Indenture, dated as of March 2, 2007



 Exhibit 4.1 
  

 VALASSIS COMMUNICATIONS, INC. 
 and the Subsidiary Guarantors 
 Named on the Signature Pages Hereto 
 8 1/4% Senior Notes due 2015 
  

 INDENTURE 
 Dated as of March 2, 2007

  

  
 Wells Fargo Bank, National Association 
 Trustee 
  








 CROSS-REFERENCE TABLE* 
  

			
	 Trust
Indenture Act
Section
	  	 Indenture
 Section

	 310(a)(1)
	  	7.10
	   (a)(2)
	  	7.10
	   (a)(3)
	  	N.A.
	   (a)(4)
	  	N.A.
	   (a)(5)
	  	7.10
	   (b)
	  	7.08; 7.10; 12.02
	   (c)
	  	N.A.
	 311(a)
	  	7.11
	   (b)
	  	7.11
	   (c)
	  	N.A.
	 312(a)
	  	2.05
	   (b)
	  	12.03
	   (c)
	  	12.03
	 313(a)
	  	7.06
	   (b)
	  	7.06; 7.07
	   (b)(1)
	  	N.A.
	   (b)(2)
	  	7.06; 7.07
	   (c)
	  	7.06; 12.02
	   (d)
	  	7.06
	 314(a)
	  	4.03; 4.04; 12.02; 12.05
	   (a)(4)
	  	4.04; 12.02
	   (b)
	  	N.A.
	   (c)(1)
	  	12.04
	   (c)(2)
	  	12.04
	   (c)(3)
	  	N.A.
	   (d)
	  	N.A.
	   (e)
	  	12.05
	   (f)
	  	N.A.
	 315(a)
	  	7.01
	   (b)
	  	7.05; 12.02
	   (c)
	  	7.01
	   (d)
	  	7.01
	   (e)
	  	6.11
	 316(a)(last sentence)
	  	2.09
	   (a)(1)(A)
	  	6.05
	   (a)(1)(B)
	  	6.04
	   (a)(2)
	  	N.A.
	   (b)
	  	6.07
	   (c)
	  	2.12
	 317(a)(1)
	  	6.08
	   (a)(2)
	  	6.09
	   (b)
	  	2.04
	 318(a)
	  	12.01
	   (b)
	  	N.A.
	   (c)
	  	12.01

 N.A. means not applicable. 
  

	*	This Cross Reference Table is not part of this Indenture. 








 TABLE OF CONTENTS 
 ARTICLE 1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
  

					
	 	  	 	  	Page
	 Section 1.01.
	  	Definition	  	2
	 Section 1.02.
	  	Other Definitions	  	23
	 Section 1.03.
	  	Incorporation by Reference of Trust Indenture Act	  	23
	 Section 1.04.
	  	Rules of Construction	  	24
	 Section 2.01.
	  	Form and Dating	  	24
	 Section 2.02.
	  	Execution and Authentication	  	25
	 Section 2.03.
	  	Registrar, Paying Agent and Calculation Agent	  	26
	 Section 2.04.
	  	Paying Agent to Hold Money in Trust	  	26
	 Section 2.05.
	  	Holder Lists	  	26
	 Section 2.06.
	  	Transfer and Exchange	  	27
	 Section 2.07.
	  	Replacement Notes	  	32
	 Section 2.08.
	  	Outstanding Notes	  	32
	 Section 2.09.
	  	Treasury Notes	  	33
	 Section 2.10.
	  	Temporary Notes	  	33
	 Section 2.11.
	  	Cancellation	  	33
	 Section 2.12.
	  	Defaulted Interest	  	33
		
	ARTICLE 2	  	
		
	REDEMPTION AND PREPAYMENT	  	
			
	 Section 3.01.
	  	Notices to Trustee	  	35
	 Section 3.02.
	  	Selection of Notes to Be Redeemed or Purchased	  	35
	 Section 3.03.
	  	Notice of Redemption	  	36
	 Section 3.04.
	  	Effect of Notice of Redemption	  	37
	 Section 3.05.
	  	Deposit of Redemption or Purchase Price	  	37
	 Section 3.06.
	  	Notes Redeemed or Purchased in Part	  	37
	 Section 3.07.
	  	Optional Redemption	  	37
	 Section 3.08.
	  	Mandatory Redemption	  	38
	 Section 3.09.
	  	Repurchase Offer	  	38
		
	ARTICLE 3	  	
		
	COVENANTS	  	
			
	 Section 4.01.
	  	Payment of Notes	  	40
	 Section 4.02.
	  	Maintenance of Office or Agency	  	40
	 Section 4.03.
	  	Reports	  	41
	 Section 4.04.
	  	Compliance Certificate	  	41
	 Section 4.05.
	  	Taxes	  	42
	 Section 4.06.
	  	Stay, Extension and Usury Laws	  	42
	 Section 4.07.
	  	Limitation on Restricted Payments	  	42
	 Section 4.08.
	  	Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	  	45
	 Section 4.09.
	  	Limitation on Incurrence of Additional Indebtedness	  	46
	 Section 4.10.
	  	Limitation on Preferred Stock of Restricted Subsidiaries	  	46
	 Section 4.11.
	  	Asset Sales	  	46
	 Section 4.12.
	  	Transactions with Affiliates	  	48
	 Section 4.13.
	  	Limitation on Liens	  	49









					
	 	  	 	  	Page
	 Section 4.14.
	  	Conduct of Business	  	50
	 Section 4.15.
	  	Offer to Repurchase Upon Change of Control	  	50
	 Section 4.16.
	  	Additional Guarantees	  	51
	 Section 4.17.
	  	Payments for Consent	  	51
	 Section 4.18.
	  	Termination of Certain Covenants if the Notes are Rated Investment Grade	  	51
		
	ARTICLE 4	  	
		
	SUCCESSORS	  	
			
	 Section 5.01.
	  	Merger, Consolidation, or Sale of Assets	  	52
	 Section 5.02.
	  	Successor Corporation Substituted	  	53
		
	ARTICLE 6	  	
		
	DEFAULTS AND REMEDIES	  	
			
	 Section 6.01.
	  	Events of Default	  	54
	 Section 6.02.
	  	Acceleration	  	55
	 Section 6.03.
	  	Other Remedies	  	56
	 Section 6.04.
	  	Waiver of Past Defaults	  	56
	 Section 6.05.
	  	Control by Majority	  	57
	 Section 6.06.
	  	Limitation on Suits	  	57
	 Section 6.07.
	  	Rights of Holders of Notes to Receive Payment	  	57
	 Section 6.08.
	  	Collection Suit by Trustee	  	57
	 Section 6.09.
	  	Trustee May File Proofs of Claim	  	58
	 Section 6.10.
	  	Priorities	  	58
	 Section 6.11.
	  	Undertaking for Costs	  	58
		
	ARTICLE 5	  	
		
	TRUSTEE	  	
			
	 Section 7.01.
	  	Duties of Trustee	  	59
	 Section 7.02.
	  	Rights of Trustee	  	60
	 Section 7.03.
	  	Individual Rights of Trustee	  	60
	 Section 7.04.
	  	Trustee’s Disclaimer	  	60
	 Section 7.05.
	  	Notice of Defaults	  	61
	 Section 7.06.
	  	Reports by Trustee to Holders of the Notes	  	61
	 Section 7.07.
	  	Compensation and Indemnity	  	61
	 Section 7.08.
	  	Replacement of Trustee	  	62
	 Section 7.09.
	  	Successor Trustee by Merger, etc.	  	63
	 Section 7.10.
	  	Eligibility; Disqualification	  	63
	 Section 7.11.
	  	Preferential Collection of Claims Against the Company	  	63
		
	ARTICLE 6	  	
		
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	
			
	 Section 8.01.
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	63
	 Section 8.02.
	  	Legal Defeasance and Discharge	  	63
	 Section 8.03.
	  	Covenant Defeasance	  	64
	 Section 8.04.
	  	Conditions to Legal or Covenant Defeasance	  	64

  

 ii 









					
	 	  	 	  	Page
	 Section 8.05.
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	65
	 Section 8.06.
	  	Repayment to the Company	  	66
	 Section 8.07.
	  	Reinstatement	  	66
		
	ARTICLE 7	  	
		
	AMENDMENT, SUPPLEMENT AND WAIVER	  	
			
	 Section 9.01.
	  	Without Consent of Holders of Notes	  	67
	 Section 9.02.
	  	With Consent of Holders of Notes	  	68
	 Section 9.03.
	  	Compliance with Trust Indenture Act	  	69
	 Section 9.04.
	  	Revocation and Effect of Consents	  	69
	 Section 9.05.
	  	Notation on or Exchange of Notes	  	69
	 Section 9.06.
	  	Trustee to Sign Amendments, Etc.	  	70
		
	ARTICLE 8	  	
		
	SATISFACTION AND DISCHARGE	  	
			
	 Section 10.01.
	  	Satisfaction and Discharge	  	70
	 Section 10.02.
	  	Application of Trust Money	  	71
		
	ARTICLE 9	  	
		
	GUARANTEES	  	
			
	 Section 11.01.
	  	Guarantees	  	71
	 Section 11.02.
	  	Execution and Delivery of Guarantee	  	72
	 Section 11.03.
	  	Severability	  	72
	 Section 11.04.
	  	Limitation on Guarantors’ Liability	  	73
	 Section 11.05.
	  	Guarantors May Consolidate, Etc., on Certain Terms	  	73
	 Section 11.06.
	  	Releases Following Sale of Assets and Other Events	  	74
	 Section 11.07.
	  	Release of a Guarantor	  	74
	 Section 11.08.
	  	Benefits Acknowledged	  	74
		
	ARTICLE 10	  	
		
	MISCELLANEOUS	  	
			
	 Section 12.01.
	  	Trust Indenture Act Controls	  	75
	 Section 12.02.
	  	Notices	  	75
	 Section 12.03.
	  	Communication by Holders of Notes with Other Holders of Notes	  	76
	 Section 12.04.
	  	Certificate and Opinion as to Conditions Precedent	  	76
	 Section 12.05.
	  	Statements Required in Certificate or Opinion	  	76
	 Section 12.06.
	  	Rules by Trustee and Agents	  	76
	 Section 12.07.
	  	No Personal Liability of Directors, Officers, Employees and Stockholder Members	  	76
	 Section 12.07.
	  	Governing Law	  	77
	 Section 12.08.
	  	No Adverse Interpretation of Other Agreements	  	77
	 Section 12.09.
	  	Successors	  	77
	 Section 12.10.
	  	Severability	  	77
	 Section 12.11.
	  	Counterpart Originals	  	77
	 Section 12.12.
	  	Table of Contents, Headings, etc.	  	77

  

 iii 








 EXHIBITS 
  

			
	 Exhibit A
	  	FORM OF NOTE FOR 8 1/4% SENIOR
NOTES
	 Exhibit B
	  	FORM OF NOTATIONAL GUARANTEE
	 Exhibit C
	  	FORM OF CERTIFICATE OF TRANSFER
	 Exhibit D
	  	FORM OF CERTIFICATE OF EXCHANGE

  

 iv 








 This Indenture, dated as of March 2, 2007, is by and among VALASSIS COMMUNICATIONS, INC., a Delaware
corporation (the “Company”), the initial guarantors listed on the signature pages hereto and WELLS FARGO BANK, NATIONAL ASSOCIATION, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties and for the equal and ratable
benefit of the Holders (as defined herein) of (i) the Company’s 8 1/4% Senior Notes due 2015 (the
“Initial Notes”); and (ii) the Additional Notes (as defined herein) (together with the Initial Notes, the “Notes”): 
 ARTICLE I. 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions 
 “Acquired
Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary of the Company or at the time it merges or consolidates with or into the Company or any of its
Subsidiaries or assumed in connection with the acquisition of assets from such Person and in each case not incurred by such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the
Company or such acquisition, merger or consolidation. 
 “Additional Notes” means additional Notes (other than the Initial
Notes) issued under this Indenture in accordance with Sections 2.02 and 2.14 hereof, as part of the same series of Notes issued on the date hereof. 
 “ADVO Notes” means (i) the 5.71% Series A Senior Guaranteed Secured Notes due 2013 originally issued by ADVO, Inc. and (ii) the Floating Rate Series B Senior Guaranteed Secured Notes due
2013 originally issued by ADVO, Inc. 
 “Affiliate” means (i) with respect to any specified Person, any other Person
who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person or (ii) otherwise has the meaning as defined in Rule 144 of the Securities Act. The term
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms
“controlling” and “controlled” have meanings correlative of the foregoing. 
 “Agent” means any
Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Agent Members” are members of, or participants in, the
Depositary. 
 “Applicable Premium” means, with respect to a Note on any redemption date, the greater of (i) 1.0% of
the principal amount of such Note and (ii) the excess of (A) the present value on such redemption date of (1) the redemption price of such Note on March 1, 2011 (such redemption price as set forth in Section 3.07(c)), plus
(2) all required remaining scheduled interest payments due on such Note through March 1, 2011 (but excluding accrued and 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 principal amount of the Note, if greater. 
 “Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
  

 2 








 “Asset Acquisition” means (1) an Investment by the Company or any Restricted
Subsidiary of the Company in any other Person pursuant to which such Person shall become a Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted Subsidiary of
the Company, or (2) the acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) which constitute all or substantially all of the assets of such
Person or comprises any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business. 
 “Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer, lease (other than operating leases entered into in the ordinary course of business), assignment or other transfer for
value by the Company or any of its Restricted Subsidiaries (including any Sale and Leaseback Transaction) to any Person other than the Company or a Wholly Owned Restricted Subsidiary of the Company of: (1) any Capital Stock of any Restricted
Subsidiary of the Company; or (2) any other property or assets of the Company or any Restricted Subsidiary of the Company other than in the ordinary course of business; provided, however, that asset sales or other dispositions
shall not include: (a) a transaction or series of related transactions for which the Company or its Restricted Subsidiaries receive aggregate consideration of less than $5.0 million; (b) the sale, lease, conveyance, disposition or other
transfer of all or substantially all of the assets of the Company as permitted under Article 5 hereof; (c) any Restricted Payment permitted under Section 4.07 hereof or that constitutes a Permitted Investment; (d) the sale or
discount, in each case without recourse, of accounts receivable arising in the ordinary course of business, but only in connection with the compromise or collection thereof; (e) disposals or replacements of obsolete or worn out equipment;
(f) the sale of inventory in the ordinary course of business; and (g) sales of accounts receivable, chattel paper and related assets of the type described in the definition of “Permitted Securitization Transaction” to a
Securitization Entity for the Fair Market Value thereof and transfers of accounts receivable, chattel paper and related assets of the type described in the definition of “Permitted Securitization Transaction” (or a fractional undivided
interest therein) by a Securitization Entity in a Permitted Securitization Transaction. 
 “Bankruptcy Law” means Title 11,
U.S. Code or any similar federal or state law for the relief of debtors. 
 “Beneficial Owner” has the meaning assigned to
such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such
“person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only after the passage of time. The terms “Beneficially Owns,” “Beneficially Owned” and “Beneficial Ownership,” have a corresponding meaning. 
 “Board of Directors” means, as to any Person, the board of directors (or similar governing body) of such Person or any duly authorized
committee thereof. 
 “Board Resolution” means, with respect to any Person, a copy of a resolution certified by the
Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means any day other than a Legal Holiday. 
 “Capital Stock” means 
 (1) with respect to any Person that is a
corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person, and all options, warrants or
other rights to purchase or acquire any of the foregoing; and 
  

 3 








 (2) with respect to any Person that is not a corporation, any and all partnership,
membership or other equity interests of such Person, and all options, warrants or other rights to purchase or acquire any of the foregoing. 
 “Capitalized Lease Obligation” means, as to any Person, the obligations of such Person under a lease that are required to be classified and accounted for as capital lease obligations under GAAP and, for purposes of this
definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with GAAP. 
 “Cash Equivalents” means: 
 (1) marketable direct obligations issued by, or
unconditionally guaranteed by, the United States Government or issued by any agency thereof and backed by the full faith and credit of the United States, in each case maturing within one year from the date of acquisition thereof; 
 (2) marketable direct obligations issued by any state of the United States of America or any political subdivision of any such state or
any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition, having one of the two highest ratings obtainable from either S&P or Moody’s; 
 (3) commercial paper maturing no more than one year from the date of creation thereof and, at the time of acquisition, having a rating of
at least A-1 from S&P or at least P-1 from Moody’s; 
 (4) certificates of deposit or bankers’ acceptances
maturing within one year from the date of acquisition thereof issued by any bank organized under the laws of the United States of America or any state thereof or the District of Columbia or any U.S. branch of a foreign bank having at the date of
acquisition thereof combined capital and surplus of not less than $250.0 million; 
 (5) repurchase obligations with a term of
not more than seven days for underlying securities of the types described in clause (1) above entered into with any bank meeting the qualifications specified in clause (4) above; 
 (6) securities that have stated maturities beyond three months but are priced and traded as short-term investments due to the liquidity
provided through the interest rate reset mechanism of 7 to 35 days; and 
 (7) investments in money market funds which invest
substantially all their assets in securities of the types described in clauses (1) through (6) above. 
 “Change of
Control” means the occurrence of one or more of the following events: 
 (1) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company and its Subsidiaries taken as whole to any Person or group of related Persons for purposes of Section 13(d) of the
Exchange Act (a “Group”), together with any Affiliates thereof (whether or not otherwise in compliance with the provisions of this Indenture), other than to the Company or a Wholly Owned Restricted Subsidiary of the Company;

  

 4 








 (2) the approval by the holders of Capital Stock of the Company of any plan or proposal
for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of this Indenture); 
 (3) any Person or Group, other than the Company or a Restricted Subsidiary of the Company, becomes the owner, directly or indirectly, beneficially or of record, of shares representing more than 50% of the aggregate ordinary voting power
represented by the issued and outstanding Capital Stock of the Company; or 
 (4) the replacement of a majority of the Board
of Directors of the Company over a two year period from the directors who constituted the Board of Directors of the Company at the beginning of such period, and such replacement shall not have been approved by a vote of at least a majority of the
Board of Directors of the Company, then still in office who either were members of such Board of Directors at the beginning of such period or whose election as a member of such Board of Directors was previously so approved. 
 “Common Stock” of any Person means any and all shares, interests or other participations in, and other equivalents (however designated
and whether voting or non-voting) of such Person’s common stock, whether outstanding on the Issue Date or issued after the Issue Date, and includes, without limitation, all series and classes of such common stock. 
 “Consolidated Cash Flow” means, with respect to any Person, for any period, the sum (without duplication) of: 
 (1) Consolidated Net Income; and 
 (2) to the extent Consolidated Net Income has been reduced thereby, 
 (a) all income taxes of
such Person and its Restricted Subsidiaries, paid or accrued in accordance with GAAP for such period (other than income taxes attributable to extraordinary, unusual or nonrecurring gains or losses or taxes attributable to sales or dispositions
outside the ordinary course of business); 
 (b) Consolidated Interest Expense; and 
 (c) Consolidated Non-cash Charges less any non cash items increasing Consolidated Net Income for such period, all as determined on a
consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP. 
 In addition to the foregoing, Consolidated
Cash Flow shall be calculated to exclude any unrealized gains or losses from risk management activities of any Person and its Restricted Subsidiaries as set forth on such Person’s consolidated financial statements. 
 “Consolidated Interest Expense” means, with respect to any Person for any period, the sum of, without duplication: 
 (1) the aggregate of the interest expense of such Person and its Restricted Subsidiaries for such period determined on a consolidated
basis in accordance with GAAP, including without limitation: (a) any amortization of debt discount and amortization or write-off of deferred financing costs; (b) the net costs under Interest Swap Obligations; (c) all capitalized
interest; (d) the interest portion of any deferred payment obligation; and (e) any interest expense on Indebtedness of another Person that is guaranteed by such Person or any of its Restricted Subsidiaries (whether or not such guarantee is
called upon); and 
  

