default under, (iii) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s or any of its Subsidiaries’ capital stock
or assets pursuant to, (iv) give any third party the right to modify, terminate or accelerate any obligation under, (v) result in a violation of, or (vi) require any authorization, consent, approval, exemption or other action by or notice or
declaration to, or filing with, any court or administrative or governmental body or agency pursuant to, the charter or Bylaws of the Company, or any law, statute, rule or regulation to which the Company or any of its Subsidiaries is subject, or any
agreement, instrument, order, judgment or decree to which the Company or any of its Subsidiaries is subject. 
  
 4.4 Subsidiaries. 
  
 (a) Except for the Company’s interests or rights in the Subsidiaries listed on Schedule 4.4, the Company does not own or hold, and has never
owned or held, any shares of stock or 

  

 6 

 
any other securities or interests in or any rights to acquire any shares of stock or any other security or interest in any other Person. The Subsidiary
Schedule attached hereto sets forth as of the Closing a true and complete list of all Subsidiaries, listing for each Subsidiary its name, type of entity, the jurisdiction and date of its incorporation or organization, its authorized capital
stock, partnership capital or equivalent ownership interests, the number and type of its issued and outstanding shares of capital stock, partnership interests or equivalent ownership interests and the current record and beneficial ownership of such
shares, partnership interests or equivalent ownership interests. Other than the Subsidiaries, (i) there are no other corporations, partnerships, joint ventures, associations or other entities in which the Company or any Subsidiary owns, of record or
beneficially, any direct or indirect equity or other interest or any right (contingent or otherwise) to acquire the same and (ii) neither the Company nor any Subsidiary is a member of (nor is any part of the Company’s business conducted
through) any partnership, nor is the Company or any Subsidiary a participant in any joint venture or similar arrangement. The Company’s business is conducted solely by the Company and the Subsidiaries. 
  
 (b) There are no statutory or contractual equityholders preemptive rights or
rights of first refusal with respect to the issuance of any equity securities or interests of any Subsidiary. 
  
 4.5 Brokerage. There are no claims for brokerage commissions, finders’ fees or similar compensation in connection with the transactions
contemplated by this Agreement based on any arrangement or agreement binding upon the Company or any of its Subsidiaries. The Company shall pay, and hold Cisco harmless against, any liability, loss or expense (including reasonable attorneys’
fees and out-of-pocket expenses) arising in connection with any such claim. 
  
 4.6 Governmental Consent, etc. Except as set forth on the attached “Consents Schedule,” no permit, consent, approval or authorization of, or declaration to or filing with, any governmental
authority is required in connection with the execution, delivery and performance by the Company or any of its Subsidiaries of this Agreement or the other agreements contemplated hereby to which it is a party, or the consummation by the Company or
any of its Subsidiaries of any other transactions contemplated hereby or thereby. 
  
 4.7 Disclosure. Neither this Agreement nor any of the exhibits, schedules, attachments, written statements, documents, certificates or other written items supplied Cisco by or on behalf of the Company with
respect to the transactions contemplated hereby contains any untrue statement of a material fact or omits a material fact necessary to make each statement contained herein or therein not misleading. There is no fact relating specifically to the
Company and its Subsidiaries (and not to market or industry conditions generally) which the Company has not disclosed to Cisco in writing and of which any of its officers, directors or executive employees is aware and which would reasonably be
expected to have a material adverse effect upon the expected business, financial condition, value, operations, assets, or business prospects of the Company and its Subsidiaries taken as a whole. 
  
 4.8 Financial Statements. The audited consolidated balance sheet of
the Company as of December 31, 2001, and the unaudited consolidated balance sheet of the Company as of August 31, 2002 fairly present the financial position of the Company on a consolidated basis as at the date thereof, and the related statements of
income (loss), and 

  

 7 

 
statements of cash flow for the fiscal periods ended on such dates fairly present the results of operations of the Company for the respective periods
indicated (collectively, the “Financial Statements”). The consolidated balance sheets, statement of income and statements of cash flow have been prepared in accordance with generally accepted accounting principles consistently
applied. Except as set forth on the Company’s Financial Statements, the Company does not have any debt, obligation or liability (whether accrued, absolute, contingent or liquidated), except liabilities incurred and obligations under agreement
entered into, in the ordinary course of business, non of which (individually or in the aggregate) would have a material adverse effect. 
  
