Exhibit
4.1


 


Execution
Version





	 



 


INDENTURE



Dated as of April 1, 2021



among



DYCOM INDUSTRIES, INC.


 


the
Guarantors listed herein


 


and


 


U.S.
BANK NATIONAL ASSOCIATION

as Trustee


 


4.50%
SENIOR NOTES DUE 2029 





	 





    


     


    







TABLE
OF CONTENTS 


 




	 	Page
	 	 
	ARTICLE I

                                                                                DEFINITIONS AND RULES OF CONSTRUCTION

	 
	SECTION
    1.01. Definitions	1
	SECTION
    1.02. Other Definitions	41
	SECTION
    1.03. Rules of Construction	42
	SECTION
    1.04. Acts of Holders	43
	SECTION
    1.05. Measuring Compliance	45
	 	 
	ARTICLE II

                                                                                THE NOTES

	 
	SECTION
    2.01. Form and Dating; Terms	47
	SECTION
    2.02. Execution and Authentication	49
	SECTION
    2.03. Registrar and Paying Agent	49
	SECTION
    2.04. Paying Agent to Hold Money in Trust	50
	SECTION
    2.05. Holder Lists	50
	SECTION
    2.06. Transfer and Exchange	50
	SECTION
    2.07. Replacement Notes	63
	SECTION
    2.08. Outstanding Notes	63
	SECTION
    2.09. Treasury Notes	64
	SECTION
    2.10. Temporary Notes	64
	SECTION
    2.11. Cancellation	64
	SECTION
    2.12. Defaulted Interest	64
	SECTION
    2.13. CUSIP Numbers and ISINs	65
	 	 
	ARTICLE III

                                                                                REDEMPTION

	 
	SECTION
    3.01. Notices to Trustee	65
	SECTION
    3.02. Selection of Notes to Be Redeemed	65
	SECTION
    3.03. Notice of Redemption	66
	SECTION
    3.04. Effect of Notice of Redemption	67
	SECTION
    3.05. Deposit of Redemption Price	67
	SECTION
    3.06. Notes Redeemed in Part	67
	SECTION
    3.07. Optional Redemption	68
	SECTION
    3.08. Mandatory Redemption	69
	SECTION
    3.09. Offers to Repurchase by Application of Excess Proceeds	69
	 	 
	ARTICLE IV

                                                                                COVENANTS

	 
	SECTION
    4.01. Payment of Notes	71





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	 	Page
	 	 
	SECTION
    4.02. Maintenance of Office or Agency	72
	SECTION
    4.03. Reports and Other Information	72
	SECTION
    4.04. Compliance Certificate	73
	SECTION
    4.05. Taxes	74
	SECTION
    4.06. Stay, Extension and Usury Laws	74
	SECTION
    4.07. Limitation on Restricted Payments	75
	SECTION
    4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	82
	SECTION
    4.09. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	84
	SECTION
    4.10. Asset Sales	91
	SECTION
    4.11. Transactions with Affiliates	95
	SECTION
    4.12. Liens	97
	SECTION
    4.13. Company Existence	98
	SECTION
    4.14. Offer to Repurchase Upon Change of Control	99
	SECTION
    4.15. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	101
	SECTION
    4.16. Suspension of Covenants	102
	 	 
	ARTICLE V

                                                                                SUCCESSORS

	 
	SECTION
    5.01. Merger, Consolidation or Sale of All or Substantially All Assets	103
	SECTION
    5.02. Successor Person Substituted	105
	 	 
	ARTICLE VI

                                                                                DEFAULTS AND REMEDIES

	 
	SECTION
    6.01. Events of Default	106
	SECTION
    6.02. Acceleration	108
	SECTION
    6.03. Other Remedies	110
	SECTION
    6.04. Waiver of Past Defaults	110
	SECTION
    6.05. Control by Majority	110
	SECTION
    6.06. Limitation on Suits	110
	SECTION
    6.07. Rights of Holders of Notes to Receive Payment	111
	SECTION
    6.08. Collection Suit by Trustee	111
	SECTION
    6.09. Restoration of Rights and Remedies	111
	SECTION
    6.10. Rights and Remedies Cumulative	111
	SECTION
    6.11. Delay or Omission Not Waiver	111
	SECTION
    6.12. Trustee May File Proofs of Claim	112
	SECTION
    6.13. Priorities	112
	SECTION
    6.14. Undertaking for Costs	113
	 	 
	ARTICLE VII

                                                                                TRUSTEE

	 
	SECTION
    7.01. Duties of Trustee	113
	SECTION
    7.02. Rights of Trustee	114





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	 	Page
	 	 
	SECTION
    7.03. Individual Rights of Trustee	116
	SECTION
    7.04. Trustee’s Disclaimer	116
	SECTION
    7.05. Notice of Defaults	116
	SECTION
    7.06. [Reserved]	116
	SECTION
    7.07. Compensation and Indemnity	116
	SECTION
    7.08. Replacement of Trustee	117
	SECTION
    7.09. Successor Trustee by Merger, etc.	118
	SECTION
    7.10. Eligibility; Disqualification	118
	 	 
	ARTICLE VIII

                                                                                LEGAL DEFEASANCE AND COVENANT DEFEASANCE

	 
	SECTION
    8.01. Option to Effect Legal Defeasance or Covenant Defeasance	119
	SECTION
    8.02. Legal Defeasance and Discharge	119
	SECTION
    8.03. Covenant Defeasance	120
	SECTION
    8.04. Conditions to Legal or Covenant Defeasance	120
	SECTION
    8.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	122
	SECTION
    8.06. Repayment to Issuer	122
	SECTION
    8.07. Reinstatement	122
	 	 
	ARTICLE IX

                                                                                AMENDMENT, SUPPLEMENT AND WAIVER

	 
	SECTION
    9.01. Without Consent of Holders	123
	SECTION
    9.02. With Consent of Holders	124
	SECTION
    9.03. Revocation and Effect of Consents	126
	SECTION
    9.04. Notation on or Exchange of Notes	126
	SECTION
    9.05. Trustee to Sign Amendments, etc.	126
	SECTION
    9.06. Additional Voting Terms; Calculation of Principal Amount	127
	 	 
	ARTICLE X

                                                                                GUARANTEES

	 
	SECTION
    10.01. Guarantee	127
	SECTION
    10.02. Limitation on Guarantor Liability	129
	SECTION
    10.03. Execution and Delivery	129
	SECTION
    10.04. Subrogation	129
	SECTION
    10.05. Benefits Acknowledged	130
	SECTION
    10.06. Release of Guarantees	130
	 	 
	ARTICLE XI

                                                                                SATISFACTION AND DISCHARGE

	 
	SECTION
    11.01. Satisfaction and Discharge	130
	SECTION
    11.02. Application of Trust Money	132





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	 	Page
	 	 
	ARTICLE XII

                                                                                MISCELLANEOUS

	 
	SECTION
    12.01. Notices	132
	SECTION
    12.02. Communication by Holders with Other Holders	134
	SECTION
    12.03. Certificate and Opinion as to Conditions Precedent	134
	SECTION
    12.04. Statements Required in Certificate or Opinion	134
	SECTION
    12.05. Rules by Trustee and Agents	135
	SECTION
    12.06. No Personal Liability of Directors, Officers, Employees, Members and Stockholders	135
	SECTION
    12.07. Governing Law	135
	SECTION
    12.08. Waiver of Jury Trial	135
	SECTION
    12.09. Force Majeure	135
	SECTION
    12.10. No Adverse Interpretation of Other Agreements	135
	SECTION
    12.11. Successors	135
	SECTION
    12.12. Severability	135
	SECTION
    12.13. Counterpart Originals	135
	SECTION
    12.14. Table of Contents, Headings, etc	136
	SECTION
    12.15. USA Patriot Act	136


 





	EXHIBITS
	 	 
	Exhibit A	Form of Note
	Exhibit B	Form of Certificate of Transfer
	Exhibit C	Form of Certificate of Exchange
	Exhibit D	Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors







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This
INDENTURE, dated as of April 1, 2021, is among Dycom Industries, Inc. (the “Issuer”), a Florida corporation,
the Guarantors (as defined herein) listed on the signature pages hereto, and U.S. Bank National Association, as trustee (the “Trustee”).


 


W I T N E S S E T H


 


WHEREAS,
the Issuer has duly authorized the creation of an issue of $500,000,000 aggregate principal amount of the Issuer’s 4.50%
senior notes due 2029 (the “Initial Notes”);


 


WHEREAS,
the obligations of the Issuer with respect to the due and punctual payment of the principal of, premium, if any, and interest
on the Notes (as defined herein) and the performance and observation of each covenant and agreement under this Indenture to be
performed or observed will be unconditionally and irrevocably guaranteed by the Guarantors; and


 


WHEREAS,
the Issuer and each of the Guarantors has duly authorized the execution and delivery of this Indenture;


 


NOW,
THEREFORE, each party hereto agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the
Holders.


 


ARTICLE
I

DEFINITIONS AND RULES OF CONSTRUCTION


 


SECTION
1.01. Definitions.


 


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


 


“Acquired
Indebtedness” means, with respect to any specified Person,


 


(1)  Indebtedness
of any other Person existing at the time such other Person is merged or consolidated with or into or wound up into or became a
Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such
other Person merging or consolidating with or into, winding up into or becoming a Restricted Subsidiary of such specified Person,
or


 


(2)  Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person.


 


“Additional
Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance
with Sections 2.01, 2.02 and 4.09 hereof.




    


     


    


“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used
with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of
the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise.


 


“Agents”
means any Registrar or Paying Agent.


 


“Applicable
Premium” means, with respect to any Note on any applicable Redemption Date, the greater of:


 


(1)  1.0%
of the then-outstanding principal amount of such Note; and


 


(2)  the
excess, if any, of


 


(a)  the
present value at such Redemption Date of (i) the redemption price of the Note on April 15, 2024 (such redemption price being set
forth in the table set forth in Section 3.07(b) hereof) plus (ii) all required interest payments due on the Note through April
15, 2024 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury
Rate as of such Redemption Date plus 50 basis points; over


 


(b)  the
then-outstanding principal amount of such Note.


 


The
Issuer shall calculate the Applicable Premium. For the avoidance of doubt, calculation of the Applicable Premium shall not be
an obligation or duty of the Trustee.


 


“Applicable
Procedures” means, with respect to any transfer or exchange of or for, redemption of, or notice with respect to beneficial
interests in any Global Note or the redemption or repurchase of any Global Note, the rules and procedures of the Depositary, Euroclear
and/or Clearstream that apply to such transfer, exchange, redemption or repurchase.


 


“Asset
Sale” means:


 


 (1)  the
sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property
or assets (including by way of a Sale and Lease-Back Transaction) of the Issuer or any of its Restricted Subsidiaries (each referred
to in this definition as a “disposition”); or


 


 (2)  the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock or Disqualified Stock of Restricted
Subsidiaries issued in compliance with Section 4.09 hereof), whether in a single transaction or a series of related transactions;




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in
each case, other than:


 


 (a)  any
disposition of Cash Equivalents or Investment Grade Securities or obsolete, non-core, surplus, damaged, unnecessary, unsuitable
or worn out equipment, inventory or other property in the ordinary course of business or any disposition of inventory or goods
(or other assets) held for sale or no longer used or useful, or economically practical to maintain in the conduct of the business
of the Issuer or any of its Restricted Subsidiaries;


 


 (b)  the
disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to the provisions described
under Section 5.01 hereof or any disposition that constitutes a Change of Control pursuant to this Indenture;


 


 (c)  the
making of any Restricted Payment that is permitted to be made, and is made, under Section 4.07 hereof or any Permitted Investment;


 


 (d)  any
disposition of property or assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series
of related transactions with an aggregate fair market value of less than $75.0 million;


 


 (e)  any
disposition of property or assets by a Restricted Subsidiary, or the issuance of securities by a Restricted Subsidiary, in either
case, to the Issuer or another Restricted Subsidiary, or by the Issuer to a Restricted Subsidiary;


 


 (f)  to
the extent allowable under Section 1031 of the Internal Revenue Code of 1986, as amended, or comparable law or regulation,
any exchange of like property (excluding any boot thereon) for use in a Similar Business;


 


 (g)  the
lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business;


 


 (h)  any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary (or a Restricted Subsidiary
which owns an Unrestricted Subsidiary so long as such Restricted Subsidiary owns no assets other than the Equity Interests of
such Unrestricted Subsidiary);


 


 (i)  any
foreclosure, condemnation, expropriation, forced dispositions, eminent domain or any similar action with respect to assets or
the granting of Liens not prohibited by this Indenture;


 


 (j)  sales
of accounts receivable, or participations therein, or Receivables Assets or related assets, or any disposition of the Equity Interests
in a Subsidiary, all or substantially all of the assets of which are Receivables Assets, in each case, in connection with any
Qualified Receivables Facility or the disposition of an account receivable in connection with the collection or compromise thereof;


 


 (k)  any
Designated Sale and Lease-Back Transaction and any financing transaction with respect to property built or acquired by the Issuer
or any Restricted Subsidiary after the Issue Date, including Sale and Lease-Back Transactions and asset securitizations permitted
by this Indenture;


 


 (l)  the
sale, discount or other disposition of inventory, accounts receivable, notes receivable or other assets in the ordinary course
of business or the conversion of accounts receivable to notes receivable in connection with the collection or compromise thereof;




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 (m)
   the licensing or sub-licensing of, or the assignment of, intellectual property, software or other general intangibles
in the ordinary course of business;


 


 (n)  any
surrender or waiver of contract rights or the settlement, release or surrender of contract rights or other litigation claims in
the ordinary course of business;


 


 (o)  the
entry into, amendment, exercise, termination or settlement (in whole or in part) of Hedging Obligations or any Convertible Bond
Hedge Transaction, Capped Call Transaction or Warrant Transaction;


 


 (p)  sales,
transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell
arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements;


 


 (q)  the
lapse, abandonment or disposition of intellectual property rights in the ordinary course of business, which rights, in the reasonable
good faith determination of the Issuer, are not material to the conduct of the business of the Issuer and its Restricted Subsidiaries
taken as a whole;


 


 (r)  the
issuance of director qualifying shares and shares issued to foreign nationals as required by applicable law;


 


 (s)  the
granting of a Lien that is permitted under Section 4.12 hereof or any Permitted Lien;


 


 (t)  any
transfer of property subject to a casualty event upon receipt of the net cash proceeds of such casualty event;


 


(u) any
disposition to a Captive Insurance Subsidiary; and


 


(v)  the
disposition of any assets (including Equity Interests) (i) acquired in a transaction after the Issue Date, which assets are not
used or useful in the core or principal business of the Issuer and its Restricted Subsidiaries or (ii) made in connection with
the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of the
Issuer to consummate any acquisition; provided that the net cash proceeds are applied in accordance with Section 4.10(b) hereof.


 


“Bank
Products” means any facilities or services related to cash management, including treasury, depository, overdraft, credit
or debit card, purchase card, electronic funds transfer and other cash management arrangements.


 


“Bankruptcy
Law” means Title 11, U.S. Code, as amended, or any similar federal or state law for the relief of debtors.


 


“Business
Day” means each day which is not a Legal Holiday.


 


“Capital
Stock” means:


 


(1)  in
the case of a corporation, corporate stock;




    -4-


     


    


(2)  in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock;


 


(3)  in
the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and


 


(4)  any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person.


 


“Capitalized
Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding
the footnotes thereto) prepared in accordance with GAAP.


 


“Capitalized
Software Expenditures” means, for any period, the aggregate of all expenditures (whether paid in cash or accrued as
liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally
developed software and software enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized
costs on any consolidated balance sheet of such Person and its Restricted Subsidiaries.


 


“Capped
Call Transactions” means one or more call options (or substantively equivalent derivative transaction) referencing the
Issuer’s Equity Interests purchased by the Issuer (or a Restricted Subsidiary) in connection with the issuance of Convertible
Bond Indebtedness with a strike or exercise price (howsoever defined) initially equal to the conversion price or exchange price
(howsoever defined) of the related Convertible Bond Indebtedness (subject to rounding) (whether settled in shares, cash or a combination
thereof) and limiting the amount deliverable to the Issuer (or a Restricted Subsidiary) upon exercise thereof based on a cap or
upper strike price (howsoever defined).


 


“Captive
Insurance Subsidiary” means (i) any Subsidiary of the Issuer operating for the purpose of (a) insuring the businesses,
operations or properties owned or operated by the Issuer or any of its Subsidiaries, including their future, present or former
employees, directors, officers, managers, members, partners, independent contractors or consultants, and related benefits and/or
(b) conducting any activities or business incidental thereto (it being understood and agreed that activities which are relevant
or appropriate to qualify as an insurance company for U.S. federal or state tax purposes shall be considered “activities
or business incidental thereto”) or (ii) any Subsidiary of any such insurance subsidiary operating for the same purpose
described in clause (i) above.


 


“Cash
Equivalents” means:


 


(1)  United
States dollars;


 


(2)  (a)    pounds
sterling, euros, Canadian dollars, or any national currency of any participating member state of the EMU; and





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(b)  
local currencies of any other jurisdiction held by the Issuer or any of its Restricted Subsidiaries from time to time in the ordinary
course of business;


 


(3)  securities
issued or directly and fully guaranteed or insured by the U.S. government or any government of any member of the European Union
or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full-faith-and-credit obligation
of such government with maturities of 24 months or less from the date of acquisition;


 


(4)  certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any domestic or foreign commercial
bank having capital and surplus of not less than $250.0 million in the case of U.S. banks and $100.0 million (or the
U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks;


 


(5)  repurchase
obligations for underlying securities of any of the types described in clauses (3), (4), (7) and (8) of this definition entered
into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (4) of
this definition;


 


(6)  commercial
paper and variable- or fixed-rate notes having one of the three highest ratings obtainable from Moody’s or S&P (or,
if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally
recognized statistical rating agency) and in each case maturing within 24 months after the date of creation thereof and Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s with maturities of 24 months or less from the date of acquisition;


 


(7)  marketable
short-term money market and similar securities having one of the three highest ratings obtainable from either Moody’s or
S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating
from another nationally recognized statistical rating agency) and in each case maturing within 24 months after the date of
creation or acquisition thereof and any money market deposit account issued or offered by any lender party to any Credit Facilities
or with any U.S. commercial bank having capital and surplus in excess of $250.0 million;


 


(8)  readily
marketable direct obligations issued, or securities issued and fully guaranteed, by any state, commonwealth or territory of the
United States or the European Union or any political subdivision or taxing authority thereof having an Investment Grade Rating
from either Moody’s or S&P (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency) with maturities of 24 months or less from
the date of acquisition;


 


(9)  readily
marketable direct obligations issued, or securities issued and fully guaranteed, by any foreign government or any political subdivision
or public instrumentality thereof, in each case having an Investment Grade Rating from either Moody’s or S&P (or, if
at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another nationally recognized
statistical rating agency) with maturities of 24 months or less from the date of acquisition;




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(10)  Investments
with average maturities of 12 months or less from the date of acquisition in money market funds given one of the three highest
ratings by S&P or Moody’s (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency); and


 


(11)  investment
funds that invest primarily in securities of the types described in clauses (1) through (10) of this definition.


 


In
the case of Investments by any Foreign Subsidiary or Investments made in a country outside the United States, Cash Equivalents
shall also include (a) assets and investments of the type and, to the extent applicable, maturity described in clauses (1) through
(8) and clauses (10) and (11) of this definition of foreign obligors, which Investments or obligors (or the parents of such obligors)
have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and (b) other short-term
investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in investments
analogous to the foregoing investments in clauses (1) through (11) of this definition and in this paragraph.


 


In
addition, in the case of Investments by any Captive Insurance Subsidiary, Cash Equivalents shall also include (a) such Investments
with average maturities of 12 months or less from the date of acquisition in issuers rated BBB- (or the equivalent thereof) or
better by S&P or Baa3 (or the equivalent thereof) or better by Moody’s, in each case at the time of such Investment
and (b) any Investment with a maturity of more than 12 months that would otherwise constitute Cash Equivalents of the kind described
in any of clauses (1) through (11) of this definition or clause (a) of this paragraph, if the maturity of such Investment was
12 months or less; provided that the effective maturity of such Investment does not exceed 15 years.


 


Notwithstanding
the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1)
and (2) of this definition; provided that such amounts are converted into any currency listed in clauses (1) and (2)
as promptly as practicable and in any event within ten Business Days following the receipt of such amounts.


 


At
any time at which the value, calculated in accordance with GAAP, of all investments of the Issuer and its Restricted Subsidiaries
that were deemed, when made, to be Cash Equivalents in accordance with clauses (1) through (11) of this definition exceeds
the Indebtedness of the Issuer and its Restricted Subsidiaries, “Cash Equivalents” shall also mean any investment
(a “Qualifying Investment”) that satisfies the following two conditions: (x) the Qualifying Investment is of
a type described in clauses (1) through (10) of the first paragraph of this definition, but has an effective maturity (whether
by reason of final maturity, a put option or, in the case of an asset-backed security, an average life) of five years and one
month or less from the date of such Qualifying Investment (notwithstanding any provision contained in such clauses (1) through
(10) requiring a shorter maturity); and (y) the weighted average effective maturity of such Qualifying Investment and all
other investments that were made as Qualifying Investments in accordance with this paragraph does not exceed two years from the
date of such Qualifying Investment.




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“Change
of Control” means the occurrence of any of the following:


 


(1)  the
sale, lease or transfer, in one transaction or a series of related transactions, of all or substantially all of the assets of
the Issuer and its Subsidiaries, taken as a whole, to any Person; or


 


(2)  the
Issuer becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) of the acquisition by any person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or a series of related
transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning
of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50.0% of the voting power of the Voting Stock
of the Issuer;


 


provided,
however, that (1) a transaction in which the Issuer becomes a Subsidiary of another Person (other than a Person that is
an individual, such Person that is not an individual, the “Other Person”) shall not constitute a Change of
Control if (a) the shareholders “beneficially owning” 100.0% of the voting power of the outstanding Voting Stock of
the Issuer immediately prior to such transaction “beneficially own” (as such term is defined in Rule 13d-3 and Rule
13d-5 under the Exchange Act), directly or indirectly through one or more intermediaries, at least a majority of the voting power
of the outstanding Voting Stock of the Issuer, immediately following the consummation of such transaction, and no “person”
or “group” (as such terms are defined above) “beneficially owns” (as such term is defined above) more
than 50.0% of the voting power of the outstanding Voting Stock of the Issuer immediately following such transaction if such “person”
or “group” (as such terms are defined above) did not “beneficially own” (as such term is defined above)
more than 50.0% of the voting power of the outstanding Voting Stock of the Issuer prior to such transaction or (b) immediately
following the consummation of such transaction, no “person” or “group” (as such terms are defined above),
other than the Other Person (but including the holders of the Equity Interests of the Other Person), “beneficially owns”
(as such term is defined above), directly or indirectly through one or more intermediaries, more than 50.0% of the voting power
of the outstanding Voting Stock of the Issuer or the Other Person; (2) the transfer of assets between or among the Restricted
Subsidiaries and the Issuer in accordance with the terms of this Indenture shall not itself constitute a Change of Control; and
(3) a “person” or “group” (as such terms are defined above) shall not be deemed to “beneficially
own” (as such term is defined above) securities subject to a stock purchase agreement, merger agreement or similar agreement
(or any voting or option agreement related thereto) until the consummation of the transactions contemplated by such agreement.




    -8-


     


    


“Clearstream”
means Clearstream Banking S.A. or any successor securities clearing agency.


 


“consolidated”
with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.


 


“Consolidated
Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation
and amortization expense, including the amortization of intangibles, deferred financing fees or costs and Capitalized Software
Expenditures of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in
accordance with GAAP.


 


“Consolidated
Interest Expense” means, with respect to any Person for any period, without duplication:


 


(1)  consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and
not added back) in computing Consolidated Net Income (including, but not limited to, (a) all commissions, discounts and other
fees and charges owed with respect to letters of credit or bankers acceptances accounted for as interest expense, (b) the
interest component of Capitalized Lease Obligations, and (c) net payments, if any, made (less net payments, if any, received),
pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (r) amortization of debt discount
and premium, (s) any expense resulting from the discounting of any Indebtedness in connection with the application of purchase
accounting in connection with any acquisition, (t) penalties and interest relating to taxes, (u) any “additional
interest” owing pursuant to any registration rights agreement with respect to securities, (v) amortization of deferred
financing fees, debt issuance costs, commissions, fees and expenses, (w) any expensing of bridge, commitment and other financing
fees, (x) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified
Receivables Facility, (y) any accretion of accrued interest on discounted liabilities) and (z) any other non-cash interest
expense; less


 


(2)  interest
income for such period.


 


For
purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.


 


“Consolidated
Net Income” means, with respect to any Person for any period, the aggregate of the Net Income of such Person and its
Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided that, without duplication,


 


(1)  any
after-tax effect of extraordinary, infrequent non-recurring or unusual gains or losses (less all fees and expenses relating thereto)
or expenses (including relating to any multi-year strategic initiatives), Transaction Expenses, severance, relocation costs and
curtailments or modifications to pension and post-retirement employee benefit plans shall be excluded,




    -9-


     


    


(2)  the
Net Income for such period shall not include the cumulative effect of a change in accounting principles and changes as a result
of the adoption or modification of accounting policies during such period,


 


(3)  any
net after-tax gain or loss on discontinued operations not held for sale, or disposal of disposed or abandoned operations shall
be excluded,


 


(4)  any
after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or abandonments
or the sale or other disposition of any Equity Interests of any Person other than in the ordinary course of business shall be
excluded,


 


(5)  the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for
by the equity method of accounting, shall be excluded; provided that the Consolidated Net Income of the Issuer shall be
increased by the amount of dividends or distributions or other payments actually paid in cash (or to the extent converted into
cash) to the Issuer or a Restricted Subsidiary thereof in respect of such period,


 


(6)  the
effects of adjustments in the inventory, property and equipment, software, goodwill, other intangible assets, in-process research
and development, deferred revenue, accrued liabilities, and debt line items in such Person’s consolidated financial statements
prepared in accordance with GAAP resulting from the application of purchase accounting in relation to any consummated acquisition
or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded,


 


(7)  any
after-tax effect of income (loss) from the early repurchase, redemption or other extinguishment or amendment of (i) Indebtedness,
(ii) interest rate Hedging Obligations, or (iii) any Convertible Bond Hedge Transaction, Capped Call Transaction or Warrant
Transaction shall be excluded,


 


(8)  any
impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to
intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation,
in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP shall be excluded,


 


(9)  any
non-cash compensation charge or expense, including any such charge arising from any grant of stock appreciation or similar rights,
stock options, restricted stock, restricted stock units or other rights shall be excluded,




    -10-


     


    


(10) any
fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition,
Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction or amendment
or modification of any debt instrument (in each case, including any such transaction consummated prior to the Issue Date and any
such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a
result of any such transaction shall be excluded, and


 


(11)  accruals
and reserves that are established within twelve months after the Issue Date that are so required to be established as a result
of the Transactions (or within twelve months after the closing of any acquisition that are so required to be established as a
result of such acquisition) in accordance with GAAP, shall be excluded.


 


In
addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, Consolidated Net Income shall include the amount of proceeds received from business
interruption insurance and reimbursements of any expense or charge that is covered by indemnification or other reimbursement provisions
in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition of assets permitted under this
Indenture.


 


Notwithstanding
the foregoing, for the purpose of Section 4.07 hereof only (other than clause (3)(E) of Section 4.07(a) hereof),
there shall be excluded from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments
made by the Issuer and its Restricted Subsidiaries, any repurchase or redemption of Restricted Investments from the Issuer and
its Restricted Subsidiaries, any repayment of loans or advance that constitutes a Restricted Investment by the Issuer or any of
its Restricted Subsidiaries, any sale of the Equity Interests of an Unrestricted Subsidiary or any distribution or dividend from
an Unrestricted Subsidiary, in each case, only to the extent such amounts increase the amount of Restricted Payments permitted
under clause (3)(E) of Section 4.07(a) hereof.


 


“Consolidated
Secured Debt Ratio” means, as of any date of determination, the ratio of (1) Consolidated Total Indebtedness of
the Issuer and its Restricted Subsidiaries that is secured by Liens on the property of the Issuer and its Restricted Subsidiaries
as of the end of the most recent fiscal quarter for which internal financial statements are available immediately preceding the
date of determination, less the aggregate amount of Cash Equivalents held by the Issuer and its Restricted Subsidiaries at such
date, to (2) the Issuer’s EBITDA for the most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date of determination, in each case with such pro forma adjustments
to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of Fixed Charge Coverage Ratio.


 


“Consolidated
Total Debt Ratio” means, as of any date of determination, the ratio of (1) Consolidated Total Indebtedness of the Issuer
and its Restricted Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available
immediately preceding the date of determination, less the aggregate amount of Cash Equivalents held by the Issuer and its Restricted
Subsidiaries at such date, to (2) the Issuer’s EBITDA for the most recently ended four full fiscal quarters for which internal
financial statements are available immediately preceding the date of determination, in each case with such pro forma adjustments
to Consolidated Total Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of Fixed Charge Coverage Ratio.




    -11-


     


    


“Consolidated
Total Indebtedness” means, as at any date of determination, an amount equal to the sum of (1) the aggregate amount
of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness
for borrowed money, Obligations in respect of Capitalized Lease Obligations and debt obligations evidenced by promissory notes
and similar instruments (and excluding, for the avoidance of doubt, any letter of credit, except to the extent of unreimbursed
amounts thereunder, Hedging Obligations and all obligations relating to Qualified Receivables Facilities), in each case, determined
in accordance with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of purchase
accounting in connection with any acquisition) and (2) the aggregate amount of all outstanding Disqualified Stock of the
Issuer and all Preferred Stock of its Restricted Subsidiaries (other than Preferred Stock held by the Issuer or a Guarantor) on
a consolidated basis, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective
voluntary or involuntary liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated
basis in accordance with GAAP.


 


“Contingent
Obligations” means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or
other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, including any obligation of such Person, whether or not contingent,


 


(1)  to
purchase any such primary obligation or any property constituting direct or indirect security therefor,


 


(2)  to
advance or supply funds


 


(a)  for
the purchase or payment of any such primary obligation, or


 


(b)  to
maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary
obligor, or


 


(3)  to
purchase property, securities or services primarily for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation against loss in respect thereof.


 


“Convertible
Bond Hedge Transactions” means one or more call options (or substantively equivalent derivative transaction) referencing
the Issuer’s Equity Interests purchased by the Issuer (or a Restricted Subsidiary) requiring the counterparty thereto to
deliver to the Issuer or such Restricted Subsidiary shares of common stock of the Issuer, the cash value of such shares or a combination
thereof from time to time upon exercise of such option in connection with the issuance of Convertible Bond Indebtedness with a
strike or exercise price (howsoever defined) initially equal to the conversion or exchange price (howsoever defined) of the related
Convertible Bond Indebtedness (subject to rounding).




    -12-


     


    


“Convertible
Bond Indebtedness” means Indebtedness having a feature which entitles the holder thereof to convert or exchange all
or a portion of such Indebtedness into or by reference to Equity Interests (other than Disqualified Stock) of the Issuer; and,
for the avoidance of doubt, includes the Convertible Notes.


 


“Convertible
Notes” means the Issuer’s 0.75% Convertible Senior Notes due 2021 issued on September 15, 2015.


 


“Corporate
Trust Office” shall be at the address of the Trustee specified in Section 12.01 hereof or such other address as
to which the Trustee may give notice to the Holders and the Issuer.