 5 








 (2) the interest component of Capitalized Lease Obligations paid, accrued and/or
scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Net Income” means, with respect to any Person, for any period, the aggregate net income (or loss) of such Person and its Restricted Subsidiaries for such period on a consolidated basis,
determined in accordance with GAAP; provided that there shall be excluded therefrom: 
 (1) after tax gains or losses
from Asset Sales (without regard to the $5.0 million limitation set forth in the definition thereof) or abandonments or reserves relating thereto; 
 (2) after tax items classified as extraordinary or nonrecurring gains or losses; 
 (3) the
net income of any Person accrued prior to the date it becomes a Restricted Subsidiary of the referent Person or is merged or consolidated with the referent Person or any Restricted Subsidiary of the referent Person; 
 (4) the net income (but not loss) of any Restricted Subsidiary of the referent Person to the extent that the declaration of dividends or
similar distributions by that Restricted Subsidiary of that income is restricted by a contract, operation of law or otherwise; 
 (5) the net income of any Person, other than a Restricted Subsidiary of the referent Person, except to the extent of cash dividends or distributions paid to the referent Person or to a Wholly Owned Restricted Subsidiary of the referent
Person by such Person; 
 (6) any restoration to income of any contingency reserve, except to the extent that provision for
such reserve was made out of Consolidated Net Income accrued at any time following the Issue Date; 
 (7) income or loss
attributable to discontinued operations (including, without limitation, operations disposed of during such period whether or not such operations were classified as discontinued); and 
 (8) in the case of a successor to the referent Person by consolidation or merger or as a transferee of the referent Person’s assets,
any earnings of the successor corporation prior to such consolidation, merger or transfer of assets. 
 “Consolidated Non-cash
Charges” means, with respect to any Person, for any period, the aggregate depreciation, amortization and other non-cash expenses of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person and its
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any such charge which requires an accrual of or a reserve for cash charges
for any future period). 
 “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in
Section 12.02 hereof or such other address as to which the Trustee may give notice to the Company. 
 “Credit
Facilities” means one or more debt facilities or commercial paper facilities, in each case with banks, other institutional lenders, financial institutions or debt investors providing for revolving credit loans, term loans, bridge loans,
debt securities or one or more indentures or similar agreements, including any related bonds, notes, debentures, guarantees, collateral documents, instruments and agreements executed in connection therewith (including, without limitation, the New
Credit Agreement), in each case, as amended, restated, modified, renewed, refunded, replaced or 

  

 6 








 
refinanced, whether or not with the same party (including, without limitation, by means of sales of debt securities to institutional investors) in whole or
in part from time to time; provided that Credit Facilities shall not include any Indebtedness existing on the Issue Date other than Indebtedness under the New Credit Agreement. 
 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to
protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency values. 
 “Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Debt to Cash Flow
Ratio” means, with respect to any Person as any date of determination, the ratio of (a) the consolidated Indebtedness of such Person and its Restricted Subsidiaries as of such date to (b) the Consolidated Cash Flow of such Person
during the four most recent full fiscal quarters (the “Four Quarter Period”) ending prior to the date of the transaction giving rise to the need to calculate the Debt to Cash Flow Ratio for which internal financial statements are
available (the “Transaction Date”). In addition to and without limitation of the foregoing, for purposes of this definition, “Consolidated Cash Flow” and “Indebtedness” shall be calculated after giving effect on
a pro forma basis for the period of such calculation to: 
 (1) the incurrence or repayment of any Indebtedness of such Person
or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the
incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter
Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 
 (2) any asset sales or other dispositions or Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the
need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired
Indebtedness and also including any Consolidated Cash Flow attributable to the assets which are the subject of the Asset Acquisition or asset sale or other disposition during the Four Quarter Period) occurring during the Four Quarter Period or at
any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset sale or other disposition or Asset Acquisition (including the incurrence, assumption or liability for any such Acquired
Indebtedness) occurred on the first day of the Four Quarter Period. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of
such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. 
 For purposes of this definition, whenever pro forma effect is to be given to an Asset Acquisition and the amount of income or earnings
relating thereto, the pro forma calculations shall be determined in good faith by a responsible financial or accounting Officer of the Company and shall comply with the requirements of Rule 11-02 of Regulation S-X promulgated by the SEC, except that
such pro forma calculations may include operating expense reductions for such period resulting from the Asset Acquisition which is being given pro forma effect that have been realized or for which the steps necessary for realization have been taken
or are reasonably expected to be taken within twelve months following any such Asset Acquisition, including, but not limited to, the execution or termination of any contracts, the termination of any 

  

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personnel or the closing (or approval by the Board of Directors of the Company of any closing) of any facility, as applicable; provided that, in
either case, such adjustments are set forth in an Officers’ Certificate signed by the Company’s chief financial officer and another Officer which states (i) the amount of such adjustment or adjustments, (ii) that such adjustment
or adjustments are based on the reasonable good faith beliefs of the Officers executing such Officers’ Certificate at the time of such execution and (iii) that any related incurrence of Indebtedness is permitted pursuant to this Indenture.

 “Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or
both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder
thereof and issued in accordance with Section 2.06 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. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in
part in global form, the Person specified in Section 2.03 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. 
 “Disqualified Capital Stock” means that portion of any Capital Stock which, by its terms (or by the terms
of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other than an event which would constitute a Change of Control), matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence of a Change of Control) on or prior to the final maturity date of the Notes.

 “Domestic Restricted Subsidiary” means a Restricted Subsidiary incorporated or otherwise organized or existing under the
laws of the United States, any state thereof or any territory or possession of the United States. 
 “Equity Offering” means
any public or private sale of Qualified Capital Stock of the Company, other than (i) public offerings with respect to common stock of the Company registered on Form S-4 or Form S-8 or (ii) an issuance to any Subsidiary of the Company.

 “Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

 “Exchange Notes” means the series of Notes to be issued under this Indenture in exchange for the Initial Notes pursuant
to a Registration Rights Agreement. 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement.

 “Existing Valassis Notes” means (i) the 6 5/8% Senior Notes due 2009 issued by the Company on January 12, 1999;
and (ii) the Senior Convertible Notes due 2033 issued by the Company on May 22, 2003, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced, whether or not with the same party in whole or in part from time
to time. 
 “Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an
arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall be determined by the Board of
Directors of the Company acting reasonably and in good faith and shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the Trustee. 
  

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 “Foreign Restricted Subsidiary” means any Restricted Subsidiary other than a Domestic
Restricted Subsidiary. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements
of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a
significant segment of the accounting profession of the United States, which are in effect as of the Issue Date. 
 “Global Note
Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of
Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01 hereof. 
 “Government Securities” 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 either
case, are not callable or redeemable at the option of the issuer thereof, and also includes 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 Government Security
or a specific payment of principal of or interest on any such Government Security 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 Government Security or the specific payment of principal of or interest on the Government Security
evidenced by such depository receipt. 
 “Guarantee” means a guarantee of the Notes by a Guarantor. 
 “Guarantor” means (1) each of the Company’s Subsidiaries that is a Domestic Restricted Subsidiary and a guarantor under the
New Credit Agreement as of the Issue Date and (2) each of the Company’s Restricted Subsidiaries that in the future executes a supplemental indenture in which such Restricted Subsidiary agrees to be bound by the terms of this Indenture as a
Guarantor; provided that any Person constituting a Guarantor as described above shall cease to constitute a Guarantor when its respective Guarantee is released in accordance with the terms of this Indenture. 
 “Holder” means a Person in whose name a Note is registered. 
 “Immaterial Subsidiary” means, as of any date of determination, any Domestic Restricted Subsidiary that (a) together with its
Subsidiaries on a consolidated basis during the twelve (12) months preceding such date of determination accounts for (or which may be attributed) $1,250,000 or less of the Consolidated Cash Flow or assets (determined on a consolidated basis) of
the Company and its Subsidiaries or (b) is otherwise not necessary for the ongoing business operations of the Company and its Subsidiaries taken as a whole; provided that at no time should all of the Domestic Restricted Subsidiaries that
qualify as Immaterial Subsidiaries based on the foregoing 

  

 9 








 
parameters account (on a consolidated basis) for more than $10,000,000 of the Consolidated Cash Flow or assets (determined on a consolidated basis) of the
Company and its Subsidiaries. 
 “Indebtedness” means with respect to any Person, without duplication, 
 (1) all Obligations of such Person for borrowed money; 
 (2) all Obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 
 (3) all Capitalized Lease Obligations of such Person; 
 (4) all Obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all
Obligations under any title retention agreement (but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business that are not overdue by 90 days or more or are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted); 
 (5) all Obligations for the reimbursement of any
obligor on any letter of credit, banker’s acceptance or similar credit transaction; 
 (6) guarantees and other
contingent obligations in respect of Indebtedness referred to in clauses (1) through (5) above and clause (8) below; 
 (7) all Obligations of any other Person of the type referred to in clauses (1) through (6) which are secured by any lien on any property or asset of such Person, the amount of such Obligation being deemed to be the lesser of the
Fair Market Value of such property or asset or the amount of the Obligation so secured; 
 (8) all Obligations under currency
agreements and interest swap agreements of such Person; and 
 (9) all Disqualified Capital Stock issued by such Person with
the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any. 

For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase price
shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were purchased on any date on which 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 Capital Stock, such Fair Market Value shall be determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock.

 “Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Independent Financial Advisor” means a firm (1) which does not, and whose directors, officers and employees or Affiliates do not,
have a direct or indirect financial interest in the Company; and (2) which, in the judgment of the Board of Directors of the Company, is otherwise independent and qualified to perform the task for which it is to be engaged. 
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
  

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 “Interest Swap Obligations” means the obligations of any Person pursuant to any
arrangement with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange
for periodic payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements.

 “Initial Notes” means the first $540.0 million aggregate principal
amount of the Company’s 8 1/4% Senior Notes due 2015 issued under this Indenture on the date hereof.

 “Investment” means, with respect to any Person, any direct or indirect loan or other extension of credit
(including, without limitation, a guarantee) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition by such
Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by, any other Person. “Investment” shall exclude extensions of trade credit by the Company and its Restricted Subsidiaries on
commercially reasonable terms in accordance with normal trade practices of the Company or such Restricted Subsidiary, as the case may be. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Common Stock of
any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of
any such sale or disposition equal to the Fair Market Value of the Common Stock of such Restricted Subsidiary not sold or disposed of. Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the
Investment is made and without giving effect to subsequent changes in value. 
 “Investment Grade” means, with respect to a
debt rating of the Notes, a rating of BBB- or higher by Moody’s together with a rating of BBB- or higher by S&P or, in the event S&P or Moody’s or both shall cease rating the Notes (for reasons outside the control of the Company)
and the Company shall select any other Rating Agency, the equivalent of such ratings by such other Rating Agency. 
 “Issue
Date” means the date of original issuance of the Notes. 
 “Legal Holiday” means a Saturday, a Sunday or a day on
which banking institutions in the State of New York or office of the Trustee are authorized or required by law to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue on such payment for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
 “Lien” means any lien, mortgage, deed of trust, pledge, security interest, charge or encumbrance of any kind (including any conditional sale or other title retention agreement, any lease in the nature
thereof and any agreement to give any security interest). 
 “Liquidated Damages” means all Liquidated Damages then owing
pursuant to the Registration Rights Agreement. 
 “Moody’s” means Moody’s Investors Service, Inc., and any
successor thereto. 
 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form of cash or Cash
Equivalents including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest) received by the Company or any of its
Restricted Subsidiaries from such Asset Sale net of: 
 (1) out-of-pocket expenses and fees relating to such Asset Sale
(including, without limitation, legal, accounting and investment banking fees and sales commissions); 
  

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 (2) taxes paid or payable after taking into account any reduction in consolidated tax
liability due to available tax credits or deductions and any tax sharing arrangements; 
 (3) repayment of Indebtedness that
is secured by the property or assets that are the subject of such Asset Sale; and 
 (4) appropriate amounts to be provided by
the Company or any Restricted Subsidiary, as the case may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary, as the case may be, after such
Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale. 
 “New Credit Agreement” means that certain Credit Agreement, dated as of March 2, 2007, by and among Valassis Communications, Inc.,
as borrower, Bear, Stearns & Co. Inc., as joint bookrunner and joint lead arranger, Banc of America Securities LLC, as joint bookrunner and joint lead arranger, Bank of America, N.A., as syndication agent, Bear Stearns Corporate Lending
Inc., as administrative agent and collateral agent, and the other lenders party thereto. 
 “Notes” means the Initial Notes
issued on the date hereof and any Additional Notes, including any Exchange Notes. The Initial Notes and the Additional Notes (including any Exchange Notes) shall be treated as a single class for all purposes under this Indenture, and unless the
context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes (including any Exchange Notes). 
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Offering Memorandum” means the Offering Memorandum dated February 27, 2007, relating to the offering of the Initial Notes.

 “Officer” means the Chairman of the Board, the Chief Executive Officer, the Chief Financial Officer, the President, any
Vice President, the Treasurer or Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed by two
Officers of the Company, at least one of whom shall be the principal executive officer or principal financial officer of the Company, and delivered to the Trustee. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Trustee or to the Company or any Subsidiary of
the Company. 
 “Pari Passu Indebtedness” means any Indebtedness of the Company or any Guarantor that ranks pari passu in
right of payment with the Notes or the Guarantee of such Guarantor, as applicable. 
 “Participant” means, with respect to
the Depositary, a Person who has an account with the Depositary. 
  

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 “Permitted Business” means the lines of business conducted by the Company and its
Restricted Subsidiaries on the Issue Date and any business reasonably related, complimentary or ancillary thereto, including reasonably related extensions or expansions thereof. 
 “Permitted Indebtedness” means, without duplication, each of the following: 
 (1) Indebtedness under the Notes or the Exchange Notes in an aggregate principal amount not to exceed $540.0 million and the Guarantees
thereof; 
 (2) Indebtedness incurred pursuant to the Credit Facilities in an aggregate principal amount at any time
outstanding not to exceed the greater of 
 (x) $1.25 billion, less: 
 (a) the amount of all payments actually made by the borrower thereunder in respect of Indebtedness thereunder with Net Proceeds from
Asset Sales pursuant to Section 4.11 hereof; and 
 (b) reduced by any required permanent repayments (which are
accompanied by a corresponding permanent commitment reduction) thereunder; and 
 (y) the product of 3.5 times the
Consolidated Cash Flow of the Company during the four most recent full fiscal quarters ending prior to the date of the incurrence of such Indebtedness for which internal financial statements are available; 
 (3) other Indebtedness of the Company and its Restricted Subsidiaries outstanding on the Issue Date reduced by the amount of any scheduled
amortization payments or mandatory prepayments when actually paid or permanent reductions thereon; 
 (4) Interest Swap
Obligations of the Company or any Restricted Subsidiary of the Company covering Indebtedness of the Company or any of its Restricted Subsidiaries; provided, however, that such Interest Swap Obligations are entered into to protect the Company
and its Restricted Subsidiaries from fluctuations in interest rates on its outstanding Indebtedness to the extent the notional principal amount of such Interest Swap Obligation does not, at the time of the incurrence thereof, exceed the principal
amount of the Indebtedness to which such Interest Swap Obligation relates; 
 (5) Indebtedness under Currency Agreements;
provided that in the case of Currency Agreements which relate to Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding other than as a result of fluctuations in
foreign currency exchange rates or by reason of fees, indemnities and compensation payable thereunder; 
 (6) Indebtedness of
a Restricted Subsidiary of the Company to the Company or to a Restricted Subsidiary of the Company that is a Guarantor for so long as such Indebtedness is held by the Company or a Restricted Subsidiary of the Company that is a Guarantor or the
holder of a Lien permitted under this Indenture, in each case subject to no Lien held by a Person other than the Company or a Restricted Subsidiary of the Company that is a Guarantor or the holder of a Lien permitted under this Indenture;
provided that if as of any date any Person other than the Company or a Restricted Subsidiary of the Company that is a Guarantor or the holder of a Lien permitted under this Indenture owns or holds any such Indebtedness or holds a Lien in
respect of such Indebtedness, such date shall be deemed the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (6) by the issuer of such Indebtedness; 
  

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 (7) Indebtedness of the Company to a Restricted Subsidiary of the Company for so long as
such Indebtedness is held by a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture, in each case subject to no Lien other than a Lien permitted under this Indenture; provided that (a) any
Indebtedness of the Company to any Restricted Subsidiary of the Company that is not a Guarantor is unsecured and subordinated, pursuant to a written agreement, to the Company’s obligations under this Indenture and the Notes and (b) if as
of any date any Person other than a Restricted Subsidiary of the Company or the holder of a Lien permitted under this Indenture owns or holds any such Indebtedness or any Person holds a Lien in respect of such Indebtedness, such date shall be deemed
the incurrence of Indebtedness not constituting Permitted Indebtedness under this clause (7) by the Company; 
 (8)
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within ten Business Days of incurrence; 
 (9) Indebtedness of the Company to the extent the net proceeds thereof
are promptly deposited to defease the Notes as described under Article 8 hereof; 
 (10) Indebtedness of the Company and its
Restricted Subsidiaries representing obligations under any employment arrangements to make payments with respect to the cancellation or repurchase of Capital Stock of the Company or its Restricted Subsidiaries in an aggregate amount not to exceed
$2.0 million outstanding at any one time; 
 (11) Indebtedness of the Company or any of its Restricted Subsidiaries
(including, without limitation, letters of credit) in respect of performance bonds, bankers’ acceptances, workers’ compensation claims, surety or appeal bonds, and payment obligations in connection with self-insurance or similar
obligations, in each case in the ordinary course of business; 
 (12) Indebtedness represented by Capitalized Lease
Obligations and Purchase Money Indebtedness of the Company and its Restricted Subsidiaries incurred in the ordinary course of business not to exceed the greater of (x) $25.0 million at any one time outstanding and (y) 5% of Total
Consolidated Tangible Assets; 
 (13) Refinancing Indebtedness; 
 (14) Indebtedness represented by guarantees by the Company or its Restricted Subsidiaries of Indebtedness otherwise permitted to be
incurred under this Indenture; 
 (15) Indebtedness of the Company or any Restricted Subsidiary consisting of guarantees,
indemnities or obligations in respect of purchase price adjustments in connection with the acquisition or disposition of assets; 
 (16) Indebtedness of Foreign Restricted Subsidiaries in an aggregate principal amount not to exceed $10.0 million at any one time outstanding; 
 (17) Indebtedness owed to any Person providing property, casualty or liability insurance to the Company or any of its Restricted Subsidiaries (including any state insurance guarantee funds relating to any such
insurance policy), so long as such Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance for the year in which such Indebtedness is incurred and such Indebtedness
shall be outstanding only during such year; and 
  