 4.9 Compliance with Law. Neither the Company nor any of its Subsidiaries is in violation of any laws, ordinances, governmental rules or regulations
to which it is subject, including without limitation laws or regulations relating to the environment, occupational health and safety, except where the violation does not have and is not likely to have a material adverse effect, and no material
expenditures are or will be required in order to cause its current operations or properties to comply with any such law, ordinances, governmental rules or regulations. 
  
 4.10 Litigation. Except as set forth on Schedule 4.10, there is no legal action, suit, arbitration or other legal,
administrative or other governmental investigation, inquiry or proceeding (whether federal, state, local or foreign) pending or, to the Company’s knowledge, threatened against or affecting the Company, its Subsidiaries or the Company’s or
its Subsidiaries’ properties, assets or business. The Company is not aware of any fact which might result in or form the basis for any such action, suit, arbitration, investigation, inquiry or other proceeding. Neither the Company nor any of
its Subsidiaries is subject to any order, writ, judgment, injunction, decree, determination or award of any court or of any governmental agency or instrumentality (whether federal, state, local or foreign) not applicable generally to business
entities in the Company’s or its Subsidiaries’ business. 
  
 4.11 Material Contracts. Schedule 4.11 sets forth a true and complete list of each material contract, agreement, instrument, commitment and other arrangement to which the Company is a party, including without limitation, material
purchase contracts, sale contracts, leases, employment, severance or consulting agreements; loan, credit or security agreements; joint venture agreements and distribution agreements (each, a “Material Contract”). Each Material
Contract is valid, binding and enforceable against the Company and, to the Company’s knowledge, the other parties thereto, in accordance with its terms, in full force and effect on the date hereof and neither the Company nor to the knowledge of
the Company any other party thereto is in breach thereof. 
  
 4.12
Employees. Except as set forth in Schedule 4.10, the Company is in full compliance with all laws regarding employment, wages, hours, equal opportunity, collective bargaining and payment of social security and other taxes except to the extent
that noncompliance would not, in the aggregate, have a material adverse effect. The Company is not engaged in any unfair labor practice or discriminatory employment practice and, to the Company’s knowledge, no complaint of any such practice
against the Company is filed or threatened to be filed with or by the National Labor Relations Board, the Equal Employment Opportunity Commission or any other administrative agency, federal or state, that regulates labor or employment practices,
nor, to the Company’s knowledge is any grievance filed or threatened to be filed, against the Company 

  

 8 

 
by any employee pursuant to any collective bargaining or other employment agreement to which the Company is a party or is bound. To the Company’s
knowledge, the Company is in compliance with all applicable foreign, federal, state and local laws and regulations regarding occupational safety and health standards except to the extent that noncompliance will not have a material adverse effect.

  
 (a) Except as set forth on Schedule 4.12, the
employment of all persons and officers employed by the Company is terminable at will without any penalty or severance obligation of any kind on the part of the employer. All sums due for employee compensation and benefits and all vacation time owing
to any employees of the Company have been duly and adequately accrued on the accounting records of the Company except for such amounts as would result in non-material end of year adjustments incurred in the ordinary course of business. 

 
 (b) Except as set forth on Schedule 4.12, no employee of
the Company is represented by any union or other labor organization, and, to the Company’s knowledge, there have been no union organizing efforts with respect to the Company conducted since its inception and there are none now being conducted
with respect thereto. 
  
 4.13 Tax Matters. There are no
material federal, state, county or local taxes currently due and payable by the Company, other than those presently payable without penalty or interest, which have not been paid or for which reserves were established. The Company has duly filed all
federal, state, county and local tax returns required to have been filed by it and there are in effect no waivers of applicable statutes of limitations with respect to taxes for any year. To the Company’s knowledge, the Company has not been
subject to a federal or state tax audit of any kind. The Company has not made any elections under applicable laws or regulations (other than elections that relate solely to methods of accounting, depreciation or amortization) that would have an
adverse effect on the Company. 
  