 


“Credit
Facilities” means, with respect to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities, including
the Senior Credit Facility, or other financing arrangements (including commercial paper facilities or indentures) providing for
revolving credit loans, term loans, letters of credit, capital market financings, receivables financings or other borrowings or
other extensions of credit, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed
in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof,
in whole or in part, and any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or
refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding,
supplemental or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed thereunder or
alters the maturity thereof (provided that such increase in borrowings or issuances is permitted under Section 4.09
hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other
agent, trustee, lender or group of lenders or other holders.


 


“Custodian”
means the Trustee, as custodian with respect to the Notes, each in global form, or any successor entity thereto.


 


“Default”
means any event that is, or with the passage of time, the giving of notice or both would be, an Event of Default.


 


“Derivative
Instrument” with respect to a Person, means any contract, instrument or other right to receive payment or delivery of
cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection
with such Person’s investment in the notes (other than a Screened Affiliate) is a party (whether or not requiring further
performance by such Person), the value and/or cash flows of which (or any material portion thereof) are materially affected by
the value and/or performance of the notes and/or the creditworthiness of the Performance References.


 


“Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06(c)
hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend
and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.




    -13-


     


    


“Depositary”
means, with respect to the Global Notes representing the Notes, any Person specified in Section 2.03 hereof as the Depositary
with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant
to the applicable provision of this Indenture.


 


“Designated
Non-cash Consideration” means the fair market value of non-cash consideration received by the Issuer or a Restricted
Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation less the amount of Cash Equivalents received in connection with a subsequent
sale of or collection on such Designated Non-cash Consideration.


 


“Designated
Preferred Stock” means Preferred Stock of the Issuer (other than Disqualified Stock) that is issued for cash (other
than to a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries)
and is so designated as Designated Preferred Stock, pursuant to an Officer’s Certificate, executed on or about the issuance
date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (3) of Section 4.07(a)
hereof.


 


“Designated
Sale and Lease-Back Transaction” means one or more Sale and Lease-Back Transactions in an aggregate amount not to exceed
$30.0 million at any time outstanding.


 


“Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any
security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures
or is mandatorily redeemable (other than solely as a result of a change of control or asset sale) pursuant to a sinking fund obligation
or otherwise, or is redeemable at the option of the holder thereof (other than solely as a result of a change of control or asset
sale), in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of the Notes or
the date the Notes are no longer outstanding; provided that, if such Capital Stock is issued to any plan for the benefit
of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable
statutory or regulatory obligations; provided further that any Capital Stock held by any future, present or former employee,
officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner
or former domestic partner of any of the foregoing) of the Issuer, any of its Subsidiaries, or any other entity in which the Issuer
or a Restricted Subsidiary has an Investment and is designated in good faith as an “affiliate” by the board of directors
of the Issuer (or the compensation committee thereof) that is redeemable or subject to repurchase, in each case pursuant to any
stock subscription or stockholders’ agreement, management equity plan or stock option plan or any other management or employee
benefit plan or agreement shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Issuer
or its Subsidiaries.


 


“Domestic
Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person other than a Foreign Subsidiary.




    -14-


     


    


“EBITDA”
means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period


 


(1)  increased
(without duplication) by the following, in each case to the extent deducted in determining Consolidated Net Income for such period:


 


(a)  provision
for taxes based on income, profits or capital gains, including federal, foreign and state income tax, franchise, excise and similar
taxes, and foreign withholding taxes of such Person paid or accrued during such period deducted (and not added back) in computing
Consolidated Net Income; plus


 


(b)  Fixed
Charges of such Person for such period (including (x) net losses on Hedging Obligations or other derivative instruments entered
into for the purpose of hedging interest rate risk, (y) bank fees and (z) costs of surety bonds in connection with financing
activities, plus amounts excluded from Consolidated Interest Expense as set forth in clauses (1)(r) through (z) in the definition
thereof) to the extent the same were deducted (and not added back) in computing Consolidated Net Income; plus


 


(c)  Consolidated
Depreciation and Amortization Expense of such Person for such period to the extent the same were deducted (and not added back)
in computing Consolidated Net Income; plus


 


(d)  any
expenses or charges (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment, acquisition,
disposition, recapitalization, the incurrence or extinguishment of Indebtedness permitted to be incurred by this Indenture (including
a refinancing thereof) (whether or not successful) or the entry into, amendment, exercise, termination or settlement (in whole
or in part) of any Convertible Bond Hedge Transaction, Capped Call Transaction or Warrant Transaction permitted by this Indenture,
including, but not limited to, (i) such fees, expenses or charges related to the offering of the Notes, the Convertible Notes,
any Convertible Bond Hedge Transaction, Capped Call Transaction or Warrant Transaction, or the Senior Credit Facility and (ii) any
amendment or other modification of the Notes, the Convertible Notes or the Senior Credit Facility and, in each case, deducted
(and not added back) in computing Consolidated Net Income; plus


 


(e)  the
amount of any restructuring charges, integration costs or other business optimization expenses, costs associated with establishing
new facilities or reserves deducted (and not added back) in such period in computing Consolidated Net Income, including any one-time
costs incurred in connection with acquisitions after the Issue Date, and costs related to the closure and/or consolidation of
facilities; plus


 


(f)  any
other non-cash losses or charges, including any write offs or write downs reducing Consolidated Net Income for such period (provided that if any such non-cash losses or charges represent an accrual or reserve for potential cash items in any future period,
the cash payment in respect thereof in such future period shall be subtracted from EBITDA to such extent, and excluding amortization
of a prepaid cash item that was paid in a prior period); plus




    -15-


     


    


(g)  the
amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties
in any non-Wholly Owned Subsidiary deducted (and not added back) in such period in computing Consolidated Net Income; plus


 


(h)  interest
income or investment earnings on retiree medical and intellectual property, royalty, or license receivables; plus


 


(i)  the
amount of net cost savings, operating expense reductions and synergies projected by the Issuer in good faith to be realized as
a result of specified actions taken, committed to be taken or expected in good faith to be taken no later than 24 months after
the end of such period (calculated on a pro forma basis as though such cost savings, operating expense reductions and synergies
had been realized on the first day of such period for which EBITDA is being determined and as if such cost savings, operating
expense reductions and synergies were realized during the entirety of such period), net of the amount of actual benefits realized
during such period from such actions; provided that such cost savings are reasonably identifiable and factually supportable;
provided further that the aggregate amount of such net cost savings, operating expense reductions, and synergies added
back pursuant to this clause (i) for any applicable measurement period shall not exceed 25.0% of EBITDA for such period calculated
immediately before giving effect to the add back in this clause (i); plus


 


(j)  the
amount of loss on sale of receivables, Receivables Assets and related assets to the Receivables Subsidiary in connection with
a Qualified Receivables Facility; plus


 


(k)  any
costs or expense incurred by the Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent
that such cost or expenses are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance
of Equity Interests of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded
from the calculation set forth in clause (3) of Section 4.07(a) hereof; plus


 


(l)  cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing EBITDA or Net Income in any period
to the extent non-cash gains relating to such income were deducted in the calculation of EBITDA pursuant to clause (2) below
for any previous period and not added back; plus




    -16-


     


    


(m)  any
net loss from discontinued operations not held for sale, or disposed or abandoned operations;


 


(2)  decreased
(without duplication) by the following, in each case to the extent included in determining Consolidated Net Income for such period:


 


(a)  non-cash
gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent
the reversal of an accrual or reserve for a potential cash item that reduced EBITDA in any prior period and any non-cash gains
with respect to cash actually received in a prior period so long as such cash did not increase EBITDA in such prior period; plus


 


(b)  any
net income from discontinued operations not held for sale, or disposed or abandoned operations.


 


Whenever
a percentage of EBITDA is being used in this Indenture to determine the amount of any basket, carve-out or exception or any component
thereof, EBITDA means the EBITDA of the Issuer and its Restricted Subsidiaries on a consolidated basis for the most recently ended
four fiscal quarters for which internal financial statements are available immediately preceding the date as of which the determination
is made, with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions set forth
in the definition of Fixed Charge Coverage Ratio.


 


“EMU”
means economic and monetary union as contemplated in the Treaty on European Union.


 


“Equity
Interests” means Capital Stock and all options, warrants, restricted stock units or other rights to acquire Capital
Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock, and excluding, for the avoidance
of doubt, Convertible Bond Indebtedness, Capped Call Transactions, Convertible Bond Hedge Transactions, and Warrant Transactions.


 


“Equity
Offering” means any public or private sale of common stock or Preferred Stock of the Issuer (excluding Disqualified
Stock), other than:


 


(1)  public
offerings with respect to the Issuer’s common stock registered on Form S-4 or Form S-8;


 


(2)  issuances
to any Subsidiary of the Issuer; and


 


(3)  any
such public or private sale that constitutes an Excluded Contribution.


 


“Euroclear”
means Euroclear Bank SA/NV or any successor clearing agency.


 


“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.




    -17-


     


    


“Excluded
Contribution” means net cash proceeds, marketable securities or Qualified Proceeds received by the Issuer from


 


(1)  contributions
to its common equity capital, and


 


(2)  the
sale (other than to a Subsidiary of the Issuer or to any management equity plan or stock option plan or any other management or
employee benefit plan or agreement of the Issuer) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock)
of the Issuer,


 


in
each case, designated as Excluded Contributions pursuant to an Officer’s Certificate executed on or about the date such
capital contributions are made or the date such Equity Interests are sold, as the case may be, which are excluded from the calculation
set forth in clause (3) of Section 4.07(a) hereof.


 


“fair
market value” means, with respect to any asset or liability, the fair market value of such asset or liability as determined
by the Issuer in good faith.


 


“Fixed
Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of EBITDA of such Person for such
period to the Fixed Charges of such Person for such period. In the event that the Issuer or any Restricted Subsidiary incurs,
assumes, guarantees, redeems, repays, retires or extinguishes any Indebtedness (other than Indebtedness incurred or repaid under
any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems
Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is
being calculated but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is
made (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated
giving pro forma effect to such incurrence, assumption, guarantee, redemption, repayment, retirement or extinguishment
of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the beginning
of the applicable four-quarter period.


 


For
purposes of making the computation described in the prior paragraph of this definition, Investments, acquisitions, dispositions,
mergers, consolidations and disposed operations (as determined in accordance with GAAP) that have been made by the Issuer or any
of its Restricted Subsidiaries during the four-quarter reference period or subsequent to such reference period and on or prior
to or simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be calculated on a pro forma basis assuming
that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed operations (and the change in any
associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first day of the four-quarter
reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged
with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment,
acquisition, disposition, merger, consolidation or disposed operation that would have required adjustment pursuant to this definition,
then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment,
acquisition, disposition, merger, consolidation or disposed operation had occurred at the beginning of the applicable four-quarter
period.




    -18-


     


    


For
purposes of this definition, whenever pro forma effect is to be given to any Investment, acquisition, disposition, merger,
consolidation or disposed operation and the amount of income or earnings relating thereto, the pro forma calculations shall
be made in good faith by a responsible financial or accounting officer of the Issuer (and may include, for the avoidance of doubt,
cost savings, operating expense reductions and synergies resulting from such Investment, acquisition, disposition, merger, consolidation
or disposed operation which is being given pro forma effect that have been or are expected to be realized). If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period
(taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall
be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Issuer to
be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computations
discussed in this definition, interest on any Indebtedness under a revolving credit facility computed on a pro forma basis
shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in
the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon
a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based
upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate.


 


“Fixed
Charges” means, with respect to any Person for any period, the sum of, without duplication:


 


(1)  Consolidated
Interest Expense of such Person for such period;


 


(2)  all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred Stock during
such period; and


 


(3)  all
cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Disqualified Stock during
such period.


 


“Foreign
Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing
under the laws of the United States, any state thereof or the District of Columbia and any Restricted Subsidiary of such Foreign
Subsidiary.


 


“GAAP”
means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial
Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting profession in
the United States, which are in effect on the Issue Date, but without giving effect to Accounting Standards Update (ASU) No. 2016-02
and Accounting Standards Codification (ASC) 842 and related interpretations.




    -19-


     


    


“Global
Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which is required to be placed on all Global
Notes issued under this Indenture.


 


“Global
Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes,
substantially in the form of Exhibit A hereto, issued in accordance with Sections 2.01, 2.06(b) or 2.06(d) hereof.


 


“guarantee”
means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct
or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any part of
any Indebtedness or other obligations.


 


“Guarantee”
means the guarantee by any Guarantor of the Issuer’s Obligations under this Indenture and the Notes.


 


“Guarantor”
means each Person that Guarantees the Notes in accordance with the terms of this Indenture.


 


“Hedging
Obligations” means, with respect to any Person, the obligations of such Person under any interest rate swap agreement,
interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar
agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer or mitigation of
interest rate, commodity price or currency risks either generally or under specific contingencies, which excludes, for the avoidance
of doubt, Convertible Bond Hedge Transactions, Capped Call Transactions and Warrant Transactions, and any arrangements or agreements
related thereto, and accelerated share repurchase contract, forward share purchase contract or similar contract with respect to
the purchase by the Issuer of its Equity Interests.


 


“Holder”
means the Person in whose name a Note is registered on the Registrar’s books.


 


“Indebtedness”
means, with respect to any Person, without duplication:


 


(1)  any
indebtedness (including principal and premium) of such Person, whether or not contingent:


 


(a)  in
respect of borrowed money;


 


(b)  evidenced
by bonds (excluding performance, payment and other surety bonds incurred in the ordinary course of business), notes, debentures
or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in
respect thereof);


 


(c)  representing
the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), except (i) any
such balance that constitutes an obligation in respect of a commercial letter of credit, a trade payable or similar obligation
to a trade creditor, in each case accrued in the ordinary course of business and (ii) any earn-out obligations until such
obligation becomes a liability on the balance sheet of such Person in accordance with GAAP and is not paid after becoming due
and payable; or 


 


(d)  representing
any Hedging Obligations,




    -20-


     


    


if
and to the extent that any of the foregoing Indebtedness (other than letters of credit and Hedging Obligations) would appear as
a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP;


 


(2)  to
the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise,
any obligation of the type referred to in clause (1) above of a third Person (whether or not such item would appear upon
the balance sheet of such obligor or guarantor), other than by endorsement of a negotiable instrument for collection in the ordinary
course of business; and


 


(3)  to
the extent not otherwise included, any obligation of the type referred to in clause (1) above of a third Person secured by
a Lien on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person;


 


provided that, notwithstanding the foregoing, Indebtedness shall be deemed not to include (a) Contingent Obligations incurred
in the ordinary course of business, (b) any operating lease or operating lease liability, (c) obligations under or in respect
of Qualified Receivables Facilities or Sale and Lease-Back Transactions (except any resulting Capitalized Lease Obligations),
or (d) any Convertible Bond Hedge Transaction, Capped Call Transaction or Warrant Transaction; provided further that Indebtedness
shall be calculated without giving effect to the effects of Accounting Standards Codification topic 815 and related interpretations
to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture
as a result of accounting for any embedded derivatives created by the terms of such Indebtedness.


 


“Indenture”
means this Indenture, as amended or supplemented from time to time.


 


“Independent
Financial Advisor” means an accounting, appraisal, investment banking firm or consultant of nationally recognized standing
and is, in the good-faith judgment of the Issuer, qualified to perform the task for which it has been engaged.


 


“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.


 


“Initial
Notes” is defined in the recitals hereto.


 


“Initial
Purchaser” means any of BofA Securities, Inc., Goldman Sachs & Co. LLC, Truist Securities, Inc., Wells Fargo Securities,
LLC, BMO Capital Markets Corp., Capital One Securities, Inc., Citizens Capital Markets, Inc., MUFG Securities Americas Inc., Fifth
Third Securities, Inc., PNC Capital Markets LLC or TD Securities (USA) LLC.


 


“Interest
Payment Date” means April 15 and October 15 of each year to stated maturity.




    -21-


     


    


“Investment
Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent)
by S&P, or an equivalent rating by any other Rating Agency or nationally recognized statistical rating agency.


 


“Investment
Grade Securities” means:


 


(1)  securities
issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (other
than Cash Equivalents);


 


(2)  debt
securities or debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting
loans or advances among the Issuer and its Subsidiaries;


 


(3)  investments
in any fund that invests exclusively in investments of the type described in clauses (1) and (2), which fund may also hold
immaterial amounts of cash from time to time pending investment or distribution; and


 


(4)  corresponding
instruments in countries other than the United States customarily utilized for high quality investments.


 


“Investments”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans
(including guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances and extensions
of credit to customers and vendors, and commission, travel and similar advances to officers, employees, directors and consultants,
in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity
Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance
sheet (excluding the footnotes) of the Issuer in the same manner as the other investments included in this definition to the extent
such transactions involve the transfer of cash or other property. In no event shall a guarantee of an operating lease or other
business contract of the Issuer or any Restricted Subsidiary be deemed an Investment. For purposes of the definition of “Unrestricted
Subsidiary” and Section 4.07 hereof:


 


(1)  “Investments”
shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of
the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided that, upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have a
permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to:


 


(a)  the
Issuer’s “Investment” in such Subsidiary at the time of such redesignation; less


 


(b)  the
portion (proportionate to the Issuer’s Equity Interest in such Subsidiary) of the fair market value of the net assets of
such Subsidiary at the time of such redesignation; and




    -22-


     


    


(2)  any
property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer.


 


The
amount of any Investment outstanding at any time shall be the original cost of such Investment, reduced by any dividend, distribution,
interest payment, return of capital, repayment or other amount received in cash by the Issuer or a Restricted Subsidiary in respect
of such Investment.


 


“Issue
Date” means April 1, 2021.


 


“Issuer”
means Dycom Industries, Inc., a Florida corporation, and any successor Person, in accordance with Section 5.02 hereof.


 


“Issuer
Order” means a written request or order signed on behalf of the Issuer by an Officer of the Issuer, who must be the
principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer,
and delivered to the Trustee.


 


“Legal
Holiday” means a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in
the State of New York or, to the extent applicable, in the place of payment.


 


“Lien”
means, with respect to any asset, any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest,
preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected
under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any
option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement
under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating
lease be deemed to constitute a Lien.


 


“Long
Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the payment
or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the value
of which generally decreases, and/or the payment or delivery obligations under which generally increase, with negative changes
to the Performance References.


 


“Moody’s”
means Moody’s Investors Service, Inc. and any successor to its rating agency business.


 


“Net
Cash Proceeds” means the aggregate cash proceeds received by the Issuer or any of its Restricted Subsidiaries in respect
of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Non-cash Consideration received
in any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash
Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation expenses
incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or
deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if any, and
interest on Senior Indebtedness required or amounts required to be applied to the repayment of Indebtedness secured by a Lien
on such assets (other than required by clause (1) of Section 4.10(b) hereof) to be paid as a result of such transaction
and any deduction of appropriate amounts to be provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance
with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Issuer or any
of its Restricted Subsidiaries after such sale or other disposition thereof, including pension and other post-employment benefit
liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction.
Net Cash Proceeds shall not include any cash payments held in escrow until such time as such amounts are released from escrow.




    -23-


     


    

“Net
Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP
and before any reduction in respect of Preferred Stock dividends.


 


“Net
Short” means, with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its
Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments
as of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or
Bankruptcy Credit Event (each as defined in the 2014 ISDA Credit Derivatives Definitions) to have occurred with respect to the
Issuer or any Guarantor immediately prior to such date of determination.


 


“Non-U.S.
Person” means a Person who is not a U.S. Person.


 


“Notes”
means the Initial Notes and more particularly means any Note authenticated and delivered under this Indenture. For all purposes
of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental
indenture. The Notes shall be treated as a single class for all purposes under this Indenture.


 


“Obligations”
means any principal, interest (including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization
or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed
claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including reimbursement
obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of
payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness.


 


“Offering
Memorandum” means the confidential offering memorandum, dated March 25, 2021, relating to the sale of the Initial Notes.


 


“Officer”
means the Chief Executive Officer, the Chief Financial Officer, the President, any Executive Vice President, Senior Vice President
or Vice President, the Treasurer or the Secretary of the Issuer or any other officer of the Issuer designated by any of the foregoing
individuals.




    -24-


     


    


“Officer’s
Certificate” means a certificate signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal
executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer, that meets
the requirements set forth in this Indenture.


 


“Opinion
of Counsel” means a written opinion from legal counsel which is acceptable to the Trustee. The counsel may be an employee
of or counsel to the Issuer.


 


“Performance
References” means the Issuer and/or any one or more of the Guarantors.


 


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


 


“Permitted
Asset Swap” means the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination
of Related Business Assets and Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person; provided that any Cash Equivalents received must be applied in accordance with Section 4.10 hereof.


 


“Permitted
Investments” means:


 


(1)
any Investment in the Issuer or any of its Restricted Subsidiaries, including in the notes and Guarantees and the Convertible
Notes and any other Indebtedness or Capital Stock of the Issuer and any Restricted Subsidiary that does not otherwise constitute
a Restricted Payment;


 


(2)  any
Investment in Cash Equivalents or Investment Grade Securities;


 


(3)  any
Investment by the Issuer or any of its Restricted Subsidiaries in a Person (including, to the extent constituting an Investment,
in assets of a Person that represent substantially all of its assets or a division, business unit or product line) if as a result
of such Investment:


 


(a)  such
Person becomes a Restricted Subsidiary; or


 


(b)  such
Person, in one transaction or a series of related transactions, is merged or consolidated with or into, or transfers or conveys
substantially all of its assets (or such division, business unit or product line) to, or is liquidated into, the Issuer or a Restricted
Subsidiary,


 


and,
in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation
of such acquisition, merger, consolidation or transfer;


 


(4)  any
Investment in securities or other assets not constituting Cash Equivalents or Investment Grade Securities and received in connection
with an Asset Sale made pursuant to the provisions described under Section 4.10 hereof or any other disposition of assets
not constituting an Asset Sale;




    -25-


     


    


(5)  any
Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an Investment consisting
of any modification, replacement, renewal, reinvestment or extension of any such Investment or binding commitment existing on
the Issue Date; provided that the amount of any such Investment may be increased in such modification, replacement, renewal,
reinvestment or extension only (a) as required by the terms of such Investment or binding commitment as in existence on the Issue
Date or (b) as otherwise permitted under this Indenture;


 


(6)  any
Investment acquired by the Issuer or any of its Restricted Subsidiaries:


 


(a)  in
exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with
or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts
receivable (including any trade creditor or customer);


 


(b)  as
a result of the settlement, compromise or resolution of litigation, arbitration or other disputes with Persons who are not Affiliates;


 


(c)  in
settlement of delinquent obligations of, or other disputes with, customers, trade debtors, licensors, licensees and suppliers
arising in the ordinary course of business; or


 


(d)  as
a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured Investment or other
transfer of title with respect to any secured Investment in default;


 


(7)  Hedging
Obligations permitted under clause (10) of Section 4.09(b) hereof and, to the extent constituting Investments, Investments
in Convertible Bond Hedge Transactions, Capped Call Transactions and Warrant Transactions;


 


(8)  any
Investment in a Similar Business having an aggregate fair market value, taken together with all other Investments made pursuant
to this clause (8), that are at the time outstanding, not to exceed the greater of $50.0 million and 15.0% of EBITDA (in
each case, determined on the date such Investment is made, with the fair market value of each Investment being measured at the
time made and without giving effect to subsequent changes in value); provided, however, that, if any Investment
pursuant to this clause (8) is made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making
of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed
to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (8);


 


(9)
Investments in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments made
pursuant to this clause (9) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary
to the extent the proceeds of such sale do not consist of cash or marketable securities (until such proceeds are converted to
Cash Equivalents), not to exceed the greater of $50.0 million and 15.0% of EBITDA at the time of such Investment (with the fair
market value of each Investment being measured at the time made and without giving effect to subsequent changes in value);




    -26-


     


    


(10)  Investments
the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer; provided that such
Equity Interests will not increase the amount available for Restricted Payments under clause (3) of Section 4.07(a)
hereof;


 


(11)  guarantees
of Indebtedness not prohibited by Section 4.09 hereof; performance guarantees in the ordinary course of business and the
creation of Liens on the assets of the Issuer or any of its Restricted Subsidiaries in compliance with Section 4.12 hereof;


 


(12)  any
transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of Section 4.11(b)
hereof (except transactions described in clauses (2), (4) and (6) of Section 4.11(b) hereof);


 


(13)  Investments
consisting of purchases and acquisitions of inventory, supplies, material, equipment or other assets or services or the licensing
or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;


 


(14)  Investments
having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (14) that are
at the time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale
do not consist of cash or marketable securities), not to exceed the greater of $140.0 million and 40.0% of EBITDA at the time
of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to
subsequent changes in value); provided, however, that, if any Investment pursuant to this clause (14) is made in
any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes
a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above
and shall cease to have been made pursuant to this clause (14);


 


(15)  Investments
in or relating to a Receivables Subsidiary or Receivables Assets that, in the good-faith determination of the Issuer are necessary
or advisable to effect any Qualified Receivables Facility or any repurchase obligation in connection therewith;


 


(16)  advances
to, or guarantees of Indebtedness of, officers, directors, employees or members of management not in excess of $15.0 million
outstanding at any time, in the aggregate;


 


(17)  loans
and advances to officers, directors, employees, members of management and consultants for business-related travel expenses, moving
expenses and other similar expenses or payroll advances, in each case incurred in the ordinary course of business or consistent
with past practices or to fund such Person’s purchase of Equity Interests of the Issuer;




    -27-


     


    


(18)  advances,
loans or extensions of trade credit in the ordinary course of business or consistent with past practice by the Issuer or any of
its Restricted Subsidiaries;


 


(19)  Investments
in the ordinary course of business or consistent with past practice consisting of Uniform Commercial Code (or equivalent statutes)
Article 3 endorsements for collection of deposit, Article 4 customary trade arrangements with customers and in accounts, contract
rights and chattel paper, notes receivable and similar items arising or acquired from the sale of inventory;


 


(20)  Investments
in joint ventures of the Issuer or any of its Restricted Subsidiaries, taken together with all other Investments made pursuant
to this clause (20) that are at the time outstanding, not to exceed the greater of $75.0 million and 20.0% of EBITDA (in each
case, determined on the date such Investment is made, with the fair market value of each Investment being measured at the time
made and without giving effect to subsequent changes in value);


 


(21)
any Investment in or by any Captive Insurance Subsidiary in connection with the provision of insurance to the Issuer or any of
its Subsidiaries, which Investment is made in the ordinary course of business or consistent with past practice of such Captive
Insurance Subsidiary, or by reason of applicable law, rule, regulation or order, or that is required or approved by any regulatory
authority having jurisdiction over such Captive Insurance Subsidiary or its business, as applicable;


 


(22)
any assignment of intellectual property from the Issuer or any Restricted Subsidiary to any Unrestricted Subsidiary if, at the
time of such assignment, such intellectual property has not been registered with the U.S. Patent and Trademark Office, the U.S.
Copyright Office or any other governmental authority in the United States or any other jurisdiction; and


 


(23)
Investments made or received in order to facilitate the Transactions.


 


For
purposes of determining compliance with this definition, in the event that a proposed Investment (or a portion thereof) meets
the criteria of clauses (1) through (23) above, the Issuer will be entitled to divide or classify or later divide or reclassify
(based on circumstances existing on the date of such reclassification) such Investment (or a portion thereof) between such clauses
(1) through (23) in any manner that otherwise complies with this definition.


 


“Permitted
Liens” means, with respect to any Person:


 


(1)  pledges
or deposits by such Person under workmen’s compensation laws, unemployment insurance, employers’ health tax and other
social security laws or similar legislation, or other insurance-related obligations or indemnification obligations to (including
obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers in the ordinary course of
business or good-faith pledges or deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness),
sales or leases to which such Person is a party, or pledges or deposits to secure public or statutory obligations of such Person
or pledges or deposits of cash or government bonds to secure surety appeal or customs bonds to which such Person is a party, or
deposits as security for contested taxes or import duties or for the payment of rent, in each case, incurred in the ordinary course
of business;




    -28-


     


    


(2)  Liens
imposed by law, such as landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
construction contractors or other like Liens, in each case for sums not yet overdue for a period of more than 90 days or
if more than 90 days overdue, are unfiled and no other action has been taken to enforce such Lien or are being contested in good
faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such
Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained
on the books of such Person in accordance with GAAP;


 


(3)  Liens
for taxes, assessments, charges or other governmental levies not yet overdue for a period of more than 30 days or payable or subject
to penalties for nonpayment or which are being contested in good faith by appropriate actions diligently conducted, if adequate
reserves with respect thereto are maintained on the books of such Person in accordance with GAAP;


 


(4)  Liens
to secure self-insurance and obligations in respect of performance, surety, bid, indemnity, warranty, release, appeal, or similar
bonds and performance and completion guarantees and similar obligations of the Issuer or any of its Restricted Subsidiaries or
to secure obligations in respect of letters of credit, bank guarantees or similar instruments related thereto or otherwise in
the ordinary course of business, and to secure obligations arising under any indemnity agreement relating thereto, in each case,
in the ordinary course of its business or consistent with past practice;


 


(5)  minor
survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights-of-way,
servitudes, sewers, electric lines, drains, cable television, telegraph and telephone lines and other similar purposes, or zoning,
building codes or other restrictions (including minor defects and irregularities in title and similar encumbrances) as to the
use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties
which were not incurred in connection with Indebtedness and which do not in the aggregate materially interfere with the ordinary
conduct of the business of such Person;


 


(6)  Liens
securing Indebtedness permitted to be incurred pursuant to clause (4) or (23) of Section 4.09(b) hereof; provided that (a) Liens securing Obligations related to any Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred
or issued pursuant to clause (4) of Section 4.09(b) hereof extend only to the assets, the acquisition, construction, repair, replacement
or improvement of which is financed thereby, and any replacements thereof, additions and accessions thereto and any income or
profits thereof; provided, further, that individual financings or assets provided by one lender or group of lenders
may be cross collateralized to other financings of assets by such lender or group of lenders; and (b) Liens securing Obligations
related to any Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred or issued pursuant to clause (23)
of Section 4.09(b) hereof extend only to the assets of such Foreign Subsidiaries;




    -29-


     


    


(7)  Liens
existing on the Issue Date (other than under the Senior Credit Facility);


 


(8)  Liens
on property or shares of stock or other assets of a Person at the time such Person becomes a Subsidiary; provided that
such Liens are not created or incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;
provided further that such Liens may not extend to any other property or other assets owned by the Issuer or any of its
Restricted Subsidiaries (other than the proceeds or products of such property or shares of stock or improvements thereon or replacements
thereof);


 


(9)  Liens
on property or other assets at the time the Issuer or a Restricted Subsidiary acquired the property or such other assets, including
any acquisition by means of a merger or consolidation with or into the Issuer or any of its Restricted Subsidiaries; provided that such Liens are not created or incurred in connection with, or in contemplation of, such acquisition, merger or consolidation;
provided further that the Liens may not extend to any other property owned by the Issuer or any of its Restricted Subsidiaries
(other than the proceeds or products of such property or assets or improvements thereon or replacements thereof);


 


(10)  Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary permitted
to be incurred in accordance with Section 4.09 hereof;


 


(11)  Liens
securing (i) Hedging Obligations and (ii) obligations in respect of Bank Products, in each case, permitted to be incurred in accordance
with Section 4.09 hereof;


 


(12)  Liens
on specific items of inventory or other goods and the proceeds thereof securing such Person’s obligations in respect of
documentary letters of credit or bankers’ acceptances issued or created for the account of such Person to facilitate the
purchase, shipment or storage of such inventory or other goods;


 


(13)  leases,
subleases, licenses or sublicenses granted to others in the ordinary course of business which do not interfere in any material
respect with the business of the Issuer or any of its Restricted Subsidiaries;


 


(14)  Liens
arising from Uniform Commercial Code (or equivalent statutes) financing statement filings or similar or analogous financing statements
in any jurisdiction regarding operating leases, consignment, asset sales, or factoring arrangements entered into by the Issuer
and its Restricted Subsidiaries in the ordinary course of business or purported Liens evidenced by the filing of precautionary
Uniform Commercial Code financing statements or similar or analogous financing statements in any jurisdiction or similar public
filings;


 


(15)  Liens
in favor of the Issuer or any Guarantor;




    -30-


     


    


(16)  Liens
on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business to clients of the
Issuer or any of its Restricted Subsidiaries;


 


(17)  Liens
on accounts receivable, Receivables Assets and related assets incurred in connection with a Qualified Receivables Facility and
precautionary Liens on Receivables Assets against the transferor of such Receivables Assets;


 


(18)  Liens
to secure any modification, refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings,
extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing
clauses (6), (7), (8), (9), (10), (11) and this clause (18); provided that (a) such new Lien shall be limited
to all or part of the same property that secured the original Lien (plus improvements on, and replacements of, such property and
the products and proceeds thereof), and (b) the Indebtedness secured by such Lien at such time is not increased to any amount
greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described
under such clauses (6), (7), (8), (9), (10) and (11) at the time the original Lien became a Permitted Lien under this Indenture,
and (ii) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension,
renewal or replacement;


 


(19)  deposits
made or other security in the ordinary course of business to secure liability to insurance carriers;


 


(20)  Liens
securing judgments for the payment of money not constituting an Event of Default under clause (5) of Section 6.01 hereof;


 


(21)  Liens
in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with
the importation of goods in the ordinary course of business;


 


(22)  Liens
(i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code (or equivalent statutes) on items
in the course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred
in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law or under general
terms and conditions encumbering deposits (including the right of set-off) and which are within the general parameters customary
in the banking industry;


 


(23)  Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 4.09 hereof;


 


(24)  Liens
encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts
or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;




    -31-


     


    


(25)  Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in
connection with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of the Issuer or any of its
Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
of the Issuer and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with
customers of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;


 


(26)  Liens
securing obligations owed by the Issuer or any Restricted Subsidiary to any lender under the Senior Credit Facility or any Affiliate
of such a lender in respect of any Bank Products;


 


(27)
Liens on cash and Cash Equivalents deposited to repay, repurchase or otherwise discharge Indebtedness;


 


(28)  any
encumbrance or restriction (including put and call arrangements) with respect to capital stock of any joint venture or similar
arrangement pursuant to any joint venture or similar agreement;


 


(29)  Liens
on the Equity Interests and Indebtedness of an Unrestricted Subsidiary or a Receivables Subsidiary that secure Indebtedness or
other obligations of such Unrestricted Subsidiary, or Receivables Subsidiary, respectively;


 


(30)  (i)
Liens on cash advances in favor of the seller of any property to be acquired in an Investment permitted under this Indenture to
be applied against the purchase price for such Investment and (ii) customary restrictions or dispositions of assets to be disposed
of pursuant to merger agreements, stock or asset purchase agreements and similar agreements;


 


(31)  any
interest or title of a lessor, sub-lessor, licensor or sub-licensor secured by a lessor’s, sub-lessor’s, licensor’s
or sub-licensor’s interest under leases or licenses entered into by the Issuer or any of its Restricted Subsidiaries in
the ordinary course of business;


 


(32)  Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale or purchase of goods entered
into by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;


 


(33)  Liens
solely on any cash earnest money deposits made by the Issuer or any of its Restricted Subsidiaries in connection with any letter
of intent or purchase agreement permitted by this Indenture;


 


(34)  ground
leases in respect of real property on which facilities owned or leased by the Issuer or any of its Subsidiaries are located;


 


(35)  Liens
on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;




    -32-


     


    


(36)  any
zoning or similar law or right reserved to or vested in any governmental authority to control or regulate the use of any real
property;


 


(37)
Liens on assets securing any Indebtedness owed to any Captive Insurance Subsidiary by the Issuer or any Restricted Subsidiary;


 


(38)
Liens on deposits provided in respect of cash collateral to secure letters of credit issued under Credit Facilities; and


 


(39)
other Liens securing obligations which do not exceed, in aggregate principal amount outstanding, the greater of $100.0 million
and 30.0% of EBITDA, measured at the time of incurrence.