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 (18) additional Indebtedness of the Company and its Restricted Subsidiaries in an
aggregate principal amount not to exceed $25.0 million at any one time outstanding (which amount may, but need not, be incurred in whole or in part under the Credit Facilities). 
 For purposes of determining compliance with the provisions of Section 4.09 hereof, in the event that an item of Indebtedness meets the criteria of
more than one of the categories of Permitted Indebtedness described in clauses (3) through (18) above or is entitled to be incurred pursuant to the Debt to Cash Flow Ratio provisions of Section 4.09(a), the Company shall, in its sole
discretion, classify such item of Indebtedness in any manner that complies with such provisions; provided that all Indebtedness outstanding under the Credit Facilities up to the maximum amount permitted under clause (2) above shall be
deemed to have been incurred pursuant to such clause (2). Accrual of interest, accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the
payment of dividends on Disqualified Capital Stock in the form of additional shares of the same class of Disqualified Capital Stock will not be deemed to be an incurrence of Indebtedness for purposes of Section 4.09 hereof. 
 “Permitted Investments” means 
 (1) Investments by the Company or any Restricted Subsidiary of the Company in any Person that is or will become immediately after such Investment a Restricted Subsidiary of the Company or that will merge or
consolidate into the Company or a Restricted Subsidiary of the Company; 
 (2) Investments in the Company by any Restricted
Subsidiary of the Company; provided that any Indebtedness evidencing such Investment and held by a Restricted Subsidiary that is not a Guarantor is unsecured and subordinated, pursuant to a written agreement, to the Company’s obligations
under the Notes and this Indenture; 
 (3) investments in cash and Cash Equivalents; 
 (4) loans and advances to employees, directors and officers of the Company and its Restricted Subsidiaries in the ordinary course of
business for bona fide business purposes not in excess of (a) $5.0 million at any one time outstanding during the period from the Issue Date through the first anniversary of the Issue Date and (b) $2.5 million at any one time outstanding
after the first anniversary of the Issue Date; 
 (5) Currency Agreements and Interest Swap Obligations entered into in the
ordinary course of the Company’s or its Restricted Subsidiaries’ businesses and otherwise in compliance with this Indenture; 
 (6) Investments in securities of trade creditors or customers received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers or in good
faith settlement of delinquent obligations of such trade creditors or customers; 
 (7) Investments made by the Company or its
Restricted Subsidiaries as a result of consideration received in connection with an Asset Sale made in compliance with the provisions set forth under Section 4.11 hereof; 
 (8) Investments in existence on the Issue Date; 
 (9) Investments in prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation,
performance and other similar deposits provided to third parties in the ordinary course of business; 
  

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 (10) payroll, travel and similar advances that are expected at the time of such advances
ultimately to be treated as expenses for accounting purposes; 
 (11) Investments represented by guarantees that are otherwise
permitted under this Indenture; 
 (12) Investments the payment for which is Qualified Capital Stock of the Company;

 (13) Investments by the Company or any Restricted Subsidiary of the Company in a Securitization Entity or any Investment by
a Securitization Entity in any other Person, in each case, in connection with a Permitted Securitization Transaction; provided, however, that the foregoing Investment is in the form of a Purchase Money Note or Capital Stock; 
 (14) Investments in any Securitization Facility to the extent reasonably necessary to consummate any Permitted Securitization Transaction;
and 
 (15) additional Investments (other than any Investments in any direct or indirect parent company of the Company) not to
exceed $75.0 million at any one time outstanding, provided that the original amount of any such Investment will be deemed reduced by any permanent return of principal or equity thereon up to, but not exceeding, the original amount of such
Investment. 
 “Permitted Liens” means the following types of Liens: 
 (1) Liens for taxes, assessments or governmental charges or claims either (a) not delinquent or (b) contested in good faith by
appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant to GAAP; 
 (2) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other Liens imposed
by law incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been made in respect thereof;

 (3) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection therewith, or to secure the performance of tenders,
statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 
 (4) judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and any appropriate legal proceedings
which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; 
 (5) easements, rights-of-way, zoning restrictions and other similar charges or encumbrances in respect of real property not interfering in
any material respect with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries; 
  

 16 








 (6) any interest or title of a lessor under any Capitalized Lease Obligation;
provided that such Liens do not extend to any property or assets which is not leased property subject to such Capitalized Lease Obligation; 
 (7) Liens securing Purchase Money Indebtedness incurred in the ordinary course of business; provided, however, that (a) such Purchase Money Indebtedness shall not exceed the purchase price or other cost of
such property or equipment and shall not be secured by any property or equipment of the Company or any Restricted Subsidiary of the Company other than the property and equipment so acquired and (b) the Lien securing such Purchase Money
Indebtedness shall be created within 90 days of such acquisition; 
 (8) Liens upon specific items of inventory or other goods
and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(9) Liens securing reimbursement obligations with respect to commercial letters of credit which encumber documents and other property
relating to such letters of credit and products and proceeds thereof; 
 (10) Liens encumbering deposits made to secure
obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Restricted Subsidiaries, including rights of offset and set off; 
 (11) Liens securing Interest Swap Obligations which Interest Swap Obligations relate to Indebtedness that is otherwise permitted under
this Indenture; 
 (12) Liens securing Indebtedness under Currency Agreements; 
 (13) Liens securing Acquired Indebtedness incurred in accordance with the provisions of Section 4.09 hereof; provided that

 (a) such Liens secured such Acquired Indebtedness at the time of and prior to the incurrence of such Acquired Indebtedness
by the Company or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company; and 
 (b) such Liens do not extend to or cover any property or assets of the Company or of any of its Restricted Subsidiaries other than the
property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary of the Company and are no more favorable to the lienholders than those securing the
Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company. 
 (14) Liens on assets of a Restricted Subsidiary of the Company that is not a Guarantor to secure Indebtedness of such Restricted Subsidiary that is otherwise permitted under this Indenture; 
 (15) leases, subleases, licenses and sublicenses granted to others that do not materially interfere with the ordinary course of business
of the Company and its Restricted Subsidiaries; 
 (16) banker’s Liens, rights of setoff and similar Liens with respect
to cash and Cash Equivalents on deposit in one or more bank accounts in the ordinary course of business; 
  

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 (17) Liens arising from filing Uniform Commercial Code financing statements regarding
leases; 
 (18) Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of custom
duties in connection with the importation of goods; 
 (19) Liens securing Indebtedness incurred pursuant to clause
(17) of the definition of “Permitted Indebtedness”; provided that such Liens extend only to the insurance policy and proceeds thereof financed by such Indebtedness; and 
 (20) Liens with respect to obligations (including Indebtedness) of the Company or any of its Restricted Subsidiaries that do not exceed
$10.0 million at any one time outstanding. 
 “Permitted Securitization Transaction” means any transaction or series of
transactions that qualify for off-balance sheet treatment in accordance with SFAS 140 or other applicable accounting pronouncements, pursuant to which the Company or any of its Restricted Subsidiaries may sell, contribute, convey or otherwise
transfer to (i) a Securitization Entity (in the case of a transfer by the Company or any of its Restricted Subsidiaries) and (ii) any other Person (in the case of a transfer by a Securitization Entity), or may grant a security interest in,
any accounts receivable or chattel paper (whether now existing or arising in the future) of the Company or any of its Restricted Subsidiaries, and any assets directly related thereto, including, without limitation, all collateral securing such
accounts receivable, and other assets (including contract rights and all guarantees or other obligations in respect of such accounts receivable or chattel paper, proceeds of such accounts receivable or chattel paper and other assets which are
customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable or chattel paper). 
 “Person” means an individual, partnership, corporation, unincorporated organization, trust or joint venture, or a governmental agency or
political subdivision thereof. 
 “Preferred Stock” of any Person means any Capital Stock of such Person that has
preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
 “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 

“Purchase Money Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries incurred in the normal course of
business for the purpose of financing all or any part of the purchase price, or the cost of installation, construction or improvement, of property or equipment. 
 “Purchase Money Note” means a promissory note of a Securitization Entity evidencing a line of credit, which may be irrevocable, from the Company or any Restricted Subsidiary of the Company in
connection with a Permitted Securitization Transaction to a Securitization Entity, which note is repayable from cash available to such Securitization Entity, other than amounts required to be established as reserves pursuant to contractual
arrangements with entities that are not Affiliates of such Securitization Entity entered into as part of such Permitted Securitization Transaction, amounts paid to investors in respect of interest, principal and other amounts owing to such investors
and amounts paid in connection with the purchase of newly generated accounts receivable. 
 “Qualified Capital Stock” means
any Capital Stock that is not Disqualified Capital Stock. 
  

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

 “Rating Agency” means a statistical rating agency or agencies, as the case may be, nationally recognized in the United
States and selected by the Company (as certified by a resolution of the Board of Directors of the Company) which shall be substituted for S&P or Moody’s, or both, as the case may be. 
 “Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, repay, prepay, redeem, defease or
retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “Refinancing Indebtedness” means any Refinancing by the Company or any Restricted Subsidiary of the Company of Indebtedness incurred in
accordance with the provisions of Section 4.09 hereof (other than pursuant to clauses (2), (4), (5), (6), (7), (8), (9), (10), (12), (13), (14), (15), (16), (17) or (18) of the definition of Permitted Indebtedness), in each case that
does not: 
 (1) result in an increase in the aggregate principal amount of Indebtedness of such Person as of the date of such
proposed Refinancing (plus the amount of any premium required to be paid under the terms of the instrument governing such Indebtedness and plus the amount of reasonable expenses incurred by the Company in connection with such Refinancing); or

 (2) create Indebtedness with: (a) a Weighted Average Life to Maturity that is less than the Weighted Average Life to
Maturity of the Indebtedness being Refinanced; or (b) a final maturity earlier than the final maturity of the Indebtedness being Refinanced; provided that (x) if such Indebtedness being Refinanced is Indebtedness solely of the
Company (and is not otherwise guaranteed by a Restricted Subsidiary of the Company), then such Refinancing Indebtedness shall be Indebtedness solely of the Company and (y) if such Indebtedness being Refinanced is subordinate or junior to the
Notes or any Guarantee, then such Refinancing Indebtedness shall be subordinate to the Notes or such Guarantee, as the case may be, at least to the same extent and in the same manner as the Indebtedness being Refinanced. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the Issue Date, by and among the Company, the
Guarantors and Bear, Stearns & Co. Inc. and Banc of America Securities LLC, as the initial purchasers, relating to the Initial Notes, or with respect to Additional Notes, any registration rights agreement entered into in connection with
such issuance thereof. 
 “Regulation S Temporary Global Note Legend” means the legend set forth in Section 2.06(f)(3)
hereof, which is required to be placed on all Global Notes issued under this Indenture that are offered in offshore transactions in reliance on Regulation S. 
 “Resale Restriction Termination Date” means for any Transfer Restricted Note (or beneficial interest therein), other than a Regulation S Temporary Global Note, which shall not have a Resale
Restriction Termination Date and shall remain subject to the transfer restrictions specified therefor in this Indenture until such Regulation S Temporary Global Note is cancelled by the Trustee, that is (a) not a Regulation S Global Note (or
Definitive Note issued in respect thereof pursuant to Section 2.6(a) hereof), two years (or such other period specified in Rule 144(k)) from the Issue Date or, if any Additional Notes that are Transfer Restricted Notes have been issued before
the Resale Restriction Termination Date for any Transfer Restricted Notes, from the latest such original issue date of such Additional Notes, and (b) a Regulation S Global Note (or Definitive Note issued in respect thereof pursuant to
Section 2.6(a) hereof) (other than a Regulation S Temporary Global Note), the date on or after the 40th consecutive day beginning on and including the later of (i) the day on which any Notes represented thereby are offered to persons other
than distributors (as defined in Regulation S) pursuant to Regulation S and (ii) the issue date for such Notes. 
  

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 “Responsible Officer” means, when used with respect to the Trustee, an officer assigned
to the Corporate Trust Office of the Trustee, including any vice president, assistant vice president, assistant treasurer, or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and having direct responsibility for the administration of this Indenture, and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the
particular subject. 
 “Restricted Definitive Notes” means one or more Definitive Notes bearing the Private Placement
Legend. 
 “Restricted Global Notes” means one or more Global Notes bearing the Private Placement Legend. 
 “Restricted Subsidiary” of any Person means any Subsidiary of such Person which at the time of determination is not an Unrestricted
Subsidiary. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is a party,
providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the Company or such
Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the security of such Property. 
 “S&P” means Standard & Poor’s Rating Group, a division of The McGraw-Hill Companies, Inc., and any successor thereto. 
 “SEC” means the United States Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securitization Entity” means a Wholly Owned Unrestricted Subsidiary of the Company that engages in no activities other than in
connection with the financing of accounts receivable, chattel paper and related assets and that is designated by the Board of Directors of the Company (as provided below) as a Securitization Entity (a) no portion of the Indebtedness or any
other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any other Restricted Subsidiary of the Company (excluding guarantees of Obligations (other than the principal of, and interest on, Indebtedness) pursuant
to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any other Restricted Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property
or assets of the Company or any other Restricted Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings, (b) with which neither the
Company nor any other Restricted Subsidiary of the Company has any material contract, agreement, arrangement or understanding other than on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the
time from Persons that are not Affiliates of the Company, and (c) to which neither the Company nor any Restricted Subsidiary of the Company (other than such entity) has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a copy of the Board Resolution giving effect to
such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 
  

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 “Significant Subsidiary,” with respect to any Person, means any Restricted Subsidiary of
such Person that satisfies the criteria for a “significant subsidiary” set forth in Rule 1.02(w) of Regulation S-X under the Exchange Act. 
 “Standard Securitization Undertakings” means representations, warranties, guarantees, covenants and indemnities entered into by the Company or any Restricted Subsidiary of the Company that are
reasonably customary in securitization transactions relating to accounts receivable, chattel paper and related assets in connection with a Permitted Securitization Transaction. 
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the
payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date
originally scheduled for the payment thereof. 
 “Subordinated Indebtedness” means Indebtedness of the Company or any
Guarantor that is subordinated or junior in right of payment to the Notes or the Guarantee of such Guarantor, as the case may be. 
 “Subsidiary,” with respect to any Person, means: 
 (1) any corporation of which the outstanding
Capital Stock having at least a majority of the votes entitled to be cast in the election of directors under ordinary circumstances shall at the time be owned, directly or indirectly, by such Person; or 
 (2) any other Person of which at least a majority of the voting interest under ordinary circumstances is at the time, directly or
indirectly, owned by such Person. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C.
§§ 77aaa-77bbbb). 
 “Total Consolidated Tangible Assets” means, with respect to any Person, the aggregate
amount of consolidated assets of such Person and its consolidated subsidiaries (less applicable reserves and other properly deductible items) after deducting therefrom (to the extent otherwise included therein) all assets that would be classified as
intangible assets under GAAP (including, without limitation, goodwill, trade names, trademarks, patents and unamortized debt discount and expense), all as set forth on the books and records of such Person and its consolidated Subsidiaries as of the
end of the most recently ended fiscal quarter and computed in accordance with GAAP. 
 “Transfer Restricted Notes” means
Notes that bear or are required to bear the Private Placement Legend. 
 “Treasury Rate” means, as of any 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) that has become publicly available at least
two Business Days prior to the 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 the redemption date to March 1, 2011;
provided, however, that if the period from the redemption date to March 1, 2011 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be
used. The Company will (1) calculate the Treasury Rate on the third Business Day preceding the applicable 

  

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redemption date and (2) prior to such redemption date file with the Trustee an Officers’ Certificate setting forth the Applicable Premium and the
Treasury Rate and showing the calculation of each in reasonable detail. 
 “Trustee” means Wells Fargo Bank, National
Association until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Definitive Notes” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Global Notes” means one or more Global Notes that do not bear and are not required to bear the Private Placement Legend.

 “Unrestricted Subsidiary” of any Person means: 
 (1) any Subsidiary of such Person that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary by
the Board of Directors of such Person in the manner provided below; and 
 (2) any Subsidiary of an Unrestricted Subsidiary.

 The Board of Directors of the Company may designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated;
provided that: 
 (1) the Company certifies to the Trustee that such designation complies with the provisions of
Section 4.07 hereof; and 
 (2) each Subsidiary to be so designated and each of 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 Company or any of
its Restricted Subsidiaries. 
 For purposes of making the determination of whether any such designation of a Subsidiary as an Unrestricted
Subsidiary complies with the provisions of Section 4.07 hereof, the portion of the Fair Market Value of the net assets of such Subsidiary of the Company at the time that such Subsidiary is designated as an Unrestricted Subsidiary that is
represented by the interest of the Company and its Restricted Subsidiaries in such Subsidiary, in each case as determined in good faith by the Board of Directors of the Company, shall be deemed to be an Investment. Such designation will be permitted
only if such Investment would be permitted at such time under the provisions of Section 4.07 hereof. 
 The Board of Directors of the
Company may designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if: 
 (1) immediately after giving
effect to such designation, the Company is able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) in compliance with the provisions of Section 4.09 hereof; and 
 (2) immediately before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be
continuing. Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing provisions. 
  

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 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date,
the number of years obtained by dividing (a) the then outstanding aggregate principal amount of such Indebtedness into (b) the sum of the total of the products obtained by multiplying (i) the amount of each then remaining installment,
sinking fund, serial maturity or other required payment of principal, including payment at final maturity, in respect thereof, by (ii) the number of years (calculated to the nearest one-twelfth) which will elapse between such date and the
making of such payment. 
 “Wholly Owned Restricted Subsidiary” of any Person means any Wholly Owned Subsidiary of such
Person which at the time of determination is a Restricted Subsidiary of such Person. 
 “Wholly Owned Unrestricted
Subsidiary” of any Person means any Wholly Owned Subsidiary of such Person which at the time of determination is an Unrestricted Subsidiary of such Person. 
 “Wholly Owned Subsidiary” of any Person means any Subsidiary of such Person of which all the outstanding voting securities (other than in the case of a foreign Subsidiary, directors’ qualifying
shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law) are owned by such Person or any Wholly Owned Subsidiary of such Person. 
 Section 1.02. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	“Affiliate Transaction”	  	4.12
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.15
	“Change of Control Payment”	  	4.15
	“Change of Control Payment Date”	  	4.15
	“Covenant Defeasance”	  	8.03
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“incur”	  	4.09
	“Legal Defeasance”	  	8.02
	“Offer Amount”	  	3.09
	“Offer Period”	  	3.09
	“Paying Agent”	  	2.03
	“Purchase Date”	  	3.09
	“Registrar”	  	2.03
	“Restricted Payments”	  	4.07

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security Holder” means a Holder of a Note; 
  

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 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the Notes means the Company and any successor obligor upon the Notes. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA have
the meanings so assigned to them. 
 Section 1.04. Rules of Construction. 
 Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has
the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not exclusive; 
 (d) words in the singular include the plural, and in the plural include the singular; 
 (e) “will” shall be interpreted to express a command; 
 (f) provisions apply to successive events and transactions; 
 (g) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or
rules adopted by the SEC from time to time; 
 (h) “including” means including without limitation; and 

(i) Section references are to Sections of this Indenture unless the context otherwise requires. 
 ARTICLE 2. 
 THE NOTES 
 Section 2.01. Form and Dating. 
 (a)
General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage.
Each Note will be dated the date of its authentication. The Notes shall be in denominations of $1,000 and integral multiples thereof. 
 The
terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company 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. 
 (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend
thereon and the “Schedule of Exchanges of 

  

 24 








 
Interests in the Global Note” attached thereto). Notes issued in definitive form will 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 will represent such of the outstanding Notes as will be specified therein and each shall
provide that it represents the aggregate principal amount of outstanding 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
appropriate, 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 will 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. 
 (c) The Initial Notes are being issued by the Company only (i) to “qualified institutional buyers” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) and
(ii) outside the United States to persons other than U.S. Persons in reliance on Regulation S under the Securities Act (“Regulation S”). After such initial offers, Initial Notes that are Transfer Restricted Notes may
be transferred (A) to QIBs, in reliance on Rule 144A; (B) outside the United States pursuant to Regulation S or (C) to the Issuer, in accordance with certain transfer restrictions. Initial Notes that are offered in reliance on
Rule 144A shall be issued in the form of one or more permanent Global Notes substantially in the form set forth in Exhibit A hereto (the “QIB Global Note”) deposited with the Trustee, as Custodian, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. Initial Notes that are offered in offshore transactions in reliance on Regulation S shall be issued in the form of one or more temporary Global Notes substantially in the form
set forth in Exhibit A hereto, including the Regulation S Temporary Global Note Legend (the “Regulation S Temporary Global Note”) deposited with the Trustee, as Custodian, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. Reasonably promptly following the date that is 40 days after the later of the commencement of the offering of the Notes in reliance on Regulation S and the Issue Date, a single permanent global
Note in registered form substantially in the form of Exhibit A hereto (the “Regulation S Permanent Global Note,” and together with the Regulation S Temporary Global Note, the “Regulation S Global
Note”) duly executed by the Company and authenticated by the Trustee as hereinafter provided shall be deposited with the Trustee, as Custodian, and the Registrar shall reflect on its books and records the cancellation of the Regulation S
Temporary Global Note and the issuance of the Regulation S Permanent Global Note. The QIB Global Note and the Regulation S Global Note shall each be issued with separate CUSIP numbers. The aggregate principal amount of each Global Note may from
time to time be increased or decreased by adjustments made on the records of the Trustee, as Custodian. Transfers of Notes between QIBs and to or by purchasers pursuant to Regulation S shall be represented by appropriate increases and decreases
to the respective amounts of the appropriate Global Notes, as more fully provided in Section 2.13 hereof. 
 (d) Section 2.01(c)
shall apply only to Global Notes deposited with or on behalf of the Depositary. 
 Section 2.02. Execution and Authentication. 
 At least one Officer must sign the Notes for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.

