Long-term debt comprised the following:



	December 31, 2014					March 31, 2015
	Carrying Amount			Fair Value		Carrying Amount			Fair Value
Revolving Credit Facility(1)	$	883,428		$	883,428	$	823,881		$	823,881
Term Loan(1)	249,375			249,375		248,750			248,750
6³/₄% Euro Senior Subordinated Notes due 2018 (the "6³/₄% Notes")(2)(3)	308,616			309,634		273,760			274,369
7³/₄% Senior Subordinated Notes due 2019 (the "7³/₄% Notes")(2)(3)	400,000			429,000		400,000			425,750
8³/₈% Senior Subordinated Notes due 2021 (the "8³/₈% Notes")(2)(3)	106,030			110,500		106,038			109,836
6¹/₈% CAD Senior Notes due 2021 (the "CAD Notes")(2)(4)	172,420			175,437		157,470			162,194
6¹/₈% GBP Senior Notes due 2022 (the "GBP Notes")(2)(5)	622,960			639,282		592,160			620,998
6% Senior Notes due 2023 (the "6% Notes")(2)(3)	600,000			625,500		600,000			631,500
5³/₄% Senior Subordinated Notes due 2024 (the "5³/₄% Notes")(2)(3)	1,000,000			1,005,000		1,000,000			1,005,000
Accounts Receivable Securitization Program(6)(7)	—			—		220,800			220,800
Real Estate Mortgages, Capital Leases and Other(7)	320,702			320,702		298,983			298,983
Total Long-term Debt	4,663,531					4,721,842
Less Current Portion	(52,095		)			(54,483		)
Long-term Debt, Net of Current Portion	$	4,611,436				$	4,667,359

______________________________________________________________________________

(1)

The capital stock or other equity interests of most of our United States subsidiaries, and up to 66% of the capital stock or other equity interests of our first-tier foreign subsidiaries, are pledged to secure these debt instruments, together with all intercompany obligations (including promissory notes) of subsidiaries owed to us or to one of our United States subsidiary guarantors. In addition, Iron Mountain Canada Operations ULC ("Canada Company") has pledged 66% of the capital stock of its subsidiaries, and all intercompany obligations (including promissory notes) owed to or held by it, to secure the Canadian dollar subfacility under the Revolving Credit Facility (defined below). The fair value (Level 3 of fair value hierarchy described at Note 2.k.) of these debt instruments approximates the carrying value (as borrowings under these debt instruments are based on current variable market interest rates (plus a margin that is subject to change based on our consolidated leverage ratio)), as of both December 31, 2014 and March 31, 2015.


(2)	The fair values (Level 1 of fair value hierarchy described at Note 2.k.) of these debt instruments are based on quoted market prices for these notes on December 31, 2014 and March 31, 2015, respectively.

(3)

Collectively, the "Parent Notes." IMI is the direct obligor on the Parent Notes, which are fully and unconditionally guaranteed, on a senior or senior subordinated basis, as the case may be, by most of its direct and indirect 100% owned United States subsidiaries (the "Guarantors"). These guarantees are joint and several obligations of the Guarantors. Canada Company, Iron Mountain Europe PLC ("IME"), the Special Purpose Subsidiaries (as defined below) and the remainder of our subsidiaries do not guarantee the Parent Notes.


(4)	Canada Company is the direct obligor on the CAD Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements.


(5)	IME is the direct obligor on the GBP Notes, which are fully and unconditionally guaranteed, on a senior basis, by IMI and the Guarantors. These guarantees are joint and several obligations of IMI and the Guarantors. See Note 5 to Notes to Consolidated Financial Statements.


(6)	The Special Purpose Subsidiaries are the obligors under this program.


(7)	We believe the fair value (Level 3 of fair value hierarchy described at Note 2.k.) of this debt approximates its carrying

value