 


For
purposes of this definition, the term “Indebtedness” shall be deemed to include interest on such Indebtedness.


 


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


 


“Preferred
Stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution,
or winding up.


 


“Private
Placement Legend” means the legend set forth in Section 2.06(g)(i) hereof to be placed on all Notes issued under
this Indenture, except where otherwise permitted by the provisions of this Indenture.


 


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


 


“Qualified
Proceeds” means the fair market value of assets that are used or useful in, or Capital Stock of any Person engaged in,
a Similar Business.


 


“Qualified
Receivables Facility” means any of one or more receivables, payables, factoring or securitization financing or facilities
as amended, supplemented, modified, extended, renewed, restated, or refunded from time to time, the Obligations of which are non-recourse
(except for customary representations, warranties, covenants, repurchase obligations and indemnities made in connection with such
facilities, including, without limitation, those based on a breach of obligations under the relevant purchase agreement or the
agreement underlying any Receivables Assets, incorrect or misleading representations and warranties, Receivables Assets failing
to meet any eligibility criteria, failure by an insurer of Receivables Assets to honor claims, titled defects, illegality, false
misleading or incomplete information, exclusion of cover under any insurance in respect of any Receivables Assets, dilution, third
party claims, or Receivables Assets becoming subject to any asserted defense, off-set or counterclaim) to the Issuer or any of
its Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries
sells, conveys or otherwise transfers or grants a security interest in its accounts receivable or Receivables Assets or assets
related thereto to either (a) a Person that is not a Restricted Subsidiary or (b) a Receivables Subsidiary.





    -33-


     


    

“Rating
Agencies” means Moody’s and S&P or if Moody’s or S&P or each shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Issuer
which shall be substituted for Moody’s or S&P or each, as the case may be.


 


“Receivables
Assets” means the accounts receivable, royalty, or other revenue streams, and other rights to receive payment arising
from a sale or lease of goods or services and any assets related thereto (including, but not limited to, all collateral securing
such receivable, all contracts and all guarantees or other obligations in respect of such receivable, proceeds collected on such
receivable and other assets which are customarily transferred or in respect of which security interest are customarily granted
in connection with receivables financing, asset based lending, asset backed lending or asset securitization transactions and any
related hedging obligations, in each case, whether now existing or arising in the future.


 


“Receivables
Fees” means distributions or payments made directly or by means of discounts, set-off or netting with respect to any
participation interest issued or sold in connection with, and other fees paid to a Person that is not a Receivables Subsidiary
in connection with, any Qualified Receivables Facility.


 


“Receivables
Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages in, one or more Qualified Receivables
Facilities and other activities reasonably related thereto.


 


“Record
Date” for the interest payable on any applicable Interest Payment Date means the April 1 and October 1 (whether or not
a Business Day) immediately preceding such Interest Payment Date.


 


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


 


“Regulation S
Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as applicable.


 


“Regulation S
Permanent Global Note” means a permanent Global Note substantially in the form of Exhibit A hereto bearing
the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary
Global Note upon expiration of the Restricted Period.


 


“Regulation S
Temporary Global Note” means a temporary Global Note substantially in the form of Exhibit A hereto bearing
the Global Note Legend, the Private Placement Legend and the Regulation S Temporary Global Note Legend and deposited with
or on behalf of, and registered in the name of, the Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes initially sold in reliance on Rule 903.


 


“Regulation S
Temporary Global Note Legend” means the legend set forth in Section 2.06(g)(iii) hereof.




    -34-


     


    


“Related
Business Assets” means assets (other than Cash Equivalents) used or useful in a Similar Business; provided that
any assets received by the Issuer or a Restricted Subsidiary in exchange for assets transferred by the Issuer or a Restricted
Subsidiary shall not be deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of
the securities of such Person, such Person would become a Restricted Subsidiary.


 


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


 


“Restricted
Definitive Note” means a Definitive Note bearing, or that is required to bear, the Private Placement Legend.


 


“Restricted
Global Note” means a Global Note bearing, or that is required to bear, the Private Placement Legend.


 


“Restricted
Investment” means an Investment other than a Permitted Investment.


 


“Restricted
Period” means, in respect of any Note issued under Regulation S, the 40-day distribution compliance period as defined
in Regulation S applicable to such Note.


 


“Restricted
Subsidiary” means, at any time, any direct or indirect Subsidiary of the Issuer (including any Foreign Subsidiary) that
is not at such time an Unrestricted Subsidiary; provided that, upon an Unrestricted Subsidiary ceasing to be an Unrestricted
Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.”


 


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


 


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


 


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


 


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


 


“S&P”
means Standard & Poor’s, a division of S&P Global Inc., and any successor to its rating agency business.


 


“Sale
and Lease-Back Transaction” means any arrangement providing for the renting or leasing by the Issuer or any of its Restricted
Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Issuer
or such Restricted Subsidiary to a third Person in contemplation of such renting or leasing.


 


“Screened
Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and
any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens
between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the
sharing of information with respect to the Issuer, any Guarantor or any of their Subsidiaries, (iii) whose investment policies
are not directed by such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection
with its investment in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such
Holder or any other Affiliate of such Holder that is acting in concert with such Holders in connection with its investment in
the Notes.




    -35-


     


    


“SEC”
means the U.S. Securities and Exchange Commission.


 


“Secured
Indebtedness” means any Indebtedness of the Issuer or any of its Restricted Subsidiaries secured by a Lien.


 


“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.


 


“Senior
Credit Facility” means (i) the Credit Facilities under that certain Amended and Restated Credit Agreement, dated as
of October 19, 2018, by and among the Issuer, the subsidiaries of the Issuer party thereto from time to time, the lenders party
thereto from time to time, and Bank of America, N.A., as Administrative Agent, Swingline Lender and L/C Issuer, and the other
Credit Documents (as defined therein), including, without limitation, any guarantees, collateral documents, notes, instruments,
joinders and other agreements executed and delivered in connection therewith, as amended, amended and restated, supplemented or
otherwise modified by the Senior Credit Facility Amendment (as defined herein) dated on or about the Issue Date, and from time
to time by any further amendments, supplements, modifications, extensions, renewals, restatements, refundings, or refinancings
thereof, and (ii) any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders
or investors that replace, refund, or refinance any part of the loans, notes, other credit facilities, or commitments thereunder,
including any such replacement, refunding, or refinancing facility or indenture that increases the amount borrowable thereunder
or alters the maturity thereof; provided that such increase in borrowings is permitted under Section 4.09 hereof.


 


“Senior
Indebtedness” means:


 


(1)  all
Indebtedness of the Issuer or any Guarantor outstanding under the Senior Credit Facility, the Convertible Notes, and related guarantees
or the Notes and related Guarantees (including interest accruing on or after the filing of any petition in bankruptcy or similar
proceeding or for reorganization of the Issuer or any Guarantor (at the rate provided for in the documentation with respect thereto,
regardless of whether or not a claim for post-filing interest is allowed in such proceedings)), and any and all other fees, expense
reimbursement obligations, indemnification amounts, penalties, and other amounts (whether existing on the Issue Date or thereafter
created or incurred) and all obligations of the Issuer or any Guarantor to reimburse any bank or other Person in respect of amounts
paid under letters of credit, acceptances or other similar instruments;


 


(2)  all
(x) Hedging Obligations (and guarantees thereof) owing to a Lender (as defined in the Senior Credit Facility) or any Affiliate
of such Lender (or any Person that was a Lender or an Affiliate of such Lender at the time the applicable agreement giving rise
to such Hedging Obligation was entered into) and (y) obligations in respect of Bank Products; provided that such Hedging
Obligations and obligations in respect of Bank Products, as the case may be, are permitted to be incurred under the terms of this
Indenture;




    -36-


     


    


(3)  any
other Indebtedness of the Issuer or any Guarantor permitted to be incurred under the terms of this Indenture, unless the instrument
under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any related
Guarantee; and


 


(4)  all
Obligations with respect to the items listed in the preceding clauses (1), (2) and (3);


 


provided that Senior Indebtedness shall not include:


 


(a)  any
obligation of such Person to the Issuer or any of its Subsidiaries;


 


(b)  any
liability for federal, state, local or other taxes owed or owing by such Person;


 


(c)  any
accounts payable or other liability to trade creditors arising in the ordinary course of business;


 


(d)  any
Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness or other
Obligation of such Person; or


 


(e)  that
portion of any Indebtedness which at the time of incurrence is incurred in violation of this Indenture.


 


“Short
Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the payment
or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the value
of which generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes
to the Performance References.


 


“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X, promulgated under the Securities Act, as such regulation is in effect on the Issue Date.


 


“Similar
Business” means (1) any business conducted or proposed to be conducted by the Issuer or any of its Restricted Subsidiaries
on the Issue Date and any reasonable extension thereof or (2) any business or other activities that are reasonably similar, related,
complementary, incidental or ancillary to, or a reasonable extension, development or expansion of, the businesses in which the
Issuer and its Restricted Subsidiaries are engaged or propose to be engaged on the Issue Date.




    -37-


     


    


“Subordinated
Indebtedness” means:


 


(1)  any
Indebtedness of the Issuer which is by its terms subordinated in right of payment to the Notes, and


 


(2)  any
Indebtedness of any Guarantor which is by its terms subordinated in right of payment to the Guarantee of such entity.


 


“Subsidiary”
means, with respect to any Person:


 


(1)  any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar
entity) of which more than 50.0% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof;
and


 


(2)  any
partnership, joint venture, limited liability company or similar entity of which


 


(x)  more
than 50.0% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership interest or otherwise,
and


 


(y)  such
Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such entity.


 


“Subsidiary
Guarantor” means each Restricted Subsidiary of the Issuer that Guarantees the Notes.


 


“Transaction
Expenses” means any fees or expenses incurred or paid by the Issuer or any of its Restricted Subsidiaries in connection
with the Transactions.


 


“Transactions”
means the issuance of the Notes on the Issue Date, the amendment of the Senior Credit Facility (the “Senior Credit Facility
Amendment”) as described under “Summary—Concurrent Amendment of Our Senior Credit Facility and Refinancing”
in the Offering Memorandum and the application of the use of proceeds from the offering of the Initial Notes as described under
 “Use of Proceeds” in the Offering Memorandum, including the repayment of amounts outstanding under the term loan portion
of Senior Credit Facility, repayment of outstanding borrowings under the revolving portion of the Senior Credit Facility and repayment
of the Convertible Notes at maturity as described therein and the payment of fees and expenses incurred in connection therewith,
and other transactions in connection therewith or incidental thereto.




    -38-


     


    


“Treasury
Rate” means, as of any applicable Redemption Date, the yield to maturity as of such Redemption Date of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release
H.15 (519) which has become publicly available at least two Business Days prior to such Redemption Date (or, if such Statistical
Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such
Redemption Date to April 15, 2024; provided, however, that if the period from such Redemption Date to April 15, 2024 is
less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity
of one year shall be used. In connection with the calculation of the Applicable Premium for purposes of the deposit of funds for
Legal Defeasance, Covenant Defeasance or satisfaction and discharge of this Indenture, the date of notice of redemption shall
be substituted for the first and second occurrence of “Redemption Date” in this definition.


 


“Trust
Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb).


 


“Uniform
Commercial Code” means the New York Uniform Commercial Code as in effect from time to time.


 


“Unrestricted
Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement
Legend.


 


“Unrestricted
Global Note” means a permanent Global Note, substantially in the form of Exhibit A attached hereto, that
bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto,
and that is deposited with or on behalf of, and registered in the name of, the Depositary, representing Notes that do not bear
the Private Placement Legend.


 


“Unrestricted
Subsidiary” means:


 


(1)  any
Subsidiary of the Issuer which at the time of determination is an Unrestricted Subsidiary (as designated by the Issuer, as provided
below); and


 


(2)  any
Subsidiary of an Unrestricted Subsidiary.


 


The
Issuer may designate any Subsidiary of the Issuer (including any existing Subsidiary and any newly acquired or newly formed Subsidiary)
to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of,
or owns or holds any Lien on, any property of, the Issuer or any Subsidiary of the Issuer (other than solely any Subsidiary of
the Subsidiary to be so designated); provided that


 


(1)  such
designation complies with Section 4.07 hereof; and


 


(2)  each
of:


 


(a)  the
Subsidiary to be so designated; and




    -39-


     


    


(b)  its
Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise
become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the
assets of the Issuer or any Restricted Subsidiary.


 


The
Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that, immediately after giving
effect to such designation, no Default shall have occurred and be continuing and either:


 


(1)  the
Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test described in Section 4.09(a)
hereof; or


 


(2)  the
Fixed Charge Coverage Ratio for the Issuer and its Restricted Subsidiaries would be equal to or greater than such ratio for the
Issuer and its Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking
into account such designation.


 


Any
such designation by the Issuer shall be notified by the Issuer to the Trustee by promptly filing with the Trustee a copy of the
resolution of the board of directors of the Issuer or any committee thereof giving effect to such designation and an Officer’s
Certificate certifying that such designation complied with the foregoing provisions.


 


“U.S.
Government Obligations” means securities that are:


 


(1)
direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or


 


(2)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America
the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,


 


which,
in each case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt
issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations
or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account
of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations
evidenced by such depository receipt.


 


“U.S.
Person” means a U.S. person as defined in Rule 902(k) under the Securities Act.


 


“Voting
Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the
election of the board of directors of such Person.




    -40-


     


    


“Warrant
Transactions” means one or more call options, warrants or rights to purchase (or substantively equivalent derivative
transaction) referencing the Issuer’s common stock, which for the avoidance of doubt may be settled by a delivery of shares
of the Issuer’s common stock or cash, written by the Issuer or a Restricted Subsidiary substantially contemporaneously with
the purchase by the Issuer or such Restricted Subsidiary of Convertible Bond Hedge Transactions and having an initial strike or
exercise price (howsoever defined) greater than the strike or exercise price (howsoever defined) of such Convertible Bond Hedge
Transactions.


 


“Weighted
Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or Preferred Stock, as the case
may be, at any date, the quotient obtained by dividing:


 


(1)  the
sum of the products of the number of years from the date of determination to the date of each successive scheduled principal payment
of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by
the amount of such payment; by


 


(2)  the
sum of all such payments.


 


“Wholly
Owned Subsidiary” of any Person means a Subsidiary of such Person, 100.0% of the outstanding Equity Interests of which
(other than directors’ qualifying shares and shares issued to foreign nationals as required by applicable law) shall at
the time be owned by such Person and/or by one or more Wholly Owned Subsidiaries of such Person.


 


SECTION
1.02. Other Definitions.


 


	Term	 	Defined
in Section 
	“Acceptable
    Commitment” 	 	4.10
	“Affiliate
    Transaction” 	 	4.11
	“Applicable
    AML Law” 	 	12.15
	“Applicable
    Premium Deficit” 	 	8.04
	“Asset
    Sale Offer” 	 	4.10
	“Authentication
    Order” 	 	2.02
	“Change
    of Control Offer” 	 	4.14
	“Change
    of Control Payment” 	 	4.14
	“Change
    of Control Payment Date” 	 	4.14
	“Covenant
    Defeasance” 	 	8.03
	“Covenant
    Suspension Event” 	 	4.16
	“Deemed
    Date” 	 	4.09
	“Directing
    Holder”  	 	6.02
	“DTC” 	 	2.03
	“Event
    of Default” 	 	6.01
	“Excess
    Proceeds” 	 	4.10
	“Excess
    Proceeds Threshold”  	 	4.10
	“Excluded
    Information”  	 	4.03





    -41-


     


    


	Term	 	Defined
in Section
	“Fixed
    Charge Coverage Test” 	 	4.09
	“Foreign
    Disposition” 	 	4.10
	“Increased
    Amount”	 	4.12
	“incur” 	 	4.09
	“incurrence” 	 	4.09
	“Legal
    Defeasance” 	 	8.02
	“maximum
    fixed repurchase price” 	 	1.03
	“Noteholder
    Direction”  	 	6.02
	“Note
    Register” 	 	2.03
	“Offer
    Amount” 	 	3.09
	“Offer
    Period” 	 	3.09
	“Pari
    Passu Indebtedness” 	 	4.10
	“Paying
    Agent” 	 	2.03
	“Position
    Representation”  	 	6.02
	“Purchase
    Date” 	 	3.09
	“Redemption
    Date” 	 	3.07
	“Refinancing
    Indebtedness” 	 	4.09
	“Refunding
    Capital Stock” 	 	4.07
	“Registrar” 	 	2.03
	“Restricted
    Payments” 	 	4.07
	“Reversion
    Date” 	 	4.16
	“Second
    Commitment” 	 	4.10
	“Successor
    Company” 	 	5.01
	“Successor
    Person” 	 	5.01
	“Suspended
    Covenants” 	 	4.16
	“Suspension
    Date” 	 	4.16
	“Suspension
    Period” 	 	4.16
	“Transaction
    Agreement Date” 	 	1.05
	“Treasury
    Capital Stock” 	 	4.07
	“Trustee” 	 	Recitals
	“Verification
    Covenant”  	 	6.02


 


SECTION
1.03. Rules of Construction. Unless the context otherwise requires:


 


(a)
a term has the meaning assigned to it;


 


(b)
an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;


 


(c)
 “or” is not exclusive;


 


(d)
 “including” means including without limitation;


 


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




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


 


(g)
provisions apply to successive events and transactions;


 


(h)
references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time;


 


(i)
unless the context otherwise requires, any reference to an “Article,” “Section” or “clause”
refers to an Article, Section or clause, as the case may be, of this Indenture;


 


(j)
the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole and not any particular Article, Section, clause or other subdivision;


 


(k)
the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof
that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP;


 


(l)
words used herein implying any gender shall apply to both genders;


 


(m)
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”;


 


(n)
(i) the principal amount of any Preferred Stock at any time shall be (A) the maximum liquidation value of such Preferred Stock
at such time or (B) the maximum mandatory redemption; and (ii) the “maximum fixed repurchase price” of any
Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms
of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred Stock were purchased on any date on which
Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon,
or measured by, the fair market value of such Disqualified Stock or Preferred Stock, such fair market value shall be determined
in good faith by the Issuer; and


 


(o)
the phrase “in writing” as used herein shall be deemed to include PDFs, e-mails and other electronic means of transmission,
unless otherwise indicated.


 


SECTION
1.04. Acts of Holders.


 


(a)
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given
or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the
Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a
Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01 hereof) conclusive in favor of the
Trustee and the Issuer, if made in the manner provided in this Section 1.04.




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(b)
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds,
certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of
the authority of the Person executing the same. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient.


 


(c)
The ownership of Notes shall be proved by the Note Register.


 


(d)
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every
future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor
or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Issuer in reliance thereon, whether
or not notation of such action is made upon such Note.


 


(e)
The Issuer may set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization,
direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent authorized or
permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuer prior to the first solicitation
of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such record
date shall be the later of 10 days prior to the first solicitation of such consent or the date of the most recent list of Holders
furnished to the Trustee prior to such solicitation.


 


(f)
Without limiting the foregoing, a Holder entitled to take any action hereunder with regard to any particular Note may do so with
regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so
pursuant to such appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder
or its agents with regard to different parts of such principal amount pursuant to this Section 1.04(f) shall have the same effect
as if given or taken by separate Holders of each such different part.


 


(g)
Without limiting the generality of the foregoing, a Holder, including DTC, may make, give or take, by a proxy or proxies duly
appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders, and DTC may provide its proxy to the beneficial owners of interests in any such
Global Note through such depositary’s standing instructions and customary practices.




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


 


SECTION
1.05. Measuring Compliance.


 


(a)
With respect to any (x) Investment or acquisition, in each case, for which the Issuer or any Subsidiary of the Issuer may not
terminate its obligations (or may not do so without incurring significant expense) due to a lack of financing for such Investment
or acquisition (whether by merger, consolidation or other business combination or the acquisition of Capital Stock or otherwise),
as applicable, and (y) repayment, repurchase or refinancing of Indebtedness with respect to which an irrevocable notice of repayment
(or similar irrevocable notice), which may be conditional, has been delivered, in each case, for purposes of determining:


 


(i)
whether any Indebtedness (including Acquired Indebtedness) that is being incurred in connection with such Investment, acquisition
or repayment, repurchase or refinancing of Indebtedness is permitted to be incurred in compliance with Section 4.09 hereof;


 


(ii)
whether any Lien being incurred in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness
or to secure any such Indebtedness is permitted to be incurred in accordance with Section 4.12 hereof or the definition of “Permitted
Liens”;


 


(iii)
whether any other transaction undertaken or proposed to be undertaken in connection with such Investment, acquisition or repayment,
repurchase or refinancing of Indebtedness complies with the covenants or agreements contained in this Indenture or the Notes;
and


 


(iv)
any calculation of the ratios, including Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio, Consolidated Secured Debt
Ratio, Consolidated Net Income or EBITDA and, whether a Default or Event of Default exists in connection with the foregoing,


 


at
the option of the Issuer, the date the definitive agreement for such Investment, acquisition or repayment, repurchase or refinancing
of Indebtedness is entered into or irrevocable notice, which may be conditional, of such repayment, repurchase or refinancing
of Indebtedness is given to the holders of such Indebtedness (each, a “Transaction Agreement Date”) may be
used as the applicable date of determination, as the case may be, in each case with such pro forma adjustments as are appropriate
and consistent with the pro forma adjustment provisions set forth in the definition of “EBITDA.”




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(b)
For the avoidance of doubt, if the Issuer elects to use the Transaction Agreement Date as the applicable date of determination
in accordance with the foregoing, (1) any fluctuation or change in the Fixed Charge Coverage Ratio, Consolidated Total Debt Ratio,
Consolidated Secured Debt Ratio, Consolidated Net Income or EBITDA of the Issuer from the Transaction Agreement Date to the date
of consummation of such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness, will not be taken into
account for purposes of determining whether (x) any Indebtedness or Lien that is being incurred in connection with such Investment,
acquisition or repayment, repurchase or refinancing of Indebtedness is permitted to be incurred or (y) any other transaction undertaken
in connection with such Investment, acquisition or repayment, repurchase or refinancing of Indebtedness complies with the covenants
or agreements contained in this Indenture or the Notes, and (2) until such Investment, acquisition or repayment, repurchase or
refinancing of Indebtedness is consummated or such definitive agreement is terminated, such Investment, acquisition or repayment,
repurchase or refinancing of Indebtedness and all transactions proposed to be undertaken in connection therewith (including the
incurrence of Indebtedness and Liens) will be given pro forma effect when determining compliance of other transactions
(including the incurrence of Indebtedness and Liens unrelated to such Investment, acquisition or repayment, repurchase or refinancing
of Indebtedness) that are consummated after the Transaction Agreement Date and on or prior to the date of such consummation or
termination.


 


(c)
The compliance with any requirement relating to the absence of a Default or Event of Default may be determined as of the Transaction
Agreement Date and not as of any later date as would otherwise be required under this Indenture.


 


(d)
For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital
or repayment of principal actually received in cash by such Person with respect thereto.


 


(e)
In addition, notwithstanding anything to the contrary in this Indenture, in the case of any Indebtedness or obligations incurred
to refinance Indebtedness or obligations initially incurred or secured in reliance on Section 4.09(b) or Section 4.12 measured
by reference to a percentage of EBITDA at the time of incurrence, if such refinancing would cause the percentage of EBITDA restriction
to be exceeded if calculated based on the percentage of EBITDA on the date of such refinancing, such percentage of EBITDA restriction
shall not be deemed to be exceeded so long as the principal amount of such refinancing Indebtedness or obligation does not exceed
the principal amount of such Indebtedness or obligation being refinanced, plus accrued and unpaid interest, dividends, premiums
(including tender premiums), defeasance costs, underwriting discounts, fees, costs and expenses (including original issue discount,
upfront fees or similar fees) in connection with such refinancing.


 


(f)
Notwithstanding anything to the contrary herein, so long as an action was taken (or not taken) in reliance upon a basket or ratio
that was calculated or determined in good faith by a responsible financial or accounting officer of the Issuer based upon financial
information available to such officer at such time and such action (or inaction) was permitted hereunder at the time of such calculation
or determination, any subsequent restatement, modification or adjustments made to such financial information (including any restatement,
modification or adjustment that would have caused such basket or ratio to be exceeded as a result of such action or inaction)
shall not result in any Default or Event of Default.




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(g)
Notwithstanding anything to the contrary herein, in the event an item of Indebtedness, Disqualified Stock or Preferred Stock (or
any portion thereof) is incurred or issued, any Lien is incurred or other transaction is undertaken in reliance on a ratio basket
based on the Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total Debt Ratio, such ratio(s) shall
be calculated with respect to such incurrence, issuance or other transaction without giving effect to amounts being utilized under
any other basket (other than a ratio basket based on the Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated
Total Debt Ratio) on the same date. Each item of Indebtedness, Disqualified Stock or Preferred Stock that is incurred or issued,
each Lien incurred and each other transaction undertaken will be deemed to have been incurred, issued or taken first, to the extent
available, pursuant to the relevant Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total Debt Ratio
test.


 


ARTICLE
II

THE NOTES


 


SECTION
2.01. Form and Dating; Terms.


 


(a)
General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit
A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note
shall be dated the date of its authentication. The Notes shall be issued in minimum denominations of $2,000 and any integral multiple
of $1,000 in excess thereof.


 


(b)
Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A hereto (including
the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto).
Notes issued in definitive form shall be substantially in the form of Exhibit A hereto (but without the Global Note
Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global
Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the
Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes
from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made
by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof
as required by Section 2.06 hereof. None of the Trustee or any Agent shall have any responsibility or obligation to any beneficial
owner of an interest in a Global Note, any agent member or other member of, or a participant in, DTC or other person with respect
to the accuracy of the records of DTC or any nominee or participant or member thereof, with respect to any ownership interest
in the notes or with respect to the delivery to any agent member or other participant, member, beneficial owner or other person
(other than DTC) of any notice or the payment of any amount or delivery of any notes (or other security or property) under or
with respect to such notes. All notices and communications to be given to the holders and all payments to be made to holders in
respect of the notes shall be given or made only to the registered holders (which shall be DTC or its nominee in the case of a
global note). The rights of beneficial owners in any global note shall be exercised only through DTC, subject to its applicable
rules and procedures. The Trustee and Agents may rely and shall be fully protected in relying upon information furnished by DTC
with respect to its agent members and other members, participants and any beneficial owners.




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(c)
Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the
Regulation S Temporary Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with
the Trustee, as Custodian for the Depositary and registered in the name of the Depositary or the nominee of the Depositary for
the accounts of the designated agents holding on behalf of Euroclear and Clearstream, duly executed by the Issuer and authenticated
by the Trustee as hereinafter provided.


 


Following
the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note may be exchanged for
beneficial interests in the Regulation S Permanent Global Note upon certification in a form reasonably acceptable to the Issuer
that those interests are owned by (i) non-U.S. Persons or (ii) U.S. Persons who acquired those interests pursuant to another exemption
from, or in transactions not subject to, the registration requirements of the Securities Act. The aggregate principal amount of
the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers
of interest as hereinafter provided.


 


(d)
Terms. The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this
Indenture and the Issuer, the Guarantors from time to time party hereto and the Trustee, by their execution and delivery of this
Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note
conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling.


 


(e)
Euroclear and Clearstream Applicable Procedures. The provisions of the “Operating Procedures of the Euroclear System”
and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking”
and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation
S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream.