 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the
Note has been authenticated under this Indenture. 
  

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 The Trustee will, upon receipt of a written order of the Company signed by an Officer (an
“Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture, including any Additional Notes which may be issued in accordance with Section 2.14 hereof. The aggregate principal
amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 
 The Trustee may appoint an authenticating agent acceptable to the Company 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 Company. 

Section 2.03. Registrar and Paying Agent. 
 The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”), where Notes may be presented for payment (“Paying Agent”). The
Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term
“Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this
Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 Section 2.04. Paying Agent to Hold Money in Trust. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will 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 Company 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 Company 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 Company) will have no further liability for the money. If the
Company acts as Paying Agent, it will 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 Company, the Trustee will serve
as Paying Agent for the Notes. 
 Section 2.05. Holder Lists. 
 The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the
Trustee is not the Registrar, the Company will furnish to the Trustee at least two Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with TIA § 312(a). 
  

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 Section 2.06. Transfer and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable
to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the
Depositary; 
 (2) the Company in its sole discretion determines that the Global Notes (in whole but not in part) should be
exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
 (3) there has occurred and
is continuing a Default or Event of Default with respect to the Notes of which an officer of the Trustee has received actual notice and the Registrar has received a request from any beneficial owner of an interest in the Global Note to issue such
Definitive Notes. 
 Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes shall be issued in
such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.06(i), Section 2.07 and Section 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 Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A
Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a) and Section 2.06(i) hereof, provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.06(b) or (c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Global Notes will be subject to restrictions
on transfer comparable to those set forth in the Private Placement Legend. Transfers of beneficial interests in the Global Notes also will require compliance with subparagraph (1) or (2) below, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to Persons who
take delivery thereof in the form of a beneficial interest in the same Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend. 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)(1). 
 (2) Transfer or Exchange of Beneficial
Interests in Global Notes for Definitive Notes. In connection with the transfer or exchange of beneficial interests in Global Notes for Definitive Notes, the transferor of such beneficial interest must deliver to the Registrar both: 
 (A) 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 
  

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 (B) 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 (A) above. 
 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount of the relevant Global Note(s) pursuant to Section 2.06(g) hereof. 
 (c) Transfer or Exchange of Beneficial Interests for
Definitive Notes. 
 (1) Beneficial Interests in Global Notes to Definitive Notes. If any holder of a beneficial interest
in a 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 receipt by the Registrar of the
following documentation: 
 (A) if the holder of such beneficial interest in a Global Note proposes to exchange such
beneficial interest for a Definitive Note, a certificate from such holder in the form of Exhibit D hereto; or 
 (B) if such beneficial interest is being transferred, a certificate in the form of Exhibit C hereto; 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Global Note pursuant to this Section 2.06(c) shall bear the Private Placement Legend and shall be subject to all restrictions on
transfer contained therein. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. If any Holder of a Definitive
Note proposes to exchange such Note for a beneficial interest in a Global Note or to transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note, then, upon receipt by the Registrar of
the following documentation: 
 (A) if the Holder of such Definitive Note proposes to exchange such Note for a beneficial
interest in a Global Note, a certificate from such Holder in the form of Exhibit D hereto; 
 (B) if such
Definitive Note is being transferred, a certificate in the form of Exhibit C hereto; 
 the Trustee will cancel the Definitive
Note, increase or cause to be increased the aggregate principal amount of the appropriate Global Note. 
 (e) Transfer and Exchange of
Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and receipt by the Registrar from the transferor of a certificate in the form of Exhibit C hereto, the Registrar will register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the 

  

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Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such
Holder or by its attorney, duly authorized in writing. 
 (f) Legends. The following legends will appear on all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (1) Private Placement Legend. 
 (a) Subject to Section 2.13 hereof, each Global Note and each Definitive Note
(and all Notes issued in exchange therefor or substitution thereof), other than the Exchange Notes, shall bear a legend in substantially the following form: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED 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 OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT
(A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS NOTE FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS
ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT) (AN “IAI”), (2) AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(k) (TAKING INTO ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF APPLICABLE) UNDER THE SECURITIES ACT AS
IN EFFECT ON THE DATE OF THE TRANSFER OF THIS NOTE, RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF TRANSFER OF
THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE) AND AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST
HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS NOTE OR ANY INTEREST HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE APPROPRIATE BOX SET FORTH ON THE
REVERSE HEREOF RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM BY
RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING RESTRICTIONS.” 
  

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 (2) Global Note Legend. Each Global Note will bear a legend in substantially the
following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OR SECTION 2.06(i) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE
COMPANY 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.” 
 (3) Regulation S Temporary Global Note Legend. Each Regulation S
Temporary Global Note will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES OF
REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE INDENTURE
REFERRED TO BELOW. 
 NO BENEFICIAL OWNERS OF THIS TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF PRINCIPAL OR INTEREST HEREON UNLESS THE
REQUIRED CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE INDENTURE.” 
 (g) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled 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 Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction. 
  

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 (h) General Provisions Relating to Transfers and Exchanges. 
 (1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and
Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request. 
 (2) No service charge will 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 Company 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 Section 2.10,
Section 3.06, Section 3.09, Section 4.11, Section 4.15 and Section 9.05 hereof). 
 (3) Neither the
Registrar nor the Company will be required to register the transfer of or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be
the valid obligations of the Company, 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. 
 (5) Neither the Registrar nor the Company will be required: 
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 
 (B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date for the Note.

 (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company 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 interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the
Company shall be affected by notice to the contrary. 
 (7) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.02 hereof. 
 (8) All certifications, certificates and Opinions of Counsel
required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  

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 (i) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration
Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal amount equal
to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable letters of transmittal that (x) they are not Affiliates of the Company, (y) they are not
engaged in, and do not intend to engage in, and have no arrangement or understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (z) they are acquiring the Exchange Notes in
their ordinary course of business and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer by Persons that certify in
the applicable letters of transmittal that (x) they are not Affiliates of the Company, (y) they are not engaged in, and do not intend to engage in, and have no arrangement or understanding with any Person to participate in, a distribution
of the Exchange Notes to be issued in the Exchange Offer and (z) they are acquiring the Exchange Notes in their ordinary course of business. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of
the Restricted Global Notes to be reduced accordingly, and the Trustee shall deliver to the Persons designated by the Holders of Restricted Global Notes or Restricted Definitive Notes so accepted the Unrestricted Global Notes or Unrestricted
Definitive Notes issued and authenticated in accordance with the preceding sentence in the appropriate principal amount. 
 Section 2.07. Replacement
Notes. 
 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the
ownership and destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the
Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a
Note is replaced. The Company may charge for its expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the
Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.08. Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee
except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not
outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds such Note; however, such Notes held by the Company or an Affiliate of the Company shall
not be deemed to be outstanding for purposes of Section 3.07(b) hereof. 
 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. 
 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 Company or an Affiliate thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be
deemed to be no longer outstanding and will cease to accrue interest. 
  

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 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 Company or by any Person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or
consent, only Notes that the Trustee knows are so owned will be so disregarded. 
 Section 2.10. Temporary Notes. 
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will
authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders
of temporary Notes will be entitled to all of the benefits of this Indenture. 
 Section 2.11. Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes
(subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes will be delivered to the Company. The Company 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 Company defaults in a payment of interest on the Notes, it will 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 Company will 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. The Company will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be
less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company)
will deliver or cause to be delivered to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  

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 Section 2.13. Special Transfer Provisions. 
 Each Initial Note and each Additional Note issued pursuant to an exemption from registration under the Securities Act will constitute a Transfer
Restricted Note and be required to bear the Private Placement Legend until the expiration of the Resale Restriction Termination Date therefor, unless and until such Transfer Restricted Note is transferred or exchanged pursuant to an effective
registration statement under the Securities Act. The following provisions shall apply to the transfer of a Transfer Restricted Note: 
 (a) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of a Transfer Restricted Note (other than pursuant to Regulation S): 
 (i) The Registrar shall register the transfer of a Transfer Restricted Note by a Holder to a QIB if such transfer is being made by a
proposed transferor who has provided the Registrar with an appropriately completed certificate of transfer in the form set forth in Exhibit C hereto. 
 (ii) If the proposed transferee is an Agent Member and the Transfer Restricted Note to be transferred consists of an interest in the
Regulation S Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions given in accordance with the Depositary’s and the Registrar’s procedures therefor, the
Registrar shall reflect on its books and records the date and an increase in the principal amount of the QIB Global Note in an amount equal to the principal amount of the beneficial interest in the Regulation S Global Note to be so
transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of such Regulation S Global Note. 
 (b) Transfers Pursuant to Regulation S. The following provisions shall apply with respect to registration of any proposed
transfer of a Transfer Restricted Note pursuant to Regulation S: 
 (i) The Registrar shall register any proposed
transfer of a Transfer Restricted Note pursuant to Regulation S by a Holder upon receipt of an appropriately completed certificate of transfer in the form set forth in Exhibit C hereto from the proposed transferor. 
 (ii) If the proposed transferee is an Agent Member holding a beneficial interest in a QIB Global Note and the Transfer Restricted Note to
be transferred consists of an interest in a QIB Global Note, upon receipt by the Registrar of (x) the letter, if any, required by paragraph (i) above and (y) instructions in accordance with the Depositary’s and the
Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Note in an amount equal to the principal amount of the beneficial interest in
the QIB Global Note to be transferred, and the Registrar shall reflect on its books and records the date and an appropriate decrease in the principal amount of the QIB Global Note. 
 (c) Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend, the
Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the Registrar shall deliver only Notes that bear the Restricted Notes Legend unless
there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act. 
 (d) General. By its acceptance of any Note bearing the Restricted Notes Legend,
each Holder of such a Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend and agrees that it shall transfer such Note only as provided in this Indenture. A transfer of a
beneficial interest in a Global Note that does not involve an exchange of such interest for a Definitive Note or a beneficial interest in another Global Note shall be subject to compliance with applicable law and the applicable procedures of the
Depositary, but is not subject any procedure required by this Indenture. 
  

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 (e) The Registrar shall retain copies of all letters, notices and other written
communications received pursuant to this Section 2.13. 
 Section 2.14. Additional Notes. 
 The Company shall be entitled to issue Additional Notes, including Exchange Notes, under this Indenture that shall have identical terms as the Initial
Notes, other than with respect to the date of issuance, issue price and amount of interest payable on the first interest payment date applicable thereto (and, if such Additional Notes shall be issued in the form of Transfer Restricted Notes, other
than with respect to transfer restrictions, any registration rights agreement and additional interest with respect thereto); provided that such issuance is not prohibited by the terms of this Indenture, including Section 4.09 and
Section 4.13. The Initial Notes and any Additional Notes or Exchange Notes shall be treated as a single class for all purposes under this Indenture. 
 With respect to any Additional Notes, the Company shall set forth in a Board Resolution of its Board of Directors and in an Officers’ Certificate, a copy of each of which shall be delivered to the Trustee, the
following information: 
 (a) the aggregate principal amount of such Additional Notes to be authenticated and delivered
pursuant to this Indenture; 
 (b) the issue price, the issue date, the CUSIP number of such Additional Notes, the first
interest payment date and the amount of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue; and 
 (c) whether such Additional Notes shall be Transfer Restricted Notes. 
 ARTICLE 3 
 REDEMPTION AND PREPAYMENT 
 Section 3.01. Notices to Trustee. 
 If the
Company elects to redeem Notes of any series pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’
Certificate setting forth: 
 (a) the clause of this Indenture pursuant to which the redemption shall occur; 
 (b) the redemption date; 
 (c) the principal amount of the Notes of such series to be redeemed; and 
 (d) the redemption
price. 
 Section 3.02. Selection of Notes to Be Redeemed or Purchased. 
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes (provided that
where less than all of the Notes of a series are to be redeemed pursuant to Section 3.07, the Trustee will select Notes only from such series) for redemption or purchase on a pro rata basis or to the extent that selection on a pro rata basis is
not practicable, by lot or by such method as the Trustee shall deem fair and appropriate; unless otherwise required by law or applicable stock exchange requirements. In the event of such partial redemption or purchase, the particular Notes to be
redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase.

  

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 The Trustee will promptly notify the Company in writing of the Notes selected for redemption or purchase
and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $1,000 or whole multiples of $1,000; except that if all of
the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 
 Section 3.03.
Notice of Redemption. 
 Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days before a
redemption date, the Company will deliver a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, 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 defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 10 hereof. 
 The notice will identify the Notes to be redeemed and will state: 
 (a) the redemption date;

 (b) the redemption price; 
 (c) if any Note is being redeemed in part, the portion of the principal amount of such Note 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 will be issued 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 Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; 
 (h) that no representation is made as to the correctness or accuracy of
the CUSIP number, if any, listed in such notice or printed on the Notes; and 
 (i) any condition to such redemption.

 At the Company’s request, the Trustee will give the notice of redemption in the Company’s name and at its expense;
provided, however, that the Company has delivered to the Trustee, at least two Business Days before notice of redemption is required to be delivered to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed
to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 
  

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 Section 3.04. Effect of Notice of Redemption. 
 Once notice of redemption is delivered 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(a) and Section 3.07(b) hereof). Except as set forth in Section 3.07(a) and Section 3.07(b) hereof, a notice of redemption may not be conditional. The
notice, if delivered in a manner provided herein, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any
Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 
 Section 3.05. Deposit of Redemption or Purchase Price. 
 Prior to 10:00 a.m. Eastern Time on the redemption or purchase
date, the Company will deposit with the Trustee or with the Paying Agent money in immediately available funds sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that
date. The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid
interest on, all Notes to be redeemed or purchased. 
 If the Company complies with the provisions of the preceding paragraph, on and after
the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest
payment date, then any accrued and unpaid interest to the redemption or purchase date shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is
not so paid upon surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid,
and to the extent lawful on any interest 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 or Purchased in Part. 
 Upon surrender of a Note that is redeemed or purchased in part, the
Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.
Notwithstanding any other provision in this Indenture to the contrary, neither an Opinion of Counsel nor an Officers’ Certificate is required for the Trustee to authenticate such new Note. 
 Section 3.07. Optional Redemption. 
 (a) At any
time, or from time to time, prior to March 1, 2011, the Company may, at its option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as
of, and accrued and unpaid interest and Liquidated Damages, if any, to, but not including, the redemption date (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date). Notice of
such redemption shall be delivered to each Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption date. 
 (b) At any time, or from time to time, on or prior to March 1, 2010, the Company may, at its option, use the net cash proceeds of one or more Equity Offerings to redeem up to 35% of the principal amount of the Notes issued under this
Indenture (including any 

  

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Additional Notes) at a redemption price equal to 108.25% of the principal amount thereof, plus accrued and unpaid interest thereon and Liquidated Damages, if
any, to, but not including, the date of redemption (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date); provided that: 
 (1) at least 65% of the principal amount of Notes issued under this Indenture on the Issue Date (other than Notes held, directly or
indirectly, by the Company or its Subsidiaries) remains outstanding immediately after any such redemption; and 
 (2) the
Company makes such redemption not more than 120 days after the consummation of any such Equity Offering. 
 Notice of any redemption using the
proceeds of an Equity Offering may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 
 (c) At any time, or from time to time, on or after March 1, 2011, the Company may, at its option, redeem the Notes, in whole or in part, upon not
less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount thereof) set forth below plus accrued and unpaid interest thereon and Liquidated Damages, if any, on the Notes redeemed, to,
but not including, the applicable redemption date, if redeemed during the twelve-month period commencing on March 1 of the years set forth below, subject to the rights of Holders of the Notes on the relevant record date to receive interest on
the relevant interest payment date: 
  

			
	 Year
	  	Percentage
	 2011
	  	104.125%
	 2012
	  	102.063%
	 2013 and thereafter
	  	100.000%

 (d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Section 3.01 through Section 3.06 hereof. 
 Section 3.08. Mandatory Redemption. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 Section 3.09. Repurchase Offer. 
 In the event
that, pursuant to Section 4.11 or 4.15 hereof, the Company or a Restricted Subsidiary is required to commence an offer to all Holders to purchase Notes (a “Repurchase Offer”), it shall follow the procedures specified below.

 The Repurchase Offer shall remain open for a period of at least 20 Business Days following its commencement and not more than 40 days,
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 Company will
purchase at the Purchase Price (as determined in accordance with Section 4.11 and 4.15 hereof, as the case may be) the principal amount of Notes required to be purchased pursuant to Section 4.11 or 4.15 hereof, as the case may be (the
“Offer Amount”) and, if required, Pari Passu Indebtedness (on a pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to the Repurchase Offer.
Payment for any Notes so purchased will be made in the same manner as interest payments are made. 
  

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 If the Purchase Date is on or after an interest record date and on or before the related interest payment
date, any accrued and unpaid interest to, but not including, the Payment Date will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be payable to Holders who
tender Notes pursuant to the Repurchase Offer. 
 Upon the commencement of a Repurchase Offer, the Company will deliver or cause to be
delivered a notice to each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Repurchase Offer. The notice, which will govern the terms
of the Repurchase Offer, will state: 
 (a) that the Repurchase Offer is being made pursuant to this Section 3.09, and
either Section 4.11 or 4.15 hereof, as applicable, and the length of time the Repurchase Offer will remain open; 
 (b)
the Offer Amount, the purchase price and the Purchase Date; 
 (c) that any Note not tendered or accepted for payment will
continue to accrue interest; 
 (d) that, unless the Company defaults in making such payment, any Note accepted for payment
pursuant to the Repurchase Offer will cease to accrue interest after the Purchase Date; 
 (e) that Holders electing to have a
Note purchased pursuant to a Repurchase Offer may elect to have Notes purchased in integral multiples of $1,000 only; 
 (f)
that Holders electing to have a Note purchased pursuant to any Repurchase Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry
transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 
 (g) that Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be,
receives, not later than the expiration of the Offer Period, a telegram, telex, 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; 
 (h) that, if the aggregate principal amount of Notes and
Pari Passu Indebtedness surrendered by holders thereof exceeds the Offer Amount, the Company will select the Notes and such Pari Passu Indebtedness to be purchased on a pro rata basis based on the principal amount of Notes and such Pari Passu
Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000, or integral multiples thereof, will be purchased); and 
 (i) that Holders whose Notes were purchased only in part will be issued new Notes of the applicable series equal in principal amount to
the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company
will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Repurchase Offer or if less than the Offer Amount has been tendered, all
Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with
the terms of this Section 3.09. The Company, the 

  

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Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will
authenticate and deliver (or cause to be transferred by book entry) such new Note to such Holder in a principal amount equal to any unpurchased portion of the Note surrendered. Notwithstanding any other provision in this Indenture to the contrary,
neither an Opinion of Counsel nor an Officers’ Certificate is required for the Trustee to authenticate such new Note. Any Note not so accepted shall be promptly returned by the Company to the Holder thereof. The Company will publicly announce
the results of the Repurchase Offer on or as soon as practicable after the Purchase Date. 
 Other than as specifically provided in this
Section 3.09, Section 4.11 or Section 4.15 hereof, as applicable, any purchase pursuant to this Section 3.09 shall be made pursuant to the applicable provisions of Section 3.01 through Section 3.06 hereof. 