 4.14 Employee Benefit
Plans. Except as set forth on Schedule 4.14, the Company has no employee benefit plans (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974) covering former or current employees of the Company, or under which the
Company has any obligation or liability. Schedule 4.14 lists all material plans, contracts, bonuses, commissions, profit-sharing, savings, stock options, insurance, medical or health plans, deferred compensation, or other similar fringe or employee
benefits covering former or current employees of the Company or under which the Company has any obligation or liability (each, a “Benefit Arrangement”). True and complete copies of all Benefit Arrangements will upon request be
provided or made available to Cisco. The Benefit Arrangements are and have been administered in substantial compliance with their terms and with the requirements of applicable law. The Company’s payments to current or former employees pursuant
to the Benefit Arrangements are and have been fully deductible under the Code. 
  
 4.15 Intellectual Property. To the Company’s knowledge, the Company owns or has adequate rights to use all of the Intellectual Property necessary for the conduct of the business of the Company as described
in the Company’s business plan provided to Cisco except where the failure to own or have the right to use any item of Intellectual Property would not reasonably be 

  

 9 

 
expected to have a material adverse effect, or where such Intellectual Property is required to be developed by the Company or third parties after the Closing
Date. There is no claim, suit, action or proceeding pending or, to the Company’s knowledge, threatened against the Company: (i) alleging any infringement of any third party’s proprietary rights; or (ii) challenging the Company’s
ownership or use, or the validity or enforceability, of any Intellectual Property. There is no claim, suit, action or proceeding pending or threatened by the Company alleging any third party’s intellectual property rights conflict or infringe
the Intellectual Property of the Company or any of its Subsidiaries. As to each such material license, sublicense or other agreement to which the Company is a party, the Company is current in the payment of all royalties due thereunder. 

 
 For purposes of this Agreement, “Intellectual Property” shall mean, to the
extent owned or used in the business of the Company: (i) trademarks and service marks, trade dress, trade names and other names and slogans embodying business or product goodwill or indications of origin and that are not currently registered or the
subject of any pending application for registration in any jurisdiction; (ii) inventions, whether or not patentable, discoveries, improvements, ideas, know-how, formula methodology, processes, technology and computer programs, software and databases
(including source code, object code, development documentation, programming tools, drawings, specifications and data); (iii) trade secrets, including confidential and other non-public information, and the right in any jurisdiction to limit the use
or disclosure thereof; (iv) copyrights in writings, performances and other works of authorship that are not currently registered or the subject of any pending application for registration in any jurisdiction; and (v) database rights. 
  
 4.16 Title to Tangible Assets. The Company has good title to its
properties and assets it purports to own and good title to all its leasehold estates, in each case subject to no mortgage, pledge, lien, lease, encumbrance or charge, other than or resulting from Permitted Liens and encumbrances which do not in any
case materially detract from the value of the property subject thereto or materially impair the operations of the Company and which have not arisen otherwise than in the ordinary course of business. 
  
 4.17 Valid Issuance of Preferred and Common Stock. The Preferred Stock
that is being purchased by Cisco hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, and the Preferred Stock that is being issued to the Investors pursuant to the Investor
Stock Purchase Agreement when issued and delivered in accordance with the terms thereof, will be duly and validly issued, fully paid and nonassessable and will be free of restrictions on transfer, other than restrictions on transfer under this
Agreement and the Shareholders Agreement and under applicable state and federal securities laws. The Common Stock issuable upon conversion of the Preferred Stock purchased under this Agreement and the Investor Stock Purchase Agreement and the Common
Stock issuable upon the exercise of Warrants which may be granted to Cisco has been duly and validly reserved for issuance and, upon issuance in accordance with the terms of the Certificate of Incorporation, will be duly and validly issued, fully
paid and nonassessable and will be free of restrictions on transfer, other than restrictions on transfer under this Agreement and the Shareholders Agreement and under applicable state and federal securities laws. 
  

 10 

 Section 5. Definitions. 
  
 5.1 Definitions. For the purposes of this Agreement, the following terms have the meanings set forth below:

  
 “Affiliate” of any particular Person means
any other Person controlling, controlled by or under common control with such particular Person, where “control” means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through
the ownership of voting securities, by contract or otherwise. 
  
 “Board” means the board of directors of the Company. 
  