 


The
aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. Subject to compliance
with Section 4.09 hereof, the Issuer may issue Additional Notes from time to time ranking pari passu with the Initial Notes
without notice to or consent of the Holders, and such Additional Notes shall be consolidated with and form a single class with
the Initial Notes and shall have the same terms as to status, redemption or otherwise as the Initial Notes, except that interest
may accrue on the Additional Notes from their date of issuance (or such other date specified by the Issuer); provided that
if any Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes will
have a separate CUSIP or ISIN, as applicable, from the Initial Notes. Any Additional Notes may be issued with the benefit of an
indenture supplemental to this Indenture.




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SECTION
2.02. Execution and Authentication. At least one Officer of the Issuer shall execute the Notes on behalf of the Issuer
by manual, facsimile or electronic (including “PDF”) signature.


 


If
an Officer of the Issuer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note,
the Note shall nevertheless be valid.


 


A
Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially
in the form of Exhibit A attached hereto, as the case may be, by the manual signature of an authorized signatory of
the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.


 


On
the Issue Date, the Trustee shall, upon receipt of an Issuer Order (an “Authentication Order”), authenticate
and deliver the Initial Notes. In addition, at any time, from time to time, the Trustee shall, upon receipt of an Authentication
Order, authenticate and deliver any Additional Notes.


 


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


 


SECTION
2.03. Registrar and Paying Agent. The Issuer shall maintain (i) an office or agency where Notes may be presented for registration
of transfer or for exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for
payment (the “Paying Agent”). The Registrar shall keep a register of the Notes (the “Note Register”)
and of their transfer and exchange. The Issuer may appoint one or more co-registrars, one or more additional paying agents and
one or more transfer agents. The term “Registrar” includes any co-registrar and the term “Paying Agent”
includes any additional paying agents. For avoidance of doubt, there shall be only one Note Register.


 


The
Issuer shall maintain a Registrar and Paying Agent in the Borough of Manhattan, the City of New York, the State of New York.


 


The
Issuer initially appoints the Trustee as Paying Agent. The Issuer may change any Paying Agent or Registrar without prior notice
to any Holder. The Issuer shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture.
If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall, to the extent that
it is capable, act as such. The Issuer or any of its Domestic Subsidiaries may act as Paying Agent or Registrar.




    -49-


     


    


The
Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global
Notes representing the Notes. The Issuer initially appoints the Trustee to act as the Registrar for the Notes and to act as Custodian
with respect to the Global Notes.


 


If
and to the extent that the Notes are listed on an exchange and the rules of such exchange so require, the Issuer shall satisfy
any requirement of such exchange as to paying agents, registrars and transfer agents and will comply with any notice requirements
required under such exchange in connection with any change of paying agent, registrar or transfer agent.


 


SECTION
2.04. Paying Agent to Hold Money in Trust. The Issuer shall require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Issuer
in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by
it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment
over to the Trustee, the Paying Agent (if other than the Issuer or a Subsidiary) shall have no further liability for the money.
If the Issuer or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the
Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee
shall serve as Paying Agent for the Notes.


 


SECTION
2.05. Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar
to furnish, to the Trustee at least two Business Days before each Interest Payment Date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of the Holders.


 


SECTION
2.06. Transfer and Exchange.


 


(a)
Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred,
in whole and not in part, only to the Depositary, another nominee of the Depositary or to a successor thereto or a nominee of
such successor thereto. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (A) the Depositary
(x) notifies the Issuer that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be
a clearing agency registered under the Exchange Act, and, in either case, a successor depositary is not appointed within 120 days,
(B) there shall have occurred and be continuing an Event of Default with respect to the Notes, or (C) the Issuer, in its sole
discretion, determines that all Global Notes should be exchanged for Definitive Notes. Upon the occurrence of any of the events
described in clauses (A) through (C) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests
therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary,
in accordance with its customary procedures. Global Notes also may be exchanged or replaced, in whole or in part, as provided
in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form
of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the events described in clauses (A) or
(B) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged
as provided in Section 2.06(b) or (c) hereof.




    -50-


     


    


(b)
Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in
the Global Notes shall be effected through the Depositary in accordance with the provisions of this Indenture and the Applicable
Procedures. Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those
set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall
require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs,
as applicable:


 


(i)
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with
the transfer restrictions set forth in the Private Placement Legend; provided that, prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the
account or benefit of a U.S. Person other than pursuant to Rule 144A. Beneficial interests in any Unrestricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written
orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i).


 


(ii)
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must
deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary
in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest
in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding
the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above;
provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in a Regulation
S Temporary Global Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certifications
required pursuant to this Indenture. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests
in Global Notes contained in this Indenture and the Notes, the Trustee shall adjust the principal amount of the relevant Global
Note(s) pursuant to Section 2.06(h) hereof.




    -51-


     


    


(iii)
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note
may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note
if the transfer complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the following:


 


(A)
if the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or


 


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


 


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


 


(A)
such Notes are sold or exchanged pursuant to an effective registration statement under the Securities Act; or


 


(B)
the Registrar receives the following:


 


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


 


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


 


and,
in each such case set forth in this subparagraph (B), if the Issuer so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance with
the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.




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If
any such transfer is effected pursuant to subparagraph (A) or (B) above at a time when an Unrestricted Global Note has not yet
been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount
of beneficial interests transferred pursuant to subparagraph (A) or (B) above.


 


Beneficial
interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note.


 


(c)
Transfer or Exchange of Beneficial Interests for Definitive Notes.


 


(i)
Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest
in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon the occurrence
of any of the events described in clauses (A) through (C) of Section 2.06(a) hereof and receipt by the Registrar of
the following documentation:


 


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


 


(B)
if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the form
of Exhibit B hereto, including the certifications in item (1) thereof;


 


(C)
if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;


 


(D)
if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof;


 


(E)
if such beneficial interest is being transferred to the Issuer or any of its Restricted Subsidiaries, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or




    -53-


     


    


(F)
if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section
2.06(h) hereof, and the Issuer shall execute and, upon receipt of an Authentication Order, the Trustee shall authenticate and
mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in
such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct
the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall mail such
Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) (except for transfers pursuant to clause (F) above) shall
bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.


 


(ii)
Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A)
and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or
transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted
Period and (B) the receipt by the Registrar of any certifications required pursuant to Rule 903(b)(3)(ii)(B), except in the case
of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.


 


(iii)
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in
a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the occurrence of any
of the events described in clauses (A) through (C) of Section 2.06(a) hereof and if the Registrar receives the following:


 


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


 


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


 


and,
in each such case set forth in this subclause (iii), if the Issuer so requests or if the Applicable Procedures so require,
an Opinion of Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.




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(iv)
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest
in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events
described in clauses (A) through (C) of Section 2.06(a) hereof and satisfaction of the conditions set forth in Section
2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 2.06(h) hereof, and the Issuer shall execute and, upon receipt of an Authentication Order, the Trustee shall
authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive
Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) shall be registered in such name or names
and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(iv) shall not bear the Private Placement Legend.


 


(d)
Transfer and Exchange of Definitive Notes for Beneficial Interests.


 


(i)
Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive
Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt
by the Registrar of the following documentation:


 


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


 


(B)
if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (1) thereof;


 


(C)
if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item
(2) thereof;




    -55-


     


    


(D)
if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications
in item (3)(a) thereof;


 


(E)
if such Restricted Definitive Note is being transferred to the Issuer or any of its Restricted Subsidiaries, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or


 


(F)
if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act,
a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof,


 


the
Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of, in
the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the applicable
144A Global Note, and in the case of clause (C) above, the applicable Regulation S Global Note.


 


(ii)
Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to
a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if the Registrar
receives the following:


 


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


 


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


 


and,
in each such case set forth in this subclause (ii), if the Issuer so requests or if the Applicable Procedures so require,
an Opinion of Counsel in form reasonably acceptable to the Issuer to the effect that such exchange or transfer is in compliance
with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.


 


Upon
satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii), the Trustee shall cancel the Restricted
Definitive Note and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note.




    -56-


     


    


(iii)
Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person
who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a
request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or
cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.


 


If
any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii) or (iii)
above at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the principal amount of Definitive Notes so transferred.


 


(e)
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes.
Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive
Notes duly endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In the event that the requesting Holder does not transfer
the entire principal amount of Notes represented by any such Definitive Note, the Registrar shall cancel or cause to be canceled
such Definitive Note and the Issuer (who will have been informed of such cancelation) shall execute and, upon receipt of an Authentication
Order, the Trustee shall authenticate and deliver to the requesting Holder and any transferee Definitive Notes in the appropriate
principal amounts to reflect such transfer. In addition, the requesting Holder shall provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section 2.06(e):


 


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


 


(A)
if the transfer will be made to a QIB in accordance with Rule 144A, then the transferor must deliver a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (1) thereof;


 


(B)
if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (2) thereof; or


 


(C)
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item
(3) thereof, if applicable.




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


 


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


 


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


 


and,
in each such case set forth in this subclause (ii), if the Issuer so requests, an Opinion of Counsel in form reasonably acceptable
to the Issuer to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.


 


(iii)
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer
such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to
register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof.


 


(f)
[Reserved]


 


(g)
Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions of this Indenture:


 


(i)
Private Placement Legend.


 


(A)
Except as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the following form:


 


“THIS
NOTE AND THE GUARANTEES THEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT
AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING
THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT, PRIOR
TO THE EXPIRATION OF THE HOLDING PERIOD APPLICABLE TO SALES OF THE NOTES UNDER RULE 144 UNDER THE SECURITIES ACT (OR ANY SUCCESSOR
PROVISION), OFFER, RESELL, PLEDGE, OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) FOR
SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE
144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER
THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE),
(E) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE
IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,”
 “UNITED STATES,” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES
ACT.




    -58-


     


    


BY
ITS ACQUISITION OF THIS NOTE OR ANY INTEREST HEREIN, THE HOLDER WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1)
(A) SUCH HOLDER IS NOT, AND IS NOT ACTING ON BEHALF OF, A PLAN AND (B) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE
OR HOLD THIS NOTE OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE
U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR OTHER ARRANGEMENT OR ACCOUNT OR PLAN
THAT IS SUBJECT TO ERISA OR SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR PROVISIONS
UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS, RULES OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA
OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101 AS MODIFIED BY SECTION 3(42) OF ERISA) OF A PLAN, ACCOUNT OR
ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.”




    -59-


     


    


Except
as permitted by subparagraph (B) below, each Global Note and Definitive Note issued in a transaction exempt from registration
pursuant to Regulation S shall also bear the legend in substantially the following form:


 


“THIS
NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE
ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES
ACT.”


 


(B)
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii), (c)(iv),
(d)(ii), (d)(iii), (e)(ii) or (e)(iii) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof)
shall not bear the Private Placement Legend.


 


(ii)
Global Note Legend. Each Global Note shall bear a legend in substantially the following form (with appropriate changes
in the last sentence if DTC is not the Depositary):


 


“THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM,
THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY
TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”




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(iii)
Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note shall bear a legend in substantially
the following form:


 


“THE
RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE
NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).”


 


(h)
Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have
been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in
part, each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof.
At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person
who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal
amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note
by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest
is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the Depositary at the direction of the Trustee to reflect such increase.


 


(i)
General Provisions Relating to Transfers and Exchanges.


 


(i)
To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02.


 


(ii)
No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for
any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or
similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.04 hereof).




    -61-


     


    


(iii)
Neither the Registrar nor the Issuer shall be required to register the transfer of or exchange any Note selected for redemption
or tendered (and not withdrawn) for repurchase in whole or in part, except the unredeemed portion of any Note being redeemed or
tendered in part; provided that new Notes will only be issued in minimum denominations of $2,000 and any integral multiple
of $1,000 in excess thereof.


 


(iv)
All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes
shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.


 


(v)
Neither the Registrar nor the Issuer shall be required:


 


(A)
to issue, to register the transfer of or to exchange any Note during a period beginning at the opening of business 15 days before
the delivery of a notice of redemption of the Notes to be redeemed under Section 3.03 hereof and ending at the close of business
on the day of such delivery;


 


(B)
to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part;


 


(C)
to register the transfer or exchange of a Note between a Record Date and the next succeeding Interest Payment Date; or


 


(D)
to register the transfer or exchange of any Notes tendered (and not withdrawn) for repurchase in connection with a Change of Control
Offer or an Asset Sale Offer.


 


(vi)
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer and any agent of
the foregoing may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose
of receiving payment of principal of (and premium, if any) and interest on such Note and for all other purposes, and none of the
Trustee, any Agent or the Issuer or any agent of the foregoing shall be affected by notice to the contrary.


 


(vii)
Upon surrender for registration of transfer of any Note at the office or agency designated pursuant to Section 4.02 hereof, the
Issuer shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one
or more replacement Notes of any authorized denomination or denominations of a like aggregate principal amount.


 


(viii)
At the option of the Holder, subject to Section 2.06(a) hereof, Notes may be exchanged for other Notes of any authorized denomination
or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever
any Global Notes or Definitive Notes are so surrendered for exchange, the Issuer shall execute, and, upon receipt of an Authentication
Order, the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the
exchange is entitled to in accordance with the provisions of Section 2.02 hereof.




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(ix)
All certifications, certificates and Opinions of Counsel required to be submitted pursuant to this Section 2.06 to effect a registration
of transfer or exchange may be submitted by facsimile or electronic delivery.


 


(x)
Neither the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any
restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in
any note (including any transfers between or among Participants or Indirect Participants in any global note) other than to require
delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof.


 


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


 


Notwithstanding
the foregoing provisions of this Section 2.07, in case any mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note.


 


Every
replacement Note is a contractual obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder. The provisions of this Section 2.07 shall be exclusive and shall
preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.


 


SECTION
2.08. Outstanding Notes. The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those
cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee
in accordance with the provisions hereof and those described in this Section 2.08 as not outstanding. Except as set forth in Section
2.09 hereof, a Note does not cease to be outstanding because the Issuer, a Guarantor or an Affiliate of the Issuer or a Guarantor
holds the Note.


 


If
a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory
to it that the replaced Note is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code).




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If
the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it
ceases to accrue.


 


If
the Paying Agent (other than the Issuer, a Guarantor or an Affiliate of the Issuer or a Guarantor) holds, on a Redemption Date
or maturity date, money sufficient to pay Notes (or portions thereof) payable on that date, then on and after that date such Notes
(or portions thereof) shall be deemed to be no longer outstanding (including for accounting purposes) and shall cease to accrue
interest.


 


SECTION
2.09. Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Issuer, a Guarantor or by any Affiliate of the Issuer or a Guarantor, shall be
considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying
on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall
be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to
the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the
Notes and that the pledgee is not the Issuer, a Guarantor or any Affiliate of the Issuer or a Guarantor.


 


SECTION
2.10. Temporary Notes. Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee,
upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form
of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes. Without unreasonable
delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.


 


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


 


SECTION
2.11. Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying
Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee
or, at the direction of the Trustee, the Registrar or the Paying Agent and no one else shall cancel all Notes surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled Notes in accordance with
its customary procedures. Certification of the disposition of all cancelled Notes shall be delivered to the Issuer. The Issuer
may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation.


 


SECTION
2.12. Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest
in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest to the Persons who are Holders on
a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer shall
notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount proposed
to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to
such defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed any such special record date
and payment date; provided that no such special record date shall be less than 10 days prior to the related payment date
for such defaulted interest. The Trustee shall promptly notify the Issuer of any such special record date. At least 15 days before
any such special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense
of the Issuer) shall send electronically, mail or cause to be mailed, first-class postage prepaid, or otherwise deliver in accordance
with the Applicable Procedures, to each Holder, with a copy to the Trustee, a notice at his or her address as it appears in the
Note Register that states the special record date, the related payment date and the amount of such interest to be paid.




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


 


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


 


ARTICLE
III

REDEMPTION


 


SECTION
3.01. Notices to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.07 hereof, it shall furnish to the
Trustee, at least five Business Days (unless the Trustee shall agree to a shorter notice period) before notice of redemption is
required to be delivered to Holders pursuant to Section 3.03 hereof, an Officer’s Certificate setting forth (i) the
paragraph or subparagraph of such Note and/or Section of this Indenture pursuant to which the redemption shall occur, (ii) the
Redemption Date, (iii) the principal amount of the Notes to be redeemed and (iv) the redemption price.


 


SECTION
3.02. Selection of Notes to Be Redeemed. If less than all of the Notes are to be redeemed at any time, the Trustee shall
select the Notes to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on
which the Notes are listed, or if the Notes are not so listed or such exchange prescribes no method of selection, on a pro
rata basis, by lot or by such other method as the Trustee shall deem fair and appropriate and otherwise in such manner as
complies with the Applicable Procedures. Neither the Trustee nor the applicable Registrar shall be liable for any selections made
by it in accordance with this paragraph (including the procedures of the relevant depositaries).




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The
Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Note selected
for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts
of $2,000 and any integral multiple of $1,000 in excess thereof; no Notes of less than $2,000 can be redeemed in part, except
that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not
a principal amount of at least $2,000, shall be redeemed. Except as provided in the preceding sentence, provisions of this Indenture
that apply to Notes called for redemption also apply to portions of Notes called for redemption.


 


SECTION
3.03. Notice of Redemption. Subject to Sections 3.07(e) and 3.09 hereof, the Issuer shall send electronically, mail or
cause to be mailed by first-class mail, postage prepaid, notices of redemption at least 10 days but not more than 60 days
before the Redemption Date to each Holder of Notes at such Holder’s registered address or otherwise in accordance with the
Applicable Procedures, except that redemption notices may be delivered more than 60 days prior to a Redemption Date if the
notice is issued in connection with a conditional redemption or Article VIII or Article XI hereof. For Notes held on
behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication to entitled account holders in
substitution for the aforementioned delivery.


 


The
notice shall identify the Notes to be redeemed and shall state:


 


(a)
the Redemption Date;


 


(b)
the redemption price;


 


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


 


(d)
the name and address of the Paying Agent;


 


(e)
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;


 


(f)
that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on
and after the Redemption Date;


 


(g)
the paragraph or subparagraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption
are being redeemed;


 


(h)
the CUSIP number and ISIN, if any, printed on the Notes being redeemed and that no representation is made as to the correctness
or accuracy of any such CUSIP number and ISIN that is listed in such notice or printed on the Notes; and


 


(i)
any condition to such redemption.




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At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided that the Issuer shall have delivered to the Trustee, at least five Business Days before notice of redemption is required to
be delivered electronically, mailed or caused to be mailed to Holders pursuant to this Section 3.03 (unless a shorter notice shall
be agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the preceding paragraph and setting forth the form of such notice.


 


SECTION
3.04. Effect of Notice of Redemption. Once notice of redemption is given in accordance with Section 3.03 hereof, Notes
called for redemption become irrevocably due and payable on the Redemption Date at the redemption price (except as provided for
in Section 3.07(e) hereof). The notice, if given in a manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. In any case, failure to give such notice as provided herein or any defect in the
notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings
for the redemption of any other Note. Subject to Sections 3.05 and 3.07(e) hereof, on and after the Redemption Date, interest
shall cease to accrue on Notes or portions of Notes called for redemption.


 


SECTION
3.05. Deposit of Redemption Price.


 


(a)
Prior to 11:00 a.m. (New York City time) on the Redemption Date, the Issuer shall deposit with the Trustee or with the Paying
Agent money sufficient to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed on that Redemption
Date. The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent
by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes
to be redeemed.


 


(b)
If the Issuer complies with the provisions of the preceding paragraph (a), on and after the Redemption Date, interest shall
cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after a Record Date but
on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the Redemption Date shall be paid to
the Person in whose name such Note was registered at the close of business on such Record Date. If any Note called for redemption
is not paid upon surrender for redemption because of the failure of the Issuer to comply with the preceding paragraph, interest
shall be paid on the unpaid principal, from the Redemption Date until such principal is paid, and to the extent lawful on any
interest accrued to the Redemption Date not paid on such unpaid principal, in each case, at the rate provided in the Notes and
in Section 4.01 hereof.


 


SECTION
3.06. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Issuer shall issue and, upon receipt
of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note equal in principal
amount to the unredeemed portion of the Note surrendered; provided that each new Note will be in a minimum principal amount
of $2,000 and any integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture
to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s Certificate of the Issuer is required
for the Trustee to authenticate such new Note.




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SECTION
3.07. Optional Redemption.


 


(a)
At any time prior to April 15, 2024, the Issuer may on one or more occasions redeem the Notes, in whole or in part, upon notice
in accordance with Section 3.03 hereof, at a redemption price equal to 100% of the principal amount of the Notes redeemed plus
the Applicable Premium as of, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (each date on
which a redemption occurs, a “Redemption Date”), subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date.


 


(b)
On and after April 15, 2024, the Issuer may on one or more occasions redeem the Notes, in whole or in part, upon notice in accordance
with Section 3.03 hereof, at the applicable redemption price (expressed as percentages of principal amount of the Notes to be
redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date, subject
to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date, if
redeemed during the twelve-month period beginning on April 15 of each of the years indicated below:


 


	Year	 	 	Percentage	 
	2024	 	 	 	102.250	%
	2025	 	 	 	101.125	%
	2026 and thereafter 	 	 	 	100.000	%



 


(c)
In addition, prior to April 15, 2024, the Issuer may, at its option, and on one or more occasions, redeem up to 40% of the aggregate
principal amount of Notes issued under this Indenture (including any Additional Notes issued under this Indenture after the Issue
Date) at a redemption price equal to 104.50% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid
interest, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date, with funds in an aggregate amount equal to the net
cash proceeds of one or more Equity Offerings of the Issuer; provided that (1) at least 50% of (A) the aggregate principal
amount of Notes originally issued under this Indenture on the Issue Date plus (B) the aggregate principal amount of any Additional
Notes issued under this Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption;
and (2) each such redemption occurs within 180 days of the date of closing of each such Equity Offering.


 


(d)
Notwithstanding the foregoing, in connection with any Change of Control Offer or Asset Sale Offer, if Holders of not less than
90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such Change of Control
Offer or Asset Sale Offer and the Issuer, or any third party making such Change of Control Offer or Asset Sale Offer in lieu of
the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, all of the Holders will be deemed to
have consented to such Change of Control Offer or Asset Sale Offer and accordingly, the Issuer or such third party will have the
right upon not less than 10 nor more than 60 days’ prior notice (provided that such notice is not given more than
30 days following such purchase date) to redeem all Notes that remain outstanding following such purchase at a price equal to
the price offered to each other Holder in such Change of Control Offer or Asset Sale Offer plus, to the extent not included in
the Change of Control Offer or Asset Sale Offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the
applicable Redemption Date subject to the rights of Holders of record on the relevant record date to receive interest due on the
relevant Interest Payment Date.




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(e)
Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.
Notice of any redemption or purchase, whether in connection with an Equity Offering, other transaction or otherwise, may be given
prior to the completion thereof, and any such notice may, at the Issuer’s discretion, be subject to one or more conditions
precedent. If a redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice shall describe
each such condition and, if applicable, shall state that, in the Issuer’s discretion, the Redemption Date or purchase date
may be delayed until such time (including more than 60 days after the date the notice was sent) as any or all such conditions
shall be satisfied (or waived by the Issuer in its sole discretion) or such redemption or purchase may not occur and such notice
may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption Date or purchase
date, or by the Redemption Date or purchase date as so delayed. In addition, the Issuer may provide in such notice that payment
of the redemption price or purchase price and performance of the Issuers’ obligations with respect to such redemption or
purchase may be performed by another Person.


 


SECTION
3.08. Mandatory Redemption. The Issuer shall not be required to make any mandatory redemption or sinking fund payments
with respect to the Notes.


 


SECTION
3.09. Offers to Repurchase by Application of Excess Proceeds.


 


(a)
In the event that, pursuant to Section 4.10 hereof, the Issuer shall be required to commence an Asset Sale Offer, it shall follow
the procedures specified below.


 


(b)
The Asset Sale Offer shall remain open for a period of 20 Business Days following its commencement and no longer, except
to the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business
Days after the termination of the Offer Period (the “Purchase Date”), the Issuer shall apply all Excess Proceeds
(the “Offer Amount”) to the purchase of Notes and, if required, Pari Passu Indebtedness (on a pro rata
basis, if applicable, with adjustments as necessary so that no Note or Pari Passu Indebtedness will be repurchased in part in
an unauthorized denomination), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered
in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the same manner as interest payments
are made.


 


(c)
If the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, then any accrued and unpaid
interest to, but excluding, the Purchase Date shall be paid to the Person in whose name a Note is registered at the close of business
on such Record Date.




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(d)
Upon the commencement of an Asset Sale Offer, the Issuer shall send electronically or by first-class mail, postage prepaid, a
notice to each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to
enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders and holders
of Pari Passu Indebtedness. The notice, which shall govern the terms of the Asset Sale Offer, shall state:


 


(i)
that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time
the Asset Sale Offer shall remain open;


 


(ii)
the Offer Amount, the purchase price and the Purchase Date;


 


(iii)
that any Note not tendered or accepted for payment shall continue to accrue interest;


 


(iv)
that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall
cease to accrue interest after the Purchase Date;


 


(v)
that any Holder electing to have less than all of the aggregate principal amount of its Notes purchased pursuant to an Asset Sale
Offer may elect to have Notes purchased in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof;


 


(vi)
that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with
the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer such Note by book-entry
transfer, to the Issuer, a depositary, if appointed by the Issuer, or a Paying Agent at the address specified in the notice at
least two Business Days before the Purchase Date;


 


(vii)
that Holders shall be entitled to withdraw their election if the Issuer, the Depositary or the Paying Agent, as the case may be,
receives, not later than the close of business on the fourth Business Day prior to the expiration date of the Offer Period, a
facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note purchased;


 


(viii)
that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds the Offer
Amount, the Issuer shall purchase such Notes and such Pari Passu Indebtedness on a pro rata basis based on the accreted
value or principal amount of the Notes or such Pari Passu Indebtedness tendered (with such adjustments as may be deemed appropriate
by the Issuer so that only Notes in denominations of $2,000 and any integral multiple of $1,000 in excess thereof will be purchased);
and


 


(ix)
that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion
of the Notes surrendered (or transferred by book-entry transfer); provided that the unpurchased portion of any Note must
be equal to at least $2,000 and any integral multiple of $1,000 in excess thereof.




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(e)
On or before the Purchase Date, the Issuer shall, to the extent lawful, (1) accept for payment, on a pro rata basis
as described in clause (d)(viii) of this Section 3.09, the Offer Amount of Notes or portions thereof validly tendered pursuant
to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause
to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions thereof so tendered.


 


(f)
The Issuer, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by the Issuer for purchase, and
the Issuer shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate and mail
or deliver (or cause to be transferred by book-entry) such new Note to such Holder (it being understood that, notwithstanding
anything in this Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate of the Issuer is required for
the Trustee to authenticate and mail or deliver such new Note) in a principal amount equal to any unpurchased portion of the Note
surrendered; provided that new Notes will only be issued in minimum denominations of $2,000 and any integral multiple of
$1,000 in excess thereof. Any Note not so accepted shall be promptly mailed or delivered by the Issuer to the Holder thereof.
The Issuer shall publicly announce the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date.


 


(g)
Prior to 11:00 a.m. (New York City time) on the Purchase Date, the Issuer shall deposit with the Trustee or with the Paying Agent
money sufficient to pay the purchase price of and accrued and unpaid interest on all Notes to be purchased on that Purchase Date.
The Trustee or the Paying Agent shall promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by
the Issuer in excess of the amounts necessary to pay the purchase price of, and accrued and unpaid interest on, all Notes to be
redeemed.


 


Other
than as specifically provided in this Section 3.09 or Section 4.10 hereof, any purchase pursuant to this Section 3.09
shall be made pursuant to the applicable provisions of Sections 3.01 through 3.06 hereof, and references therein to “redeem,”
 “redemption” and similar words shall be deemed to refer to “purchase,” “repurchase” and similar
words, as applicable.


 


ARTICLE
IV

COVENANTS


 


SECTION
4.01. Payment of Notes. The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the
Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid
on the date due if the Paying Agent, if other than the Issuer, a Guarantor or an Affiliate of the Issuer or a Guarantor, holds
as of 11:00 a.m. (New York City time) on the due date money deposited by the Issuer in immediately available funds and designated
for and sufficient to pay all principal, premium, if any, and interest then due.




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The
Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at
the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace
period) at the same rate to the extent lawful.


 


SECTION
4.02. Maintenance of Office or Agency. The Issuer shall maintain the offices or agencies (which may be an office of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar) required under Section 2.03 where Notes may be presented for
payment or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect
of the Notes and this Indenture may be served. The Issuer shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency.


 


The
Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations; provided that no such designation or
rescission shall in any manner relieve the Issuer of its obligation to maintain such offices or agencies as required by Section
2.03 for such purposes. The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of
any change in the location of any such other office or agency. The Issuer hereby designates the Corporate Trust Office as one
such office or agency of the Issuer in accordance with Section 2.03 hereof.


 


SECTION
4.03. Reports and Other Information.


 


(a)
Whether or not the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as the
Notes are outstanding, the Issuer will furnish to the Holders or cause the Trustee to furnish to the Holders or post on its website
or file with the SEC for public availability:


 


(1)
within 90 days after the end of each fiscal year (or such other period then in effect under the rules and regulations promulgated
under the Exchange Act with respect to the filing of an Annual Report on Form 10-K by a non-accelerated filer), an annual report
as would be required to be filed with the SEC on Form 10-K if the Issuer were required to file such reports;


 


(2)
within 45 days after the end of each of the first three fiscal quarters of each fiscal year (or such other period then in effect
under the rules and regulations promulgated under the Exchange Act with respect to the filing of a Quarterly Report on Form 10-Q
by a non-accelerated filer), a quarterly report as would be required to be filed with the SEC on Form 10-Q if the Issuer were
required to file such reports; and


 


(3)
as soon as practicable (and in any event no later than five days after the period then in effect under the rules and regulations
promulgated under the Exchange Act with respect to the filing of a Current Report on Form 8-K) after the occurrence of an event
required to be therein reported, a current report as would be required to be filed with the SEC on Form 8-K if the Issuer were
required to file such reports;




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provided,
however, that, if the last day of any such period is not a Business Day, such report will be due on the next succeeding
Business Day. All such reports will be prepared in all material respects in accordance with all of the rules and regulations of
the SEC applicable to such reports, except that such reports (x) will not be required to include (i) financial information that
would be required by Rules 3-10 and 3-16 of Regulation S-X and related interpretations, (ii) information required by Item 10(e)
of Regulation S-K or Regulation G under the Securities Act (in each case with respect to any non-GAAP financial measures contained
therein) and (iii) information required by Item 402 or 601 of Regulation S-K and related interpretations (such information described
in clauses (i) through (iii), the “Excluded Information”) and (y) will not be subject to the Trust Indenture Act.


 


The
Issuer will maintain a public or non-public website on which Holders, prospective investors and securities analysts are given
access to the annual and quarterly financial information described above. If the website containing the financial reports is not
available to the public, the Issuer will direct Holders, prospective investors and securities analysts on its publicly available
website to contact the Issuer to obtain access to the non-public website.


 


(b)
If the Issuer files reports with the SEC in accordance with Section 13 of 15(d) of the Exchange Act, whether voluntarily or otherwise,
in compliance with the filing periods specified in Section 4.03(a) hereof, then the Issuer shall be deemed to comply with this
Section 4.03. For the avoidance of doubt, such reports need not include the Excluded Information.


 


(c)
To the extent not satisfied by the foregoing, the Issuer will agree that, for so long as any Notes are outstanding, it will furnish
to Holders, securities analysts and prospective investors in the Notes, upon their request, the information required to be delivered
pursuant to Rule 144A(d)(4) under the Securities Act.