ARTICLE 4 
 COVENANTS 
 Section 4.01. Payment of Notes. 
 The Company
will 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 will be considered paid on the date due if the Paying Agent, if
other than the Company or a Subsidiary, holds as of noon Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. The
Company shall pay all Liquidated Damages, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 
 The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on
the Notes to the extent lawful; it will 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) and Liquidated Damages, if any, at
such higher rate to the extent lawful. Interest will be computed daily on the Notes on the basis of a 360-day year comprised of twelve 30-day months. 
 Section 4.02. Maintenance of Office or Agency. 
 The Company will maintain an office or agency (which may be an office
of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may
be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The Company 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.
The Company will 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. 
  

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 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of
the Company in accordance with Section 2.03 hereof. 
 Section 4.03. Reports to Holders. 
 So long as any Notes are outstanding, whether or not required by the rules and regulations of the SEC, the Company shall furnish to the Holders (including
by posting on the Company’s website within one Business Day) or cause the Trustee to furnish to the Holders: 
 (1) all
quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Company and its consolidated Subsidiaries and, with respect to the annual information only, a report thereon by the
Company’s certified independent accounts; and 
 (2) all current reports that would be required to be filed with the SEC
on Form 8-K if the Company were required to file such reports, in each case within the time periods specified in the SEC’s rules and regulations (including any grace periods or extensions permitted by the SEC). 
 If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries and such Unrestricted Subsidiaries account for more than 5% of the
total assets of the Company and its Subsidiaries on a consolidated basis, then the quarterly and annual financial information required by the preceding paragraph will include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate
from the financial condition and results of operations of such Unrestricted Subsidiaries. 
 In addition, whether or not required by the
rules and regulations of the SEC, the Company will file a copy of all such information and reports with the SEC for public availability within the time periods specified in the SEC’s rules and regulations (unless the SEC will not accept such a
filing) and make such information available to securities analysts and prospective investors upon request. In addition, the Company will, for so long as any Notes remain outstanding, at any time it is not required to file such information and
reports with the SEC, furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 Notwithstanding anything herein to the contrary, the Company will not be deemed to have failed to comply with any of its obligations under this
Section 4.03 for purposes of Section 6.01(c) hereof until 120 days after the date any report under this Section 4.03 is due. 
 Section 4.04. Compliance Certificate. 
 (a) The Company shall deliver to the Trustee, within 90 days after the end of
each fiscal year ending after the Issue Date, an officer’s certificate stating that a review of the activities of the Company 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 each has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, each entity
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 
  

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 (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, within five
Business Days upon any Officer becoming aware of any Default or Event of Default, an officer’s certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 

Section 4.05. Taxes. 
 The Company will pay,
and shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies, except such as are contested in good faith and by appropriate negotiations or proceedings or where the
failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 
 Section 4.06. Stay, Extension and Usury
Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it will 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 Company 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 will not, by resort to any such law, hinder, delay or impede the execution of any power herein
granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07.
Limitation on Restricted Payments. 
 (a) The Company will not, and will not cause or permit any of its Restricted Subsidiaries to,
directly or indirectly: 
 (1) declare or pay any dividend or make any distribution (other than dividends or distributions
payable in Qualified Capital Stock of the Company) on or in respect of shares of the Company’s Capital Stock to holders of such Capital Stock; 
 (2) purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company; 
 (3) make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated
Indebtedness, except a payment, purchase, defeasance, redemption, prepayment or decrease within one year of final maturity thereof; or 
 (4) make any Investment (other than Permitted Investments) (each of the foregoing actions set forth in clauses (1), (2), (3) and (4) being referred to as a “Restricted Payment”); 

if at the time of such Restricted Payment or immediately after giving effect thereto, 
 (A) a Default or an Event of Default shall have occurred and be continuing; or 
  

 42 








 (B) the Company is not able to incur at least $1.00 of additional Indebtedness (other
than Permitted Indebtedness) in compliance with the provisions of Section 4.09 hereof; or 
 (C) the aggregate amount of
Restricted Payments (including such proposed Restricted Payment) made subsequent to the Issue Date (the amount expended for such purposes, if other than in cash, being the Fair Market Value of such property as determined in good faith by the Board
of Directors of the Company) shall exceed the sum of 
 (i) 100% of the Consolidated Cash Flow of the Company from the
beginning of the fiscal quarter in which the Issue Date occurs to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (the “Reference
Date”) less the product of 1.4 times the Company’s Consolidated Interest Expense for the same period (treating such period as a single accounting period); plus 
 (ii) 100% of the aggregate net cash proceeds received by the Company from any Person (other than a Subsidiary of the Company) from the
issuance and sale subsequent to the Issue Date and on or prior to the Reference Date of Qualified Capital Stock of the Company or warrants, options or other rights to acquire Qualified Capital Stock of the Company (but excluding any debt security
that is convertible into, or exchangeable for, Qualified Capital Stock); plus 
 (iii) without duplication of any amounts
included in clause (C)(ii) above, 100% of the aggregate net cash proceeds of any equity contribution received by the Company from a holder of the Company’s Capital Stock subsequent to the Issue Date and on or prior to the Reference Date
(excluding, in the case of clauses (iii)(x) and (y), any net cash proceeds from an Equity Offering to the extent used to redeem the Notes in compliance with the provisions set forth under Section 3.07 hereof; plus 
 (iv) without duplication, the sum of: 
 (x) the aggregate amount returned in cash on or with respect to Investments (other than Permitted Investments) made subsequent to the Issue Date whether through interest payments, principal payments, dividends or
other distributions or payments; 
 (y) the net cash proceeds received by the Company or any of its Restricted Subsidiaries
from the disposition of all or any portion of such Investments (other than to a Subsidiary of the Company); and 
 (z) upon
redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, the Fair Market Value of such Subsidiary; 
 provided,
however, that the sum of clauses (x), (y) and (z) above shall not exceed the aggregate amount of all such Investments made subsequent to the Issue Date. 
 (b) Notwithstanding the foregoing, the provisions set forth in Section 4.07(a) do not prohibit: 
 (1) the payment of any dividend within 90 days after the date of declaration of such dividend if the dividend would have been permitted on the date of declaration; 
  

 43 








 (2) if no Default or Event of Default shall have occurred and be continuing, the
purchase, redemption, acquisition or retirement of any shares of Capital Stock of the Company, either (i) solely in exchange for shares of Qualified Capital Stock of the Company or (ii) through the application of net proceeds of a
substantially concurrent sale for cash (other than to a Subsidiary of the Company) of shares of Qualified Capital Stock of the Company; 
 (3) if no Default or Event of Default shall have occurred and be continuing, the purchase, defeasance, redemption, prepayment, decrease, acquisition or retirement of any Subordinated Indebtedness either
(i) solely in exchange for shares of Qualified Capital Stock of the Company, or (ii) through the application of net proceeds of a substantially concurrent sale for cash (other than to a Subsidiary of the Company) of (a) shares of
Qualified Capital Stock of the Company or (b) Refinancing Indebtedness; 
 (4) so long as no Default or Event of Default
shall have occurred and be continuing, repurchases by the Company of Common Stock of the Company from officers, directors and employees of the Company or any of its Subsidiaries or their authorized representatives upon the death, disability or
termination of employment of such employees or termination of their seat on the Board of Directors of the Company in an aggregate amount not to exceed $2.0 million in any calendar year; 
 (5) repurchases of Capital Stock of the Company deemed to occur upon (i) the exercise of stock options or warrants or (ii) the
grant, award, vesting or distribution to employees of Capital Stock, in each case, if such Capital Stock represents all or a portion of the exercise price thereof or payroll tax payment with respect thereto; 
 (6) payments or distributions to stockholders of the Company pursuant to appraisal rights required under applicable law in connection with
any consolidation, merger or transfer of assets that complies with the provisions of Article 5 hereof; 
 (7) the purchase,
redemption, defeasance or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to provisions requiring the Company or any Restricted Subsidiary to offer to purchase, redeem, defease or otherwise acquire or retire for
value such Subordinated Indebtedness upon the occurrence of a “change of control” as defined in the agreements or instruments governing such Subordinated Indebtedness; provided, however, that the Company shall have made a Change of
Control Offer and have purchased all Notes tendered in connection with such Change of Control Offer; 
 (8) cash payments in
lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or exchangeable for Capital Stock of the Company; and 
 (9) other Restricted Payments in an aggregate amount not to exceed $50.0 million after the Issue Date. 
 (c) In determining the aggregate amount of Restricted Payments made subsequent to the Issue Date in accordance with Section 4.07(a)(4)(C) hereof,
amounts expended pursuant to clauses (2), (3), (4), (5), (6), (8) and (9) of Section 4.07(b) hereof shall be excluded in such calculation. The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the
date of the Restricted Payment of the assets or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. 
  

 44 








 Section 4.08. Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries.

 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause
or permit to exist or become effective any encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to: 
 (a) pay dividends or make any other distributions on or in respect of its Capital Stock; 
 (b) make loans or
advances to the Company or any other Restricted Subsidiary or to pay any Indebtedness or other obligation owed to the Company or any other Restricted Subsidiary of the Company; or 
 (c) transfer any of its property or assets to the Company or any other Restricted Subsidiary of the Company, 
 except in the case of clauses (a), (b) and (c) of this Section 4.08, for such encumbrances or restrictions existing under or by reason of 
 (1) applicable law; 
 (2) this Indenture; 
 (3) customary non assignment provisions of any contract or any lease governing a leasehold
interest of any Restricted Subsidiary of the Company; 
 (4) restrictions on cash or other deposits imposed by customers under
contracts entered into in the ordinary course of business; 
 (5) encumbrances on property that exist at the time the property
was acquired by the Company or a Restricted Subsidiary; 
 (6) any instrument governing Acquired Indebtedness, which
encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person or the properties or assets of the Person so acquired; 
 (7) agreements existing on the Issue Date to the extent and in the manner such agreements are in effect on the Issue Date; 
 (8) any Credit Facility; provided that the dividend and other repayment restrictions contained therein are not materially more
restrictive, taken as a whole, than those contained in the New Credit Agreement, as determined by the Board of Directors of the Company in its reasonable good faith judgment; 
 (9) restrictions on the transfer of assets subject to any Lien permitted under this Indenture imposed by the holder of such Lien;

 (10) restrictions imposed by any agreement to sell assets or Capital Stock permitted under this Indenture to any Person
pending the closing of such sale; 
 (11) customary provisions in joint venture agreements and other similar agreements (in
each case relating solely to the respective joint venture or similar entity or the equity interests therein) entered into in the ordinary course of business; and 
  

 45 








 (12) an agreement governing Indebtedness incurred to Refinance the Indebtedness issued,
assumed or incurred pursuant to an agreement referred to in clauses (2), (5), (6), (7) and (9) above; provided, however, that the provisions relating to such encumbrance or restriction contained in any such Indebtedness are, on the
whole, no less favorable to the Company in any material respect as determined by the Board of Directors of the Company in their reasonable and good faith judgment than the provisions relating to such encumbrance or restriction contained in
agreements referred to in such clauses (2), (5), (6), (7) and (9). 
 Section 4.09. Limitation on Incurrence of Additional Indebtedness.

 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume,
guarantee, acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness (other than Permitted Indebtedness); provided, however, that if
no Default or Event of Default shall have occurred and be continuing at the time of or as a consequence of the incurrence of any such Indebtedness, the Company or any of its Restricted Subsidiaries that is or, upon such incurrence, becomes a
Guarantor may incur Indebtedness (including, without limitation, Acquired Indebtedness) and any Restricted Subsidiary of the Company that is not or will not, upon such incurrence, become a Guarantor may incur Acquired Indebtedness, in each case if
on the date of the incurrence of such Indebtedness, after giving pro forma effect to the incurrence thereof and the application of the proceeds therefrom, the Debt to Cash Flow Ratio of the Company for the most recently ended four full fiscal
quarters for which internal financial statements are available would have been no greater than (i) 5.5 to 1.0 for Indebtedness incurred on or before March 1, 2009 or (ii) 5.0 to 1.0 for Indebtedness incurred thereafter. 
 (b) The Company will not, and will not permit any Guarantor to, directly or indirectly, incur any Indebtedness which by its terms (or by the terms of any
agreement governing such Indebtedness) is expressly subordinated in right of payment to any other Indebtedness of the Company or such Guarantor, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement
governing such Indebtedness) made expressly subordinate to the Notes or the applicable Guarantee, as the case may be, to the same or greater extent and in the same or greater manner as such Indebtedness is subordinated to other Indebtedness of the
Company or such Guarantor, as the case may be. For purposes of the foregoing, no Indebtedness will be deemed to be subordinated in right of payment to any other Indebtedness of the Company or any Guarantor solely by virtue of such Indebtedness being
unsecured or by virtue of the fact that the holders of such Indebtedness have entered into one or more intercreditor agreements giving one or more of such holders priority over the other holders in the collateral held by them. 
 Section 4.10. Limitation on Preferred Stock of Restricted Subsidiaries. 
 The Company will not permit any of its Restricted Subsidiaries that are not Guarantors to issue any Preferred Stock (other than to the Company or to a Wholly Owned Restricted Subsidiary of the Company) or permit any
Person (other than the Company or a Wholly Owned Restricted Subsidiary of the Company) to own any Preferred Stock of any Restricted Subsidiary of the Company that is not a Guarantor. 
 Section 4.11. Asset Sales. 
 (a) The Company will not, and will not permit any of its Restricted
Subsidiaries to, consummate an Asset Sale unless: 
 (1) the Company or the applicable Restricted Subsidiary, as the case may
be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets sold or otherwise disposed of; and 
  

 46 








 (2) at least 75% of the consideration received by the Company or the Restricted
Subsidiary, as the case may be, from such Asset Sale shall be in the form of cash, Cash Equivalents and/or Replacement Assets and is received at the time of such disposition; provided that for purposes of this provision, each of the following
shall be deemed to be cash: (a) the amount of any liabilities (as shown on the Company’s or such Restricted Subsidiary’s most recent balance sheet) of the Company or any such Restricted Subsidiary (other than liabilities that are by
their terms subordinated to the Notes or any Guarantee of a Guarantor) that are assumed by the transferee of any such assets and (b) any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such
transferee that are converted by the Company or such Restricted Subsidiary within 120 days into cash or Cash Equivalents, to the extent of the cash received in that conversion. 
 (b) Within 365 days after the receipt of any Net Cash Proceeds from an Asset Sale (provided that if the Company or such Restricted Subsidiary, as
the case may be, has entered into a binding commitment to so apply such Net Cash Proceeds, the transaction contemplated by such binding commitment must be consummated within the later of such 365 day period and 90 days from the date of the execution
of such agreement), the Company shall apply, or cause such Restricted Subsidiary to apply, those Net Cash Proceeds: 
 (1) to
repay the Existing Valassis Notes or to permanently reduce Indebtedness under one or more of the Credit Facilities, and if such Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto
(provided that such commitments shall not be required to be reduced below $100.0 million); 
 (2) to make an investment
in properties or assets (including an acquisition of Capital Stock of another Person that as a result of such investment becomes a Restricted Subsidiary of the Company and executes a supplemental indenture in which such Person agrees to be bound by
the terms of this Indenture) that replace the properties and assets that were the subject of such Asset Sale or in properties, assets or capital expenditures (including an acquisition of Capital Stock of another Person that as a result of such
investment becomes a Restricted Subsidiary of the Company and executes a supplemental indenture in which such Person agrees to be bound by the terms of this Indenture) that will be used in a Permitted Business (“Replacement
Assets”); and/or 
 (3) a combination of prepayment and investment permitted by the foregoing clauses (1) and
(2) of this Section 4.11(b). 
 (c) Pending the final application of any Net Cash Proceeds from an Asset Sale, the Company may
temporarily reduce borrowings under one or more of the Credit Facilities. 
 (d) On the 366th day after an Asset Sale or such earlier date,
if any, as the Board of Directors of the Company or of such Restricted Subsidiary determines not to apply the Net Cash Proceeds relating to such Asset Sale as set forth in clauses (1), (2) and/or (3) of Section 4.11(b) hereof (each, a
“Net Proceeds Offer Trigger Date”), such aggregate amount of Net Cash Proceeds which have not been applied on or before such Net Proceeds Offer Trigger Date as permitted in clauses (1), (2) and/or (3) of
Section 4.11(b) hereof (each a “Net Proceeds Offer Amount”) shall be applied by the Company or such Restricted Subsidiary to make an offer to purchase (the “Net Proceeds Offer”) to all Holders and, to the
extent required by the terms of any Pari Passu Indebtedness, to all holders of such Pari Passu Indebtedness, on a date (the “Net Proceeds Offer Payment Date”) not less than 30 nor more than 60 days following the applicable Net
Proceeds Offer Trigger Date, from all Holders (and holders of any such Pari Passu Indebtedness) on a pro rata basis, that amount of Notes (and Pari Passu Indebtedness) equal to the Net Proceeds Offer Amount at a price equal to 100% of the principal
amount of the Notes (and Pari Passu Indebtedness) to be purchased, plus accrued and unpaid interest thereon and Liquidated Damages, if any, to the date of purchase; provided, however, that if at any time any non-cash consideration received by
the Company or any Restricted Subsidiary of the 

  

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Company, as the case may be, in connection with any Asset Sale is converted into or sold or otherwise disposed of for cash (other than interest received with
respect to any such non cash consideration), then such conversion or disposition shall be deemed to constitute an Asset Sale and the Net Cash Proceeds thereof shall be applied in accordance with this Section 4.11. 
 (e) The Company may defer the Net Proceeds Offer until there is an aggregate unutilized Net Proceeds Offer Amount equal to or in excess of $30.0 million
resulting from one or more Asset Sales (at which time, the entire unutilized Net Proceeds Offer Amount, and not just the amount in excess of $30.0 million, shall be applied as required pursuant to this Section 4.11(e)). 
 (f) Each Net Proceeds Offer will be delivered to the record Holders as shown on the register of Holders within 25 days following the Net Proceeds Offer
Trigger Date, with a copy to the Trustee, and shall comply with the procedures set forth in Section 3.09 hereof. Upon receiving notice of the Net Proceeds Offer, Holders may elect to tender their Notes in whole or in part in integral multiples
of $1,000 in exchange for cash. To the extent Holders properly tender Notes and holders of Pari Passu Indebtedness properly tender such Pari Passu Indebtedness in an amount exceeding the Net Proceeds Offer Amount, the tendered Notes and Pari Passu
Indebtedness will be purchased on a pro rata basis based on the aggregate amounts of Notes and Pari Passu Indebtedness tendered (and the Trustee shall select the tendered Notes of tendering Holders on a pro rata basis or on as nearly a pro rata
basis as is practicable (subject to the Depositary’s procedures) based on the amount of Notes tendered). A Net Proceeds Offer shall remain open for a period of 20 Business Days or such longer period as may be required by law. If any Net Cash
Proceeds remain after the consummation of any Net Proceeds Offer, the Company may use those Net Cash Proceeds for any purpose not otherwise prohibited by this Indenture. Upon completion of each Net Proceeds Offer, the amount of Net Cash Proceeds
will be reset at zero. 
 (g) The Company will 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 and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or regulations conflict with
the provisions of Section 3.09 hereof or this Section 4.09, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under Section 3.09 hereof or this
Section 4.09 by virtue of such compliance. 
 Section 4.12. Limitations on Transactions with Affiliates. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction
or series of related transactions (including, without limitation, the purchase, sale, lease or exchange of any property or the rendering of any service) with, or for the benefit of, any of its Affiliates (each an “Affiliate
Transaction”), other than Affiliate Transactions on terms that are no less favorable than those that might reasonably have been obtained in a comparable transaction at such time on an arm’s length basis from a Person that is not an
Affiliate of the Company or such Restricted Subsidiary. 
 (b) All Affiliate Transactions (and each series of related Affiliate Transactions
which are similar or part of a common plan) involving aggregate payments or other property with a Fair Market Value in excess of $10.0 million shall be approved by the Board of Directors of the Company or such Restricted Subsidiary, as the case may
be, such approval to be evidenced by a Board Resolution stating that such Board of Directors has determined that such transaction complies with the foregoing provisions. If the Company or any Restricted Subsidiary of the Company enters into an
Affiliate Transaction (or a series of related Affiliate Transactions related to a common plan) that involves an aggregate Fair Market Value of more than $35.0 million, the Company or such Restricted Subsidiary, as the case may be, shall, prior to
the consummation thereof, obtain a favorable opinion as to the fairness of such transaction or series of related transactions to the Company or the relevant Restricted Subsidiary, as the case may be, from a financial point of view, from an
Independent Financial Advisor and file the same with the Trustee. 
  