 “Indebtedness” means at a particular time, without duplication, (i) any indebtedness for borrowed money or issued in substitution for or exchange of indebtedness for borrowed money, (ii) any
indebtedness evidenced by any note, bond, debenture or other debt security, (iii) any indebtedness for the deferred purchase price of property or services with respect to which a Person is liable, contingently or otherwise, as obligor or otherwise
(other than trade payables and other current liabilities incurred in the ordinary course of business which are not more than six months past due), (iv) any commitment by which a Person assures a creditor against loss (including contingent
reimbursement obligations with respect to letters of credit), (v) any indebtedness guaranteed in any manner by a Person (including guarantees in the form of an agreement to repurchase or reimburse), (vi) any obligations under capitalized leases with
respect to which a Person is liable, contingently or otherwise, as obligor, guarantor or otherwise, or with respect to which obligations a Person assures a creditor against loss, (vii) any indebtedness secured by a Lien on a Person’s assets and
(viii) any unsatisfied obligation for “withdrawal liability” to a “multiemployer plan” as such terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
  
 “Lien” means any mortgage, pledge, security interest,
encumbrance, lien or charge of any kind (including any conditional sale or other title retention agreement or lease in the nature thereof), any sale of receivables with recourse against the Company, any of its Subsidiaries or any Affiliate, any
filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any similar statute other than to reflect ownership by a third party of property leased to the Company or any of its Subsidiaries under a lease which is
not in the nature of a conditional sale or title retention agreement, or any subordination arrangement in favor of another Person (other than any subordination arising in the ordinary course of business). 
  
 “Officer’s Certificate” means a certificate signed by
the Company’s president or its chief financial officer, stating that (i) the officer signing such certificate has made or has caused to be made such investigations as he reasonably believes are necessary in order to permit him to verify the
accuracy of the information set forth in such certificate and (ii) such certificate does not misstate any material fact and does not omit to state any fact necessary to make the certificate not misleading. 
  
 “Operating LLC” means Cbeyond Communications, LLC (f/k/a
Egility Communications, L.L.C.), a Delaware limited liability company. 
  

 11 

 “Permitted Lien” means: 
  
 (a) tax liens with respect to taxes not yet due and payable or which are being contested in good faith by
appropriate proceedings and for which appropriate reserves have been established in accordance with generally accepted accounting principles, consistently applied; 
  
 (b) deposits or pledges made in connection with, or to secure payment of, utilities or similar services,
workers’ compensation, unemployment insurance, old age pensions or other social security obligations; 
  
 (c) purchase money security interests in any property acquired by the Company or any of its Subsidiaries to the extent permitted by this
Agreement; 
  
 (d) interests or title of a lessor
under any lease permitted by this Agreement; 
  
 (e) mechanics’, materialmen’s or contractors’ liens or encumbrances or any similar lien or restriction for amounts not yet due and payable; 
  
 (f) easements, rights-of-way, restrictions and other similar charges and encumbrances not interfering with
the ordinary conduct of the business of the Company and its Subsidiaries or detracting from the value of the assets of the Company and its Subsidiaries; 
  
 (g) security interests in the assets of the Company and its Subsidiaries granted to the Company’s and its Subsidiaries’ lenders
to secure Indebtedness permitted under Section 5(c)(x) of the Shareholders Agreement; 
  
 (h) other liens securing obligations which do not in the aggregate exceed $250,000 at any time outstanding; and 
  
 (i) to the extent not included in the foregoing, liens
securing obligations arising in connection with the Amended and Restated Credit Agreement, as amended from time to time, among Cbeyond Communications, LLC, the Company, the several lending institutions from time to time party thereto and Cisco
Systems Capital Corporation. 
  
 “Person” means
an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision
thereof. 
  
 “Public Offering” means any firm
commitment underwritten sale of common stock pursuant to an effective registration statement under the Securities Act filed with the Securities and Exchange Commission on Form S-1 (or any successor form adopted by the Securities and Exchange
Commission) with net proceeds to the Company of not less than $50 million and a price per share of not less than $2.00 (proportionately adjusted to reflect the occurrence of stock 

  

 12 

 
dividends, combinations, subdivisions or similar reclassifications affecting the Common Stock); provided that the following shall not be considered a
public offering: (i) any issuance of common stock as consideration for a merger or acquisition, (ii) any issuance of common stock to employees, directors or consultants of the Company or any of its Subsidiaries as part of an incentive or
compensation plan, (iii) any issuance of common stock as part of a unit with debt or preferred stock or any similar structure in which the common stock is being offered primarily as a means of enhancing the Company’s ability to sell the debt or
preferred stock and (iv) the issuance of common stock upon conversion of any preferred stock. 
  