 


(d)
Notwithstanding anything herein to the contrary, the Issuer will not be deemed to have failed to comply with any of its obligations
under this Section 4.03 for purposes of clause (3) under Section 6.01 hereof until 120 days after the date any report is due under
this Section 4.03, and failure to comply with this Section 4.03 shall be automatically cured when the Issuer provides all
required reports to the Holders (including, without limitation, to the Trustee for delivery to the Holders) or files all required
reports with the SEC.


 


The
Trustee shall have no responsibility to determine whether any reports have been filed by the Issuer or posted on the Issuer’s
website.


 


Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates).


 


SECTION
4.04. Compliance Certificate.


 


(a)
The Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date (or 120
days after the first fiscal year ending after the Issue Date), a certificate from its principal executive officer, principal financial
officer or principal accounting officer stating that a review of the activities of the Issuer and its Restricted Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether
the Issuer and its Restricted Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture,
and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, on behalf of the Issuer,
the Issuer and its Restricted Subsidiaries have kept, observed, performed and fulfilled in all material respects each and every
condition and covenant contained in this Indenture and no Default has occurred and is continuing with respect to any of the terms,
provisions, covenants and conditions in this Indenture (or, if a Default shall have occurred and is continuing, describing all
such Defaults of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto).




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(b)
When any Default has occurred and is continuing under this Indenture, or if the Trustee or the holder of any other evidence of
Indebtedness of the Issuer or any Subsidiary gives any notice or takes any other action with respect to a claimed Default, the
Issuer shall promptly (which shall be no more than 20 Business Days after becoming aware of such Default) deliver to the Trustee
by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such event and what action
the Issuer is taking or proposes to take with respect thereto, unless such Default has been cured.


 


SECTION
4.05. Taxes. The Issuer shall pay or discharge, and shall cause each of its Restricted Subsidiaries to pay or discharge,
prior to delinquency, all material taxes, lawful assessments, and governmental levies except such as are contested in good faith
and by appropriate actions or where the failure to effect such payment or discharge is not adverse in any material respect to
the Holders of the Notes.


 


SECTION
4.06. Stay, Extension and Usury Laws. The Issuer and each of the Guarantors covenant (to the extent that they may lawfully
do so) that they shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage
of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or
the performance of this Indenture; and the Issuer and each of the Guarantors (to the extent that they may lawfully do so) hereby
expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder,
delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such
power as though no such law has been enacted.




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SECTION
4.07. Limitation on Restricted Payments.


 


(a)
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly:


 


(I) declare
or pay any dividend or make any payment or distribution on account of the Issuer’s or any of its Restricted Subsidiaries’
Equity Interests, including any dividend, payment or distribution payable in connection with any merger or consolidation other
than:


 


(A)
dividends or distributions by the Issuer payable solely in Equity Interests (other than Disqualified Stock) of the Issuer or in
options, warrants or other rights to purchase such Equity Interests of the Issuer; or


 


(B)
dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in
respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, the Issuer
or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its
Equity Interests in such class or series of securities;


 


(II) purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer , including in connection with any
merger or consolidation, in each case, held by Persons other than the Issuer or any Restricted Subsidiary of the Issuer;


 


(III) make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case, prior to any
scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness, other than:


 


(A)
Indebtedness permitted under clauses (7), (8) and (9) of Section 4.09(b) hereof; or


 


(B)
the payment, redemption, repurchase, defeasance, acquisition or retirement of Subordinated Indebtedness in anticipation of satisfying
a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of payment, redemption,
repurchase, defeasance, acquisition or retirement; or


 


(IV) make
any Restricted Investment


 


(all
such payments and other actions set forth in clauses (I) through (IV) in this Section 4.07(a) (other than any exceptions
thereto) being collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:


 


(1)
no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof;


 


(2)
immediately after giving effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Test set forth in Section 4.09(a) hereof; and




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(3)
such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted
Subsidiaries after the Issue Date (including Restricted Payments permitted by clause (1) of, but excluding all other Restricted
Payments permitted by, Section 4.07(b) hereof), is less than the sum of (without duplication):


 


(A)
50% of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) beginning on January 31, 2021
to the end of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the
time of such Restricted Payment (which amount may not be less than zero); plus


 


(B)
100% of the aggregate net cash proceeds and the fair market value of marketable securities or other property received by the Issuer
after the Issue Date (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness or
issue Disqualified Stock or Preferred Stock pursuant to clause (12) of Section 4.09(b) hereof) from the issue or sale
of:


 


(i)  Equity
Interests of the Issuer, including Treasury Capital Stock, but excluding cash proceeds and the fair market value of marketable
securities or other property received from the sale of:


 


(x)  Equity
Interests to any future, present or former employee, officer, director, member of management or consultant (or the estate, heirs,
family members, spouse, former spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer or any
of the Issuer’s Subsidiaries after the Issue Date to the extent such amounts have been applied to Restricted Payments made
in accordance with clause (4) of Section 4.07(b) hereof; and


 


(y)  Designated
Preferred Stock; or


 


(ii)  Indebtedness
of the Issuer or a Restricted Subsidiary that has been converted into or exchanged for such Equity Interests of the Issuer;


 


provided that this clause (B) shall not include the proceeds from (W) Refunding Capital Stock applied in accordance with
clause (2) of Section 4.07(b) hereof, (X) Equity Interests or convertible debt securities of the Issuer sold to a Restricted
Subsidiary, (Y) Disqualified Stock or debt securities that have been converted into Disqualified Stock or (Z) Excluded
Contributions; plus


 


(C)
the aggregate amount by which Indebtedness of the Issuer or any Restricted Subsidiary is reduced on the Issuer’s consolidated
balance sheet on or after the Issue Date upon the conversion or exchange into Equity Interests (other than Disqualified Stock)
of the Issuer of any Indebtedness issued or sold on or prior to the Issue Date that is convertible or exchangeable for Equity
Interests (other than Disqualified Stock) of the Issuer; plus


 


(D)
100% of the aggregate amount of cash and the fair market value of marketable securities or other property contributed to the capital
of the Issuer after the Issue Date (other than (i) net cash proceeds to the extent such net cash proceeds have been used to incur
Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (12) of Section 4.09(b) hereof, (ii)
contributions by a Restricted Subsidiary and (iii) any Excluded Contributions); plus




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(E)
100% of the aggregate amount received in cash and the fair market value of marketable securities or other property received by
means of:


 


(i)  the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of, or other returns on Investments from, Restricted
Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from
the Issuer or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted
Investments by the Issuer or its Restricted Subsidiaries (other than, in each case, to the extent that the Restricted Investment
was made pursuant to clause (10) of Section 4.07(b) hereof), in each case, after the Issue Date; or


 


(ii)  the
sale (other than to the Issuer or a Restricted Subsidiary) of the Equity Interests of an Unrestricted Subsidiary or a distribution
from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary was made
by the Issuer or a Restricted Subsidiary pursuant to clause (10) of Section 4.07(b) hereof or to the extent such Investment
constituted a Permitted Investment made after the Issue Date) or a dividend from an Unrestricted Subsidiary after the Issue Date;
plus


 


(F)
in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger or consolidation of an
Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets of
an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary after the Issue Date, the fair market value of the Investment
in such Unrestricted Subsidiary (or the assets transferred), at the time of the redesignation of such Unrestricted Subsidiary
as a Restricted Subsidiary or at the time of such merger, consolidation or transfer of assets (other than, in each case, to the
extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (10)
of Section 4.07(b) hereof or to the extent such Investment constituted a Permitted Investment made after the Issue Date);
plus


 


(G)
$125.0 million.


 


(b)
The provisions of Section 4.07(a) hereof will not prohibit:


 


(1)
the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of
declaration thereof or the giving of the redemption notice, if at the date of declaration or the giving of such notice such payment
would have complied with the provisions of this Indenture;


 


(2)
(a) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Treasury Capital Stock”)
or Subordinated Indebtedness of the Issuer, in exchange for, or out of the proceeds of the sale (within 90 days of such redemption,
repurchase, retirement or other acquisition or other Restricted Payment) (other than to a Restricted Subsidiary) of, Equity Interests
of the Issuer (other than any Disqualified Stock) (“Refunding Capital Stock”), (b) if, immediately prior to
the retirement of Treasury Capital Stock, the declaration and payment of dividends thereon was permitted under clause (6) of this
Section 4.07(b), the declaration and payment of dividends on the Refunding Capital Stock in an aggregate amount per year
no greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital Stock immediately
prior to such retirement, and (c) the declaration and payment of accrued dividends on Treasury Capital Stock out of the proceeds
of a sale of Refunding Capital Stock (other than to a Restricted Subsidiary or to an employee stock ownership plan or any trust
established by the Issuer or any Restricted Subsidiary) made within 90 days of such sale;




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(3)
the prepayment, defeasance, redemption, repurchase, exchange or other acquisition or retirement of (A) Subordinated Indebtedness
of the Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the sale (made within 90 days of such
prepayment, defeasance, redemption, repurchase, exchange, acquisition or retirement) of, new Indebtedness of the Issuer or any
Subsidiary Guarantor, as the case may be, or (B) Disqualified Stock of the Issuer or any Subsidiary Guarantor made by exchange
for, or out of the proceeds of the sale (made within 90 days of such prepayment, defeasance, redemption, repurchase, exchange,
acquisition or retirement) of, Disqualified Stock of the Issuer or any Subsidiary Guarantor, which, in each case, is incurred
or issued, as applicable, in compliance with Section 4.09 hereof so long as:


 


(A)
the principal amount (or accreted value, if applicable) of such new Indebtedness or the liquidation preference of such new Disqualified
Stock does not exceed the principal amount of (or accreted value, if applicable), plus any accrued and unpaid interest on, the
Subordinated Indebtedness or the liquidation preference of, plus any accrued and unpaid dividends on, the Disqualified Stock being
so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired, plus the amount of any premium (including tender
premiums) required to be paid under the terms of the instrument governing the Subordinated Indebtedness or Disqualified Stock
being so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired, defeasance costs and any fees and expenses
incurred in connection therewith;


 


(B)
such new Indebtedness or Disqualified Stock is subordinated to the Notes or the applicable Guarantee at least to the same extent
as such Subordinated Indebtedness or Disqualified Stock so prepaid, defeased, redeemed, repurchased, exchanged, acquired or retired;


 


(C)
such new Indebtedness or Disqualified Stock has a final scheduled maturity date equal to or later than the final scheduled maturity
date of the Subordinated Indebtedness or Disqualified Stock being so prepaid, defeased, redeemed, repurchased, exchanged, acquired
or retired (or, if earlier, the date that is 91 days after the maturity date of the Notes); and




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(D)
such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted
Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so prepaid, defeased, redeemed, repurchased,
exchanged, acquired or retired (or, if earlier, the date that is 91 days after the maturity date of the Notes);


 


(4)
a Restricted Payment to pay for the repurchase, redemption, retirement or other acquisition or retirement for value of Equity
Interests (other than Disqualified Stock) of the Issuer held by any future, present or former employee, officer, director, member
of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or former domestic
partner of any of the foregoing) of the Issuer or any of its Subsidiaries (and including, for the avoidance of doubt, any principal
and interest on any notes issued by the Issuer in connection with such repurchase, redemption, retirement or other acquisition
and any tax related thereto); provided that the aggregate Restricted Payments made under this clause (4) do not exceed
in any fiscal year $20.0 million (with unused amounts in any fiscal year being carried over to succeeding fiscal years subject
to a maximum (without giving effect to the following proviso) of $40.0 million in any fiscal year); provided further that
such amount in any fiscal year may be increased by an amount not to exceed:


 


(A)
the net cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer to any future, present or
former employee, officer, director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse,
domestic partner or former domestic partner of any of the foregoing) of the Issuer or any of its Subsidiaries that occurs after
the Issue Date, to the extent the net cash proceeds from the sale of such Equity Interests have not otherwise been applied to
the payment of Restricted Payments by virtue of clause (3) of Section 4.07(a) hereof; plus


 


(B)
the cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries after the Issue Date;
plus


 


(C)
the amount of any cash bonuses otherwise payable to employees, officers, directors, members of management or consultants of the
Issuer or any of its Subsidiaries that are foregone in return for receipt of Equity Interests; less


 


(D)
the amount of any Restricted Payments previously made with the cash proceeds described in clauses (A), (B) and (C) of this clause
(4);


 


and
provided further that cancellation of Indebtedness owing to the Issuer from any future, present or former employee, officer,
director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or
former domestic partner of any of the foregoing) of the Issuer or any of the Issuer’s Restricted Subsidiaries in connection
with a repurchase of Equity Interests of the Issuer will not be deemed to constitute a Restricted Payment for purposes of this
Section 4.07 or any other provision of this Indenture;




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(5)
the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuer or any of its Restricted
Subsidiaries or any class or series of Preferred Stock of any Restricted Subsidiary issued in accordance with Section 4.09
hereof to the extent such dividends are included in the definition of “Fixed Charges”;


 


(6)
(A) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified
Stock) issued by the Issuer or any of its Restricted Subsidiaries after the Issue Date; or


 


(B)
the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable
and payable thereon pursuant to clause (2) of this Section 4.07(b);


 


provided,
in the case of each of (A) and (B) of this clause (6), that for the most recently ended four full fiscal quarters for which
internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock or the
declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to such issuance or declaration
on a pro forma basis, the Issuer and its Restricted Subsidiaries on a consolidated basis would have had a Fixed Charge
Coverage Ratio of at least 2.00 to 1.00;


 


(7)
(a) payments made or expected to be made by the Issuer or any Restricted Subsidiary in respect of withholding or similar taxes
payable upon exercise or settlement, as the case may be, of Equity Interests by any future, present or former employee, officer,
director, member of management or consultant (or the estate, heirs, family members, spouse, former spouse, domestic partner or
former domestic partner of any of the foregoing) of the Issuer or any of its Subsidiaries; and (b) repurchases of Equity Interests
deemed to occur upon exercise or settlement, as the case may be, of options, warrants or similar instruments if such Equity Interests
represent a portion of the exercise price thereof or required withholding or similar taxes;


 


(8)
so long as no Default or Event of Default shall have occurred and be continuing or would result therefrom, dividends or distributions
on, or the redemption, repurchase, retirement or other acquisition of the Issuer’s common stock in an aggregate amount not
to exceed $75.0 million in any fiscal year (with unused amounts in any fiscal year being carried over to succeeding fiscal years
subject to a maximum of $150.0 million in any fiscal year);


 


(9)
Restricted Payments in an amount equal to the amount of Excluded Contributions;


 


(10)
other Restricted Payments in an aggregate amount, taken together with all other Restricted Payments made pursuant to this clause
(10) that are at the time outstanding, not to exceed the greater of $175.0 million and 50.0% of EBITDA at such time;


 


(11)
distributions or payments of Receivables Fees;




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(12)
any Restricted Payment made in connection with or to fund the Transactions (including, for the avoidance of doubt, the repayment
of the outstanding Convertible Notes, whether at maturity or otherwise) and the fees and expenses related thereto;


 


(13)
the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions
similar to those described under Section 4.10 and Section 4.14 hereof; provided that all Notes validly tendered
by Holders of such Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased,
redeemed, acquired or retired for value;


 


(14)
the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted
Subsidiary by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are Cash Equivalents);


 


(15)
(i) the repurchase, redemption or other acquisition for value of Equity Interests deemed to occur in connection with paying cash
in lieu of issuing fractional shares in connection with any dividend, distribution, split, reverse split, merger, consolidation,
amalgamation or other business combination, in each case, to the extent not prohibited by this Indenture and (ii) cash payments
to employees, officers, directors, members of management or consultants in respect of phantom stock to the extent considered a
Restricted Payment;


 


(16)
the making of any Restricted Payment if, at the time of the making of such payment and after giving pro forma effect thereto
(including to the incurrence of any Indebtedness to finance such payment), the Consolidated Total Debt Ratio would not exceed
3.25 to 1.00; and


 


(17)
the entry into, amendment, exercise, termination or settlement (in whole or in part) of a Convertible Bond Hedge Transaction,
a Capped Call Transaction or a Warrant Transaction and any payments or deliveries in connection with any of the foregoing.


 


For
purposes of determining compliance with this Section 4.07, in the event that a proposed Restricted Payment (or a portion thereof)
meets the criteria of clauses (1) through (17) of this Section 4.07(b) or is entitled to be made pursuant to Section 4.07(a) hereof,
the Issuer will be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification)
such Restricted Payment (or portion thereof) between such clauses (1) through (17) and Section 4.07(a) hereof in a manner that
otherwise complies with this Section 4.07.


 


(c)
As of the Issue Date, all of the Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer shall not permit any
Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence of the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments
by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to
be Restricted Payments in an amount determined as set forth in the penultimate sentence of the definition of “Investments.”
Such designation will be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant
to Section 4.07(a) hereof or under clause (9), (10) or (16) of Section 4.07(b) hereof, or pursuant to the definition
of “Permitted Investments,” and, if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary.
Unrestricted Subsidiaries will not be subject to any of the covenants set forth in this Indenture.




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SECTION
4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.


 


(a)
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries that are not Guarantors to, directly or indirectly,
create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability
of any such Restricted Subsidiary that is not a Guarantor to:


 


(1)
(A) pay a dividend or make any other distribution to the Issuer or any Guarantor on its Capital Stock or with respect to
any other interest or participation in, or measured by, its profits, or


 


(B)
pay any Indebtedness owed to the Issuer or any Guarantor;


 


(2)
make any loan or advance to the Issuer or any Guarantor; or


 


(3)
sell, lease or transfer any of its properties or assets to the Issuer or any Guarantor.


 


(b)
The restrictions in Section 4.08(a) hereof shall not apply to encumbrances or restrictions existing under or by reason of:


 


(1)
contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to the Senior Credit Facility, and Hedging
Obligations;


 


(2)
this Indenture, the Notes and the guarantees thereof;


 


(3)
purchase money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose
restrictions of the nature discussed in clause (3) of Section 4.08(a) hereof on the property so acquired;


 


(4)
applicable law or any applicable rule, regulation or order;


 


(5)
any agreement or other instrument of a Person acquired by or merged or consolidated with or into or wound up into the Issuer or
any of its Restricted Subsidiaries, or of an Unrestricted Subsidiary that is designated as a Restricted Subsidiary, or that is
assumed in connection with the acquisition of assets from such Person, in each case, that is in existence at the time of such
transaction (but, in any such case, not created in contemplation thereof), which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets
of the Person and its Subsidiaries, so acquired, designated or assumed;


 


(6)
any contract or agreement for the sale of assets, including any customary restriction with respect to a Subsidiary of the Issuer
pursuant to an agreement that has been entered into for the sale or other disposition of all or substantially all of the Capital
Stock or assets of such Subsidiary;




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(7)
Secured Indebtedness otherwise permitted to be incurred pursuant to Section 4.09 hereof and Section 4.12 hereof that limit the
right of the debtor to dispose of the assets securing such Indebtedness;


 


(8)
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of
business;


 


(9)
other Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred or issued subsequent to the Issue Date pursuant
to Section 4.09 hereof and either (A) the provisions relating to such encumbrance or restriction contained in such Indebtedness,
Disqualified Stock or Preferred Stock are not materially more restrictive, taken as a whole, as determined by the Issuer in good
faith, than the provisions contained in the Senior Credit Facility as in effect on the Issue Date or (B) any such encumbrance
or restriction contained in such Indebtedness, Disqualified Stock or Preferred Stock will not materially affect the Issuer’s
ability to make principal or interest payments on the Notes when due, as determined by the Issuer in good faith;


 


(10)
customary provisions in any operating agreement, joint venture agreement, asset sale agreement or other similar agreement or other
similar arrangements;


 


(11)
customary provisions contained in leases, sub-leases, licenses, sub-licenses or similar agreements, including with respect to
intellectual property, in each case, entered into in the ordinary course of business;


 


(12)
any encumbrance or restriction of the type referred to in clauses (1), (2) and (3) of Section 4.08(a) hereof imposed by any amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any of the contracts, instruments
or obligations referred to in clauses (1) through (11) and (13) through (15) of this Section 4.08(b); provided that such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith
judgment of the Issuer, not materially more restrictive taken as a whole with respect to such dividend and other payment restrictions
than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing;


 


(13)
restrictions created in connection with any Qualified Receivables Facility that, in the good faith determination of the Issuer,
are necessary or advisable to effect such Qualified Receivables Facility;


 


(14)
restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other
agreement to which the Issuer or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business;
provided that such agreement prohibits the encumbrance of solely the property or assets of the Issuer or such Restricted
Subsidiary that are subject to such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend
to any other asset or property of the Issuer or such Restricted Subsidiary or the assets or property of another Restricted Subsidiary;




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(15)
restrictions contained in agreements (other than Indebtedness) arising in the ordinary course of business; provided that
such restrictions do not prohibit (except upon an event of default thereunder) the payment of dividends in an amount sufficient,
as determined by the Issuer in good faith, to make principal or interest payments on the Notes when due; and


 


(16)
restrictions under agreements evidencing or governing or otherwise relating to Indebtedness of Restricted Subsidiaries that are
not Guarantors; provided that such restrictions apply only with respect to the assets of Restricted Subsidiaries that are not
Guarantors.


 


SECTION
4.09. Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.


 


(a)
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur”
and collectively, an “incurrence”), with respect to any Indebtedness (including Acquired Indebtedness), and
the Issuer will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of
Disqualified Stock or Preferred Stock; provided that the Issuer may incur Indebtedness (including Acquired Indebtedness)
or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness),
issue shares of Disqualified Stock and issue shares of Preferred Stock, if the Fixed Charge Coverage Ratio on a consolidated basis
for the Issuer and its Restricted Subsidiaries’ most recently ended four fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred
Stock is issued would have been at least 2.00 to 1.00 (the “Fixed Charge Coverage Test”), determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had
been incurred, or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds
therefrom had occurred at the beginning of such four-quarter period; provided further that the amount of Indebtedness (including
Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant to the
foregoing by Restricted Subsidiaries that are not Guarantors shall not (together with any Refinancing Indebtedness in respect
thereof) exceed the greater of $135.0 million and 35.0% of EBITDA.


 


(b)
The provisions of Section 4.09(a) hereof shall not apply to:


 


(1)
the incurrence of Indebtedness under Credit Facilities by the Issuer or any of its Restricted Subsidiaries and the issuance and
creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances
being deemed to have a principal amount equal to the face amount thereof); provided that either (x) immediately after giving
effect to any such incurrence or issuance, the then-outstanding aggregate principal amount of all Indebtedness incurred or issued
under this clause (1)(x), together with any Refinancing Indebtedness under clause (1)(y) below in respect thereof, does not exceed
the greater of (a) $1,350.0 million and (b) the maximum amount of Indebtedness such that, after giving pro forma effect
to such incurrence (in a manner consistent with the calculation of the Fixed Charge Coverage Ratio), the Consolidated Secured
Debt Ratio of the Issuer does not exceed 3.50 to 1.00 (provided that, for purposes of determining the amount of Indebtedness
that may be incurred pursuant to this subclause (b), all Indebtedness incurred pursuant to this subclause (b) shall be deemed
to be secured for purposes of the definition of “Consolidated Secured Debt Ratio”); or (y) such Indebtedness constitutes
Refinancing Indebtedness in respect of Indebtedness incurred under clause (1)(x) above or this clause (1)(y), and that no Restricted
Subsidiary that is not a Guarantor may guarantee such Refinancing Indebtedness;




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(2)
the incurrence by the Issuer and any Guarantor of Indebtedness represented by the Notes (including any Guarantee) (other than
any Additional Notes);


 


(3)
Indebtedness of the Issuer and its Subsidiaries in existence on the Issue Date, including the Convertible Notes (other than Indebtedness
described in clauses (1) and (2) of this Section 4.09(b));


 


(4)
Indebtedness (including Capitalized Lease Obligations) incurred or Disqualified Stock issued by the Issuer or any of its Restricted
Subsidiaries and Preferred Stock issued by any Restricted Subsidiary, to finance the acquisition, construction, repair, replacement
or improvement of property (real or personal), equipment or other fixed or capital assets; provided that such Indebtedness
exists at the date of the applicable acquisition, construction, repair, replacement or improvement or is created within 365 days
thereafter; provided further that the aggregate principal amount at any one time outstanding pursuant to this clause (4)
does not exceed the greater of $125.0 million and 35.0% of EBITDA;


 


(5)
Indebtedness incurred by the Issuer or any of its Restricted Subsidiaries with respect to letters of credit, bank guarantees,
bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including
letters of credit in respect of workers’ compensation claims, health, disability or other employee benefits or property,
casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding
workers’ compensation claims;


 


(6)
Indebtedness arising from agreements of the Issuer or its Restricted Subsidiaries providing for indemnification, adjustment of
purchase price, earn-outs or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition
of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion
of such business, assets or a Subsidiary for the purpose of financing such acquisition;


 


(7)
Indebtedness of the Issuer to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted Subsidiary
that is not a Guarantor is expressly subordinated in right of payment to the Notes; provided further that any subsequent
issuance or transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or
any pledge of such Indebtedness constituting a Permitted Lien (but not foreclosure thereon)) shall be deemed, in each case, to
be an incurrence of such Indebtedness not permitted by this clause (7);




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(8)
Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that, if a Guarantor incurs
such Indebtedness to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is expressly subordinated in right of
payment to the Guarantee of such Guarantor; provided further that any subsequent transfer of any Capital Stock or any other
event that results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of
such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted
Lien (but not foreclosure thereon)) shall be deemed, in each case, to be an incurrence of such Indebtedness not permitted by this
clause (8);


 


(9)
shares of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that
any subsequent issuance or transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary ceasing
to be a Restricted Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or
another Restricted Subsidiary or any pledge of such Preferred Stock constituting a Permitted Lien (but not foreclosure thereon))
shall be deemed in each case to be an issuance of such shares of Preferred Stock not permitted by this clause (9);


 


(10)
Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) for the purpose of limiting interest
rate risk with respect to any Indebtedness permitted to be incurred pursuant to this Section 4.09, exchange rate risk or
commodity pricing risk;


 


(11)
obligations in respect of self-insurance and obligations in respect of performance, bid, warranty, indemnity, release, appeal
and surety bonds and performance and completion guarantees and similar obligations provided by the Issuer or any of its Restricted
Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, and obligations
arising under any indemnity agreement relating thereto, in each case, in the ordinary course of business or consistent with past
practice or industry practices;


 


(12)
Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary
equal to 100.0% of the net cash proceeds received by the Issuer after the Issue Date from the issue or sale of Equity Interests
of the Issuer or cash contributed to the capital of the Issuer (in each case, other than proceeds of Excluded Contributions or
Disqualified Stock or sales of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance with clauses (3)(B)
and (3)(D) of Section 4.07(a) hereof to the extent such net cash proceeds or cash have not been applied pursuant to such
clauses to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 4.07(b) hereof
or to make Permitted Investments (other than Permitted Investments specified in clauses (1) and (3) of the definition
thereof);




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(13)
the incurrence by the Issuer or any Restricted Subsidiary of Indebtedness or the issuance of Disqualified Stock or the issuance
by any Restricted Subsidiary of Preferred Stock which serves to extend, replace, refund, refinance, renew or defease any Indebtedness,
Disqualified Stock or Preferred Stock incurred or issued as permitted under Section 4.09(a) hereof and clauses (2), (3),
(4) and (12) of this Section 4.09(b), this clause (13) and clause (14) of this Section 4.09(b) or any Indebtedness,
Disqualified Stock or Preferred Stock issued to so extend, replace, refund, refinance, renew or defease such Indebtedness, Disqualified
Stock or Preferred Stock including additional Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to pay premiums
(including tender premiums), defeasance costs and accrued interest, fees and expenses in connection therewith, including in connection
with the entry into, amendment, exercise, termination or settlement (in whole or in part) of a Convertible Bond Hedge Transaction,
a Capped Call Transaction or a Warrant Transaction (the “Refinancing Indebtedness”) prior to its respective
maturity; provided that such Refinancing Indebtedness:


 


(A)
has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is not less than the remaining
Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded,
refinanced, renewed or defeased,


 


(B)
to the extent such Refinancing Indebtedness extends, replaces, refunds, refinances, renews or defeases (i) Indebtedness subordinated
or pari passu to the Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated or pari passu
to the Notes or the Guarantee thereof at least to the same extent as the Indebtedness being extended, replaced, refunded, refinanced,
renewed or defeased or (ii) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or
Preferred Stock, respectively, and


 


(C)
shall not include:


 


(i)  Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness, Disqualified
Stock or Preferred Stock of the Issuer;


 


(ii)  Indebtedness,
Disqualified Stock or Preferred Stock of a Subsidiary of the Issuer that is not a Guarantor that refinances Indebtedness, Disqualified
Stock or Preferred Stock of a Guarantor; or


 


(iii)  Indebtedness
or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary that refinances
Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary; and




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provided further that subclause (A) of this clause (13) shall not apply to any extension, replacement, refunding, refinancing, renewal
or defeasance of Indebtedness that matures prior to the Notes;


 


(14)
(x) Indebtedness or Disqualified Stock of the Issuer or Indebtedness, Disqualified Stock or Preferred Stock of a Restricted Subsidiary
incurred or issued to finance an acquisition (or other purchase of assets), merger or consolidation or (y) Indebtedness, Disqualified
Stock or Preferred Stock of Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into or consolidated
with or into the Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture, either


 


(A)
the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test set
forth in Section 4.09(a) hereof, or


 


(B)
the Fixed Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries is equal to or greater than immediately prior to
such acquisition, merger or consolidation;


 


(15)
Indebtedness (a) arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn
against insufficient funds in the ordinary course of business (provided that such Indebtedness is extinguished within 30
Business Days of its incurrence), (b) in respect of Bank Products and (c) arising under indemnity agreements to title insurers
to cause such title insurers to issue to collateral or other agents under any Credit Facility mortgage title insurance policies;


 


(16)
Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to any Credit
Facilities, in a principal amount not in excess of the stated amount of such letter of credit;


 


(17)
(A) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary so
long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture,
or


 


(B)
any guarantee by a Restricted Subsidiary of Indebtedness or other obligations of the Issuer so long as the incurrence of such
Indebtedness incurred by the Issuer is permitted under the terms of this Indenture;


 


(18)
(a) Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, present or former officers, directors,
employees, members of management and consultants (or the estate, heirs, family members, spouse, former spouse, domestic partner
or former domestic partner of any of the foregoing), in each case, to finance the purchase or redemption of Equity Interests of
the Issuer to the extent described in clause (4) of Section 4.07(b) hereof and (b) Indebtedness representing deferred
compensation to employees or directors of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;




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(19)
to the extent constituting Indebtedness, customer deposits and advance payments received in the ordinary course of business from
customers for goods purchased or services rendered in the ordinary course of business;


 


(20)
Indebtedness owed on a short-term basis of no longer than 30 days to any bank or other financial institution incurred in the ordinary
course of business with such bank or financial institution, which arises in connection with ordinary banking arrangements (including,
not limited to, cash management services, credit card obligations, overdrafts and related liabilities from treasury, depositary
and cash management services) of the Issuer or any of its Restricted Subsidiaries;


 


(21)
Indebtedness incurred by a Restricted Subsidiary in connection with bankers’ acceptances, discounted bills of exchange or
the discounting or factoring of receivables for credit management purposes, in each case incurred or undertaken in the ordinary
course of business on arm’s length, commercial terms on a recourse basis;


 


(22)
Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii)
take-or-pay obligations contained in supply arrangements, in each case, incurred in the ordinary course of business;


 


(23)
(a) Indebtedness of Foreign Subsidiaries of the Issuer and (b) Indebtedness, Disqualified Stock or Preferred Stock of Restricted
Subsidiaries that are not Subsidiary Guarantors in an aggregate principal amount or liquidation preference, which, when aggregated
with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding
and incurred pursuant to this clause (23), does not at any time outstanding exceed the greater of $75.0 million and 20.0% of EBITDA;


 


(24)
guarantees incurred in the ordinary course of business in respect of obligations of (or to) suppliers, vendors, distributors,
customers, franchisees, lessors and licensees that, in each case, are non-Affiliates;


 


(25)
to the extent constituting Indebtedness, obligations of the Issuer or a Restricted Subsidiary as seller or servicer under a Qualified
Receivables Facility;


 


(26)
Indebtedness incurred or Disqualified Stock issued by the Issuer or Indebtedness, Disqualified Stock or Preferred Stock incurred
or issued by a Restricted Subsidiary, in each case, to the extent that the net proceeds thereof are promptly deposited to defease,
redeem or satisfy and discharge the Notes in accordance with this Indenture; and


 


(27)
Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of any Restricted Subsidiary
in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference
of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and incurred pursuant to this clause (27),
does not at any time outstanding exceed the greater of $250.0 million and 75.0% of EBITDA.