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 (c) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be
subject to the provisions of Sections 4.12(a) and (b) hereof: 
 (1) reasonable fees and compensation paid to and
indemnity provided on behalf of, officers, directors, employees or consultants of the Company or any Restricted Subsidiary of the Company as determined in good faith by the Company’s Board of Directors or senior management; 
 (2) transactions exclusively between or among the Company and any of its Wholly Owned Restricted Subsidiaries or exclusively between or
among such Wholly Owned Restricted Subsidiaries; provided that such transactions are not otherwise prohibited by this Indenture; 
 (3) any agreement as in effect as of the Issue Date or any amendment thereto or any transaction contemplated thereby (including pursuant to any amendment thereto) in any replacement agreement thereto so long as any
such amendment or replacement agreement is not more disadvantageous to the Holders in any material respect than the original agreement as in effect on the Issue Date; 
 (4) transactions effected as part of a Permitted Securitization Transaction; and 
 (5) Restricted Payments made pursuant to Section 4.07 hereof. 
 Section 4.13. Limitation on Liens. 
 The Company will not, and will not cause or permit any of
its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit or suffer to exist any Liens of any kind against or upon any property or assets of the Company or any of its Restricted Subsidiaries whether owned on the Issue
Date or acquired after the Issue Date, or any proceeds therefrom, or assign or otherwise convey any right to receive income or profits therefrom unless: 
 (a) in the case of Liens securing Subordinated Indebtedness, the Notes or the Guarantee of such Guarantor, as the case may be, are secured by a Lien on such property, assets or proceeds that is senior in priority to
such Liens; and 
 (b) in all other cases, the Notes or the Guarantee of such Guarantor, as the case may be, are equally and
ratably secured, 
 except for: 
 (1) Liens existing as of the Issue Date to the extent and in the manner such Liens are in effect on the Issue Date; 
 (2) Liens securing borrowings under one or more of the Credit Facilities incurred pursuant to clause (2) of the definition of “Permitted Indebtedness”; 
 (3) Liens securing the Notes and the Guarantees; 
 (4) Liens in favor of the Company or a Restricted Subsidiary of the Company that is a Guarantor on assets of any Restricted Subsidiary of
the Company; 
  

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 (5) Liens securing Refinancing Indebtedness which is incurred to Refinance any
Indebtedness which has been secured by a Lien permitted under this Indenture and which has been incurred in accordance with the provisions of this Indenture; provided, however, that such Liens: (i) are no less favorable to the Holders in
any material respect and are not more favorable to the lienholders in any material respect with respect to such Liens than the Liens in respect of the Indebtedness being Refinanced; and (ii) do not extend to or cover any property or assets of
the Company or any of its Restricted Subsidiaries not securing the Indebtedness so Refinanced; 
 (6) Liens required to be
granted pursuant to the indentures governing the Existing Valassis Notes, which Liens are granted within the time periods provided in the New Credit Agreement or agreements related thereto; 
 (7) Liens on assets transferred to a Securitization Facility or an asset of a Securitization Entity, in either case, incurred in
connection with a Permitted Securitization Transaction; and 
 (8) Permitted Liens. 
 Section 4.14. Conduct of Business. 
 The Company
and its Restricted Subsidiaries will not engage in any businesses other than a Permitted Business. 
 Section 4.15. Offer to Repurchase Upon Change
of Control. 
 (a) If a Change of Control occurs, each Holder will have the right to require the Company purchase all or any part (equal
to $1,000 or an integral multiple of $1,000) of such Holder’s Notes pursuant to an offer (a “Change of Control Offer”) on the terms set forth in this Indenture. In the Change of Control Offer, the Company will offer a payment
(a “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest and Liquidated Damages, if any, on the Notes repurchased to the date of repurchase,
subject to the right of the Holders on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, the Company will deliver a notice to each Holder, with a copy to the
Trustee, describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on the date (the “Change of Control Payment Date”) specified in the notice, which date shall be no earlier
than 30 days nor later than 60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described in such notice. 
 (b) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.15, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the provisions of this Section 4.15 by virtue of such conflict. 
 (c) On the date of such Change of Control Payment, the Company will, to the extent lawful: 
 (1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 
  

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 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Notes or portions of Notes properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the
Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 (d) The Paying Agent will promptly deliver to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and deliver (or cause to be transferred by
book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a minimum principal amount of $1,000 or an integral multiple of $1,000. The
Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the date of such Change of Control Payment. 
 (e) The Company will not be required to make a Change of Control Offer upon a Change of Control if (i) 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 Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer or (ii) a notice of redemption has been given
pursuant to Section 3.07 hereof unless and until there is a default in the payment of the applicable redemption price. 
 Section 4.16.
Additional Guarantees. 
 If the Company or any of its Restricted Subsidiaries transfers or causes to be transferred, in one
transaction or a series of related transactions, any property to any Domestic Restricted Subsidiary (other than an Immaterial Subsidiary) that is not a Guarantor, or if the Company or any of its Restricted Subsidiaries shall organize, acquire or
otherwise invest in another Domestic Restricted Subsidiary (other than an Immaterial Subsidiary), then such Domestic Restricted Subsidiary shall: 
 (1) execute and deliver to the Trustee a supplemental indenture in form reasonably satisfactory to the Trustee pursuant to which such Domestic Restricted Subsidiary shall unconditionally guarantee all of the
Company’s obligations under the Notes and this Indenture on the terms set forth in this Indenture; and 
 (2) deliver to
the Trustee an Opinion of Counsel that such supplemental indenture has been duly authorized, executed and delivered by such Domestic Restricted Subsidiary and constitutes a legal, valid, binding and enforceable obligation of such Domestic Restricted
Subsidiary. Thereafter, such Domestic Restricted Subsidiary shall be a Guarantor for all purposes of this Indenture. 
 Section 4.17. Payments for
Consent. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be
paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to
all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.18. Termination of Certain Covenants if the Notes are Rated Investment Grade. 
 If on any date following the
Issue Date (i) the Notes are rated Investment Grade and (ii) no Default or Event of Default has occurred and is continuing under this Indenture, then, 

  

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commencing on such date and at all times thereafter regardless of any subsequent change in the rating of the Notes, the Company and its Restricted
Subsidiaries will no longer be subject to the provisions of Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12 and 5.01(a)(2) of this Indenture (and the Company shall provide notice to the Trustee thereof). 
 ARTICLE 5 
 SUCCESSORS 
 Section 5.01. Merger, Consolidation, or Sale of Assets. 
 (a) The Company will not, in a single transaction or series of related transactions, consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted
Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or substantially all of the Company’s assets (determined on a consolidated basis for the Company and the Company’s Restricted Subsidiaries)
whether as an entirety or substantially as an entirety to any Person unless: 
 (1) either: 
 (A) the Company shall be the surviving or continuing corporation; or 
 (B) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person which acquires
by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”): 
 (i) shall be a corporation organized and validly existing under the laws of the United States or any State thereof or the District of
Columbia; and 
 (ii) shall expressly assume, by supplemental indenture (in form and substance satisfactory to the Trustee),
executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, interest and Liquidated Damages, if any, on all of the Notes and the performance of every covenant of the Notes, this Indenture and the
Registration Rights Agreement on the part of the Company to be performed or observed; 
 (2) immediately after giving effect
to such transaction and the assumption contemplated by clause (1)(B)(ii) of this Section 5.01(a) (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect
of such transaction), the Company or such Surviving Entity, as the case may be, shall be able to incur at least $1.00 of additional Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.09 hereof; 
 (3) immediately before and immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(B)(ii) of this Section 5.01(a) (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with or in respect of the
transaction), no Default or Event of Default shall have occurred or be continuing; and 
 (4) the Company or the Surviving
Entity shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is
required in connection with such transaction, such supplemental indenture comply with the applicable provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied. 
  

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 (b) For purposes of the provisions of Section 5.01(a) hereof, the transfer (by lease, assignment,
sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company, the Capital Stock of which constitutes all or substantially all of
the properties and assets of the Company, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 
 (c) Notwithstanding clauses (1), (2) and (3) of Section 5.01(a) hereof, the Company may merge with an Affiliate that is a Person that has no material assets or liabilities and which was organized solely
for the purpose of reorganizing the Company in another jurisdiction. 
 (d) Each Guarantor (other than any Guarantor whose Guarantee is to be
released in accordance with the terms of the Guarantee and this Indenture in connection with any transaction complying with the provisions of Section 4.11 hereof) will not, and the Company will not cause or permit any Guarantor to, consolidate
with or merge with or into any Person other than the Company or any other Guarantor unless: 
 (1) the entity formed by or
surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, lease, conveyance or other disposition shall have been made is a corporation organized and existing under the laws of the United States or any State
thereof or the District of Columbia; 
 (2) such entity assumes by supplemental indenture all of the obligations of the
Guarantor on the Guarantee; 
 (3) immediately after giving effect to such transaction, no Default or Event of Default shall
have occurred and be continuing; and 
 (4) immediately after giving effect to such transaction and the use of any net
proceeds therefrom on a pro forma basis, the Company could satisfy the provisions of Section 5.01(a)(2) hereof. 
 (e) Any merger or
consolidation of a Guarantor with and into the Company (with the Company being the surviving entity) or another Restricted Subsidiary of the Company that is a Guarantor need only comply with the provisions of Section 5.01(a)(4) hereof.

 (f) The provisions of this Section 5.01 will not apply to the Company’s acquisition of ADVO, Inc. on the Issue Date. 

Section 5.02. Successor Corporation Substituted. 
 Upon any consolidation, combination or merger or any transfer of all or substantially all of the assets of the Company in accordance with the provisions of Section 5.01 hereof in which the Company is not the continuing corporation, the
successor Person formed by such consolidation or into which the Company is merged or to which such conveyance, lease or transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture, the Notes and the Registration Rights Agreement with the same effect as if such surviving entity had been named as such. 
  

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 ARTICLE 6 
 DEFAULTS AND REMEDIES 
 Section 6.01. Events of Default. 
 Any of the following events shall constitute an event of default (an “Event of Default”): 
 (a) the failure to pay interest on, or Liquidated Damages, if any, with respect to, any Notes when the same becomes due and payable and
the default continues for a period of 30 days; 
 (b) the failure to pay the principal or premium, if any, on any Notes, when
such principal or premium becomes due and payable, at maturity, upon redemption or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); 
 (c) a default in the observance or performance of any other covenant or agreement contained in this Indenture which default continues for
a period of 30 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except (i) in
the case of a default with respect to Section 5.01 hereof, which will constitute an Event of Default with such notice requirement but without such passage of time requirement and (ii) as otherwise provided in the last paragraph of
Section 4.03 hereof); 
 (d) the failure to pay at final maturity (giving effect to any applicable grace periods and any
extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled
or otherwise cured within 30 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness
in default for failure to pay principal at final stated maturity or which has been accelerated (in each case with respect to which the 30-day period described above has elapsed), aggregates $25.0 million or more at any time; provided that any
default or event of default with respect to the ADVO Notes during the period from the Issue Date until the 45th day after the Issue Date shall not give rise to an Event of Default pursuant to this Section 6.01(d); 
 (e) one or more judgments (to the extent not covered by independent third party insurance as to which the insurer does not dispute
coverage) in an aggregate amount in excess of $25.0 million shall have been rendered against the Company or any of its Restricted Subsidiaries and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or
judgments become final and nonappealable; 
 (f) the Company or any of its Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
 (1) commences a voluntary case, 
 (2) consents to the entry of an order for relief against it in an involuntary case, 
 (3)
consents to the appointment of a custodian for it or for all or substantially all of their property. 
 (4) makes a general
assignment for the benefit of its creditors, or 
  

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 (5) an admission by the Company in writing of its inability to pay its debts as they
become due; 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (1) is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
 (2)
appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or
substantially all of the property of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or

 (3) orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any
group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; and the order or decree remains unstayed and in effect for 60 consecutive days; 
 (h) any Guarantee of a Significant Subsidiary ceases to be in full force and effect or any Guarantee of a Significant Subsidiary is
declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor that is a Significant Subsidiary denies its liability under its Guarantee (other than by reason of release of a
Guarantor in accordance with the terms of this Indenture); or 
 (i) any of the ADVO Notes are outstanding on the 45th day
after the Issue Date or at any time thereafter. 
 Section 6.02. Acceleration. 
 If an Event of Default (other than an Event of Default specified in clause (f) or (g) of Section 6.01 hereof with respect to the Company)
shall occur and be continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare the principal of, and accrued and unpaid interest and Liquidated Damages, if any, on all the Notes to be due and
payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and that it is a “notice of acceleration”, and the same shall become immediately due and payable. Upon declaration of acceleration, the
aggregate principal of, and accrued and unpaid interest and Liquidated Damages, if any, on the outstanding Notes shall immediately become due and payable. 
 If an Event of Default specified in clause (f) or (g) of Section 6.01 hereof with respect to the Company occurs and is continuing, then all unpaid principal of and accrued and unpaid interest and
Liquidated Damages, if any, on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after a declaration of acceleration with respect to the Notes as described in this Section 6.02 hereof, the Holders of a majority in
principal amount of the Notes then outstanding by written notice to the Trustee may, on behalf of all of the Holders, rescind and cancel such acceleration or waive any existing Default or Event of Default (except a default in the payment of the
principal of or interest or Liquidated Damages, if any, on any Notes) and its consequences: 
 (a) if the rescission would not
conflict with any judgment or decree; 
  

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 (b) if all existing Events of Default have been cured or waived except nonpayment of
principal or interest or Liquidated Damages, if any, that has become due solely because of the acceleration; 
 (c) to the
extent the payment of such interest is lawful, interest on overdue installments of interest, overdue principal and Liquidated Damages, if any, which has become due otherwise than by such declaration of acceleration, has been paid; 
 (d) if the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and
advances; and 
 (e) in the event of the cure or waiver of an Event of Default of the type described in clause (f) or
(g) of Section 6.01 hereof with respect to the Company, the Trustee shall have received an Officers’ Certificate and an Opinion of Counsel, each stating that such Event of Default has been cured or waived. 
 No such rescission shall affect any subsequent Default or impair any right consequent thereto. 
 No Holder of any Note will have any right to institute any proceeding with respect to this Indenture or for any remedy hereunder, unless such Holder
shall have previously given to the Trustee written notice of a continuing Event of Default and unless also the Holders of at least 25% in aggregate principal amount of the outstanding Notes shall have made written request, and offered reasonable
indemnity, to the Trustee to institute such proceeding as Trustee, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount the outstanding Notes a direction inconsistent with such request and shall have
failed to institute such proceeding within 60 days. Such limitations do not apply, however, to a suit instituted by a Holder of Notes for enforcement of payment of principal of and accrued and unpaid interest and Liquidated Damages, if any, on such
Notes on or after the respective due dates expressed in such Notes. 
 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 and Liquidated Damages, if any, 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. All remedies are cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Past Defaults. 
 Holders of not less than a majority in aggregate principal amount of the then
outstanding Notes by written notice to the Trustee may on behalf of the Holders of all Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the
principal of, premium, if any, interest and Liquidated Damages, if any, on the Notes (including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then
outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. 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 thereon. 
  

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 Section 6.05. Control by Majority. 
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, (i) the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly
prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability, and (ii) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.
Notwithstanding any provision to the contrary in this Indenture, the Trustee is under no obligation to exercise any of its rights or powers under this Indenture at the direction or request of any Holder, unless such Holder shall offer to the Trustee
security and indemnity satisfactory to it against any loss, liability or expense. 
 Section 6.06. Limitation on Suits. 
 A Holder of Notes may pursue any remedy with respect to this Indenture or Notes only if: 
 (a) such Holder gives to the Trustee written notice that an Event of Default is continuing or the Trustee receives such notice from the
Company; 
 (b) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to
the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer and, if requested, provide to the Trustee security or
indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply
with the request within 60 days after receipt of the request and the offer of such security or indemnity; and 
 (e) during
such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such request. 
 A Holder may not use this Indenture to affect, disturb or prejudice the rights of another Holder or to obtain or seek to obtain a preference or priority over another Holder. 
 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, premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note
(including in connection with an offer to purchase), 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(a) or (b) 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 Company 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. 
  

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 Section 6.09. 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 of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor
upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property payable or deliverable upon the exchange of the Notes or 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 6.10. Priorities. 
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money and
property in the following order: 
 First: to the Trustee, its agents and attorneys for amounts due under Section 7.07
hereof, including payment of all reasonable compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest and Liquidated Damages,
if any, 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 and Liquidated Damages, if any, respectively; 
 Third: without duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the Notes; and

 Fourth: to the Company or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
 Section 6.11. Undertaking for Costs. 
 In any
suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of
the claims or 

  

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defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to
Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 
 ARTICLE 7

 TRUSTEE 
 Section 7.01 Duties of
Trustee. 
 (a) If an Event of Default has occurred and is continuing, and subject to any direction received by the requisite Holders, 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: 
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture or the TIA 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 
 (2) 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, the
Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (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: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05 hereof. 
 (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) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or incur any liability if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such risk or liability is not assured
to it. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against any loss,
liability or expense. 
  

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 (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 Company. 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. 
 (b)
Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’
Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will 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 appointed with due care. 
 (d) The Trustee will 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 Company or a Guarantor shall be sufficient if signed by an Officer of the Company or such Guarantor. 
 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of
the Holders unless such Holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee against the losses, liabilities and expenses that might be incurred by it in compliance with such request or direction.

 (g) The Trustee shall not be deemed to have notice of a Default or Event of Default unless a trust officer of the Trustee has actual
knowledge thereof or unless written notice of any event which is in fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office specified in Section 12.02 hereof. 
 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 Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that
the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like
rights and duties. The Trustee is also subject to Section 7.10 and Section 7.11 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 Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of
any money 

  

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received by any Paying Agent other than the Trustee, and it will 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 or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will
deliver to Holders a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest or Liquidated Damages, if any, on any Note,
the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 
 Section 7.06. Reports by Trustee to Holders of the Notes. 
 (a) Within 60 days after each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee will deliver to the Holders of the
Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted).
For the year 2007, no report need be transmitted pursuant to this Section 7.06 if no event described in TIA § 313(a) has occurred since the date hereof. The Trustee also will comply with TIA § 313(b)(2). The Trustee will
also transmit by mail all reports as required by TIA § 313(c). 
 (b) A copy of each report at the time of its mailing to the
Holders will be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company will promptly notify the Trustee when the Notes
are listed on any stock exchange. 
 Section 7.07. Compensation and Indemnity. 
 (a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder as the
parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b) The Company and the Guarantors, jointly and severally, shall indemnify the Trustee against any and all losses, liabilities or expenses incurred by
it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself
against any claim (whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be
attributable to its negligence, willful misconduct or bad faith. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of one such counsel (except as provided in the
first sentence of this Section 7.07(b)). The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 
  

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 (c) The obligations of the Company under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture. 
 (d) To secure the Company’s payment obligations 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. Such Lien shall survive the satisfaction and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(f) or Section 6.01(g) 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. 
 (f) The
Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
 Section 7.08. Replacement of Trustee.

 (a) 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. 
 (b) The Trustee may resign in writing at any time and be
discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company
may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 
 (4) the Trustee becomes incapable of acting. 
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office,
the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or
the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 (e) 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. 
 (f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective, and the successor Trustee shall
have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall deliver a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor


  

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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 Company’s and the Guarantors’ 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 business to, another corporation, the successor corporation without any further act will be the successor Trustee.