 “Restricted Securities” means (i) the Preferred Stock and the Common Stock issued hereunder, (ii) the Common Stock issued upon conversion of the Preferred Stock, and (iii) any securities issued in
respect of the securities referred to in clauses (i) or (ii) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation or other reorganization. As to any particular
Restricted Securities, such securities shall cease to be Restricted Securities when they have (a) been effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, (b) become eligible
for sale without volume or manner of sale limitations pursuant to Rule 144 (or any similar provision then in force) under the Securities Act or (c) been otherwise transferred and new certificates for them not bearing the Securities Act legend set
forth in Section 6.2 have been delivered by the Company in accordance with Section 6 of the Shareholders Agreement. Whenever any particular securities cease to be Restricted Securities, the holder thereof shall be entitled to receive from the
Company, without expense, new securities not bearing a Securities Act legend of the character set forth in Section 6.2. 
  
 “Sale of the Company” means either (i) the sale, lease, transfer, conveyance or other disposition, in one or a series of related
transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole (other than a collateral assignment by the Company and its Subsidiaries of such assets to any lender as security for the Company’s and
its Subsidiaries obligations to such lender), or (ii) a transaction or series of transactions (including by way of merger, consolidation, sale of securities, recapitalization or otherwise) the result of which is that (A) any “person” or
“group” (as such terms are used in Section 13(d)(3) of the Securities Exchange Act) becomes the “beneficial owner” (as such term is defined in Rule 13d-3 and Rule 13d-5 promulgated under the Securities Exchange Act), directly or
indirectly through one or more intermediaries, of more than 50% of the voting power of the outstanding voting stock of the Company or (B) the beneficial owners of the Company’s outstanding voting stock immediately prior to the transaction cease
to own directly or indirectly at least 50% of the voting power of the outstanding voting stock of the Company other than as a result of a sale of stock which is a Public Offering. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and applicable rules and regulations
thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Act shall be deemed to include any corresponding provisions of future law. 
  
 “Securities and Exchange Commission” includes any
governmental body or agency succeeding to the functions thereof. 
  

 13 

 “Securities Exchange Act” means the Securities Exchange Act of 1934, as amended, and
applicable rules and regulations thereunder, and any successor to such statute, rules or regulations. Any reference herein to a specific section, rule or regulation of the Securities Exchange Act shall be deemed to include any corresponding
provisions of future law. 
  
 “Series B Stage 1
Closing” has the same meaning as set forth in Section 1.3 of the Investor Stock Purchase Agreement. 
  
 “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity
of which (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors thereof is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited liability company, partnership, association or other business entity (other than a corporation), a majority of the
partnership, membership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or
Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation) if such Person or Persons shall be allocated a majority of limited liability
company, partnership, association or other business entity gains or losses or shall be or control, directly or indirectly, any managing director, a majority of the board or managers or general partner of such limited liability company, partnership,
association or other business entity. Notwithstanding anything contained herein and for the avoidance of doubt, as of the date hereof Operating LLC is a Subsidiary of the Company and shall continue to be a Subsidiary of the Company for purposes of
this Agreement so long as the Company holds a majority of the outstanding “Units” of Operating LLC (as defined in the Limited Liability Company Agreement of the Operating LLC). 
  
 “Underlying Common Stock” means (i) the Common Stock issued or issuable upon conversion of any Preferred
Stock issued pursuant to this Agreement and (ii) any Common Stock issued or issuable in respect of the securities referred to in clause (i) above, including by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or other reorganization. For purposes of this Agreement, any Person that holds any Preferred Stock issued pursuant to this Agreement shall be deemed to be the holder of the Underlying Common Stock obtainable
upon conversion of such Preferred Stock, such Underlying Common Stock shall be deemed to be in existence, and such Person shall be entitled to exercise the rights of a holder of Underlying Common Stock hereunder. As to any particular shares of
Underlying Common Stock, such shares shall cease to be Underlying Common Stock when they have been (a) effectively registered under the Securities Act and disposed of in accordance with the registration statement covering them, (b) distributed to
the public pursuant to Rule 144 under the Securities Act (or any similar provision then in force) or (c) repurchased by the Company or any of its Subsidiaries. 
  

 14 

 6.2 Other Defined Terms. The following additional terms have the meanings given to them in the
sections set forth below: 
  

			
	 “Agreement”
	  	Preamble
	 “Benefit Arrangement”
	  	4.14
	 “Certificate of Incorporation”
	  	1.1
	 “Closing”
	  	1.3
	 “Closing Date”
	  	1.3
	 “Common Stock”
	  	1.1
	 “Company”
	  	Preamble
	 “Credit Agreement”
	  	Recitals
	 “Financial Statements”
	  	4.8
	 “Investors”
	  	Recitals
	 “Investor Stock Purchase Agreement”
	  	Recitals
	 “Material Contract”
	  	4.11
	 “Notice”
	  	3.1
	 “Preferred Stock”
	  	1.2
	 “Registration Rights Agreement”
	  	2
	 “Shareholders Agreement”
	  	2
	 “Series B Financing”
	  	Recitals

  
 Section 6.
Miscellaneous Provisions. 
  
 6.1 Remedies.

  
 Each holder of Preferred Stock and Underlying Common Stock
shall have all rights and remedies set forth in this Agreement and the Certificate of Incorporation and all rights and remedies which such holders have been granted at any time under any other agreement or contract and all of the rights which such
holders have under any law or at equity. Any Person having any rights under any provision of this Agreement shall be entitled to enforce (upon demonstration of irreparable harm) such rights specifically (without posting a bond or other security), to
recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. 
  
 6.2 Investment Representations. Cisco hereby represents and warrants to the Company that: (a) it has full power and authority to enter into this
Agreement and each other document contemplated herein to which it is a party, and each of this Agreement and each such other document executed by it constitutes its valid and legally binding obligation, enforceable against Cisco in accordance with
its terms; (b) it (or its nominee) is acquiring the Preferred Stock pursuant to this Agreement for its own account without a view to a distribution or resale thereof, it being understood that nothing contained herein shall prevent Cisco (or its
nominee) or any subsequent holders of shares of Preferred Stock and, if applicable, Common Stock, from transferring such securities pursuant to an effective registration statement or an exemption therefrom under the Securities Act as set forth in
Section 6 of the Shareholders Agreement; (c) Cisco believes it has received all the information it considers necessary or appropriate for deciding whether to acquire the Preferred Stock, it being understood that nothing contained herein shall limit
or modify the representations and warranties of the Company in Section 4 of this Agreement or the right of Cisco to rely thereon; (d) it has substantial experience in evaluating and 

  

 15 

 
investing in private placement transactions so that it is capable of evaluating the merits and risks of its investment in the Company; (e) it is familiar
with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and otherwise by the Securities Act; (f) it is an accredited investor as defined in Rule 501(a) of Regulation D
promulgated under the Securities Act as presently in effect; and (g) Cisco hereby represents that it is not investing in the Company with any “plan asset,” within the meaning of DOL Reg. Sec. 2510.3-101, of a “plan,” within the
meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended. Each certificate or instrument representing Restricted Securities shall be imprinted with a legend in substantially the following form: 
  
 “The securities represented by this certificate were originally issued
on November 1, 2002, and have not been registered under the Securities Act of 1933, as amended. The transfer of the securities represented by this certificate is subject to the conditions specified in the Stock Purchase Agreement dated as of
November 1, 2002, as amended and modified from time to time, between the issuer (the “Company”) and the initial holder of these securities. The Company reserves the right to refuse the transfer of such securities until such conditions have
been fulfilled with respect to such transfer. A copy of such conditions shall be furnished by the Company to the holder hereof upon written request and without charge.” 
  
 6.3 Consent to Amendments. Except as otherwise expressly provided herein, the provisions of this Agreement may be
amended, modified, or waived, and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if the Company has obtained the written consent of the holders of a majority of the Preferred
Stock then outstanding; provided that if any such amendment, modification, or waiver would materially and adversely affect any holder of Preferred Stock relative to its effect on the holders of the Preferred Stock voting in favor of such
amendment, modification, or waiver, such amendment, modification, or waiver shall also require the written consent of the holders of a majority of such securities held by all holders so adversely affected. 
  
 6.4 Survival; Termination. All representations and warranties
contained herein or made in writing by any party in connection herewith shall survive the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby, regardless of any investigation made by Cisco or on its
behalf. 
  
 [6.5 Public Disclosures. The Company shall not,
nor shall it permit any of its Subsidiaries to, disclose the name or identity of Cisco or any of its Subsidiaries in any press release or other public announcement or in any document or material filed with any governmental entity without the prior
written consent of such Person, unless in the reasonable judgment of the Company such disclosure is required by applicable law or governmental regulations or by order of a court of competent jurisdiction, in which case prior to making such
disclosure the Company shall give written notice to such Person describing in reasonable detail the proposed content of such disclosure and shall permit such Person a minimum of three (3) business days to review and comment upon the form and
substance of such disclosure.] 
  

 16 

 6.6 Successors and Assigns. Except as otherwise expressly provided herein, all covenants and
agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not. 
  
 6.7 Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of this Agreement. 
  
 6.8 Descriptive Headings; Interpretation; No Strict Construction. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.
Whenever required by the context, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns, pronouns, and verbs shall include the plural and vice versa. Reference to any
agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. The use of the words “include” or
“including” in this Agreement shall be by way of example rather than by limitation. The use of the words “or,” “either” or “any” shall not be exclusive. The parties hereto have participated jointly in the
negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement. The parties agree that prior drafts of this Agreement shall be deemed not to provide any evidence as to the meaning of any provision hereof or
the intent of the parties hereto with respect hereto. 
  
 6.9 Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement and the exhibits and schedules hereto shall be governed by, and construed in accordance
with the General Corporation Law of the State of Delaware as to matters within the scope thereof, and as to all other matters by the internal laws of the State of California, without giving effect to any choice of law or conflict of law rules or
provisions (whether of the State of California or any other jurisdiction) that would cause the application of the laws of any other jurisdiction. In furtherance of the foregoing, the General Corporation Law of the State of Delaware or, if
applicable, internal law of the State of California shall control the interpretation and construction of this Agreement (and all schedules and exhibits hereto), even though under that jurisdiction’s choice of law or conflict of law analysis,
the substantive law of some other jurisdiction would ordinarily apply. 
  
 6.10 Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given when (a)
delivered personally to the recipient, (b) telecopied to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00 p.m. Atlanta, Georgia time on a business
day, 

  

 17 

 
and otherwise on the next business day, or (c) one business day after being sent to the recipient by reputable overnight courier service (charges prepaid).
Such notices, demands and other communications shall be sent to the following Persons at the following addresses: 
  
 To the Company: 
  
 Cbeyond Communications, Inc. 
 320
Interstate North Parkway, SE, Suite 300 
 Atlanta, GA 30339 
 Attention: President 
 Telephone: (678) 424-2400 
 Facsimile: (678) 424-2500 
  
 with a copy (which shall not constitute notice) to: 
  
 Latham & Watkins 
 135 Commonwealth Drive

 Menlo Park, California 94025 
 Attention: Christopher L. Kaufman, Esq. 
 Telephone: (650) 463-2606 
 Telecopy: (650) 463-2600 
  
 and 
  
 Latham & Watkins 
 11400 Commerce Park
Drive, Suite 200 
 Reston, Virginia 20191 
 Attention: William L. Warren, Esq. 
 Telephone: (703) 390-0912 
 Telecopy: (703) 390-0901 
  
 To Cisco: 
  
 Cisco Systems Capital Corporation 
 6005
Plumas Street, Suite 101 
 Reno, NV 89509 
 Attn.: Loan Compliance and Administration 
 Telecopy: (775) 823-7880 
  
 or to such other address or to the attention of such other person as the recipient party has
specified by prior written notice to the sending party. 
  
 6.11
Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same
Agreement. 
  

 18 

 6.12 Delivery by Facsimile. This Agreement, the agreements referred to herein, and each other
agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of a facsimile machine, shall be treated in all manner and
respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. At the request of any party hereto or to any such agreement or
instrument, each other party hereto or thereto shall reexecute original forms thereof and deliver them to all other parties. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine to deliver a signature or
the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

  
 * * * * * 
  

 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Stock Purchase Agreement as of the date first
written above. 
  

			
	CBEYOND COMMUNICATIONS, INC.
		
	By:	 	 CBEYOND COMMUNICATIONS, INC.

	 Its:
	 	 

  

			
	CISCO SYSTEMS CAPITAL CORPORATION
		
	By:	 	 CISCO SYSTEMS CAPITAL CORPORATION

	 Its:

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