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(c)
For purposes of determining compliance with this Section 4.09:


 


(1)
in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of
more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through
(27) of Section 4.09(b) hereof or is entitled to be incurred pursuant to Section 4.09(a) hereof, the Issuer, in its
sole discretion, may divide and/or classify, or at any later time re-divide and/or reclassify, such item of Indebtedness, Disqualified
Stock or Preferred Stock (or any portion thereof) in any manner that complies with this Section 4.09; provided that all
Indebtedness outstanding under the Senior Credit Facility on the Issue Date will be treated as incurred on the Issue Date under
clause (1) of Section 4.09(b) hereof and shall not be reclassified;


 


(2)
the Issuer will be entitled to divide and/or classify, or at any later time re-divide and/or reclassify, any item of Indebtedness
in more than one of the types of Indebtedness described in Section 4.09(a) and Section 4.09(b) hereof without giving pro forma effect to the Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) incurred pursuant to Section 4.09(b)
when calculating the amount of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) that may be incurred
pursuant to Section 4.09(a);


 


(3)
any guarantee of, or obligation in respect of any letter of credit relating to, Indebtedness that is otherwise included in the
determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness;
provided that the incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be,
was in compliance with this Section 4.09; and


 


(4)
in connection with any commitment relating to the incurrence or issuance of Indebtedness (including any revolving loan Indebtedness),
Disqualified Stock or Preferred Stock under this Section 4.09 and the granting of any Lien to secure such Indebtedness, the Issuer
or applicable Restricted Subsidiary may designate such incurrence or issuance and the granting of any Lien therefor as having
occurred on the date the Issuer or applicable Restricted Subsidiary receives the related commitment (such date, the “Deemed
Date”), and any related subsequent actual incurrence or issuance and granting of such Lien therefor will be deemed for
all purposes under this Indenture to have been incurred or issued and granted on such Deemed Date, including, without limitation,
for purposes of calculating the Fixed Charge Coverage Ratio, usage of any baskets hereunder (if applicable), the Consolidated
Secured Debt Ratio, the Consolidated Total Debt Ratio and EBITDA (and all such calculations on and after the Deemed Date until
the termination of such commitment shall be made on a pro forma basis giving effect to the deemed incurrence or issuance, the
granting of any Lien therefor and related transactions in connection therewith).




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(d)
Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and
the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as the case
may be, of the same class, and accretion or amortization of liquidation preference and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies, will each not be deemed to be an incurrence
or issuance of Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, for purposes of this Section 4.09.


 


(e)
For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S.
dollar equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant
currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed or incurred,
in the case of revolving credit debt (whichever yields the lower U.S. dollar equivalent); provided that if such Indebtedness
is incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date
of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal
amount of such refinancing Indebtedness does not exceed (x) the principal amount of such Indebtedness being refinanced plus (y)
the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including
original issue discount, upfront fees or similar fees) incurred in connection with such refinancing.


 


(f)
The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
respective Indebtedness is denominated that is in effect on the date of such refinancing.


 


(g)
For the purposes of this Indenture, (1) Indebtedness that is unsecured is not deemed to be subordinated or junior to Secured Indebtedness
merely because it is unsecured, and (2) Senior Indebtedness is not deemed to be subordinated or junior to any other Senior Indebtedness
merely because it has a junior priority with respect to the same collateral or does not have obligors that guarantee or are otherwise
liable on such other Senior Indebtedness.


 


SECTION
4.10. Asset Sales.


 


(a)
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, consummate, directly or indirectly, an Asset
Sale, unless:


 


(1)
the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal
to the fair market value (as determined in good faith by the Issuer at the time of contractually agreeing to such Asset Sale)
of the assets sold or otherwise disposed of; and




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(2)
except in the case of a Permitted Asset Swap, at least 75.0% of the consideration for such Asset Sale, together with all other
Asset Sales since the Issue Date (on a cumulative basis), received by the Issuer or such Restricted Subsidiary, as the case may
be, is in the form of Cash Equivalents; provided that the amount of:


 


(A)
any liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the footnotes
thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been shown on
the Issuer’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or increase
had taken place on or prior to the date of such balance sheet, as determined by the Issuer) of the Issuer or such Restricted Subsidiary,
other than liabilities that are by their terms subordinated to the Notes, that are extinguished in connection with the transactions
relating to such Asset Sale, or that are assumed by the transferee (or any third party on behalf of such transferee) of any such
assets or Equity Interests, in each case, pursuant to a written agreement that releases the Issuer or such Restricted Subsidiary
from such liabilities,


 


(B)
any securities, notes or other obligations or assets received by the Issuer or such Restricted Subsidiary from such transferee
that are converted by the Issuer or such Restricted Subsidiary into Cash Equivalents, or by their terms are required to be satisfied
for Cash Equivalents (to the extent of the Cash Equivalents received), in each case, within 180 days following the closing of
such Asset Sale, and


 


(C)
any Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate
fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C), less
the amount of any cash or Cash Equivalents received in connection with a subsequent sale or conversion or collection in respect
of such Designated Non-cash Consideration, not to exceed the greater of $100.0 million and 30.0% of EBITDA at the time of the
receipt of such Designated Non-cash Consideration, with the fair market value of each item of Designated Non-cash Consideration
being measured at the time received and without giving effect to subsequent changes in value,


 


shall
be deemed to be Cash Equivalents for purposes of this Section 4.10 and for no other purpose.


 


(b)
Within 450 days after the receipt of the Net Cash Proceeds of any Asset Sale, the Issuer or such Restricted Subsidiary, at its
option, may apply the Net Cash Proceeds from such Asset Sale,


 


(1)
to reduce Indebtedness as follows:


 


(A)
Obligations under Secured Indebtedness of the Issuer or any Guarantor (and, if such Indebtedness is revolving credit Indebtedness,
to correspondingly and permanently reduce commitments with respect thereto);




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(B)
Obligations under other Indebtedness of the Issuer or any Guarantor that ranks equally in right of payment with the Notes or the
relevant Guarantee (and, if such Indebtedness is revolving credit Indebtedness, to correspondingly and permanently reduce commitments
with respect thereto); provided that if the Issuer or any Guarantor shall so reduce Obligations under such other Indebtedness,
the Issuer shall equally and ratably reduce Obligations under the Notes by (i) redeeming the Notes as provided under Section 3.07
hereof, (ii) purchasing the Notes through open-market purchases (to the extent such purchases are at or above 100% of the principal
amount thereof) or (iii) making an offer (in accordance with Section 3.09 and Section 4.10(c) hereof) to all Holders of Notes
to purchase their Notes at 100% of the principal amount thereof, plus accrued but unpaid interest, if any, on the amount of Notes
that would otherwise be prepaid; or


 


(C)
Indebtedness of a Restricted Subsidiary that is not a Guarantor;


 


(2)
to make an Investment in (a) any one or more businesses; provided that such Investment in any business is in the form of
the acquisition of Capital Stock and results in the Issuer or any of its Restricted Subsidiaries, as the case may be, owning an
amount of the Capital Stock of such business such that it constitutes or continues to constitute a Restricted Subsidiary, (b)
properties, (c) capital expenditures or (d) acquisitions of other assets, in each of (a), (b), (c) and (d), used or useful in
a Similar Business or that replace the businesses, properties and/or assets that are the subject of such Asset Sale; or


 


(3)
any combination of the foregoing;


 


provided that, in the case of clause (2) above, a binding commitment entered into within 450 days after the Asset Sale shall be treated
as a permitted application of the Net Cash Proceeds from the date of such commitment so long as the Issuer or such Restricted
Subsidiary enters into such commitment with the good faith expectation that such Net Cash Proceeds will be applied to satisfy
such commitment within 180 days of such commitment (an “Acceptable Commitment”) and, in the event any Acceptable
Commitment is later cancelled or terminated for any reason before the Net Cash Proceeds are applied in connection therewith, the
Issuer or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within
180 days of such cancellation or termination; provided further that if any Second Commitment is later cancelled or
terminated for any reason before such Net Cash Proceeds are applied, then such Net Cash Proceeds shall constitute Excess Proceeds.


 


Notwithstanding
the foregoing, to the extent that (i) any of or all the Net Cash Proceeds of any Asset Sales by a Foreign Subsidiary (a “Foreign
Disposition”) is prohibited or delayed by applicable local law from being repatriated to the United States or (ii) the
Issuer, in its sole discretion, has reasonably determined in good faith that repatriation of any of or all of the Net Cash Proceeds
of any Foreign Disposition would result in material adverse tax consequences, the portion of such Net Cash Proceeds so affected
will not be required to be applied in compliance with this Section 4.10; provided that within 180 days of the receipt of
the Net Cash Proceeds of any Foreign Disposition, the Issuer shall use commercially reasonable efforts to permit repatriation
of such proceeds that would otherwise be subject to this Section 4.10 without violating applicable local law or incurring material
adverse tax consequences, and, if such proceeds may be repatriated, within such 180 day period, such proceeds shall be applied
in compliance with this Section 4.10.




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(c)
Any Net Cash Proceeds from any Asset Sale that are not invested or applied as provided and within the time period set forth in
Section 4.10(b) hereof (it being understood that any portion of such net proceeds used to make an offer to purchase notes,
as described in clause (1) of Section 4.10(b) hereof shall be deemed to have been invested whether or not such offer is accepted)
will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds the greater
of $100.0 million and 30.0% of EBITDA (the “Excess Proceeds Threshold”), the Issuer shall make an offer
(an “Asset Sale Offer”) to all Holders of the Notes and, if required by the terms of any Indebtedness that
is pari passu in right of payment with the Notes (“Pari Passu Indebtedness”), to the holders of such
Pari Passu Indebtedness, to purchase the maximum aggregate principal amount of the Notes and such Pari Passu Indebtedness, as
the case may be, that, in the case of the Notes, is in an amount at least equal to $2,000 and any integral multiple of $1,000
in excess thereof, that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof (or in the event such other Indebtedness was issued with original issue discount, 100% of the accreted
value thereof), plus accrued and unpaid interest, if any, to, but excluding, the date fixed for the closing of such offer, in
accordance with the procedures set forth in this Indenture and the agreements governing any such Pari Passu Indebtedness. The
Issuer will commence an Asset Sale Offer with respect to Excess Proceeds within 10 Business Days after the date that Excess Proceeds
exceed the Excess Proceeds Threshold by delivering the notice required pursuant to the terms of this Indenture, with a copy to
the Trustee and Paying Agent. The Issuer may satisfy the foregoing obligations with respect to any Net Cash Proceeds from an Asset
Sale by making an Asset Sale Offer with respect to such Net Cash Proceeds prior to the expiration of the relevant 450 days (or
such longer period provided above) or with respect to Excess Proceeds of equal to or less than the Excess Proceeds Threshold.


 


To
the extent that the aggregate amount of Notes and, if applicable, Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer
is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for any purpose not otherwise prohibited under
this Indenture. If the aggregate principal amount of Notes and, if applicable, Pari Passu Indebtedness surrendered by such holders
thereof exceeds the amount of Excess Proceeds, the Issuer shall select the Notes and such Pari Passu Indebtedness to be purchased
on a pro rata basis based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness tendered
with adjustments as necessary so that no Notes or Pari Passu Indebtedness will be purchased in part in an unauthorized denomination.
Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds that resulted in the Asset Sale Offer shall be reset
to zero (regardless of whether there are any remaining Excess Proceeds upon such completion).


 


An
Asset Sale Offer may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver of
this Indenture, the Notes and/or the Guarantees (but the Asset Sale Offer may not condition tenders on the delivery of such consents).


 


(d)
Pending the final application of any Net Cash Proceeds pursuant to this Section 4.10, the holder of such Net Cash Proceeds
may apply such Net Cash Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise
invest such Net Cash Proceeds in any manner not prohibited by this Indenture.




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(e)
The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an
Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations described in this Indenture by virtue thereof.


 


SECTION
4.11. Transactions with Affiliates. (a) The Issuer will not, and will not permit any of its Restricted Subsidiaries to,
make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property
or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of the Issuer (each of the foregoing, an “Affiliate Transaction”)
involving aggregate payments or consideration in excess of $25.0 million, unless:


 


(1)
such Affiliate Transaction is on terms that are not materially less favorable, taken as a whole, as determined in good faith by
the Issuer, to the Issuer or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction
by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length basis; and


 


(2)
the Issuer delivers to the Trustee, with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate payments or consideration in excess of $50.0 million, a resolution adopted by the majority of the board of directors
of the Issuer approving such Affiliate Transaction and an Officer’s Certificate certifying that such Affiliate Transaction
complies with clause (1) of this Section 4.11(a).


 


(b)
The provisions of Section 4.11(a) will not apply to the following:


 


(1)
transactions between or among the Issuer or any of its Restricted Subsidiaries;


 


(2)
Restricted Payments permitted by Section 4.07 hereof (including any payments that are exceptions to the definition of Restricted
Payments set forth in clauses (I) through (IV) of Section 4.07(a)) and Investments permitted by the definition of “Permitted
Investments”;


 


(3)
the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment and severance
arrangements provided on behalf of or for the benefit of, current or former officers, directors, employees, members of management
or consultants of the Issuer, any of its Restricted Subsidiaries or any of its direct or indirect parent companies;


 


(4)
transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from
an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial
point of view or stating that the terms are not materially less favorable, taken as a whole, to the Issuer or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with
an unrelated Person on an arm’s-length basis;




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(5)
any agreement or arrangement as in effect as of the Issue Date, and any transaction pursuant thereto or contemplated thereby,
or any amendment, modification or supplement thereto or replacement thereof (so long as any such amendment, modification, supplement
or replacement is not disadvantageous to the Holders in any material respect, taken as a whole, compared to the applicable agreement
or arrangement as in effect on the Issue Date as determined by the Issuer in good faith);


 


(6)
(a) transactions with customers, clients, suppliers or purchasers or sellers of goods or services that are Affiliates, in each
case in the ordinary course of business and otherwise in compliance with the terms of this Indenture which, taken as a whole,
are fair to the Issuer and its Restricted Subsidiaries, as determined by the Issuer in good faith, or are on terms, taken as a
whole, at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or (b) payments to
or from, and transactions with, any joint venture partner or joint venture or Unrestricted Subsidiaries entered into in the ordinary
course of business or consistent with past practice;


 


(7)
the sale or issuance of Equity Interests (other than Disqualified Stock) of the Issuer to any director, officer, employee or consultant
of the Issuer or any of its Restricted Subsidiaries;


 


(8)
sales of accounts receivable, or participations therein, or Receivables Assets or related assets or other transactions made in
connection with any Qualified Receivables Facility;


 


(9)
(a) loans or advances or guarantees in respect thereof (or cancellation of loans, advances or guarantees) to any future, present
or former director, officer, employee, member of management or consultant (or the estate, heirs, family members, spouse, former
spouse, domestic partner or former domestic partner of any of the foregoing) of the Issuer or any of its Restricted Subsidiaries
or otherwise made on behalf of the Issuer or any of its Restricted Subsidiaries that are, in each case, approved by the Issuer
in good faith, and (b) payments to, and transactions with, any future, present or former director, officer, employee, member of
management or consultant of the Issuer, or any of its Restricted Subsidiaries pursuant to any management equity plan or stock
option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement that
is, in each case, approved by the Issuer in good faith; and any employment agreement, stock option plan and other compensatory
arrangement (and any successor plan thereto) and any supplemental executive retirement benefit plan or arrangement with any such
director, officer, employee, member of management or consultant that is, in each case, approved by the Issuer in good faith;


 


(10)
if and for so long as the Issuer is a member of a group filing a consolidated, unitary or combined tax return with any direct
or indirect parent thereof, payments by the Issuer and its Subsidiaries pursuant to tax sharing agreements among the Issuer and
its Subsidiaries on customary terms; provided that, in each case, the amount of such payments in each fiscal year does not exceed
the amount that the Issuer and its Subsidiaries would have been required to pay in respect of such foreign, federal, state and/or
local income taxes for such fiscal year had the Issuer and its Subsidiaries paid such taxes on a consolidated basis on behalf
of an affiliated group consisting only of the Issuer and its Subsidiaries; provided further that any such payment relating to
Unrestricted Subsidiaries shall be permitted solely to the extent cash is actually received from such Unrestricted Subsidiaries
for the purposes of such payment;




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(11)
any transaction with an Affiliate that has been expressly approved by either a majority of the Issuer’s independent directors
or a duly created committee of the Issuer’s Board of Directors consisting solely of independent directors


 


(12)
any transaction with a Person that would constitute an Affiliate Transaction solely because the Issuer or any of its Restricted
Subsidiaries directly or indirectly owns an Equity Interest in or otherwise controls such Person;


 


(13)
any lease entered into in the ordinary course of business between the Issuer or any Restricted Subsidiary, on the one hand, and
any Affiliate of the Issuer, on the other hand, which is approved by the Issuer in good faith;


 


(14)
intellectual property licenses in the ordinary course of business;


 


(15)
any contribution to the capital stock of the Issuer;


 


(16)
transactions between the Issuer or any Restricted Subsidiary and any Person that is an Affiliate of the Issuer or any Restricted
Subsidiary solely because a director of such Person, any of its Subsidiaries or any direct or indirect parent company of such
Person is also a director of the Issuer or any of its Subsidiaries; provided that such director abstains from voting as
a director of the Issuer or such Restricted Subsidiary, as the case may be, on any such transaction;


 


(17)
transactions with Affiliates solely in their capacity as holders of Indebtedness or Equity Interests of the Issuer, or any of
its Subsidiaries, so long as such transaction is with all holders of such class (and there are non-Affiliate holders) and such
Affiliates are treated no more favorably than all other holders of such Indebtedness or Equity Interests generally; and


 


(18)
pledges of Equity Interests of any Unrestricted Subsidiary.


 


SECTION
4.12. Liens. The Issuer shall not, and shall not permit any Subsidiary Guarantor to, directly or indirectly, create, incur,
assume or suffer to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness, on any asset or property
of the Issuer or any Subsidiary Guarantor, or any income or profits therefrom, or assign or convey any right to receive income
therefrom, unless:


 


(1)
in the case of Liens securing Subordinated Indebtedness, the Notes and related Guarantees are secured by a Lien on such property,
assets or proceeds that is senior in priority to such Liens; or


 


(2)
in all other cases, the Notes or the Guarantees are equally and ratably secured,




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provided that the foregoing shall neither apply to nor restrict (A) Liens securing the Notes and the related Guarantees, (B) Liens
securing Indebtedness permitted to be incurred under Credit Facilities, including any letter of credit facility relating thereto,
that was permitted by the terms of this Indenture to be incurred pursuant to clause (1) of Section 4.09(b) hereof and (C) Liens
securing Indebtedness permitted to be incurred pursuant to Section 4.09 hereof; provided that, with respect to Liens securing
Indebtedness permitted under this subclause (C), at the time of incurrence and after giving pro forma effect thereto,
the Consolidated Secured Debt Ratio would be no greater than 3.50 to 1.00.


 


Any
Lien created for the benefit of the Holders of the Notes pursuant to the preceding paragraph shall provide by its terms that such
Lien shall be deemed automatically and unconditionally released and discharged upon (a) the release by the holders of the Indebtedness
described above of their Lien on the property or assets of the Issuer or any Subsidiary Guarantor (including any deemed release
upon payment in full of all obligations under such Indebtedness (except upon foreclosure or default of such Indebtedness)), (b)
any sale, exchange or transfer to any Person other than the Issuer or any Guarantor of the property or assets secured by such
Lien, or of all of the Capital Stock held by the Issuer or any Guarantor in, or all or substantially all the assets of, any Subsidiary
Guarantor creating such Lien, in each case, in accordance with the terms of this Indenture, (c) payment in full of the principal
of, and accrued and unpaid interest, if any, on the Notes, or (d) a defeasance or discharge of the Notes in accordance with Article
VIII or Article XI hereof.


 


With
respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount”
of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the
accretion of accreted value, amortization of original issue discount, the payment of interest in the form of additional Indebtedness,
accretion or amortization of original issue discount of liquidation preference, and increases in the amount of Indebtedness outstanding
solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness.


 


For
purposes of determining compliance with this Section 4.12, (x) a Lien need not be incurred solely by reference to one category
of Permitted Liens or one category of permitted Liens described in the proviso to the first paragraph above but may be incurred
under any combination of such categories (including in part under one such category and in part under any one or more of such
other such categories) and (y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories,
the Issuer, in its sole discretion, may divide and/or classify, or at any later time re-divide and/or reclassify, such Lien (or
any portion thereof) in any manner that complies with this Section 4.12 and the definition of “Permitted Liens.”


 


SECTION
4.13. Company Existence. Subject to Article V hereof, the Issuer shall do or cause to be done all things necessary to preserve
and keep in full force and effect its company existence, and the corporate, partnership or other existence of each of its Restricted
Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the
Issuer or any such Restricted Subsidiary; provided that the Issuer shall not be required to preserve the corporate, partnership
or other existence of any of its Restricted Subsidiaries, if the Issuer in good faith shall determine that the preservation thereof
is no longer desirable in the conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole. For the
avoidance of doubt, the Issuer and its Restricted Subsidiaries will be permitted to change their respective organizational forms.




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SECTION
4.14. Offer to Repurchase Upon Change of Control. (a) If a Change of Control occurs, unless the Issuer has previously sent
a redemption notice with respect to all the outstanding Notes as described under Section 3.07 hereof, the Issuer shall make an
offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at
a price in cash (the “Change of Control Payment”) equal to at least 101% of the aggregate principal amount
thereof plus accrued and unpaid interest, if any, to, but excluding, the date of purchase, subject to the right of Holders of
record on the relevant Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any
Change of Control, except to the extent that the Issuer has exercised its right to redeem all the outstanding Notes pursuant to
Section 3.07 hereof, the Issuer shall send notice of such Change of Control Offer electronically or by first-class mail, with
a copy to the Trustee and Paying Agent, to each Holder at the address of such Holder appearing in the Note Register or otherwise
in accordance with the Applicable Procedures with the following information:


 


(1)
that a Change of Control Offer is being made pursuant to this Section 4.14 and that all Notes properly tendered pursuant
to such Change of Control Offer will be accepted for payment by the Issuer;


 


(2)
the purchase price and the purchase date, which will be no earlier than 30 days nor later than 60 days from the date such notice
is sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer
made in advance of a Change of Control in accordance with clause (c) of this Section 4.14;


 


(3)
that any Note not properly tendered will remain outstanding and continue to accrue interest;


 


(4)
that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the
Change of Control Offer will cease to accrue interest on the Change of Control Payment Date;


 


(5)
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the paying
agent specified in the notice at the address specified in the notice prior to the close of business on the fourth Business Day
preceding the Change of Control Payment Date;


 


(6)
that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes;
provided that the paying agent receives, not later than the close of business on the fourth Business Day prior to the Change
of Control Payment Date, an electronic transmission, facsimile transmission or letter setting forth the name of the Holder of
the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes
and its election to have such Notes purchased;




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(7)
that Holders (other than Holders of a Global Note) whose Notes are being purchased only in part will be issued new Notes and such
new Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of any
Note must be equal to at least $2,000 and any integral multiple of $1,000 in excess thereof;


 


(8)
if such notice is sent prior to the occurrence of a Change of Control, a statement that the Change of Control Offer is conditional
on the occurrence of such Change of Control and, if applicable, a statement that, in the Issuer’s discretion, the Change
of Control Payment Date may be delayed until such time as the Change of Control shall have occurred, or that such purchase may
not occur and such notice may be rescinded in the event the Change of Control shall not have occurred by the Change of Control
Payment Date, or by the Change of Control Payment Date as so delayed; and


 


(9)
the other instructions, as determined by the Issuer, consistent with this Section 4.14 described hereunder, that a Holder must
follow.


 


The
notice, if delivered electronically, mailed or caused to be mailed in a manner herein provided, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice as provided herein
or any defect in the notice to the Holder of any Note designated for purchase shall not affect the validity of the proceedings
for the purchase of any other Note.


 


The
Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control
Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture,
the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations
under this Indenture by virtue thereof.


 


(b)
On the Change of Control Payment Date, the Issuer shall, to the extent permitted by law,


 


(1)
accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control Offer,


 


(2)
deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof
so tendered, and


 


(3)
deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s Certificate
to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuer.




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(c)
The Issuer shall not be required to make a Change of Control Offer following a Change of Control if a third party makes the Change
of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable
to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer. Additionally, the Issuer will not be required to make a Change of Control Offer if the Issuer has previously issued
a notice of redemption for all of the Notes pursuant to Section 3.07 hereof unless and until there is a default in the payment
of the redemption price on the applicable Redemption Date or the redemption is not consummated due to the failure of a condition
precedent contained in the applicable redemption notice to be satisfied. Notwithstanding anything to the contrary herein, a Change
of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement
is in place for the Change of Control at the time of making of the Change of Control Offer. The Change of Control Payment Date
may be extended automatically until such Change of Control occurs.


 


(d)
A Change of Control Offer may be made at the same time as consents are solicited with respect to an amendment, supplement or waiver
of this Indenture, the Notes, and/or the Guarantees (but the Change of Control Offer may not condition tenders on the delivery
of such consents).


 


(e)
Other than as specifically provided in this Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant
to the provisions of Sections 3.02, 3.05 and 3.06 hereof, and references therein to “redeem,” “redemption”
and similar words shall be deemed to refer to “purchase,” “repurchase” and similar words, as applicable.


 


SECTION
4.15. Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any Restricted Subsidiary
that is a Domestic Subsidiary, other than a Guarantor, to guarantee the payment of any Indebtedness (or any interest on such Indebtedness)
under the Senior Credit Facility unless:


 


(1)
such Restricted Subsidiary within 45 days of such guarantee executes and delivers a supplemental indenture to this Indenture,
the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary, except that
with respect to a guarantee of Indebtedness of the Issuer or any Guarantor, if such Indebtedness is by its express terms subordinated
in right of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect
to such Indebtedness shall be subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness
is subordinated to the Notes; and


 


(2)
such Restricted Subsidiary waives and shall not in any manner whatsoever claim or take the benefit or advantage of, any right
of reimbursement, indemnity or subrogation or any other right against the Issuer or any other Restricted Subsidiary as a result
of any payment by such Restricted Subsidiary under its Guarantee or otherwise.


 


The
Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a
Guarantor, in which case such Subsidiary shall not be required to comply with the 45-day period described above.




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SECTION
4.16. Suspension of Covenants.


 


(a)
If on any date following the Issue Date (i) the Notes have an Investment Grade Rating from either of the Rating Agencies
and (ii) no Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing
clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), then, beginning
on that day (the “Suspension Date”) and continuing until the Reversion Date, Section 4.07 hereof, Section 4.08
hereof, Section 4.09 hereof, Section 4.10 hereof, Section 4.11 hereof, Section 4.15 hereof and clause (4)
of Section 5.01(a) hereof shall not be applicable to the Notes (collectively, the “Suspended Covenants”).


 


(b)
During any period that the Suspended Covenants have been suspended, the Issuer may not designate any of its Subsidiaries as Unrestricted
Subsidiaries pursuant to the second sentence of the definition of “Unrestricted Subsidiary.”


 


(c)
In the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for
any period as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the Notes do not
carry an Investment Grade Rating from either of the Rating Agencies, then the Issuer and its Restricted Subsidiaries will thereafter
again be subject to the Suspended Covenants under this Indenture with respect to events occurring on or after the Reversion Date
unless and until there shall be a new Suspension Date. The period between a Suspension Date and a Reversion Date is referred to
in this Section 4.16 as a “Suspension Period.” The Guarantees of the Guarantors will be released during the
Suspension Period. Additionally, upon the occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from Net Cash
Proceeds shall be reset to zero.


 


(d)
During any Suspension Period, the Issuer and its Restricted Subsidiaries will be entitled to incur Liens to the extent provided
for in Section 4.12 hereof (including Permitted Liens) and any Permitted Liens that refer to one or more Suspended Covenants shall
be interpreted as though such applicable Suspended Covenant(s) continued to be applicable during the Suspension Period (but solely
for Section 4.12 hereof).


 


Notwithstanding
the foregoing, in the event of any reinstatement of the Suspended Covenants, no action taken or omitted to be taken by the Issuer
or any of its Restricted Subsidiaries prior to such reinstatement will give rise to a Default or Event of Default under this Indenture
with respect to the Notes; provided that (1) with respect to Restricted Payments made after such reinstatement, the amount
of Restricted Payments made will be calculated as though Section 4.07 had been in effect prior to, but not during, the Suspension
Period; (2) all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period will be classified
to have been incurred or issued pursuant to Section 4.09(b)(3); (3) all Liens incurred during the Suspension Period will be classified
to have been incurred under clause (7) of the definition of “Permitted Liens”; (4) any Affiliate Transaction entered
into after such reinstatement pursuant to all agreements and arrangements entered into during any Suspension Period shall be deemed
to be permitted pursuant to Section 4.11(b)(5) hereof; (5) any encumbrance or restriction on the ability of any Restricted Subsidiary
that is not a Guarantor to take any action described in clauses (1) through (3) of Section 4.08(a) hereof that becomes effective
during any Suspension Period shall be deemed to be permitted pursuant to Section 4.08(b)(1) hereof; and (6) no Subsidiary of the
Issuer shall be required to comply with Section 4.15 hereof after such reinstatement with respect to any guarantee entered into
by such Subsidiary during any Suspension Period.




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In
addition, for purposes of clause (3) of Section 4.07(a) hereof, all Restricted Payments made pursuant to clause (3) occurring
during a Suspension Period shall be disregarded for purposes of determining the amount of Restricted Payments the Issuer or any
Restricted Subsidiary is permitted to make pursuant to such clause (3).


 


On
and after each Reversion Date, the Issuer and its Subsidiaries will be permitted to consummate the transactions contemplated by
any contract entered into during the Suspension Period, so long as such contract and such consummation would have been permitted
during such Suspension Period.


 


(e)
The Issuer shall notify the Trustee of the occurrence of any Covenant Suspension Event and of any Reversion Date; provided that no such notification, in the case of any Covenant Suspension Event, shall be a condition for the suspension of the Suspended
Covenants to be effective; provided further that the Trustee shall be under no obligation to inform Holders of the occurrence
of any Covenant Suspension Event.


 


ARTICLE
V

SUCCESSORS


 


SECTION
5.01. Merger, Consolidation or Sale of All or Substantially All Assets.