 Section 7.10. Eligibility; Disqualification. 
 (a) There will at all times be a Trustee hereunder that is a national banking association or other 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 trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth in its most recent
published annual report of condition. 
 (b) This Indenture shall always have a Trustee who satisfies the requirements of TIA
§ 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
 Section 7.11. Preferential Collection of Claims Against
the Company. 
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A
Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 
 The Company may, at its option and at any
time, elect to have either Section 8.02 or Section 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02. Legal Defeasance and Discharge. 
 Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect
to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company will be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes, which will 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 clauses (a) and
(b) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following
provisions which will survive until otherwise terminated or discharged hereunder: 
 (a) the rights of Holders to receive
payments in respect of the principal of, premium, if any, interest and Liquidated Damages, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
  

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 (b) the Company’s obligations with respect to the Notes under Article 2 and
Sections 4.01 and 4.02 hereof; 
 (c) the rights, powers, trusts, duties and immunities of the Trustee and the
Company’s obligations in connection therewith; and 
 (d) this Article 8. 
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
option under Section 8.03 hereof. 
 Section 8.03. Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company 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 4.07 through Section 4.16 hereof and Section 4.03, Section 4.04,
Section 4.05 and Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the outstanding
Notes will 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 such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the
Company or any of its Subsidiaries may omit to comply with and will 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 above, the remainder of this Indenture and such Notes will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, Section 6.01(c), Section 6.01(d), Section 6.01(e), Section 6.01(f), Section 6.01(g), Section 6.01(h) and Section 6.01(i) hereof will not constitute Events of
Default. 
 Section 8.04. Conditions to Legal or Covenant Defeasance. 
 The following shall be the conditions to the applicability of either Section 8.02 or 8.03 hereof to the outstanding Notes: 
 (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest and Liquidated Damages,
if any, on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 
  

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 (b) in the case of an election under Section 8.02 hereof, the Company must deliver
to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 
 (1) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
 (2) since the date of
this Indenture, there has been a change in the applicable federal income tax law, 
 in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election
under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders will not recognize income, gain or loss for federal income tax
purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d) no Event of Default pursuant to Section 6.01(f) or Section 6.01(g) shall have occurred and be continuing on the date of such
deposit or during the 91-day period thereafter; 
 (e) such Legal Defeasance or Covenant Defeasance shall not result in a
breach or violation of, or constitute a default under, any material agreement or instrument to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its Restricted Subsidiaries is bound; 
 (f) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the
intent of preferring the Holders over any other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or others; 
 (g) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and 
 (h) the
Company must deliver to the Trustee an Opinion of Counsel, stating that assuming no intervening bankruptcy of the Company between the date of deposit and the 91st day following the date of deposit and that no Holder is an insider of the Company,
after the 91st day following the date of deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally. 
 Notwithstanding the foregoing, the requirements of clause (b) above with respect to a Legal Defeasance need not be complied with if all Notes not
theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will become due and payable on the maturity date within one year under arrangements reasonably satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company. 
 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 non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes
shall be held in trust and applied by the Trustee, in accordance with the provisions 

  

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of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any Subsidiary 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, if any, and interest and Liquidated Damages, if any, but such money need not be segregated from other funds
except to the extent required by law. 
 The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the cash or non-callable Government Securities 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. 
 Notwithstanding anything in this Article 8 to the contrary, the Trustee shall deliver or pay to the
Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) 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 the Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or
interest or Liquidated Damages, if any, on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest or Liquidated Damages, if any, has become due and payable shall be paid to the Company on its request or (if
then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 8.07. Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or
Section 8.03 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 Company’s and the Guarantors’ obligations
under this Indenture, the Notes and the Guarantees, as applicable, will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 hereof until such time as the Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 8.02 or Section 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest or Liquidated
Damages, if any, on any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
  

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 ARTICLE 9 
 AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01. Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or the
Guarantees without the consent of any Holder of Notes: 
 (a) to provide for uncertificated Notes in addition to or in place
of certificated Notes; 
 (b) to provide for the assumption of the Company’s or any Guarantor’s obligations under
this Indenture or the Guarantees, as applicable, to the Holders in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets; 
 (c) to make any change that would (i) provide any additional rights or benefits to the Holders of the Notes or (ii) surrender
any right or power conferred upon the Company or Guarantor under this Indenture; provided such modification or amendment may not adversely affect the legal rights hereunder of any such Holder; 
 (d) to comply with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 (e) to allow any Guarantor to execute a supplemental indenture and/or Guarantee with respect to the Notes or to allow the
release of a Guarantor (to the extent permitted by this Indenture); 
 (f) to evidence and provide for the acceptance and
appointment under this Indenture of a successor Trustee hereunder pursuant to the requirements hereof; 
 (g) to provide for
the issuance of Exchange Notes or private exchange notes, which are identical to exchange notes except that they are not freely tradeable; 
 (h) to make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and
administration of the Notes; provided, however, 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 laws and (ii) such
amendment does not materially and adversely affect the rights of Holders to transfer Notes; 
 (i) to cure any ambiguity or
correct or supplement any inconsistent or otherwise defective provision contained in this Indenture; provided that such modification or amendment does not adversely affect the interests of the Holders in any material respect; provided,
further, that any amendment made solely to conform the provisions of this Indenture, the Notes or the Guarantees to any provision of the “Description of Notes” section of the Offering Memorandum will not be deemed to adversely affect
the interests of the Holders; or 
 (j) to provide for the issuance of Additional Notes in accordance with the limitations set
forth in this Indenture as of the date hereof. 
 Upon the request of the Company accompanied by a Board Resolution 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, the Trustee will join with the Company and the 

  

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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 will not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

 Section 9.02. With Consent of Holders of Notes. 
 (a) Except as provided below in this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or the Guarantees with the consent of the Holders of at least a
majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes), and, subject to Section 6.04 and Section 6.07 hereof, any existing Default or Event of Default, other than a Default or Event of Default in the payment of the principal of, premium, if any, interest
or Liquidated Damages, if any, on, the Notes (except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes or the Guarantees may be waived with the consent of the
Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer
or exchange offer for, or purchase of, the Notes). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
 (b) Upon the request of the Company accompanied by a Board Resolution authorizing the execution of any such amended or supplemental Indenture, Notes or
Guarantees and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will
join with the Company and the Guarantors in the execution of such amended or supplemental Indenture, Notes or Guarantees unless such amended or supplemental Indenture, Notes or Guarantees 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 will not be obligated to, enter into such amended or supplemental Indenture, Notes or Guarantees. 
 (c) It is not necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 (d) After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Company will deliver or cause to be delivered to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to deliver such
notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Section 6.04 and Section 6.07 hereof, compliance by the Company or the
Guarantors in a particular instance with any provision of this Indenture, the Notes or the Guarantees may be waived by Holders of at least a majority in aggregate principal amount of the outstanding Notes (including, without limitation, Additional
Notes, if any) voting as a single class. However, without the consent of each Holder affected thereby, an amendment, supplement or waiver under this Section 9.02 may not: 
 (1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the rate of or change the time for payment of interest, including default interest and Liquidated Damages, on any Note;

 (3) reduce the principal of or change the fixed maturity of any Note or alter or waive any of the provisions with respect
to the redemption of the Notes; 
  

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 (4) make any Notes payable in money other than that stated in the Notes; 
 (5) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of principal of, or interest or premium, if any, or Liquidated Damages, if any, on the Notes; 
 (6) waive a Default
or Event of Default in the payment of principal of, or premium, if any, or interest or Liquidated Damages, if any, 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 then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 
 (7) after the
Company’s obligation to purchase Notes arises hereunder, amend, change or modify in any material respect the obligation of the Company to make and consummate a Change of Control Offer in the event of a Change of Control or make and consummate a
Net Proceeds Offer with respect to any Asset Sale that has been consummated or, after such Change of Control has occurred or such Asset Sale has been consummated, modify any of the provisions or definitions with respect thereto; 
 (8) modify or change any provision in this Indenture or the related definitions affecting the ranking of the Notes or any Guarantee in a
manner which adversely affects the Holders; 
 (9) release any Guarantor that is a Significant Subsidiary from any of its
obligations under its Guarantee or this Indenture, except in accordance with the terms of this Indenture; or 
 (10) make any
change in the preceding amendment and waiver provisions. 
 Section 9.03. Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes will be set forth in a amended or supplemental indenture that complies with the TIA as then
in effect. 
 Section 9.04. Revocation and Effect of Consents. 
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note 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 of a Note or subsequent Holder of a Note 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. 
 Section 9.05. Notation on or Exchange of Notes. 
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company 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 will
not affect the validity and effect of such amendment, supplement or waiver. 
  

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 Section 9.06. Trustee to Sign Amendments, Etc. 
 The Trustee will sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. The Company and the Guarantors may not sign an amended or supplemental indenture until their respective Boards of Directors approve it. In executing any amended or supplemental indenture,
Notes or Guarantees, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental indenture, Notes or Guarantee is authorized or permitted by this Indenture. 
 ARTICLE 10 
 SATISFACTION AND DISCHARGE 
 Section 10.01. Satisfaction and Discharge. 
 This Indenture will be discharged and will cease to
be of further effect as to all outstanding Notes issued hereunder, when: 
 (a) either: 
 (1) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has theretofore been deposited in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the Trustee for cancellation; or 
 (2) all Notes that have not been delivered to the Trustee for cancellation (A) have become due and payable by reason of the delivery
of a notice of redemption or otherwise or (B) will become due and payable within one year, or are called for redemption within one year, under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the
Trustee in the name, and at the expense, of the Company, and the Company or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for
cancellation for principal, premium, if any, interest and Liquidated Damages, if any, on the Notes to the date of maturity or redemption, as the case may be, together with irrevocable instructions from the Company directing the Trustee to apply such
funds to the payment thereof at maturity or redemption, as the case may be; 
 (b) the Company has paid or caused to be paid
all sums payable by it under this Indenture; and 
 (c) the Company has delivered an Officers’ Certificate and an Opinion
of Counsel to the Trustee, each stating that all conditions precedent to satisfaction and discharge of the Indenture have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (2) of clause (a) of this Section 10.01, the provisions of Section 10.02 and
Section 8.06 hereof will survive. In addition, nothing in this Section 10.01 will be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture.

  

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 Section 10.02. Application of Trust Money. 
 Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 10.01 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 Company 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 and Liquidated Damages, if any, for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent
required by law. 
 If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with
Section 10.01 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 Company’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest or Liquidated
Damages, if any, on any such Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or
Paying Agent. 
 ARTICLE 11 
 GUARANTEES 
 Section 11.01. Guarantees. 
 (a) Each Guarantor hereby jointly and severally, fully, unconditionally and irrevocably guarantees the Notes and obligations of the Company hereunder and thereunder, and guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee on behalf of such Holder, that: (i) the principal of and premium, if any, and interest and Liquidated Damages, if any, on the Notes shall be paid in full when due, whether at Stated
Maturity, by acceleration, call for redemption or otherwise (including, without limitation, the amount that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), together with interest on the
overdue principal, if any, and interest on any overdue interest and Liquidated Damages, if any, to the extent lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be paid in full or performed,
all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same shall be paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. Each of the Guarantees shall be a guarantee of payment and not of collection. 
 (b) Each Guarantor hereby agrees that its 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 Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a Guarantor. 
 (c) Each Guarantor hereby waives the benefits of diligence, presentment, demand for
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the
Guarantee of such Guarantor shall not be discharged as to any Note except by complete performance of the obligations contained in such Note and such Guarantee or as provided for in this Indenture. Each of the Guarantors hereby agrees that, in the
event of a default in payment of principal or premium, if any or interest on such Note, whether at 

  

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its Stated Maturity, by acceleration, call for redemption, purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the
Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such Guarantor’s Guarantee without first proceeding against the Company or any other Guarantor. Each
Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to
collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due
and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (d) If any Holder or the
Trustee is required by any court or otherwise to return to the Company or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Company or any Guarantor, any amount paid by any of them to the
Trustee or such Holder, the Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which may be
taken by the Trustee or any Holder in reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of this Indenture. 
 (e) Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 hereof for the purposes of the Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of
any acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Guarantee of such Guarantor. 
 Section 11.02. Execution and Delivery of Guarantee. 
 To evidence its Guarantee set forth in Section 11.01 hereof, each Guarantor agrees that a notation of such Guarantee substantially in the form attached hereto as Exhibit B shall be endorsed on each Note authenticated and
delivered by the Trustee. Such notation of Guarantee shall be signed on behalf of such Guarantor by an officer of such Guarantor (or, if an officer is not available, by a board member or director) on behalf of such Guarantor by manual or facsimile
signature. In case the officer, board member or director of such Guarantor who shall have signed such notation of Guarantee shall cease to be such officer, board member or director before the Note on which such Guarantee is endorsed shall have been
authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered as though the Person who signed such notation of Guarantee had not ceased to be such officer, board member or director. 
 Each Guarantor agrees that its Guarantee set forth in Section 11.01 hereof shall remain in full force and effect and apply to all the Notes
notwithstanding any failure to endorse on each Note a notation of such Guarantee. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Guarantee set forth in this Indenture on
behalf of the Guarantors. 
 Section 11.03. Severability. 
 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.

  

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 Section 11.04. Limitation on Guarantors’ Liability. 
 Each Guarantor and by its acceptance hereof each Holder 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 the Federal Bankruptcy Code, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to
fraudulent transfer or conveyance. To effectuate the foregoing intention, the Trustee, the Holders and Guarantors hereby irrevocably agree that the obligations of such Guarantor under its Guarantee shall be limited to the maximum amount that will
not, after giving effect to all other contingent and fixed liabilities of such Guarantor 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 its Guarantee, result in the obligations of such Guarantor under its Guarantee constituting a fraudulent transfer or conveyance. 
 Section 11.05. Guarantors May Consolidate, Etc., on Certain Terms. 
 Except as otherwise provided
in this Section 11.05, a Guarantor may not sell or otherwise dispose of all or substantially all of its assets, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the
Company or another Guarantor, unless: 
 (a) immediately after giving effect to such transactions, no Default or Event of
Default exists; and 
 (b) either: 
 (1) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or
merger assumes all the obligations of that Guarantor under this Indenture, its Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture satisfactory to the Trustee; or 
 (2) the Net Cash Proceeds of any such sale or other disposition of a Guarantor are applied in accordance with the provisions of
Section 4.11 hereof. 
 In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person,
by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture and the Registration Rights
Agreement to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. All the Guarantees so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all such Guarantees had been issued at the date of the execution hereof. 
 Except as set forth in Article 4 and Article 5 hereof, and notwithstanding clauses (a) and (b) above, nothing contained in this Indenture or in
any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the
Company or another Guarantor. 
  

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 Section 11.06. Releases Following Sale of Assets and Other Events. 
 Any Guarantor shall be automatically and unconditionally released and relieved of any obligations under its Guarantee without any further action on the
part of the Trustee or any Holder: 
 (a) in connection with any sale or other disposition of all or substantially all of the
assets of that Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary, if sale or other disposition is made in accordance with the provisions
of Section 4.11 hereof; 
 (b) in connection with any sale of all of the Capital Stock of a Guarantor to a Person that is
not (either before or after giving effect to such transaction) a Restricted Subsidiary, if the sale is made in accordance with the provisions of Section 4.11 hereof; 
 (c) in connection with any transaction following which the applicable Guarantor is no longer a Restricted Subsidiary immediately after
giving effect to such transaction if such transaction is made in accordance with Section 4.11; 
 (d) upon the discharge
or release of all guarantees of such Guarantor, and all pledges of property or assets of such Guarantor securing all other Indebtedness of the Company and the Restricted Subsidiaries, which resulted in the creation of such Guarantee pursuant to
Section 4.16; or 
 (e) if the Company exercises its legal defeasance option or covenant defeasance option pursuant to
Sections 8.02 or 8.03 hereof or if its obligations under this Indenture are discharged in accordance with the terms of this Indenture. 
 Upon delivery to the Trustee of an Officers’ Certificate and an Opinion of Counsel (which may be subject to certain qualifications) to the effect that such sale or other disposition was made by the Company in accordance with the
provisions of this Indenture, including without limitation Sections 4.11 and 4.16 hereof, the Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Guarantee.

 Any Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of principal of and interest
on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 11. 
 Section 11.07. Release of a
Guarantor. 
 Any Guarantor that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary in accordance with
the terms of this Indenture shall, at such time, be deemed automatically and unconditionally released and discharged of its obligations under its Guarantee without any further action on the part of the Trustee or any Holder. The Trustee shall
deliver an appropriate instrument evidencing such release upon receipt of the Company’s request for such release accompanied by an Officers’ Certificate certifying as to the compliance with this Section 11.07. 
 Section 11.08. Benefits Acknowledged. 
 Each
Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its guarantee and waivers pursuant to its Guarantee are knowingly made in contemplation of such
benefits. 
  

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 ARTICLE 12 
 MISCELLANEOUS 
 Section 12.01. Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties shall control.

 Section 12.02. Notices. 
 Any
notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or by electronic transmission, first class mail (registered or certified, return receipt requested), facsimile
transmission or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to the Company or the
Guarantors: 
 Valassis Communications, Inc. 
 19975 Victor Parkway 
 Livonia, Michigan 48152 
 Attention: Chief Financial Officer 
 With a copy to: 
 McDermott Will & Emery LLP 
 340 Madison Avenue 
 New York, New York 10173 
 Attention: Amy S. Leder 
 If to the Trustee: 
 Wells Fargo Bank, National Association 
 Corporate Trust Services 
 Sixth and Marquette 
 Mac N9303-120 
 Minneapolis, Minnesota 55479
 Attention: Valassis Communications Account Manager 
 Facsimile No.: (612) 667-9825 
 The Company, 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 Business Days after being deposited in the mail,
postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or email; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next Business Day delivery. 
 Any notice or communication to a Holder shall be delivered by electronic transmission, first class mail, certified or registered, return receipt
requested, or by overnight air courier guaranteeing next Business Day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so delivered to any Person described in TIA § 313(c), to
the extent required by the TIA. Failure to deliver a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
  

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 If a notice or communication is delivered in the manner provided above within the time prescribed, it is
duly given, whether or not the addressee receives it. 
 If the Company delivers a notice or communication to Holders, it will deliver a copy
to the Trustee and each Agent at the same time. 
 Section 12.03. Communication by Holders of Notes with Other Holders of Notes. 
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the applicable Notes.
The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
 Section 12.04. Certificate and
Opinion as to Conditions Precedent. 
 Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee: 
 (a) an Officers’ Certificate in form and substance reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 12.05 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 in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
 Section 12.05. Statements Required in Certificate or Opinion. 
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof or TIA § 314(a)(4))
must comply with the provisions of TIA § 314(e) and must 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 or her to express an informed opinion as to whether or not such covenant or condition has been satisfied (and, in the
case of an Opinion of Counsel, may be limited to reliance on an Officers’ Certificate as to matters of fact); and 
 (d)
a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 Section 12.06. Rules by Trustee
and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make
reasonable rules and set reasonable requirements for its functions. 
 Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholder Members. 
 No director, officer, employee, member, incorporator or stockholder of the Company or any Subsidiary of the
Company (other than the Company or a Guarantor in its capacity as a 

  

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stockholder of a Subsidiary of the Company), as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this
Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 12.08.
Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 Section 12.09. No Adverse Interpretation of Other Agreements. 
 This Indenture may not be used to interpret any other
indenture, loan or debt agreement of the Company, any Guarantor or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10. Successors. 
 All agreements of the Company and the Guarantors in this Indenture
and the Notes and the Guarantees, as applicable, shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture will bind its successors. 
 Section 12.11. Severability. 
 In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.12. Counterpart Originals. 
 This Indenture may be executed in any number of counterparts, and by the
different parties on separate counterparts, each of which shall be deemed an original, but all of which together shall constitute but one and the same instrument. 
 Section 12.13. Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the
Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
 [Signatures on following page] 
  

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 SIGNATURES 
 Dated as of March 2, 2007 
  

			
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	/s/ Barry P. Hoffman
	Name:	 	Barry P. Hoffman
	Title:	 	Executive Vice President
	
	VALASSIS COUPON CLEARING, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS INTERNATIONAL, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	NCH MARKETING SERVICES, INC.
		