 


(a)
The Issuer may not consolidate or merge with or into or wind up into (whether or not the Issuer is the surviving corporation),
or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one
or more related transactions, to any Person unless:


 


(1)
the Issuer is the surviving Person or the Person formed by or surviving any such consolidation, merger or wind-up (if other than
the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person
organized or existing under the laws of the jurisdiction of organization of the Issuer or the laws of the United States, any state
thereof, the District of Columbia, or any territory thereof (such Person, as the case may be, being herein called the “Successor
Company”);


 


(2)
the Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under this Indenture and
the Notes pursuant to supplemental indentures or other documents or instruments;


 


(3)
immediately after such transaction, no Default or Event of Default exists;




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(4)
immediately after giving pro forma effect to such transaction and any related financing or debt reduction transactions,
as if such transactions had occurred at the beginning of the applicable four-quarter period,


 


(A)
the Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Test set forth in Section 4.09(a) hereof, or


 


(B)
the Fixed Charge Coverage Ratio for the Successor Company and the Restricted Subsidiaries would be equal to or greater than the
Fixed Charge Coverage Ratio for the Issuer and the Restricted Subsidiaries immediately prior to such transaction;


 


(5)
each Subsidiary Guarantor, unless it is the other party to the transactions described above, in which case Section 5.01(c)(1)(B)
hereof shall apply, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations
under this Indenture and the Notes; and


 


(6)
the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, merger, wind up, sale, assignment, transfer, lease, conveyance or other disposition and such supplemental
indentures, if any, comply with this Indenture.


 


(b)
The Successor Company, if not the Issuer, will succeed to, and be substituted for, the Issuer under this Indenture and the Notes
and in such event the Issuer will automatically be released and discharged from its obligations under this Indenture and the Notes.


 


Notwithstanding
clauses (3) and (4) of Section 5.01(a) hereof,


 


(1)
any Restricted Subsidiary may consolidate or merge with or into or wind up into or transfer all or part of its properties and
assets to the Issuer or any Subsidiary Guarantor, and


 


(2)
the Issuer may merge with an Affiliate of the Issuer solely for the purpose of reorganizing the Issuer in another state of the
United States, the District of Columbia or any territory thereof so long as the amount of Indebtedness of the Issuer and its Restricted
Subsidiaries is not materially increased thereby.


 


(c)
Subject to Section 10.06 hereof, no Subsidiary Guarantor will, and the Issuer will not permit any Subsidiary Guarantor to, consolidate
or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer,
lease, convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions,
to any Person unless:


 


(1)
(A) such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, merger or wind-up
(if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition
will have been made is a Person organized or existing under the laws of the jurisdiction of organization of such Subsidiary Guarantor
or the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Person being herein
called the “Successor Person”);




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(B)
the Successor Person, if other than such Subsidiary Guarantor, expressly assumes all the obligations of such Subsidiary Guarantor
under this Indenture and such Subsidiary Guarantor’s related Guarantee pursuant to supplemental indentures or other documents
or instruments;


 


(C)
immediately after such transaction, no Default or Event of Default exists; and


 


(D)
the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that such consolidation, merger, wind up,
sale, assignment, transfer, lease, conveyance or other disposition and such supplemental indentures, if any, comply with this
Indenture; or


 


(2)
the transaction is made in compliance with Section 4.10 hereof.


 


(d)
Subject to Section 10.06 hereof, the Successor Person will succeed to, and be substituted for, such Subsidiary Guarantor under
this Indenture and such Subsidiary Guarantor’s Guarantee and in such event such Subsidiary Guarantor will automatically
be released and discharged from its obligations under this Indenture and its Guarantee. Notwithstanding the foregoing, any Subsidiary
Guarantor may (1) consolidate or merge with or into or wind up into or transfer all or part of its properties and assets to the
Issuer or any Subsidiary Guarantor, (2) merge with an Affiliate of the Issuer solely for the purpose of reorganizing such Subsidiary
Guarantor in another jurisdiction so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased
thereby and so long as the surviving entity (if not the Subsidiary Guarantor) assumes all of the Subsidiary Guarantor’s
obligations under its Guarantee in connection with such reorganization, (3) convert into a corporation, partnership, limited partnership,
limited liability company or trust organized or existing under the laws of the jurisdiction of organization of such Subsidiary
Guarantor or (4) liquidate or dissolve or change its legal form if the Issuer determines in good faith that such action is in
the best interests of the Issuer and is not materially disadvantageous to the Holders, in each case, without regard to the requirements
set forth in Section 5.01(c) hereof.


 


(e)
Notwithstanding anything herein to the contrary, this Section 5.01 shall not apply to any consolidation, merger or winding up
or any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Issuer and its Restricted
Subsidiaries.


 


SECTION
5.02. Successor Person Substituted. Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance
or other disposition of all or substantially all of the assets of the Issuer or a Subsidiary Guarantor in accordance with Section 5.01
hereof, the successor Person formed by such consolidation or into or with which the Issuer or such Subsidiary Guarantor, as applicable,
is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition,
the provisions of this Indenture referring to the Issuer or such Subsidiary Guarantor, as applicable, shall refer instead to the
successor Person and not to the Issuer or such Subsidiary Guarantor, as applicable), and may exercise every right and power of
the Issuer or such Subsidiary Guarantor, as applicable, under this Indenture with the same effect as if such successor Person
had been named as the Issuer or a Guarantor, as applicable, herein; provided that the predecessor Issuer shall not be relieved
from the obligation to pay the principal of, premium, if any, and interest on the Notes except in the case of a sale, assignment,
transfer, conveyance or other disposition of all of the Issuer’s assets that meets the requirements of Section 5.01
hereof.




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ARTICLE
VI

DEFAULTS AND REMEDIES


 


SECTION
6.01. Events of Default.


 


An
 “Event of Default” means any one of the following events:


 


(1)
default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the
Notes;


 


(2)
default for 30 days or more in the payment when due of interest on or with respect to the Notes;


 


(3)
failure by the Issuer or any Guarantor for 60 days after receipt of written notice of such failure given by the Trustee or the
Holders of not less than 30% in principal amount of the Notes then outstanding, in the case of notice from the Holders, with a
copy to the Trustee, to comply with any of its obligations, covenants or agreements contained in this Indenture or the Notes (other
than a default referred to in clauses (1) and (2) above);


 


(4)
default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any
Indebtedness for money borrowed by the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken
together, would constitute a Significant Subsidiary) or the payment of which is guaranteed by the Issuer or any Significant Subsidiary
(or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary), other than Indebtedness
owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created after the issuance
of the Notes, if both:


 


(A)
such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving
effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness
at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated maturity; and


 


(B)
the principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has
been so accelerated, aggregate $100.0 million or more at any time outstanding;




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(5)
failure by the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together would constitute
a Significant Subsidiary) to pay final judgments aggregating in excess of $100.0 million (net of any amounts which are covered
by insurance), which final judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment
becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor
upon such judgment or decree which is not promptly stayed;


 


(6)
the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that taken together would constitute a Significant
Subsidiary), pursuant to or within the meaning of any Bankruptcy Law:


 


(i) commences
proceedings to be adjudicated bankrupt or insolvent;


 


(ii) consents
to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under applicable Bankruptcy Law;


 


(iii) consents
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially
all of its property;


 


(iv) makes
a general assignment for the benefit of its creditors; or


 


(v) generally
is not paying its debts as they become due;


 


(7)
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law:


 


(i) for
relief against the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary) in an involuntary case;


 


(ii) that
appoints a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any Significant Subsidiary
(or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary), or for all or substantially
all of the property of the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary); or


 


(iii) that
orders the liquidation of the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary); and the order or decree remains unstayed and in effect for 60 consecutive
days; or




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(8)
the Guarantee of any Significant Subsidiary shall for any reason cease to be in full force and effect or be declared null and
void or any responsible officer of any Guarantor that is a Significant Subsidiary, as the case may be, denies that it has any
further liability under its Guarantee or gives notice to such effect, other than by reason of the termination of this Indenture
or the release of any such Guarantee in accordance with this Indenture.


 


SECTION
6.02. Acceleration. If any Event of Default (other than an Event of Default specified in clause (6) of Section 6.01
hereof with respect to the Issuer) occurs and is continuing under this Indenture, the Trustee may, by notice to the Issuer, or
the Holders of at least 30% in principal amount of the then-outstanding Notes may, by notice to the Issuer and the Trustee, in
each case, declare the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding Notes
to be due and payable immediately; provided that no such declaration of acceleration may occur with respect to any action taken,
and reported publicly or to Holders, more than two years prior to the date of such declaration. The Trustee shall have no obligation
to determine when or if any Holders have been notified of any such action or to track when such two-year period starts or concludes.
Any time period to cure any actual or alleged Default or Event of Default may be extended or stayed by a court of competent jurisdiction.


 


Any
notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration
or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing
Holder”), in order to be valid, must be accompanied by a written representation from each such Holder delivered to the
Issuer and the Trustee that such Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed
solely by beneficial owners that have represented to such Holder that they are not) Net Short (a “Position Representation”),
which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default, shall be deemed a
continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the notes are accelerated.
In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Issuer
with such other information as the Issuer may reasonably request from time to time in order to verify the accuracy of such Noteholder’s
Position Representation within five Business Days of request therefor (a “Verification Covenant”). In any case
in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder shall be provided
by the beneficial owner of the notes in lieu of DTC or its nominee, and DTC shall be entitled to conclusively rely on such Position
Representation and Verification Covenant in delivering its direction to the Trustee.


 


If,
following the delivery of a Noteholder Direction, but prior to acceleration of the notes, the Issuer determines in good faith
that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation
and provides to the Trustee an Officer’s Certificate stating that the Issuer has filed papers with a court of competent
jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and
seeking to invalidate any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect
to such Event of Default shall be automatically stayed pending a final and non-appealable determination of a court of competent
jurisdiction on such matter. If, following the delivery of a Noteholder Direction, but prior to acceleration of the notes, the
Issuer provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification
Covenant, the cure period with respect to such Event of Default that resulted from the applicable Noteholder Direction shall be
automatically stayed pending satisfaction of such Verification Covenant. Any breach of the Position Representation shall result
in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without the participation of such
Holder, the percentage of notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient
to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio (other than any indemnity such
Directing Holder may have offered the Trustee), with the effect that such Event of Default shall be deemed never to have occurred,
acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of such Default
or Event of Default.




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Notwithstanding
anything in the preceding two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee during the pendency
of an Event of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing paragraphs.
For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in
accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation,
enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or
otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative
Instruments, Short Derivative Instruments or otherwise. The Trustee shall have no liability to the Issuer, any Holder or any other
Person in acting in good faith on a Noteholder Direction.


 


Upon
the effectiveness of such declaration of acceleration, such principal and interest shall be due and payable immediately. Notwithstanding
the foregoing, in the case of an Event of Default arising with respect to the Issuer under clause (6) of Section 6.01 hereof,
all outstanding Notes shall be due and payable without further action or notice.


 


In
the event of any Event of Default specified in clause (4) of Section 6.01 hereof, such Event of Default and all consequences
thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be annulled, waived
and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event of Default
arose:


 


(1)
the Indebtedness or guarantee that is the basis for such Event of Default has been discharged;


 


(2)
the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event
of Default; or


 


(3)
the default that is the basis for such Event of Default has been cured.




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SECTION
6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes
or this Indenture.


 


The
Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not
impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default.


 


SECTION
6.04. Waiver of Past Defaults. Holders of a majority in aggregate principal amount of the then-outstanding Notes by notice
to the Trustee (with a copy to the Issuer; provided that any waiver or rescission under this Section 6.04 shall be valid
and binding notwithstanding the failure to provide a copy of such notice to the Issuer) may on behalf of the Holders of all of
the Notes waive any existing Default or Event of Default and its consequences under this Indenture (except a continuing Default
in the payment of the principal of, premium, if any, or interest on, any Note held by a non-consenting Holder) (including in connection
with an Asset Sale Offer or Change of Control Offer) and rescind any acceleration with respect to the Notes and its consequences
(except if such rescission would conflict with any judgment of a court of competent jurisdiction). Upon any such waiver, such
Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose
of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.


 


SECTION
6.05. Control by Majority. Holders of a majority in principal amount of the then-outstanding Notes may direct the time,
method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or that the
Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability.


 


SECTION
6.06. Limitation on Suits. Subject to Section 6.07 hereof, no Holder may pursue any remedy with respect to this Indenture
or the Notes unless:


 


(1)
such Holder has previously given the Trustee notice that an Event of Default is continuing;


 


(2)
Holders of at least 30% in principal amount of the then-outstanding Notes have requested the Trustee to pursue the remedy;


 


(3)
such Holder has offered the Trustee indemnity, security and/or prefunding against any loss, liability or expense;


 


(4)
the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity;
and




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(5)
Holders of a majority in principal amount of the then-outstanding Notes have not given the Trustee a direction inconsistent with
such request within such 60-day period.


 


A
Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any actions are unduly
prejudicial to such Holders).


 


SECTION
6.07. Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the right of
any Holder to receive payment of principal of, premium, if any, and interest on the Note, on or after the respective due dates
expressed or provided for in the Note (including in connection with an Asset Sale Offer or a Change of Control Offer), or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the
consent of such Holder.


 


SECTION
6.08. Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole
amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to
the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.


 


SECTION
6.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Issuer, the
Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights
and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.


 


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


 


SECTION
6.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy
accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article VI or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.




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SECTION
6.12. Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings
relative to the Issuer (or any other obligor upon the Notes including the Guarantors), its creditors or its property and shall
be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter and to collect,
receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent
to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section
7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding,
shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions,
dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation
or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee
to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding.


 


SECTION
6.13. Priorities. If the Trustee or any Agent collects any money pursuant to this Article VI, it shall pay out the money
in the following order:


 


(i)
to the Trustee, each Agent, their agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation,
expenses and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses of collection;


 


(ii)
to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference
or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and


 


(iii)
to the Issuer or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.


 


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




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


 


ARTICLE
VII

TRUSTEE


 


SECTION
7.01. Duties of Trustee


 


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


 


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


 


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


 


(ii)
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are specifically required
to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein).


 


(c)
The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:


 


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


 


(ii)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in
a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and


 


(iii)
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Article VI hereof.




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(d)
Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs (a), (b) and (c) of this Section 7.01.


 


(e)
The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or direction
of any of the Holders of the Notes unless the Holders have offered to the Trustee reasonable indemnity or security against any
loss, liability or expense.


 


(f)
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer
and may hold such money uninvested. Money held in trust by the Trustee need not be segregated from other funds except to the extent
required by law.


 


SECTION
7.02. Rights of Trustee.


 


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


 


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


 


(c)
The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent
or attorney appointed with due care.


 


(d)
The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture.


 


(e)
Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer shall be sufficient
if signed by an Officer of the Issuer.


 


(f)
None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if
it shall have grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability
is not assured to it.




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(g)
The Trustee shall not be deemed to have notice of any matter (including any Default or Event of Default) unless a Responsible
Officer of the Trustee has actual knowledge thereof or unless written notice thereof is received by the Trustee at the Corporate
Trust Office from the Issuer or any other obligor on the Notes, or from any Holder, and such notice references the Notes and this
Indenture.


 


(h)
In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or damage of any
kind whatsoever (including loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss
or damage and regardless of the form of action.


 


(i)
The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent, custodian and other
Person employed to act hereunder.


 


(j)
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.


 


(k)
The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an obligation or
a duty to so, unless so specified herein.


 


(l)
The Trustee will not be liable to the Holders if prevented or delayed in performing any of its obligations or discretionary functions
under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by
any circumstances beyond its control.


 


(m)
No provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary to applicable
law or regulation.


 


(n)
The Trustee may retain counsel at the expense of the Issuer to assist it in performing its duties under this Indenture. The Trustee
may consult with such counsel, and the advice or opinion of such counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or
suffered by it hereunder in good faith and in reliance on the advice or opinion of such counsel.


 


(o)
The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by notice
in writing to the Issuer and the Agents, require that the Agents (other than to the extent the Issuer or a Subsidiary is acting
as an agent) act as agents of, and take instructions exclusively from, the Trustee. Prior to receiving such written notice from
the Trustee, the Agents shall be agents of the Issuer and need have no concern for the interests of the Holders.


 


(p)
The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes.




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SECTION
7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or any Affiliate of the Issuer with the same rights it would have if it were not
Trustee. However, in the event that the Trustee acquires any conflicting interest (as such term is used in the Trust Indenture
Act) it must eliminate such conflict within 90 days or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Section 7.10 hereof.


 


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


 


SECTION
7.05. Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of
the Trustee, the Trustee shall electronically deliver or mail to Holders of Notes a notice of the Default within 90 days after
it is known to the Trustee, unless such Default shall have been waived or cured. Except in the case of a Default relating to the
payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any continuing
Default if and so long as it determines in good faith that withholding the notice is in the interests of the Holders of the Notes.
The Trustee shall have no obligation to accelerate the Notes if, in the best judgment of the Trustee, acceleration of the Notes
is not within the interests of the Holders of the Notes.


 


SECTION
7.06. [Reserved]


 


SECTION
7.07. Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time such compensation for its acceptance
of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. In the event of being requested by the Issuer
to undertake duties which the Trustee reasonably determines to be of an exceptional nature or otherwise outside the scope of the
normal duties of the Trustee, the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between the
Issuer and the Trustee. The Issuer shall reimburse the Trustee promptly upon request for all disbursements, advances and expenses
properly incurred or made by it in addition to the compensation for its services. Such expenses shall include the properly incurred
compensation, disbursements and expenses of the Trustee’s agents and counsel.


 


The
Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee and its officers, directors, employees, agents and
any predecessor trustee and its officers, directors, employees and agents for, and hold the Trustee harmless against, any and
all loss, damage, claims, liability or expense (including properly incurred attorneys’ fees and expenses) incurred by it
in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the properly
incurred costs and expenses of enforcing this Indenture against the Issuer or any of the Guarantors (including this Section 7.07)
or defending itself against any claim whether asserted by any Holder, the Issuer or any Guarantor, or liability in connection
with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuer promptly
of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve the Issuer or the
Guarantors of their obligations hereunder. If requested by the Trustee, the Issuer shall defend the claim and the Trustee may
have separate counsel and the Issuer shall pay the properly incurred fees and expenses of such counsel. Neither the Issuer nor
any Guarantor need reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the
Trustee’s own willful misconduct, negligence or bad faith, as determined by a final non-appealable judgment of a court of
competent jurisdiction. Neither the Issuer nor any Guarantor need pay for any settlement made without its consent, which consent
shall not be unreasonably withheld.




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The
obligations of the Issuer and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this Indenture
or the earlier resignation or removal of the Trustee.


 


Notwithstanding
the provisions of Section 4.12 hereof, to secure the payment obligations of the Issuer and the Guarantors in this Section 7.07,
the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that money
or property held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge
of this Indenture.


 


When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(6) or (7) hereof occurs, the
expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute
expenses of administration under any Bankruptcy Law.


 


For
the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee in this Section 7.07,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder,
and by each agent (including the Agents), custodian and other Person employed to act hereunder.


 


SECTION
7.08. Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may
resign in writing at any time by so notifying the Issuer. The Holders of a majority in principal amount of the then-outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if:


 


(A)
the Trustee fails to comply with Section 7.10 hereof;


 


(B)
the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;


 


(C)
a custodian or public officer takes charge of the Trustee or its property; or


 


(D)
the Trustee becomes incapable of acting.




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


 


If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, (i) the retiring Trustee,
the Issuer or the Holders of at least 10% in principal amount of the then-outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor Trustee at the expense of the Issuer or (ii) the retiring Trustee may appoint
a successor Trustee at any time prior to the date on which a successor Trustee takes office; provided that such appointment
shall be satisfactory to the Issuer.


 


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


 


A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon,
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall electronically deliver or mail a notice of
its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee;
provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof
shall continue for the benefit of the retiring Trustee.


 


SECTION
7.09. Successor Trustee by Merger, etc. If the Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust, paying agent, transfer agent or registrar business, as the case may be, to, another corporation, the
successor corporation without any further act shall be the successor Trustee.


 


Any
corporation into which the Trustee for the time being may be merged or converted shall, on the date when such merger, conversion,
consolidation, sale or transfer becomes effective and to the extent permitted by applicable law, be a successor Trustee under
this Indenture without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture.
After the effective date all references in this Indenture to that Trustee shall be deemed to be references to that corporation.


 


SECTION
7.10. Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and
doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise
corporate trust power, that is subject to supervision or examination by federal or state authorities and that has, together with
its parent, a combined capital and surplus of at least $150,000,000 as set forth in its most recent published annual report of
condition.




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ARTICLE
VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE


 


SECTION
8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time, elect to
have either Section 8.02 or 8.03 hereof applied to all outstanding Notes and all obligations of the Guarantors with respect
to the Guarantees upon compliance with the conditions set forth in this Article VIII.


 


SECTION
8.02. Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable
to this Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section
8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes and Guarantees and
all Events of Default cured on the date the conditions set forth below are satisfied (“Legal Defeasance”).
For this purpose, Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented
by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
hereof and the other Sections of this Indenture referred to in (a) and (b) of this Section 8.02 (it being understood that such
Notes shall not be deemed outstanding for accounting purposes), and to have satisfied all its other obligations under the Notes
and this Indenture including that of the Guarantors (and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same) and to have cured all then-existing Events of Default, except for the following provisions
which shall survive until otherwise terminated or discharged hereunder:


 


(a)
the rights of Holders to receive payments in respect of the principal of, premium, if any, and interest on the Notes when such
payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof;


 


(b)
the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes, registration of such Notes, mutilated,
destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in
trust;


 


(c)
the rights, powers, trusts, duties and immunities of the Trustee, and the Issuer’s obligations in connection therewith;
and


 


(d)
this Section 8.02.


 


Subject
to compliance with this Article VIII, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior
exercise of its option under Section 8.03 hereof.




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


 


SECTION
8.04. Conditions to Legal or Covenant Defeasance. The following shall be conditions to the application of either Section
8.02 or 8.03 hereof to the outstanding Notes:


 


In
order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Notes:


 


(1)
the Issuer must irrevocably deposit with the Trustee or an agent of the Trustee, in trust, for the benefit of the Holders of the
Notes, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in
the opinion of a nationally recognized firm of independent public accountants, a nationally recognized investment bank or a nationally
recognized appraisal or valuation firm, to pay the principal of, premium, if any, and interest due on the Notes to the stated
maturity date or to the Redemption Date, as the case may be, of such principal, premium, if any, or interest on the Notes and
the Issuer must specify whether the Notes are being defeased to maturity or to a particular Redemption Date; provided that,
upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes
of this Indenture to the extent that an amount is deposited with the Trustee or an agent of the Trustee equal to the Applicable
Premium calculated as of the date of the notice of redemption, with any deficit as of the date of redemption (any such amount,
the “Applicable Premium Deficit”) only required to be deposited with the Trustee or an agent of the Trustee
on or prior to the redemption date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered
to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit
shall be applied toward such redemption;




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(2)
in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject
to customary assumptions and exclusions,


 



(A)
the Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or


 


(B)
since the original issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,


 


in
either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions
and exclusions, the Holders or beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income
tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;


 


(3)
in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel confirming that, subject
to customary assumptions and exclusions, the Holders or beneficial owners of the Notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;


 


(4)
no Event of Default (other than that resulting from any borrowing of funds to be applied to make such deposit and any similar
and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall
have occurred and be continuing on the date of such deposit;


 


(5)
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, the
Senior Credit Facility or any other material agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor
is a party or by which the Issuer or any Guarantor is bound (other than that resulting from any borrowing of funds to be applied
to make such deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous deposit
relating to other Indebtedness and, in each case, the granting of Liens in connection therewith);


 


(6)
the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer
with the intent of defeating, hindering, delaying or defrauding any creditor of the Issuer, any Guarantor or others; and


 


(7)
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to
the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.


 


Notwithstanding
the foregoing, an Opinion of Counsel required by clause (2) of this Section 8.04 with respect to Legal Defeasance need not be
delivered if all of the Notes theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will
become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer.




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SECTION
8.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. Subject to Section
8.06 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to
Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with
the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer
or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become
due thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the
extent required by law.


 


The
Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes and the related Guarantees.


 


Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the
request of the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion
of a nationally recognized firm of independent public accountants, a nationally recognized investment bank or a nationally recognized
appraisal or valuation firm expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered
under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect
an equivalent Legal Defeasance or Covenant Defeasance.


 


SECTION
8.06. Repayment to Issuer. Subject to any applicable abandoned property law, any money deposited with the Trustee or any
Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on any Note
and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall
be paid to the Issuer on its request or pursuant to applicable law or (if then held by the Issuer) shall be discharged from such
trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease.


 


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




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ARTICLE
IX

AMENDMENT, SUPPLEMENT AND WAIVER


 


SECTION
9.01. Without Consent of Holders. Notwithstanding Section 9.02 hereof, the Issuer, the Guarantors and the Trustee may amend
or supplement this Indenture and any Guarantee or Notes without the consent of any Holder:


 


(1)
to cure any ambiguity, omission, mistake, defect or inconsistency;


 


(2)
to provide for uncertificated Notes in addition to or in place of certificated Notes;


 


(3)
to comply with Section 5.01 hereof;


 


(4)
to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders;


 


(5)
to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights under this Indenture of any such Holder in any material respect;


 


(6)
to add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuer or any Guarantor;


 


(7)
to provide for the issuance of Additional Notes in accordance with the terms of this Indenture;


 


(8)
to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or a successor paying agent
hereunder pursuant to the requirements hereof;


 


(9)
to provide for the issuance of exchange notes or private exchange notes, which are identical to exchange notes except that they
are not freely transferable;


 


(10)
to add a Guarantor or co-obligor under this Indenture or to release a Guarantor in accordance with the terms of this Indenture;


 


(11)
to conform the text of this Indenture, the Guarantees or the Notes to any provision of the “Description of the Notes”
section of the Offering Memorandum to the extent that such provision in such “Description of the Notes” section was
intended to be a verbatim recitation of a provision of this Indenture, the Guarantees or the Notes (as determined in good faith
by the Issuer);




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(12)
to amend the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including
to facilitate the issuance and administration of the Notes; provided that (i) compliance with this Indenture as so amended
would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such
amendment does not materially and adversely affect the rights of Holders to transfer Notes;


 


(13)
to mortgage, pledge, hypothecate or grant any other Lien in favor of the Trustee for the benefit of Holders, as security for the
payment and performance of all or any portion of the Notes, in any property or assets;


 


(14)
to provide for the succession of any parties to this Indenture (and other amendments that are administrative or ministerial in
nature); or


 


(15)
to comply with the rules of any applicable securities depositary.


 


Upon
the request of the Issuer accompanied by a resolution of its board of directors authorizing the execution of any such amended
or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof (to the extent requested
by the Trustee and subject to the last sentence of Section 9.05 hereof), the Trustee shall join with the Issuer and the Guarantors
in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee shall have the right, but not be
obligated to, enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture
or otherwise. Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officer’s Certificate nor a board resolution
shall be required in connection with the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor
and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit D hereto.


 


After
an amendment, supplement or waiver under this Section 9.01 becomes effective, the Issuer shall send to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.


 


SECTION
9.02. With Consent of Holders. Except as provided below in this Section 9.02, the Issuer, the Guarantors and the Trustee
may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority in
principal amount of the Notes (including Additional Notes, if any) then outstanding (including consents obtained in connection
with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing
Default or Event of Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of
the Holders of a majority in principal amount of the then-outstanding Notes (including Additional Notes, if any), other than the
Notes beneficially owned by the Issuer or its Affiliates (including consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes). Section 2.08 hereof and Section 2.09 hereof shall determine which Notes are considered
to be “outstanding” for the purposes of this Section 9.02.




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Upon
the request of the Issuer accompanied by a resolution of its board of directors authorizing the execution of any such amended
or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the
Holders as aforesaid, the Trustee shall join with the Issuer and the Guarantors in the execution of such amended or supplemental
indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into
such amended or supplemental indenture.


 


It
shall not be necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any proposed
amendment, waiver or consent, but it shall be sufficient if such consent approves the substance thereof. For the avoidance of
doubt, no transaction made in compliance with, amendment to, or deletion of, any of the covenants described under Article IV or
Section 5.01 hereof shall be deemed to impair or affect any rights of Holders to receive payment of principal of, or premium,
if any, or interest on, the Notes.


 


After
an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuer shall send to the Holders affected thereby
a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to send such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.


 


Notwithstanding
the foregoing, without the consent of each Holder affected, no amendment may:


 


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


 


(2)
reduce the principal of or change the fixed final maturity of any such Note or alter or waive the provisions with respect to the
redemption of such Notes (other than provisions relating to (i) notice periods (to the extent consistent with applicable requirements
of clearing and settlement systems) for redemption and conditions to redemption and (ii) Section 4.10 and Section 4.14 hereof);


 


(3)
reduce the rate of or change the time for payment of interest on any Note;


 


(4)
waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes, except a rescission
of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in
this Indenture or any Guarantee which cannot be amended or modified without the consent of all Holders;


 


(5)
make any Note payable in money other than that stated therein;




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(6)
make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to receive payments
of principal of or premium, if any, or interest on the Notes;


 


(7)
make any change in these amendment and waiver provisions;


 


(8)
impair the contractual right of any Holder to receive payment of principal of, premium, if any, or interest on such Holder’s
Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Notes;


 


(9)
contractually subordinate the Notes to any other Indebtedness of the Issuer or any Guarantor; or


 


(10)
except as expressly permitted by this Indenture, modify the Guarantees of any Significant Subsidiary in any manner materially
adverse to the Holders (as determined by the Issuer in good faith).


 


SECTION
9.03. Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by
a Holder is a continuing consent by the Holder and every subsequent Holder of a Note or portion of a Note that evidences the same
debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder
or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date
the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with
its terms and thereafter binds every Holder.


 


The
Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to consent to
any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons
who were Holders at such record date (or their duly designated proxies), and only such Persons, shall be entitled to consent to
such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more than 120 days after such record date unless the consent
of the requisite number of Holders has been obtained.


 


SECTION
9.04. Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt
of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.


 


Failure
to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver.


 


SECTION
9.05. Trustee to Sign Amendments, etc. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to
this Article IX if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities
of the Trustee. The Issuer may not sign an amendment, supplement or waiver until the board of directors of the Issuer approves
it. In executing any amendment, supplement or waiver, the Trustee shall be entitled to receive, upon request, and (subject to
Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents required by Section 12.03 hereof,
an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amendment or supplement is authorized
or permitted by this Indenture and that such amendment, supplement or waiver is the valid and binding obligation of the Issuer
and any Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and
complies with the provisions hereof. Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officer’s Certificate
nor board resolution will be required for the Trustee to execute any amendment or supplement adding a new Guarantor under this
Indenture.




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SECTION
9.06. Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall vote and consent
together on all matters (as to which any Notes may vote) as one class. Determinations as to whether Holders of the requisite aggregate
principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX.


 


ARTICLE
X

GUARANTEES


 


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


 


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




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Each
Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee
or any Holder in enforcing any rights under this Section 10.01.


 


If
any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, then any amount paid either to
the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.


 


Each
Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the
Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article VI hereof for the purposes of this Guarantee, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article VI hereof, such obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right
to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders
under the Guarantees.


 


Until
released in accordance with Section 10.06 hereof, each Guarantee shall remain in full force and effect and continue to be effective
should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make
an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the
Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case
may be, if at any time payment of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise
be restored or returned by any obligee on the Notes or Guarantees, whether as a “voidable preference,” “fraudulent
transfer” or otherwise, all as though such payment had not been made. In the event that any payment or any part thereof,
is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed
reduced only by such amount paid and not so rescinded, reduced, restored or returned.


 


In
case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.


 


The
Guarantee issued by any Guarantor shall be a general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing and future Senior Indebtedness of such Guarantor, if any.


 


Each
payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution
of any kind or nature.




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


 


SECTION
10.03. Execution and Delivery. To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees
that this Indenture (or a supplemental indenture in the form of Exhibit D hereto) shall be executed on behalf of such Guarantor
by one of its authorized officers or other representatives.


 


Each
Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding
the absence of the endorsement of any notation of such Guarantee on the Notes.


 


If
an officer whose signature is on this Indenture (or a supplemental indenture in the form of Exhibit D hereto) no longer holds
that office at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless.


 


The
delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee
set forth in this Indenture on behalf of the Guarantors.


 


If
required by Section 4.15 hereof, the Issuer shall cause any Restricted Subsidiary to comply with the provisions of Section 4.15
hereof and this Article X, to the extent applicable.


 


SECTION
10.04. Subrogation. Each Guarantor shall be subrogated to all rights of Holders of Notes against the Issuer in respect
of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; provided that, if an Event of
Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based
upon, such right of subrogation until all amounts then due and payable by the Issuer under this Indenture or the Notes shall have
been paid in full.




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SECTION
10.05. Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly
made in contemplation of such benefits.


 


SECTION
10.06. Release of Guarantees. A Guarantee by a Guarantor shall be automatically and unconditionally released and discharged,
without any further action required on the part of the Guarantor, the Trustee or any Holder of Notes, upon:


 


(1)
any sale, exchange, disposition or transfer (by merger, consolidation, dividend, distribution or otherwise) of (a) the Capital
Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted Subsidiary, or (b) all or substantially
all the assets of such Guarantor, in each case, made in compliance with the applicable provisions of this Indenture;


 


(2)
the release or discharge of the guarantee by such Guarantor of Indebtedness under the Senior Credit Facility or such other guarantee
that resulted in the creation of such Guarantee, except a discharge or release by, or as a result of, payment under such guarantee
(it being understood that a release subject to a contingent reinstatement is still a release);


 


(3)
the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with Section 4.07
hereof and the definition of “Unrestricted Subsidiary”;


 


(4)
upon the merger or consolidation of any Guarantor with and into the Issuer or another Guarantor that is the surviving Person in
such merger or consolidation, or upon the liquidation of such Guarantor following the transfer of all or substantially all of
its assets to the Issuer or another Guarantor;


 


(5)
the exercise by the Issuer of its Legal Defeasance option or Covenant Defeasance option in accordance with Article VIII hereof
or the discharge of the Issuer’s obligations under this Indenture in accordance with the terms of this Indenture; or


 


(6)
the occurrence of a Covenant Suspension Event.


 


The
Issuer shall notify the Trustee in writing of the release, discharge or termination of  a Guarantee in accordance with this
Section 10.06; provided that no such notification shall be a condition for the release, discharge or termination of a Guarantee
to be effective; provided further that the Trustee shall be under no obligation to inform Holders of the occurrence of
the release, discharge or termination of a Guarantee.


 


ARTICLE
XI

SATISFACTION AND DISCHARGE


 


SECTION
11.01. Satisfaction and Discharge. This Indenture shall be discharged and shall cease to be of further effect as to the
Notes when either:


 


(1)
all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid and
Notes for whose payment money has heretofore been deposited in trust, have been delivered to the Trustee for cancellation; or




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(2)
(A) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making
of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee
or an agent of the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. Government
Obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest
to pay and discharge the entire Indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal,
premium, if any, and accrued interest to the date of maturity or redemption; provided that, upon any redemption that requires
the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this Indenture to the extent that
an amount is deposited with the Trustee or an agent of the Trustee equal to the Applicable Premium calculated as of the date of
the notice of redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee or an agent of the
Trustee on or prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate
delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable
Premium Deficit shall be applied toward such redemption;


 


(B)
no Event of Default (other than that resulting from any borrowing of funds to be applied to make such deposit or any similar and
simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect
to this Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of
such deposit and such deposit will not result in a breach or violation of, or constitute a default under the Senior Credit Facility
or any other material agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or by
which the Issuer or any Guarantor is bound (other than resulting from any borrowing of funds to be applied to make such deposit
and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection
therewith);


 


(C)
the Issuer has paid or caused to be paid all sums payable by it under this Indenture; and


 


(D)
the Issuer has delivered irrevocable instructions to the Trustee or an agent of the Trustee to apply the deposited money toward
the payment of the Notes at maturity or the Redemption Date, as the case may be.


 


In
addition, the Issuer must deliver an Officer’s Certificate (which may be subject to customary assumptions and exclusions)
to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied; provided that any
such counsel may rely on an Officer’s Certificate as to matters of fact (including as to compliance with the foregoing subclauses
(A), (B), (C) and (D) of clause (2) of this Section 11.01).




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Notwithstanding
the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause (A)
of clause (2) of this Section 11.01, the provisions of Section 11.02 and Section 8.06 hereof shall survive.


 


The
Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 11.01 hereof or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders.


 


SECTION
11.02. Application of Trust Money. Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 11.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and
this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required
by law.


 


If
the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 11.01 hereof
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, the Issuer’s and any Guarantor’s obligations under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that
if the Issuer has made any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of
its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money
or U.S. Government Obligations held by the Trustee or Paying Agent.


 


ARTICLE
XII

MISCELLANEOUS


 


SECTION
12.01. Notices. Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if
in writing in the English language and delivered in person or mailed by first-class mail (registered or certified, return receipt
requested), electronic mail in PDF format, facsimile transmission or overnight air courier guaranteeing next day delivery, to
the others’ address:


 


If
to the Issuer and/or any Guarantor:


 


Dycom
Industries, Inc. 


11780
US Highway 1, Suite 600 


Palm
Beach Gardens, FL 33408

Attention: Chief Financial Officer 


Email:
drew.deferrari@dycominc.com




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With
a courtesy copy to (the provision of which copy shall not be required in order to effectuate notice under this Indenture):


 


Dycom
Industries, Inc. 


11780
US Highway 1, Suite 600 


Palm
Beach Gardens, FL 33408

Attention: General Counsel 


Email:
ryan.urness@dycominc.com


 


If
to the Trustee:


 


U.S.
Bank National Association, as Trustee

100 Wall Street, Suite 600 


New
York, NY 10005 


Attention:
Global Corporate Trust


 


and


 


U.S.
Bank National Association, as Trustee

225 Water Street, Suite 700 


Jacksonville,
Florida 32202 


Attention:
Global Corporate Trust


 


The
Issuer, any Guarantor or the Trustee, by notice to the others, may designate additional or different addresses for subsequent
notices or communications.


 


All
notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; five calendar days after being deposited in the mail, postage prepaid, if mailed by first-class
mail; when receipt is acknowledged, if faxed; on the first date on which publication or electronic delivery is made, if given
by publication or electronic delivery; and the next Business Day after timely delivery to the courier, if sent by overnight air
courier guaranteeing next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed
effective upon actual receipt thereof.


 


Any
notice or communication to a Holder shall be electronically delivered, mailed by first-class mail, certified or registered, return
receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register kept by
the Registrar. Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency with
respect to other Holders.


 


If
a notice or communication is mailed or otherwise delivered in the manner provided above within the time prescribed, such notice
or communication shall be deemed duly given, whether or not the addressee receives it.


 


If
the Issuer delivers a notice or communication to Holders, it shall deliver a copy to the Trustee and each Agent at the same time.




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Notwithstanding
any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any other
communication (including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise),
such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from
the Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary.


 


SECTION
12.02. Communication by Holders with Other Holders. Holders may communicate with other Holders with respect to their rights
under this Indenture or the Notes.


 


SECTION
12.03. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any of the
Guarantors to the Trustee to take any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish
to the Trustee:


 


(A)
An Officer’s Certificate in form reasonably satisfactory to the Trustee (which shall include the statements set forth in
Section 12.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for
in this Indenture relating to the proposed action have been satisfied; and


 


(B)
An Opinion of Counsel (which may be subject to customary assumptions and exclusions) in form reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.04 hereof) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been satisfied; provided that such Opinion of Counsel shall not be required to
be furnished to the Trustee in connection with the authentication and delivery of the Initial Notes on the Issue Date.


 


SECTION
12.04. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof) shall include:


 


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


 


(B)
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;


 


(C)
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and


 


(D)
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with;




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provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an officer’s certificate or certificates
of public officials.


 


SECTION
12.05. Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.


 


SECTION
12.06. No Personal Liability of Directors, Officers, Employees, Members and Stockholders. No director, officer, employee,
member, incorporator or stockholder of the Issuer or any Restricted Subsidiary shall have any liability for any obligations of
the Issuer or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by
reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver
and release are part of the consideration for issuance of the Notes.


 


SECTION
12.07. Governing Law. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEW YORK.


 


SECTION
12.08. Waiver of Jury Trial. EACH PARTY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.


 


SECTION
12.09. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control,
including strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services.


 


SECTION
12.10. No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture,
loan or debt agreement of the Issuer or its Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement
may not be used to interpret this Indenture.


 


SECTION
12.11. Successors. All agreements of the Issuer in this Indenture and the Notes shall bind its successors. All agreements
of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its
successors, except as otherwise provided in Section 10.06 hereof.


 


SECTION
12.12. Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 


SECTION
12.13. Counterpart Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages
by facsimile or PDF transmissions shall constitute effective execution and delivery of this Indenture as to the parties hereto
and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile
or PDF shall be deemed to be their original signatures for all purposes. All notices, approvals, consents, requests and any communications
hereunder must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that
is signed manually or by way of a digital signature, in English). The Issuer agrees to assume all risks arising out of the use
of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk
of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.




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SECTION
12.14. Table of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture
and shall in no way modify or restrict any of the terms or provisions hereof.


 


SECTION
12.15. USA Patriot Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to
time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities
and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable AML Law”),
the Trustee and Agents are required to obtain, verify, record and update certain information relating to individuals and entities
which maintain a business relationship with the Trustee and Agents. Accordingly, each of the parties agree to provide to the Trustee
and Agents, upon their request from time to time such identifying information and documentation as may be available for such party
in order to enable the Trustee and Agents to comply with Applicable AML Law.


 


[Signatures
on following pages]





    -136-


     


    

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


 





	 	 	Very truly yours,
	 	 	 
	 	DYCOM INDUSTRIES, INC.
	 	 	 
	 	By:	/s/ H. Andrew DeFerrari
	 	Name: H. Andrew DeFerrari
	 	Title: Senior Vice President and
    Chief Financial Officer







 


[Signature Page to Indenture] 




    


     


    




Guarantors:


 





	 	Ansco & Associates, LLC
	 	Dycom Capital Management, Inc.
	 	Dycom Corporate Identity, Inc.
	 	Dycom Identity, LLC
	 	Dycom Investments, Inc.
	 	Ervin Cable Construction, LLC
	 	Lambert’s Cable Splicing Company, LLC
	 	Apex Digital, LLC
	 	Atlantic Communications Services, LLC
	 	Blair Park Services, LLC
	 	Broadband Express, LLC
	 	Broadband Installation Services, LLC
	 	CableCom, LLC
	 	C-2 Utility Contractors, LLC
	 	Cavo Broadband Communications, LLC
	 	CCLC, Inc.
	 	Communications Construction Group, LLC
	 	Engineering Associates, LLC
	 	Fiber Technologies Solutions, LLC
	 	Globe Communications, LLC
	 	Golden State Utility Co.
	 	Ivy H. Smith Company, LLC
	 	Kanaan Communications, LLC
	 	Locating, Inc.
	 	NeoCom Solutions, LLC
	 	Nichols Construction, LLC
	 	Niels Fugal Sons Company, LLC
	 	North Sky Communications, LLC
	 	Parkside Site & Utility Company Corporation
	 	Parkside Utility Construction, LLC
	 	Pauley Construction, LLC
	 	Point to Point Communications, Inc.







 





	 	By:	/s/ H. Andrew DeFerrari
	 	 	Name: H. Andrew DeFerrari
	 	 	Title: Treasurer
	 	 	 
	 	[Signatures continue on next page]




  


[Signature Page to Indenture] 




    


     


    


	 	Precision Valley Communications of Vermont, LLC
	 	Prince Telecom, LLC
	 	Professional Teleconcepts, LLC (IL)
	 	Professional Teleconcepts, LLC (NY)
	 	RJE Telecom, LLC
	 	Sage Telecommunications Corp. of Colorado, LLC
	 	Spectrum Wireless Solutions, LLC
	 	Star Construction, LLC
	 	Stevens Communications, LLC
	 	TelCom Construction, LLC
	 	TCS Communications, LLC
	 	Tesinc, LLC
	 	Texstar Enterprises, LLC
	 	Tjader & Highstrom Utility Services, LLC
	 	Trawick Construction Company, LLC
	 	Triple-D Communications, LLC
	 	Underground Specialties, LLC
	 	UtiliQuest, LLC
	 	VCI Construction, LLC
	 	VCI Utility Services Holdings, LLC
	 	White Mountain Cable Construction, LLC







 





	 	By:	 /s/
    H. Andrew DeFerrari
	 	 	Name: H. Andrew DeFerrari
	 	 	Title: Treasurer










 





[Signature Page to Indenture]




    


     


    


	 	MIDTOWN EXPRESS, LLC
	 	 	 
	 	By:	/s/ William P. Healy
	 	 	Name: William P. Healy
	 	 	Title: President and Secretary
	 	 	 
	 	OSP SERVICES, LLC
	 	 	 
	 	By:	 /s/ Bobby Anthony Pugh
	 	 	Name: Bobby Anthony Pugh
	 	 	Title: President
	 	 	 
	 	VCI UTILITY SERVICES, LLC
	 	 	 
	 	By:	/s/ Frank G. Madera
	 	 	Name: Frank G. Madera
	 	 	Title: President










 


[Signature Page to Indenture] 




    


     


    


	 	U.S. BANK
    NATIONAL ASSOCIATION, AS TRUSTEE
	 	 
	 	By: 	/s/ Sheryl Lear
	 	 	Name: Sheryl Lear
	 	 	Title: Vice President







 


 [Signature Page to Indenture]




    


     


    



EXHIBIT
A


 


[Face
of Note]


 


[Insert
the Global Note Legend, if applicable pursuant to the provisions of the Indenture]


 


[Insert
the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]


 


[Insert
the Regulation S Temporary Global Note Legend, if applicable pursuant to the provisions of the Indenture]





    A-1


     


    

CUSIP
[                        ]


ISIN
[                    ]1


 


[RULE
144A][REGULATION S] [GLOBAL] NOTE



 


4.50%
Senior Note due 2029


 





	No. ___	[$__________________]







  


Dycom
Industries, Inc., a Florida corporation, promises to pay to [__________] or registered assigns the principal sum [set forth on
the Schedule of Exchanges of Interests in the Global Note attached hereto]2 [of ________________________ dollars]3
on April 15, 2029.


 


Interest
Payment Dates: April 15 and October 15, commencing [October 15, 2021]4


 


Record
Dates: April 1 and October 1


 


Additional
provisions of this Note are set forth on the other side of this Note.


 



 




		1	144A
CUSIP: 267475 AD3
	 	 	 ISIN:
US267475AD30

	 	 	 
	 	 	 Regulation
S CUSIP: U26723 AB9

	 	 	ISIN:
USU26723AB92





  


		2	Insert
in Global Notes only.



 


		3	Insert
in Definitive Notes only.



 


		4	For
Notes issued on the Issue Date.







    A-2


     


    


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


 





	 	DYCOM INDUSTRIES, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:







    A-3


     


    

Dated:
[                              ]


 





	CERTIFICATE OF AUTHENTICATION	 
	 	 
	U.S. BANK NATIONAL ASSOCIATION,  

not in its personal capacity, but in its  capacity as Trustee, certifies that this is one  of the Notes referred to in the Indenture.	 
	 	 
	By:	 	 
	 	Authorized Signatory	 







    A-4


     


    

[Back
of Note]



4.50% Senior Note due 2029


 


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


 


1.       Interest.
Dycom Industries, Inc., a Florida corporation (the “Issuer”), promises to pay interest on the principal amount
of this Note at a rate per annum set forth below from [_______] until maturity. The Issuer will pay interest on this Note semi-annually
in arrears on April 15 and October 15 of each year, commencing on October 15, 20215 (each, an “Interest
Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day. The Issuer will make
each interest payment to the Holder of record of this Note on the immediately preceding April 1 and October 1 (each, a “Record
Date”). Interest on this Note will accrue from the most recent date to which interest has been paid or, if no interest
has been paid, from and including April 1, 2021. The Issuer will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate then applicable to
this Note; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments
of interest (without regard to any applicable grace periods) from time to time on demand at the rate then applicable to this Note.
Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.


 


Interest
on this Note will accrue at the rate of 4.50% per annum and be payable in cash.


 


2.       Method
of Payment. The Issuer will pay interest on this Note to the Person who is the registered Holder of this Note at the close
of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is
cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture
with respect to defaulted interest. Payment of interest will be made at the office or agency of the Issuer maintained for such
purpose or, at the option of the Issuer, payments of interest may be made by check mailed to the Holders at their addresses set
forth in the Note Register of Holders; provided that all payments of principal, premium, if any, and interest with respect
to Notes represented by Global Notes registered in the name of or held by the Depositary (or its nominee) will be made through
the Paying Agent by wire transfer of immediately available funds to the accounts specified by the registered Holder or Holders
thereof. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts.


 


3.       Paying
Agent and Registrar. Initially, U.S. Bank National Association, as Trustee under the Indenture, will act as Paying Agent and
Registrar. The Issuer may change any Paying Agent or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries
may act as Paying Agent or Registrar.


 





 






		5	For
Notes issued on the Issue Date.





    A-5


     


    

4.       Indenture.
The Issuer issued the Notes under an Indenture, dated as of April 1, 2021 (the “Indenture”), among Dycom Industries,
Inc., the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated
as its 4.50% Senior Notes due 2029. The Issuer shall be entitled to issue Additional Notes pursuant to Sections 2.01 and
4.09 of the Indenture. The Initial Notes and any Additional Notes issued under the Indenture (collectively referred to herein
as the “Notes”) shall be treated as a single class of securities under the Indenture. The Notes are subject
to all terms and provisions in the Indenture, and Holders are referred to the Indenture for a statement of such terms and provisions.
To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture
shall govern and be controlling.


 


5.       Optional
Redemption.


 


(a)       At
any time prior to April 15, 2024, the Issuer may on one or more occasions redeem the Notes, in whole or in part, upon notice in
accordance with Section 3.03 of the Indenture, at a redemption price equal to 100% of the principal amount of the Notes redeemed
plus the Applicable Premium as of, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption (each date
on which a redemption occurs, a “Redemption Date”), subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date.


 


(b)       On
and after April 15, 2024, the Issuer may on one or more occasions redeem the Notes, in whole or in part, upon notice in accordance
with Section 3.03 of the Indenture, at the applicable redemption price (expressed as percentages of principal amount of the Notes
to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date,
subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment
Date, if redeemed during the twelve-month period beginning on April 15 of each of the years indicated below:


 


	Year	 	 	Percentage	 
	2024	 	 	 	102.250	%
	2025	 	 	 	101.125	%
	2026 and thereafter 	 	 	 	100.000	%



 


(c)       In
addition, prior to April 15, 2024, the Issuer may, at its option, and on one or more occasions, redeem up to 40% of the aggregate
principal amount of Notes issued under the Indenture (including any Additional Notes issued under the Indenture after the Issue
Date) at a redemption price equal to 104.50% of the aggregate principal amount of the Notes redeemed, plus accrued and unpaid
interest, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record on the relevant
Record Date to receive interest due on the relevant Interest Payment Date, with funds in an aggregate amount equal to the net
cash proceeds of one or more Equity Offerings of the Issuer; provided that (1) at least 50% of (A) the aggregate principal
amount of Notes originally issued under the Indenture on the Issue Date plus (B) the aggregate principal amount of any Additional
Notes issued under the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption;
and (2) each such redemption occurs within 180 days of the date of closing of each such Equity Offering.




    A-6


     


    


(d)       In
connection with any Change of Control Offer or Asset Sale Offer, if Holders of not less than 90% in aggregate principal amount
of the outstanding Notes validly tender and do not withdraw such Notes in such Change of Control Offer or Asset Sale Offer and
the Issuer, or any third party making such Change of Control Offer or Asset Sale Offer in lieu of the Issuer, purchases all of
the Notes validly tendered and not withdrawn by such Holders, all of the Holders will be deemed to have consented to such Change
of Control Offer or Asset Sale Offer and accordingly, the Issuer or such third party will have the right upon not less than 10
nor more than 60 days’ prior notice (provided that such notice is not given more than 30 days following such purchase
date) to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each other
Holder in such Change of Control Offer or Asset Sale Offer plus, to the extent not included in the Change of Control Offer or
Asset Sale Offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the applicable Redemption Date subject
to the rights of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date.


 


(e)       Any
redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the
Indenture. Notice of any redemption or purchase, whether in connection with an Equity Offering, other transaction or otherwise,
may be given prior to the completion thereof, and any such notice may, at the Issuer’s discretion, be subject to one or
more conditions precedent. If a redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice
shall describe each such condition and, if applicable, shall state that, in the Issuer’s discretion, the Redemption Date
or purchase date may be delayed until such time (including more than 60 days after the date the notice was sent) as any or all
such conditions shall be satisfied (or waived by the Issuer in its sole discretion) or such redemption or purchase may not occur
and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption
Date or purchase date, or by the Redemption Date or purchase date as so delayed. In addition, the Issuer may provide in such notice
that payment of the redemption price or purchase price and performance of the Issuers’ obligations with respect to such
redemption or purchase may be performed by another Person.


 


6.       Mandatory
Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.


 


7.       
Notice of Redemption. Subject to Sections 3.03 and 3.09 of the Indenture, notice of redemption will be delivered electronically
or mailed by first-class mail at least 10 days but not more than 60 days before the Redemption Date to each Holder whose Notes
are to be redeemed at such Holder’s registered address or otherwise in accordance with the Applicable Procedures, except
that redemption notices may be delivered more than 60 days prior to a redemption date if the notice is issued in connection with
a conditional redemption or Article VIII or Article XI of the Indenture. Notes in denominations larger than $2,000 may be redeemed
in part but only in whole multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed.
On and after the Redemption Date, interest ceases to accrue on this Note or portions thereof called for redemption.




    A-7


     


    


8.       Offers
to Repurchase. Upon the occurrence of a Change of Control, the Issuer shall make a Change of Control Offer in accordance with
Section 4.14 of the Indenture. In connection with certain Asset Sales, the Issuer shall make an Asset Sale Offer as and when provided
in accordance with Section 4.10 of the Indenture.


 


9.       Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and any integral multiple
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.
A Holder may transfer or exchange Notes in accordance with the Indenture. The registrar and the Trustee may require a Holder to
furnish appropriate endorsements and transfer documents in connection with a transfer of Notes. Holders will be required to pay
all transfer or other similar taxes due on transfer. The Issuer will not be required to transfer or exchange any Note selected
for redemption or tendered (and not withdrawn) for repurchase in connection with a redemption, Change of Control Offer or an Asset
Sale Offer. The Notes will be issued in registered form, and the registered Holder of a Note will be treated as the owner of the
Note for all purposes.


 


10.       Persons
Deemed Owners. The registered Holder of this Note shall be treated as its owner for all purposes.


 


11.       Amendment,
Supplement and Waiver. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in the Indenture.


 


12.       Defaults
and Remedies. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of Default
(other than an Event of Default of the type specified in clause (6) or (7) of Section 6.01 of the Indenture) occurs and is continuing
under the Indenture, the Trustee or the Holders of at least 30% in principal amount of the then-outstanding Notes may declare
the principal, premium, if any, interest and any other monetary obligations on all the then-outstanding Notes to be due and payable
immediately. Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) of Section 6.01 of the
Indenture, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture,
the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate
principal amount of the then-outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating
to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The
Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee (with a copy to the
Issuer; provided that any waiver or rescission under Section 6.04 of the Indenture shall be valid and binding notwithstanding
the failure to provide a copy of such notice to the Issuer) may on behalf of the Holders of all of the Notes waive any existing
Default or Event of Default and its consequences under the Indenture (except a continuing Default or Event of Default in payment
of the principal of, premium, if any, or interest on, any of the Notes held by a non-consenting Holder) (including in connection
with an Asset Sale Offer or a Change of Control Offer) and rescind any acceleration with respect to the Notes and its consequences
under the Indenture (except if such rescission would conflict with any judgment of a court of competent jurisdiction). The Issuer
is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required
within twenty (20) Business Days after becoming aware of any Default, to deliver to the Trustee a statement specifying such Default
and what action the Issuer is taking or proposes to take with respect thereto, unless such Default has been cured.




    A-8


     


    


13.       Authentication.
This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of the Trustee (or an authenticating agent).


 


14.       Governing
Law. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK.


 


15.       CUSIP
Numbers and ISINs. The Issuer has caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may use CUSIP
numbers and ISINs in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon.


 


The
Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to the
Issuer at the following address:


 


Dycom
Industries, Inc.

11780 US
Highway 1, Suite 600 


Palm
Beach Gardens, FL 33408

Attention: Chief Financial Officer




    A-9


     


    





ASSIGNMENT
FORM


 


To
assign this Note, fill in the form below:


 





	(I) or (we) assign and transfer this Note to: 	 
	 	(Insert assignee’s legal name)
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)






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



 


	Date:	 	 






 





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




 


Signature
Guarantee*: __________________________________


 


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





    A-10


     


    


OPTION
OF HOLDER TO ELECT PURCHASE


 


If
you want to elect to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.14 of the Indenture, check the
appropriate box below:


 


[   ]
Section 4.10              [   ] Section 4.14


 


If
you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.14 of the Indenture,
state the amount ($2,000 and any integral multiple of $1,000 in excess thereof):


 


$_______________


 


Date:
_____________________


 





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







 


Signature
Guarantee*: __________________________________


 


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





    A-11


     


    


SCHEDULE
OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*


 


The
initial outstanding principal amount of this Global Note is $__________.


 


The
following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges
of a part of another Global or Definitive Note for an interest in this Global Note, have been made:


 


	Date
of Exchange 
	Amount
of decrease

in Principal Amount of this Global Note 
	Amount
of increase

in Principal

Amount of this

Global Note 
	Principal
Amount of

this Global Note

following such

decrease or increase 
	Signature
of

authorized signatory

of Trustee or

Registrar 

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 


 





 






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





    A-12


     


    

EXHIBIT
B


 


FORM
OF CERTIFICATE OF TRANSFER


 


Dycom
Industries, Inc. 


11780
US Highway 1, Suite 600 


Palm
Beach Gardens, FL 33408

Attention: Chief Financial Officer


 


U.S.
Bank National Association, as Trustee 


100
Wall Street, Suite 600 


New
York, NY 10005 


Attention:
Global Corporate Trust


 


		Re:	4.50%
                                         Senior Notes due 2029



 


Reference
is hereby made to the Indenture, dated as of April 1, 2021 (the “Indenture”), among Dycom Industries, Inc.,
a Florida corporation (the “Issuer”), the Guarantors named therein and the Trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.


 


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


 


[CHECK
ALL THAT APPLY]


 


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


 


2.       [  ]
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE
NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 of Regulation
S and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United
States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any
Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction
was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts
have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being
made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit
of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of
the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated
in the Indenture and the Securities Act.




    B-1


     


    


3.       [  ]
CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF
THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor
hereby further certifies that (check one):


 


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


 


or


 


(b)       [  ]
such Transfer is being effected to the Issuer or a subsidiary thereof;


 


or


 


(c)       [  ]
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act.


 


4.       [  ]
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.


 


(a)       [  ]
CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.




    B-2


     


    


(b)       [  ]
CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no
longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.


 


(c)       [  ]
CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United
States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.




    B-3


     


    





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


 





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







 


Dated:
_______________________




    B-4


     


    





ANNEX
A TO CERTIFICATE OF TRANSFER


 


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


 


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


 


(a)          [  ]
a beneficial interest in the:


 


(i)       [  ]
144A Global Note ([CUSIP: 267475 AD3][ISIN: US267475AD30]), or


 


(ii)      [  ]
Regulation S Global Note ([CUSIP: U26723 AB9][ISIN: USU26723AB92]), or


 


(b)          [  ]
a Restricted Definitive Note.


 


2.            After
the Transfer the Transferee will hold:


 


[CHECK
ONE]


 


(a)          [  ]
a beneficial interest in the:


 


(i)       [  ]
144A Global Note ([CUSIP: 267475 AD3][ISIN: US267475AD30]), or


 


(ii)      [  ]
Regulation S Global Note ([CUSIP: U26723 AB9][ISIN: USU26723AB92]), or


 


(iii)     [  ]
Unrestricted Global Note ([                              ]);
or


 


(b)          [  ]
a Restricted Definitive Note; or


 


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





    B-5


     


    

EXHIBIT
C


 


FORM
OF CERTIFICATE OF EXCHANGE


 


Dycom
Industries, Inc. 


11780
U.S. Highway 1, Suite 600 


Palm
Beach Gardens, FL 33408

Attention: Chief Financial Officer


 


U.S.
Bank National Association, as Trustee 


100
Wall Street, Suite 600 


New
York, NY 10005 


Attention:
Global Corporate Trust


 


		Re:	4.50%
                                         Senior Notes due 2029



 


Reference
is hereby made to the Indenture, dated as of April 1, 2021 (the “Indenture”), among Dycom Industries, Inc.,
a Florida corporation (the “Issuer”), the Guarantors named therein and the Trustee. Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.


 


___________
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that:


 


1.       EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE


 


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




    C-1


     


    


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


 


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


 


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


 


2.            EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES


 


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




    C-2


     


    


(b)       [  ]
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global Note [ ]
Regulation S Global Note, in each case, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest
is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act,
and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed
Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the
Securities Act.


 


This
certificate and the statements contained herein are made for your benefit and the benefit of the Issuer and are dated ______________________.


 





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










 


Dated: _______________________



    C-3


     


    





EXHIBIT
D


 


[FORM
OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]


 


Supplemental
Indenture (this “Supplemental Indenture”), dated as of __________, among Dycom Industries, Inc., a Florida
corporation (the “Issuer”), __________________ (the “Guaranteeing Subsidiary”), a subsidiary
of the Issuer, and U.S. Bank National Association, as trustee (the “Trustee”).


 


W
I T N E S S E T H


 


WHEREAS,
each of the Issuer and the Guarantors has heretofore executed and delivered to the Trustee an Indenture (the “Indenture”),
dated as of April 1, 2021, providing for the issuance of an unlimited aggregate principal amount of 4.50% Senior Notes due 2029
(the “Notes”);


 


WHEREAS,
the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a
supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s
Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”);
and


 


WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.


 


NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows:


 


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


 


(2)       Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally
guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions and limitations set forth
in Article X of the Indenture and to be bound by all other applicable provisions of the Indenture and the Notes and to perform
all of the obligations and agreements of a Guarantor under the Indenture.


 


(3)       No
Recourse Against Others. No director, officer, employee, incorporator, member or stockholder of the Guaranteeing Subsidiary
shall have any liability for any obligations of the Issuer or the Guarantors (including the Guaranteeing Subsidiary) under the
Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting Notes waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.




    D-1


     


    


(4)       Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF
NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF
TO THE EXTENT THE LAW OF ANOTHER JURISDICTION WOULD BE APPLIED THEREBY.


 


(5)       Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.


 


(6)       Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.


 


(7)       The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary.





    D-2


     


    

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


 





	 	[GUARANTEEING SUBSIDIARY]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	DYCOM INDUSTRIES, INC., as Issuer
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	U.S. BANK
    NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:






    D-3