	By:	 	/s/ Michelle Carey Jones
	Name:	 	Michelle Carey Jones
	Title:	 	Vice President
	
	NCH NUWORLD SPAIN, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	NCH NUWORLD LLC
	
	BY: NCH Marketing Services, inc.,
	
	ITS MANAGER
		
	BY:	 	/s/ Michelle Carey Jones
	Name:	 	Michelle Carey Jones
	Title:	 	Vice President
	
	COUPON SELECT, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President










			
	RELATIONSHIP MARKETING GROUP, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS MANUFACTURING COMPANY
		
	By:	 	/s/ William F. Hogg, Jr.
	Name:	 	William F. Hogg, Jr.
	Title:	 	President
	
	VALASSIS SALES & MARKETING SERVICES, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS DATA MANAGEMENT, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALASSIS RELATIONSHIP MARKETING SYSTEMS, LLC
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	General Manager
	
	VCI DIRECT MAIL, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	PROMOTION WATCH, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VCI ENTERPRISES, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President










			
	VCI ELECTRONIC COUPONS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	ADVO, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	MBV, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	ADVO, INVESTMENT COMPANY, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	VALUE FAIR, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	MAILCOUPS DIRECT, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	COUPON DISTRIBUTORS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	SHOPWISE.COM, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	MAIL MARKETING SYSTEMS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President










			
	MAILCOUPS, INC.
		
	By:	 	/s/ Todd Wiseley
	Name:	 	Todd Wiseley
	Title:	 	Vice President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Lynn M. Steiner
	Name:	 	Lynn M. Steiner
	Title:	 	Vice President









 EXHIBIT A 
 8 1/4% Senior Notes due 2015 
 [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 








 [Face of Note] 
 CUSIP                      
 8 1/4% Senior Notes due 2015 
  

			
	 No.         
	  	$                     

 Valassis Communications, Inc. 
 promises to pay to Cede & Co. or registered assigns, 
 the principal sum of
                                        
                                        
                 DOLLARS on March 1, 2015. 
 Interest Payment Dates:
March 1 and September 1 
 Record Dates: February 15 and August 15 
 Dated:                     , 20     
  

			
	Valassis Communications, Inc.
		
	By:	 	  
		 	Name:
		 	Title:
		
	By:	 	  
		 	Name:
		 	Title:


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

			
	Wells Fargo Bank, National Association,
as Trustee
		
	By:	 	  
		 	Authorized Signatory

  

 A-2 








 [Back of Note] 
 8 1/4% Senior Notes due 2015 
 Capitalized terms used herein have the meanings assigned to
them in the Indenture referred to below unless otherwise indicated. 
 (1) INTEREST. Valassis Communications, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 8 1/4% per annum from                     ,
20     until maturity. The Company will pay interest semi-annually in arrears on March 1 and September 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an
“Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default
in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided
further that the first Interest Payment Date shall be                    , 20    . The Company will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, and Liquidated Damages, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate
then in effect to the extent lawful; it will 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 same rate to the extent lawful. Interest will be computed daily on the basis of a 360-day year of twelve 30-day months. 
 (2) METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the February 15 or
September 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be payable as to principal, premium, if any, interest and Liquidated Damages, if any, at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of
the Company, payment of interest and Liquidated Damages, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be
required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will 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, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The
Company or any of its Subsidiaries may act in the capacity of Paying Agent or Registrar. 
 (4) INDENTURE. The Company
issued the Notes under an Indenture, dated as of March 2, 2007 (the “Indenture”), by and among the Company, the guarantors party thereto (the “Guarantors”) and the Trustee. The terms of this Note include those
stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. 
  

 A-3 








 (5) OPTIONAL REDEMPTION. 
 (a) At any time, or from time to time, prior to March 1, 2011, the Company may, at its option, redeem the Notes, in whole or in part,
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest and Liquidated Damages, if any, to, but not including, the redemption date (subject to the
rights of Holders on the relevant record date to receive interest due on the relevant interest payment date). Notice of such redemption shall be delivered to each Holder’s registered address, not less than 30 nor more than 60 days prior to the
redemption date. 
 (b) At any time, or from time to time, on or prior to March 1, 2010, the Company may, at its option,
use the net cash proceeds of one or more Equity Offerings to redeem up to 35% of the principal amount of the Notes issued under the Indenture (including any Additional Notes) at a redemption price equal to 108.25% of the principal amount thereof,
plus accrued and unpaid interest thereon and Liquidated Damages, if any, to, but not including, the date of redemption (subject to the rights of Holders on the relevant record date to receive interest due on the relevant interest payment date);
provided that: 
 (i) at least 65% of the principal amount of Notes issued under the Indenture on the Issue Date
(other than Notes held, directly or indirectly, by the Company or its Subsidiaries) remains outstanding immediately after any such redemption; and 
 (ii) the Company makes such redemption not more than 120 days after the consummation of any such Equity Offering. 
 Notice of any redemption using the proceeds of an Equity Offering may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 

(c) At any time, or from time to time, on or after March 1, 2011, the Company may, at its option, redeem the Notes, in whole or in
part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount thereof) set forth below plus accrued and unpaid interest thereon and Liquidated Damages, if any, on the Notes
redeemed, to, but not including, the applicable redemption date, if redeemed during the twelve-month period commencing on March 1 of the years set forth below, subject to the rights of Holders of the Notes on the relevant record date to receive
interest on the relevant interest payment date: 
  

				
	 Year
	  	Percentage	 
	 2011
	  	104.125	%
	 2012
	  	102.063	%
	 2013 and thereafter
	  	100.000	%

 (6) MANDATORY REDEMPTION. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  

 A-4 








 (7) REPURCHASE AT THE OPTION OF HOLDER. 
 (a) If the Company consummates any Asset Sales, within 25 days following the Net Proceeds Offer Trigger Date, the Company will commence an
offer to all Holders of Notes and all holders of Pari Passu Indebtedness containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (a “Net Proceeds
Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes (including any Additional Notes issued under the Indenture) and Pari Passu Indebtedness that may be purchased out of the Net Cash
Proceeds at an offer price equal to 100% of the principal amount thereof plus accrued and unpaid interest thereon and Liquidated Damages, if any, to the date of purchase, in accordance with the procedures set forth in the Indenture. To the extent
that the aggregate amount of Notes (including any Additional Notes issued under the Indenture) and Pari Passu Indebtedness tendered pursuant to a Net Proceeds Offer is less than the Net Proceeds Offer Amount, the Company may use any remaining Net
Proceeds Offer Amount for any purpose not otherwise prohibited by the Indenture. If, instead, such aggregate principal amount of Notes and Pari Passu Indebtedness tendered pursuant to a Net Proceeds Offer exceeds the Net Proceeds Offer Amount the
Trustee shall select the Notes and Pari Passu Indebtedness to be purchased on a pro rata basis based on the aggregate amounts of Notes and Pari Passu Indebtedness tendered (and the Trustee shall select the tendered Notes of tendering Holders
on a pro rata basis based on the amount of Notes tendered). Holders of Notes that are the subject of an offer to purchase will receive an Net Proceeds Offer from the Company prior to any related purchase date and may elect to have such Notes
purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 
 (b)
If a Change of Control occurs, the Company will be required to make an offer (a “Change of Control Offer”) to each Holder to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000) of such Holder’s Notes
at a purchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest and Liquidated Damages, if any on the Notes repurchased to the date of repurchase, subject to the rights of Holders
on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, the Company will deliver a notice to each Holder, with a copy to the Trustee, setting forth the procedures
governing the Change of Control Offer as required by the Indenture. 
 (8) NOTICE OF REDEMPTION. Notice of redemption
will be delivered at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, 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 defeasance of the Notes or a satisfaction and discharge of the Indenture. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. On and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the
applicable redemption price. 
 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons
in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not issue, register the transfer of or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed or
during the period between a record date and the next succeeding Interest Payment Date. 
  

 A-5 








 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its
owner for all purposes. 
 (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the
Notes or the Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any, issued under the Indenture) voting as a
single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for purchase of, the Notes), and any existing Default or Event or Default other than a Default or Event of Default in the payment of
the principal of, premium, if any, interest or Liquidated Damages, if any, on, the Notes (except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture, the Notes and the
Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including Additional Notes, if any, issued under the Indenture) voting as a single class (including, without
limitation, consents obtained in connection with a tender offer or exchange offer for purchase of, the Notes). Without the consent of any Holder of Notes, the Indenture, the Notes or the Guarantees may be amended or supplemented to provide for
uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption of the Company’s or any Guarantor’s obligations under the Indenture or the Guarantees, as applicable, to the Holders in the case of a
merger or consolidation or sale of all or substantially all of the Company’s or such Guarantor’s assets; to make any change that would (i) provide any additional rights or benefits to the Holders of the Notes or (ii) surrender
any right or power conferred upon the Company or Guarantors under this Indenture; provided such modification or amendment may not adversely affect the legal rights hereunder of any such Holder; to comply with the requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the TIA; to allow any Guarantor to execute a supplemental indenture and/or Guarantee with respect to the Notes or to allow the release of a Guarantor (to the extent permitted by
the Indenture); to evidence and provide for the acceptance and appointment under the Indenture of a successor Trustee thereunder pursuant to the requirements of the Indenture; to provide for the issuance of Exchange Notes or private exchange notes,
which are identical to exchange notes except that they are not freely tradeable; to conform the text of the Indenture, the Notes or the Guarantees to any provision of the “Description of Notes” section of the Offering Memorandum relating
to the initial offering of the Notes; to make any amendment to the provisions of the Indenture relating to the transfer and legending of Notes as permitted by the Indenture, including, without limitation, to facilitate the issuance and
administration of the Notes; provided, however, that (i) compliance with the Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities laws and (ii) such
amendment does not materially and adversely affect the rights of Holders to transfer Notes; to cure any ambiguity or correct or supplement any inconsistent or otherwise defective provision contained in the Indenture; provided that such
modification or amendment does not adversely affect the interests of the Holders in any material respect; provided, further, that any amendment made solely to conform the provisions of the Indenture, the Notes or the Guarantees to any
provision of the “Description of Notes” section of the Offering Memorandum will not be deemed to adversely affect the interests of the Holders; or to provide for the issuance of Additional Notes in accordance with the limitations set forth
in the Indenture. 
 (12) DEFAULTS AND REMEDIES. Events of Default with respect to the Notes include: (i) default
for 30 days in the payment when due of interest on, or Liquidated Damages, if any, with respect to the Notes; (ii) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the
Notes (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer or a Net Proceeds Offer); (iii) failure by the Company for 30 days after notice to the Company by the Trustee or the Holders of at
least 25% in aggregate principal amount 

  

 A-6 








 
of the Notes then outstanding voting as a single class to comply with any of the other covenants or agreements in the Indenture (except (i) in the case
of a default with respect to Section 5.01 of the Indenture, which will constitute an Event of Default with such notice requirement but without such passage of time requirement and (ii) as otherwise provided in the last paragraph of
Section 4.03 of the Indenture); (iv) default under any mortgage, indenture or other instrument under which there may be issued or by which there may be evidenced any Indebtedness of the Company or any Restricted Subsidiary of the Company,
whether such Indebtedness now exists or is created after the date hereof, if that default: (a) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration of the grace period
provided in such Indebtedness on the date of such default (a “Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its final stated maturity, and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $25.0 million or more, provided that any default or
event of default with respect to the ADVO Notes during the period from the Issue Date until the 45th day after the Issue Date shall not give rise to an Event of Default under the Indenture; (v) failure by the Company to pay final non-appealable
judgments (to the extent not covered by independent third party insurance as to which the insurer does not dispute coverage) entered by a court or courts of competent jurisdiction against the Company or any Restricted Subsidiary of the Company in
amounts aggregating in excess of $25.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; (vi) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of Bankruptcy Law, commences a voluntary case, consents to the entry of an order for relief against it in an involuntary
case, consents to the appointment of a custodian for it or for all or substantially all of its property, makes a general assignment for the benefit of its creditors, or an admission by the Company in writing of its inability to pay its debts as they
become due; (vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that is for relief against the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary and the order or decree remains unstayed and in effect for 60 consecutive days; (viii) any Guarantee of a Significant Subsidiary ceases to be in full
force and effect or any Guarantee of a Significant Subsidiary is declared to be null and void and unenforceable or any Guarantee of a Significant Subsidiary is found to be invalid or any Guarantor that is a Significant Subsidiary denies its
liability under its Guarantee (other than by reason of release of a Guarantor in accordance with the terms of the Indenture); or (ix) any of the ADVO Notes are outstanding on the 45th day after the Issue Date or at any time thereafter.

 If any Event of Default with respect to outstanding Notes occurs and is continuing, the Trustee or the Holders of at least
25% in aggregate principal amount of the then outstanding Notes may declare the principal of, and accrued and unpaid interest and Liquidated Damages, if any, on all the Notes to be due and payable by notice in writing to the Company and the Trustee
specifying the respective Event of Default and that it is a “notice of acceleration” and the same shall be immediately due and payable. 
  

 A-7 








 Notwithstanding the foregoing, in the case of an Event of Default arising from certain
events of bankruptcy or insolvency, all unpaid principal of and accrued and unpaid interest and Liquidated Damages, if any, on all of the outstanding Notes will become due and payable immediately without further action or notice. Holders may not
enforce the Indenture or the Notes 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 or interest or premium, if any,) if it determines that withholding
notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders, rescind an acceleration or waive any existing Default or Event of Default and
its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required, within five Business Days of any Officer becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 (13) TRUSTEE DEALINGS WITH THE COMPANY. The Trustee, in its individual or any other capacity, may become the owner or pledgee of
Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. 
 (14) NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company or any Subsidiary of the Company (other than the Company or a Guarantor in its capacity as a
stockholder of a Subsidiary of the Company), as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Guarantees or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 (15) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent. 
 (16) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN
COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
 (17) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or
as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 
 (18) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

 A-8 








 (19) [REGISTRATION RIGHTS.
In addition to the rights provided to Holders of Notes under the Indenture, Holders will have all the rights set forth in the Registration Rights Agreement.]1 
 The Company will furnish to any Holder upon written request and without charge a copy of
the Indenture. Requests may be made to: 
 Valassis Communications, Inc. 
 19975 Victor Parkway 
 Livonia, Michigan 48152 
 Attention: Chief Financial Officer 


	 1
	 Include for any Note other than an Exchange Note. 


  

 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 Company. 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 Company pursuant to Section 4.11 (Asset Sale Offer)
or Section 4.15 (Change of Control Offer) of the Indenture, check the appropriate box below: 
  ̈  Section 4.11              ̈  Section 4.15 
 If you want to elect to have only part of the Note purchased by the Company
pursuant to Section 4.11 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 
 $                     
 Date:
                     
  

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




			
	Tax Identification No.:	 	  


  

			
		
	Signature Guarantee*:	 	  

  

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

  

 A-11 








 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE* 
 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 Note 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
officer of Trustee or
Custodian
		  		  		  		  	

  

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

  

 A-12 








 EXHIBIT B 
 FORM OF NOTATIONAL GUARANTEE 
 The Guarantor listed
below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under that certain Indenture, dated as of March 2, 2007, by and among Valassis Communications, Inc. (the
“Company”), the Guarantors party thereto and the Trustee (as amended and supplemented from time to time, the “Indenture”), has guaranteed the Company’s 8 1/4% Senior Notes due 2015 (the “Notes”) and the obligations of the Company under the Indenture, which include (i) the due and punctual
payment of the principal of, premium, if any, and interest on the Notes, whether at stated maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, Liquidated Damages, if any, and
(to the extent permitted by law) interest on any interest, if any, on the Notes, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth in Article 11 of
the Indenture, (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise, and (iii) the payment of any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder in enforcing any rights under this Guarantee or
the Indenture. 
 The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Guarantee and the Indenture are
expressly set forth in Article 11 of the Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. 
 No stockholder, employee, officer, director or incorporator, as such, past, present or future of each Guarantor shall have any liability under this Guarantee by reason of his or its status as such stockholder, employee, officer, director or
incorporator. 
 This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon each Guarantor and its
successors and assigns until full and final payment of all of the Company’s obligations under the Notes and Indenture or until released in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee
and the Holders, and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions hereof. This is a Guarantee of payment and not of collection. 
 This Guarantee shall not be valid or
obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual or facsimile signature of one of its authorized officers. The
Obligations of each Guarantor under its Guarantee shall be limited to the extent necessary to ensure that it does not constitute a fraudulent conveyance under applicable law. 
  

 B-1 








 THE TERMS OF ARTICLE 11 OF THE INDENTURE ARE INCORPORATED HEREIN 
 BY REFERENCE. 
 Capitalized terms used herein
have the same meanings given in the Indenture unless otherwise indicated. 
 Dated as of
                         
  

			
	[GUARANTOR]
		
	By:	 	  
	Name:	 	
	Title:	 	


  

 B-2 








 EXHIBIT C 
 FORM OF CERTIFICATE OF TRANSFER 
 Valassis Communications, Inc. 
 19975 Victor Parkway 
 Livonia, Michigan 48152 
 Attention: Chief Executive Officer 
 Wells Fargo Bank, National
Association 
 Corporate Trust Services 
 Sixth and
Marquette 
 Mac N9303-120 
 Minneapolis, Minnesota
55479
 Attention: Lynn M. Steiner 
  

	 	Re:	[Insert title of applicable Note] 

 Reference is hereby
made to the Indenture, dated as of March 2, 2007 (the “Indenture”), among Valassis Communications, Inc., as issuer (the “Company”), the guarantors party thereto and Wells Fargo Bank, National Association, as
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 ONE]: 
 1.  ̈ The Transfer is being effected pursuant to and in accordance with Rule 144A under the 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. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
 2.  ̈ The Transfer is being effected in
compliance with the transfer restrictions applicable to beneficial interests in Global Notes and 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 such Transfer is being effected to the Company. 
  

 C-1 








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

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


 Dated:
                     
  

 C-2 








 ANNEX A TO CERTIFICATE OF TRANSFER 
  

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

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

	 	 ̈	a beneficial interest in the Global Note (CUSIP                     ):


  

	 	 ̈	a Definitive Note. 

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE]

  

	 	(a)	 ̈     a beneficial interest in the Global Note (CUSIP
                    ): 

  

	 	(b)	 ̈    a Definitive Note, 

 in accordance with the terms of the Indenture. 
  

 C-3 








 EXHIBIT D 
 FORM OF CERTIFICATE OF EXCHANGE 
 Valassis Communications, Inc. 
 19975 Victor Parkway 
 Livonia, Michigan 48152 
 Attention: Chief Executive Officer 
 Wells Fargo Bank, National
Association 
 Corporate Trust Services 
 Sixth and
Marquette 
 Mac N9303-120 
 Minneapolis, Minnesota
55479
 Attention: Lynn M. Steiner 
  

	 	Re:	[Insert title of applicable Note] 

 (CUSIP
                    ) 
 Reference
is hereby made to the Indenture, dated as of March 2, 2007 (the “Indenture”), among Valassis Communications, Inc., as issuer (the “Company”), the guarantors party thereto and Wells Fargo Bank, National
Association, as 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: 
 (a)  ̈ Check if Exchange is from beneficial interest in a Global Note to Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Global Note for a Definitive Note
with an equal principal amount, the Owner hereby certifies that (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 Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), and (iii) upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Definitive Note and in the Indenture and the Securities Act. 
 (b)  ̈ Check if Exchange is from Definitive
Note to beneficial interest in a Global Note. In connection with the Exchange of the Owner’s Definitive Note for a beneficial interest in the Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial
interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the 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 Global Note and in the Indenture and the Securities Act. 
  

 D-1 








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

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


 Dated: