Exhibit
4.1


 


Execution Version 


 


INDENTURE


 


Dated
as of August 11, 2020


 


Among


 


SUMMIT
MATERIALS, LLC, as the Issuer,


 


SUMMIT
MATERIALS FINANCE CORP., as the Co-Issuer,


 


the
Guarantors named herein


 


and


 


WILMINGTON
TRUST, NATIONAL ASSOCIATION,


 


as
Trustee, Transfer Agent, Registrar and Paying Agent


 


$700,000,000
5.25% SENIOR NOTES DUE 2029


 






     


     


    

 


TABLE
OF CONTENTS


 


		 	Page
	 	 	 
	ARTICLE 1

    definitions and incorporation by reference
	 	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other
    Definitions	43
	Section 1.03.	Rules of
    Construction	44
	Section 1.04.	Acts
    of Holders	45
	Section 1.05.	Timing
    of Payment	46
	Section 1.06.	Limited
    Condition Acquisition	47
	Section 1.07.	Incorporation
    by Reference of Trust Indenture Act	48
	Section 1.08.	Certain
    Compliance Calculations	48
	 	 	 
	ARTICLE 2

    the notes
	 	 	 
	Section 2.01.	Form and
    Dating; Terms	49
	Section 2.02.	Execution
    and Authentication	50
	Section 2.03.	Registrar,
    Transfer Agent and Paying Agent	51
	Section 2.04.	Paying
    Agent to Hold Money in Trust	51
	Section 2.05.	Holder
    Lists	51
	Section 2.06.	Transfer
    and Exchange	52
	Section 2.07.	Replacement
    Notes	62
	Section 2.08.	Outstanding
    Notes	62
	Section 2.09.	Treasury
    Notes	63
	Section 2.10.	Temporary
    Notes	63
	Section 2.11.	Cancellation	63
	Section 2.12.	Defaulted
    Interest	63
	Section 2.13.	CUSIP
    Numbers; ISINs	64
	 	 	 
	ARTICLE 3

    Redemption
	 	 	 
	Section 3.01.	Notices
    to Trustee	64
	Section 3.02.	Selection
    of Notes to Be Redeemed	64
	Section 3.03.	Notice
    of Redemption	64
	Section 3.04.	Effect
    of Notice of Redemption	65
	Section 3.05.	Deposit
    of Redemption Price	66
	Section 3.06.	Notes
    Redeemed in Part	66
	Section 3.07.	Optional
    Redemption	66
	Section 3.08.	Offers
    to Repurchase by Application of Excess Proceeds	68
	Section 3.09.	Mandatory
    Redemption	70




 






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		 	Page
	 	 	 
	ARTICLE 4

    Covenants
	 	 	 
	Section 4.01.	Payment
    of Notes	70
	Section 4.02.	Maintenance
    of Office or Agency	70
	Section 4.03.	Reports
    and Other Information	71
	Section 4.04.	Compliance
    Certificate	72
	Section 4.05.	Taxes	73
	Section 4.06.	Stay,
    Extension and Usury Laws	73
	Section 4.07.	Limitation
    on Restricted Payments	73
	Section 4.08.	Dividend
    and Other Payment Restrictions Affecting Restricted Subsidiaries	83
	Section 4.09.	Limitation
    on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	85
	Section 4.10.	Asset
    Sales	92
	Section 4.11.	Transactions
    with Affiliates	95
	Section 4.12.	Liens	97
	Section 4.13.	Company
    Existence	98
	Section 4.14.	Offer
    to Repurchase Upon Change of Control	98
	Section 4.15.	Limitation
    on Guarantees of Indebtedness by Restricted Subsidiaries	101
	Section 4.16.	Limitation
    on Business Activities of the Co-Issuer	101
	Section 4.17.	Suspension
    of Covenants	101
	 	 	 
	ARTICLE 5

    Successors
	 	 	 
	Section 5.01.	Merger,
    Consolidation or Sale of All or Substantially All Assets	103
	Section 5.02.	Successor
    Person Substituted	105
	 	 	 
	ARTICLE 6

    Defaults and Remedies
	 	 	 
	Section 6.01.	Events
    of Default	105
	Section 6.02.	Acceleration	109
	Section 6.03.	Other
    Remedies	109
	Section 6.04.	Waiver
    of Past Defaults	109
	Section 6.05.	Control
    by Majority	110
	Section 6.06.	Limitation
    on Suits	110
	Section 6.07.	Rights
    of Holders to Receive Payment	110
	Section 6.08.	Collection
    Suit by Trustee	110
	Section 6.09.	Restoration
    of Rights and Remedies	110
	Section 6.10.	Rights
    and Remedies Cumulative	111
	Section 6.11.	Delay
    or Omission Not Waiver	111
	Section 6.12.	Trustee
    May File Proofs of Claim	111
	Section 6.13.	Priorities	111
	Section 6.14.	Undertaking
    for Costs	112
	 	 	 
	ARTICLE 7

    Trustee
	 	 	 
	Section 7.01.	Duties
    of Trustee	112
	Section 7.02.	Rights
    of Trustee	113
	Section 7.03.	Individual
    Rights of Trustee	115
	Section 7.04.	Trustee’s
    Disclaimer	115
	Section 7.05.	Notice
    of Defaults	115
	Section 7.06.	Compensation
    and Indemnity	115
	Section 7.07.	Replacement
    of Trustee	116
	Section 7.08.	Successor
    Trustee by Merger, etc	117
	Section 7.09.	Eligibility;
    Disqualification	117
	Section 7.10.	Preferential
    Collection of Claims Against Issuers	117
	Section 7.11.	Reports
    by Trustee to Holders	117




 






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		 	Page
	 	 	 
	ARTICLE 8

    Legal Defeasance and Covenant Defeasance
	 	 	 
	Section 8.01.	Option
    to Effect Legal Defeasance or Covenant Defeasance	118
	Section 8.02.	Legal
    Defeasance and Discharge	118
	Section 8.03.	Covenant
    Defeasance	118
	Section 8.04.	Conditions
    to Legal or Covenant Defeasance	119
	Section 8.05.	Deposited
    Money and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions	120
	Section 8.06.	Repayment
    to Issuers	121
	Section 8.07.	Reinstatement	121
	 	 	 
	ARTICLE 9

    Amendment, Supplement and Waiver
	 	 	 
	Section 9.01.	Without
    Consent of Holders	121
	Section 9.02.	With
    Consent of Holders	122
	Section 9.03.	Revocation
    and Effect of Consents	124
	Section 9.04.	Notation
    on or Exchange of Notes	124
	Section 9.05.	Trustee
    to Sign Amendments, etc	124
	Section 9.06.	Additional
    Voting Terms; Calculation of Principal Amount	124
	 	 	 
	ARTICLE 10

    Guarantees
	 	 	 
	Section 10.01.	Guarantee	125
	Section 10.02.	Limitation
    on Guarantor Liability	126
	Section 10.03.	Execution
    and Delivery	126
	Section 10.04.	Subrogation	126
	Section 10.05.	Benefits
    Acknowledged	126
	Section 10.06.	Release
    of Guarantees	127
	 	 	 
	ARTICLE 11

    Satisfaction and Discharge
	 	 	 
	Section 11.01.	Satisfaction
    and Discharge	127
	Section 11.02.	Application
    of Trust Money	128
	 	 	 
	ARTICLE 12

    Miscellaneous
	 	 	 
	Section 12.01.	Notices	129
	Section 12.02.	Communication
    by Holders with Other Holders	130
	Section 12.03.	Certificate
    and Opinion as to Conditions Precedent	130
	Section 12.04.	Statements
    Required in Certificate or Opinion	130
	Section 12.05.	Rules by
    Trustee and Agents	130
	Section 12.06.	No
    Personal Liability of Directors, Officers, Employees and Stockholders	130
	Section 12.07.	Governing
    Law	131
	Section 12.08.	Waiver
    of Jury Trial	131
	Section 12.09.	Force
    Majeure	131
	Section 12.10.	No
    Adverse Interpretation of Other Agreements	131
	Section 12.11.	Successors	131
	Section 12.12.	Severability	131
	Section 12.13.	Counterpart
    Originals	131
	Section 12.14.	Table
    of Contents, Headings, etc	131
	Section 12.15.	USA
    Patriot Act	132




 






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	EXHIBITS	 
	 	 
	Exhibit A	FORM OF
    NOTE
	Exhibit B	FORM OF
    CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF
    CERTIFICATE OF EXCHANGE
	Exhibit D	FORM OF
    SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS




 






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INDENTURE, dated as of August 11, 2020,
among Summit Materials, LLC, a Delaware limited liability company (the “Issuer”), Summit Materials Finance Corp.,
a Delaware corporation wholly owned by the Issuer (the “Co-Issuer” and, together with the Issuer, the “Issuers”),
the Guarantors (as defined herein) named herein and Wilmington Trust, National Association, a national banking association, as
Trustee, Transfer Agent, Registrar and Paying Agent.


 


W I T N E S S E T H


 


WHEREAS, the Issuers have duly authorized
the creation of an issue of $700,000,000 aggregate principal amount of the Issuers’ 5.25% Senior Notes due 2029 (the “Initial
Notes”);


 


WHEREAS, the Issuers will be jointly and
severally liable for all obligations under the Notes (as defined herein) and this Indenture (as defined herein); and


 


WHEREAS, each of the Issuers and each of
the Guarantors has duly authorized the execution and delivery of this Indenture.


 


NOW, THEREFORE, each of the Issuers, each
of the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders
(as defined herein).


 


ARTICLE 1

definitions and incorporation by reference


 


Section 1.01.     Definitions.


 


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


 


“2022 Notes Issue Date”
means March 8, 2016.


 


“2023 Notes” means the
aggregate principal amount of the Issuers’ 6.125% Senior Notes due 2023 outstanding on the Issue Date.


 


“2023 Notes Indenture”
means the Indenture for the 2023 Notes, dated as of July 8, 2015, between the Issuers, the guarantors party thereto from time
to time and Wilmington Trust, National Association, as trustee, as amended or supplemented.


 


“2025 Notes” means the
aggregate principal amount of the Issuers’ 5.125% Senior Notes due 2025 outstanding on the Issue Date.


 


“2025 Notes Indenture”
means the Indenture for the 2025 Notes, dated as of June 1, 2017, between the Issuers, the guarantors party thereto from time
to time and Wilmington Trust, National Association, as trustee, as amended or supplemented.


 


“2027 Notes” means
the aggregate principal amount of the Issuers’ 6.500% Senior Notes due 2027 outstanding on the Issue Date.


 


“2027 Notes Indenture”
means the Indenture for the 2027 Notes, dated as of February 28, 2019, between the Issuers, the guarantors party thereto from
time to time and Wilmington Trust, National Association, as trustee, as amended or supplemented.


 






     


     


    

 


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


 


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


 


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


 


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


 


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


 


“Agent” means any Registrar,
Transfer Agent or Paying Agent.


 


“Applicable Premium”
means, with respect to any Note on any Redemption Date as calculated by the Issuers, the greater of:


 


(a)            1.0%
of the principal amount of such Note; and


 


(b)            the
excess, if any, of (i) the present value at such Redemption Date of (A) the redemption price of such Note at July 15,
2023 (such redemption price being set forth in the table set forth in Section 3.07(c) hereof), plus (B) all required
remaining scheduled interest payments due on such Note through July 15, 2023 (excluding accrued but unpaid interest to the
Redemption Date), computed using a discount rate equal to the Applicable Treasury Rate as of such Redemption Date plus 50 basis
points over (ii) the then outstanding principal amount of such Note.


 


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


 


“Applicable Treasury Rate”
means, with respect to any Note on any Redemption Date, the yield to maturity, as determined by the Issuer, 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 July 15, 2023; provided that if the period from the Redemption Date to such
date 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.


 






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“Approved Commercial Bank”
means a commercial bank with a consolidated combined capital and surplus of at least $5,000,000,000.


 


“Asset Sale” means:


 


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


 


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


 


in each case, other than:


 


(i)             any
disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged, unnecessary, unsuitable or worn out equipment,
inventory or other property in the ordinary course of business or any disposition of inventory or goods (or other assets) held
for sale or no longer used or useful in the ordinary course of business;


 


(ii)            the
disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to Section 5.01 hereof
or any disposition that constitutes, or is made in connection with, a Change of Control pursuant to this Indenture;


 


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


 


(iv)            any
disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of related
transactions with an aggregate fair market value of less than $25.0 million;


 


(v)            any
disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Issuer or Co-Issuer or by the
Issuer, the Co-Issuer or a Restricted Subsidiary to a Restricted Subsidiary;


 


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


 


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


 


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


 


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


 






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(x)            sales
of accounts receivable, or participations therein, or Securitization Assets (other than royalties or other revenues (except accounts
receivable)) or related assets, or any disposition of the Equity Interests in a Subsidiary, all or substantially all of the assets
of which are Securitization Assets, in each case in connection with any Qualified Securitization Facility or the disposition of
an account receivable in connection with the collection or compromise thereof in the ordinary course of business;


 


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


 


(xii)           the
sale, discount or other disposition of inventory, accounts receivable or notes receivable in the ordinary course of business or
the conversion of accounts receivable to notes receivable;


 


(xiii)          the
licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business;


 


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


 


(xv)          the
unwinding of any Hedging Obligations;


 


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


 


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


 


(xviii)       the
granting of a Lien that is permitted under Section 4.12 hereof;


 


(xix)          the
issuance of directors’ qualifying shares and shares issued to foreign nationals as required by applicable law;


 


(xx)           Permitted
Intercompany Activities and related transactions;


 


(xxi)          transfers
of property subject to Casualty Events upon receipt of the Net Proceeds of such Casualty Event; provided that any Cash Equivalents
received by the Issuer or any of its Restricted Subsidiaries in respect of such Casualty Event shall be deemed to be Net Proceeds
of an Asset Sale, and such Net Proceeds shall be applied in accordance with Section 4.10(b) hereof;


 


(xxii)         the
disposition of any assets (including Equity Interests) (i) acquired in a transaction after the Issue Date, which assets are
not used or useful in the core or principal business of the Issuer and its Restricted Subsidiaries or (ii) made in connection
with the approval of any applicable antitrust authority or otherwise necessary or advisable in the good faith determination of
the Issuer to consummate any acquisition; and


 






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(xxiii)                any
sale, transfer or other disposition to effect the formation of any Subsidiary that is a Delaware Divided LLC; provided that
upon formation of such Delaware Divided LLC, such Delaware Divided LLC shall be a Restricted Subsidiary.


 


In the event that a transaction (or a portion
thereof) meets the criteria of a permitted Asset Sale and would also be a permitted Restricted Payment or Permitted Investment,
the Issuer, in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof) as an Asset
Sale and/or one or more the types of permitted Restricted Payments or Permitted Investments.


 


In the event that a transaction (or a portion
thereof) meets the criteria of more than one of the categories of permitted Asset Sale described in clauses (i) through (xxii) above
or the Net Proceeds of which are being applied in accordance with Section 4.10, the Issuer, in its sole discretion, may divide
or classify, and may from time to time redivide and reclassify, such permitted Asset Sale (or any portion thereof) and will only
be required to include the amount and type of such permitted Asset Sale in one or more of the above clauses or to apply the Net
Proceeds of which in accordance with Section 4.10.


 


“Assumed Tax Rate” means
the highest effective marginal combined rate of U.S. federal, state and local income taxes (including, without limitation, taxes
imposed under Sections 1401 or 1411 of the Code) for a taxable year prescribed for an individual or corporate resident in New York,
New York (taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes).


 


“Bank Products” means
any facilities or services related to cash management, including treasury, depository, overdraft, credit or debit card, purchase
card, automatic clearinghouse transfer transactions, controlled disbursements, foreign exchange facilities, stored value cards,
merchant services, electronic funds transfer and other cash management arrangements.


 


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


 


“Board of Directors”
means, with respect to any Person, (i) in the case of any corporation, the board of directors of such Person, (ii) in
the case of any limited liability company, the managing member or board of managers of such Person, (iii) in the case of any
partnership, the board of directors of the general partner of such Person and (iv) in any other case, the functional equivalent
of the foregoing or, in each case, any duly authorized committee of such body.


 


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


 


“Capital Stock” means:


 


(a)            in
the case of a corporation, corporate stock or shares in the capital of such corporation;


 


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


 


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


 


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


 






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


 


“Captive Insurance Subsidiary”
means (i) any Subsidiary established by the Issuer for the primary purpose of insuring the businesses or properties owned
or operated by the Issuer or any of its Subsidiaries or (ii) any Subsidiary of any such insurance subsidiary established for
the same primary purpose described in clause (i) above.


 


“Cash Equivalents” means:


 


(a)            United
States dollars;


 


(b)            (i) 
Canadian dollars, pounds sterling, yen, euros or any national currency of any participating member state of the EMU; or


 


 (ii)  such local currencies
held by the Issuer or any Restricted Subsidiary from time to time in the ordinary course of business;


 


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


 


(d)            certificates
of deposit, time deposits and eurodollar time deposits with maturities of 24 months or less from the date of acquisition, demand
deposits, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any
domestic or foreign commercial bank having capital and surplus of not less than $250.0 million in the case of U.S. banks and $100.0
million (or the U.S. Dollar Equivalent as of the date of determination) in the case of non-U.S. banks;


 


(e)            repurchase
obligations for underlying securities of the types described in clauses (c), (d), (g) and (h) of this definition
entered into with any financial institution or recognized securities dealer meeting the qualifications specified in clause (d) above;


 


(f)             commercial
paper and variable or fixed rate notes rated at least P-2 by Moody’s or at least A-2 by S&P (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing
within 24 months after the date of creation thereof;


 


(g)            marketable
short-term money market and similar funds having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating
Agency);


 


(h)            readily
marketable direct obligations issued by any state, commonwealth or territory of the United States of America or any political subdivision
or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P (or, if at any time neither
Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) with maturities of
24 months or less from the date of acquisition;


 






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


 


(j)             Investments
with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof)
or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s (or, if at any time neither Moody’s nor
S&P shall be rating such obligations, an equivalent rating from another Rating Agency);


 


(k)            securities
with maturities of 12 months or less from the date of acquisition backed by standby letters of credit issued by any financial institution
or recognized securities dealer meeting the qualifications specified in clause (d) above;


 


(l)             Indebtedness
or Preferred Stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from
Moody’s with maturities of 24 months or less from the date of acquisition; and


 


(m)           investment
funds investing at least 90% of their assets in securities of the types described in clauses (a) through (l) above.


 


In the case of Investments by any
Foreign Subsidiary that is a Restricted Subsidiary or Investments made in a country outside the United States of America,
Cash Equivalents shall also include (i) investments of the type and maturity described in clauses (a) through
(h) and clauses (j), (k), (l) and (m) above of foreign obligors, which Investments or obligors (or the parents
of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies and
(ii) other short-term investments utilized by Foreign Subsidiaries that are Restricted Subsidiaries in accordance with
normal investment practices for cash management in investments analogous to the foregoing investments in clauses
(a) through (m) and in this paragraph.


 


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


 


For the avoidance of doubt, any items identified
as Cash Equivalents under this definition will be deemed to be Cash Equivalents for all purposes under this Indenture regardless
of the treatment of such items under GAAP.


 


“Casualty Event” means
any event that gives rise to the receipt by the Issuer or any Restricted Subsidiary of any insurance proceeds or condemnation awards
in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment,
fixed assets or real property.


 






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“CFC” means a “controlled
foreign corporation” within the meaning of Section 957(a) of the Code.


 


“Change of Control” means
the occurrence of any of the following after the Issue Date:


 


(a)            the
sale, lease, transfer, conveyance or other disposition in one or a series of related transactions (other than by merger, consolidation
or amalgamation), of all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole, to any Person
other than any Permitted Holder, a Parent Company, the Issuer or any Guarantor; or


 


(b)            the
Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy,
vote, written notice or otherwise) the acquisition by (A) any Person (other than any Permitted Holder) or (B) Persons
(other than any Permitted Holders) that are together a group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), including any such group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single transaction or in a related
series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within
the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of more than 50.0% of the total voting power
of the Voting Stock of the Issuer directly or indirectly through any of its direct or indirect parent holding companies, in each
case, other than in connection with any transaction or series of transactions in which the Issuer shall become the Wholly-Owned
Subsidiary of a Parent Company.


 


Notwithstanding the preceding
or any provision of Rule 13d-3 or 13d-5 of the Exchange Act, a Person or group shall not be deemed to beneficially own Voting
Stock subject to an equity or asset purchase agreement, merger agreement, option agreement, warrant agreement or similar agreement
(or voting or option or similar agreement related thereto) until the consummation of the acquisition of the Voting Stock in connection
with the transactions contemplated by such agreement.


 


“Clearstream” means Clearstream
Banking, a société anonyme, as currently in effect or any successor securities clearing agency.


 


“Co-Issuer” means
Summit Materials Finance Corp., a Delaware corporation (and not to any of its Subsidiaries), until a successor Person or Persons
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter Co-Issuer shall mean such successor
Person or Persons.


 


“Code” means the U.S.
Internal Revenue Code of 1986, as amended from time to time.


 


“consolidated” when used
with respect to any Person refers to such Person consolidated with its Restricted Subsidiaries.


 


“Consolidated Depletion, Depreciation
and Amortization Expense” means with respect to any Person for any period, the total amount of depletion, depreciation
and amortization expense and capitalized fees related to any Qualified Securitization Facility of such Person, including the amortization
of intangible assets, deferred financing costs, debt issuance costs, commissions, fees and expenses and Capitalized Software Expenditures
of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with
GAAP.


 






    -8-


    


    

 


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


 


(a)            consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (i) all commissions, discounts and other fees and charges owed
with respect to letters of credit or bankers acceptances, (ii) non-cash interest payments (but excluding any non-cash interest
expense attributable to the movement in mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant
to GAAP), (iii) the interest component of Financing Lease Obligations, and (iv) net payments, if any made (less net payments,
if any, received), pursuant to interest rate Hedging Obligations with respect to Indebtedness, and excluding (p) annual agency
fees paid to the administrative agents and collateral agents under any Credit Facilities, (q) costs associated with obtaining
Hedging Obligations, (r) any expense resulting from the discounting of any Indebtedness in connection with the application
of recapitalization accounting or, if applicable, purchase accounting in connection with any acquisition, (s) penalties and
interest relating to taxes, (t) amortization or expensing of deferred financing fees, amendment and consent fees, debt issuance
costs, commissions, fees, expenses and discounted liabilities and any other amounts of non-cash interest, (u) any expensing
of bridge, commitment and other financing fees and any other fees related to any acquisitions after the Issue Date, (v) commissions,
discounts, yield and other fees and charges (including any interest expense) related to any Qualified Securitization Facility,
(w) any accretion of accrued interest on discounted liabilities and any prepayment premium or penalty, (x) interest expense
resulting from push-down accounting and (y) any lease, rental or other expense in connection with a Non-Financing Lease Obligation);
plus


 


(b)            consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less


 


(c)            cash
interest income of such Person and its Restricted Subsidiaries for such period (excluding any interest income in respect of trade
receivables).


 


For purposes of this definition, interest
on a Financing Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate
of interest implicit in such Financing Lease Obligation in accordance with GAAP (or, if not implicit, as otherwise determined in
accordance with GAAP).


 


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


 


(a)            any
after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto),
charges or expenses (including relating to any multi-year strategic initiatives), restructuring and duplicative running
costs, relocation costs, integration costs, facility consolidation and closing costs, severance costs and expenses, one-time
compensation charges, costs relating to pre-opening and opening costs for plants/facilities, losses, costs or
cost-inefficiencies related to plant/facility disruptions or shutdowns, signing, retention and completion bonuses, costs
incurred in connection with any strategic initiatives, transition costs, costs incurred in connection with acquisitions and
non-recurring product and intellectual property development, other business optimization expenses (including costs and
expenses relating to business optimization programs and new systems design, retention charges, system establishment costs and
implementation costs) and operating expenses attributable to the implementation of cost-savings initiatives, and curtailments
or modifications to pension and post-retirement employee benefit plans shall be excluded;


 






    -9-


    


    

 


(b)            the
cumulative after-tax effect of a change in accounting principles and changes as a result of the adoption or modification of accounting
policies during such period shall be excluded;


 


(c)            any
net after-tax effect of gains or losses on disposal, abandonment or discontinuance of disposed, abandoned or discontinued operations,
as applicable, shall be excluded;


 


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


 


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


 


(f)             solely
for the purpose of determining the amount available for Restricted Payments under clause (C)(1) of Section 4.07(a)(iv) hereof,
the Net Income for such period of any Restricted Subsidiary (other than any Guarantor) shall be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date
of determination permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by
the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental
regulation applicable to that Restricted Subsidiary or its stockholders (other than restrictions in the Notes or this Indenture),
unless such restriction with respect to the payment of dividends or similar distributions has been legally waived, provided
that Consolidated Net Income of such Person will be increased by the amount of dividends or other distributions or other payments
actually paid in Cash Equivalents (or to the extent converted into Cash Equivalents) to such Person or a Restricted Subsidiary
thereof in respect of such period, to the extent not already included therein;


 


(g)            effects
of adjustments (including the effects of such adjustments pushed down to such Person and its Restricted Subsidiaries) in such Person’s
consolidated financial statements pursuant to GAAP (including in the inventory (including any impact of changes to inventory valuation
policy methods, including changes in capitalization of variances), property and equipment, software, goodwill, intangible assets,
in-process research and development, deferred revenue and debt line items thereof) resulting from the application of recapitalization
accounting or purchase accounting, as the case may be, in relation to any consummated acquisition or joint venture investment or
the amortization or write-off or write-down of any amounts thereof, net of taxes, shall be excluded;


 


(h)            any
after-tax effect of income (loss) from the early extinguishment or conversion of (i) Indebtedness, (ii) Hedging Obligations
or (iii) other derivative instruments shall be excluded;


 






    -10-


    


    

 


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


 


(j)             any
equity-based or non-cash compensation charge or expense including any such charge or expense arising from grants of stock appreciation
or similar rights, stock options, restricted stock, profits interests or other rights or equity- or equity-based incentive programs
(“equity incentives”), any one-time cash charges associated with the equity incentives or other long-term incentive
compensation plans (including under deferred compensation arrangements of the Issuer or any of its direct or indirect parent entities
or subsidiaries), rollover, acceleration, or payout of Equity Interests by management, other employees or business partners of
the Issuer or any of its direct or indirect parent companies, shall be excluded;


 


(k)            any
fees, expenses or charges incurred during such period, or any amortization thereof for such period, in connection with any acquisition,
recapitalization, Investment, Asset Sale, disposition, incurrence or repayment of Indebtedness (including such fees, expenses
or charges related to the offering and issuance of the Notes, the Existing Notes and other securities and the syndication and incurrence
of any Credit Facilities), issuance of Equity Interests, refinancing transaction or amendment or modification of any debt instrument
(including any amendment or other modification of the Notes, the Existing Notes and other securities and any Credit Facilities)
and including, in each case, any such transaction consummated on or prior to the Issue Date and any such transaction undertaken
but not completed, and any charges or non-recurring merger costs incurred during such period as a result of any such transaction,
in each case whether or not successful or consummated (including, for the avoidance of doubt the effects of expensing all transaction
related expenses in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic No. 805,
Business Combinations), shall be excluded;


 


(l)             any
expenses, charges or losses to the extent covered by insurance or indemnity and actually reimbursed, or, so long as such Person
has made a determination that there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying
party and only to the extent that such amount is in fact reimbursed within 365 days of the date of the insurable or indemnifiable
event (net of any amount so added back in any prior period to the extent not so reimbursed within the applicable 365-day period),
shall be excluded;


 


(m)            any
noncash compensation expense resulting from the application of Accounting Standards Codification Topic No. 718, Compensation
— Stock Compensation, shall be excluded;


 


(n)            the
following items shall be excluded:


 


(i)              any
net unrealized gain or loss (after any offset) resulting in such period from Hedging Obligations and the application of Accounting
Standards Codification Topic No. 815, Derivatives and Hedging,


 


(ii)             any
net unrealized gain or loss (after any offset) resulting in such period from currency translation gains or losses including those
related to currency remeasurements of Indebtedness (including any net loss or gain resulting from Hedging Obligations for currency
exchange risk) and any other foreign currency translation gains and losses, to the extent such gain or losses are non-cash items,


 






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(iii)            any
adjustments resulting for the application of Accounting Standards Codification Topic No. 460, Guarantees, or any comparable
regulation,


 


(iv)            effects
of adjustments to accruals and reserves during a prior period relating to any change in the methodology of calculating reserves
for returns, rebates and other chargebacks, and


 


(v)             earn-out,
non-compete and contingent consideration obligations (including to the extent accounted for as bonuses or otherwise) and adjustments
thereof and purchase price adjustments; and


 


(o)            the
amount of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance
with clause (xv)(B) under Section 4.07(b) shall be included in calculating Consolidated Net Income as though such
amounts had been paid as taxes directly by such Person for such period.


 


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


 


Notwithstanding the foregoing, for the purpose
of Section 4.07 hereof only (other than clause (C)(4) of Section 4.07(a)(iv) hereof), there shall be excluded
from Consolidated Net Income any income arising from any sale or other disposition of Restricted Investments made by the Issuer
and its Restricted Subsidiaries, any repurchases and redemptions of Restricted Investments from the Issuer and its Restricted Subsidiaries,
any repayments of loans and advances which constitute Restricted Investments by the Issuer or any of its Restricted Subsidiaries,
any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case
only to the extent such amounts increase the amount of Restricted Payments permitted under such covenant pursuant to clause (C)(4) of
Section 4.07(a)(iv) hereof.


 


“Consolidated Secured Debt Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Total Net Indebtedness of the Issuer and its Restricted
Subsidiaries that is secured by Liens on the property of the Issuer and its Restricted Subsidiaries as of the end of the most recent
fiscal quarter for which internal financial statements are available immediately preceding the date on which such event for which
such calculation is being made shall occur to (b) EBITDA of the Issuer for the most recently ended four full fiscal quarters
for which internal financial statements are available immediately preceding the date on which such event for which such calculation
is being made shall occur, in each case with such pro forma adjustments to Consolidated Total Net Indebtedness, Cash Equivalents
and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed
Charge Coverage Ratio” (other than as set forth in the proviso to the first paragraph thereof).


 


“Consolidated Total Net Debt Ratio”
means, as of any date of determination, the ratio of (a) Consolidated Total Net Indebtedness of the Issuer and its Restricted
Subsidiaries as of the end of the most recent fiscal quarter for which internal financial statements are available immediately
preceding the date on which such event for which such calculation is being made shall occur to (b) EBITDA of the Issuer for
the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the
date on which such event for which such calculation is being made shall occur, in each case with such pro forma adjustments to
Consolidated Total Net Indebtedness, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of “Fixed Charge Coverage Ratio” (other than as set forth in the proviso to
the first paragraph thereof).


 






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“Consolidated Total Net
Indebtedness” means, as of any date of determination, an amount equal to the sum of (a) the aggregate amount
of all outstanding Indebtedness of the Issuer and its Restricted Subsidiaries on a consolidated basis consisting of
Indebtedness for borrowed money, Obligations in respect of Financing Lease Obligations and debt obligations evidenced by
promissory notes and similar instruments, as determined in accordance with GAAP (excluding for the avoidance of doubt all
undrawn amounts under revolving credit facilities and letters of credit, and all obligations relating to Qualified
Securitization Facilities and Non-Financing Lease Obligations) and (b) the aggregate amount of all outstanding
Disqualified Stock of the Issuer and all Preferred Stock of its Restricted Subsidiaries on a consolidated basis, with the
amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary
liquidation preferences and maximum fixed repurchase prices, in each case determined on a consolidated basis in accordance
with GAAP (but excluding the effects of any discounting of Indebtedness resulting from the application of repurchase or
purchase accounting in connection with any acquisition) minus the aggregate amount of all unrestricted cash and Cash
Equivalents on the balance sheet of the Issuer and its Restricted Subsidiaries as of such date; provided that
Consolidated Total Net Indebtedness shall not include Indebtedness in respect of (A) any letter of credit, except to the
extent of unreimbursed amounts under standby letters of credit and (B) Hedging Obligations existing on the Issue Date or
otherwise permitted by Section 4.09(b)(x) hereof, it being understood, for the avoidance of doubt, that non-compete
payments and earn-out payments (to the extent such earn-out payments would not become a liability on the balance sheet of
such Person in accordance with GAAP as GAAP existed on December 31, 2008) and obligations to pay the deferred purchase
price of property or services shall not constitute Consolidated Total Net Indebtedness. For purposes hereof, the
“maximum fixed repurchase price” of any Disqualified Stock or Preferred Stock that does not have a fixed
repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such
Disqualified Stock or Preferred Stock were purchased on any date on which Consolidated Total Net Indebtedness shall be
required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value
of such Disqualified Stock or Preferred Stock, such fair market value shall be determined reasonably and in good faith by the
Issuer. The U.S. Dollar Equivalent principal amount of any Indebtedness denominated in a foreign currency will reflect the
currency translation effects, determined in accordance with GAAP, of Hedging Obligations for currency exchange risks with
respect to the applicable currency in effect on the date of determination of the U.S. Dollar Equivalent principal amount of
such Indebtedness.


 


“Contingent Obligations”
means, with respect to any Person, any obligation of such Person guaranteeing any leases, dividends or other obligations that do
not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, including, without limitation, any obligation of such Person, whether or not contingent,


 


(a)            to
purchase any such primary obligation or any property constituting direct or indirect security therefor;


 


(b)            to
advance or supply funds:


 


(i)              for
the purchase or payment of any such primary obligation; or


 


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


 






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


 


“Controlled Investment Affiliate”
means, as to any Person, any other Person which directly or indirectly is in control of, is controlled by, or is under common control
with such Person and is organized by such Person (or any Person controlling such Person) primarily for making direct or indirect
equity or debt investments in the Issuer and/or other companies.


 


“Corporate Trust Office”
means the office of the Trustee at which any time its corporate trust business related to this Indenture shall be administered,
which office at the date hereof is 1100 North Market Street, 5th Floor Wilmington, Delaware 19890, or such other address as the
Trustee may designate from time to time by notice to the Holders and the Issuers, or the principal corporate trust office of any
successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and
the Issuers).


 


“Credit Facilities”
means, with respect to the Issuer or any of its Restricted Subsidiaries, one or more debt facilities, including the Senior
Secured Credit Facilities, or other financing arrangements (including, without limitation, commercial paper facilities or
indentures) providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness, including
any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any
amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof, in whole or in part, and
any indentures or credit facilities or commercial paper facilities that replace, refund, supplement or refinance any part of
the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding, supplemental
or refinancing facility, arrangement or indenture that increases the amount permitted to be borrowed or issued thereunder or
alters the maturity thereof (provided that such increase in borrowings or issuances is permitted under
Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the
same or any other agent, trustee, lender or group of lenders or other holders.


 


“Custodian” means the
Trustee, as custodian with respect to the Global Notes, or any successor entity thereto.


 


“Default” means any event
that is, or with the passage 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(c) hereof,
substantially in the form of Exhibit A hereto, except that any 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.


 


“Delaware Divided LLC”
means any Delaware LLC which has been formed upon the consummation of a Delaware LLC Division.


 


“Delaware LLC” means
any limited liability company organized or formed under the laws of the State of Delaware.


 


“Delaware LLC Division”
means the statutory division of any Delaware LLC into two or more Delaware LLCs pursuant to Section 18-217 of the Delaware
Limited Liability Company Act.


 






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“Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, any Person specified in Section 2.03 hereof as
the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.


 


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


 


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


 


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


 


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


 


“Dividing Person” has
the meaning set forth for such term in the definition of “Division.”


 






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“Division” means the
division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or more
Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive.


 


“Domestic Subsidiary”
means, with respect to any Person, any Restricted Subsidiary of such Person that is organized or existing under the laws of the
United States, any state thereof or the District of Columbia.


 


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


 


(a)            increased
(without duplication) by the following, in each case (other than with respect to clauses (viii) and (xii)) to the extent deducted
(and not added back) in determining Consolidated Net Income for such period:


 


(i)            (A) provision
for taxes based on income or profits or capital, including, without limitation, federal, state and local income, franchise and
similar taxes (such as the Delaware franchise tax, the Pennsylvania capital tax, Texas margin tax and provincial capital taxes
paid in Canada) and foreign withholding taxes (including any future taxes or other levies which replace or are intended to be in
lieu of such taxes and any penalties and interest related to such taxes or arising from tax examinations), (B) the amount
of distributions actually made to any direct or indirect parent company of such Person in respect of such period in accordance
with clause (xv)(B) under Section 4.07(b) and (C) the net tax expense associated with any adjustments made
pursuant to clauses (a) through (o) of the definition of “Consolidated Net Income”; plus


 


(ii)           Fixed
Charges of such Person for such period (including (w) non-cash rent expense, (x) net losses on Hedging Obligations or
other derivative instruments entered into for the purpose of hedging interest rate risk, (y) bank fees and other financing
fees and (z) costs of surety bonds in connection with financing activities, plus amounts excluded from Consolidated Interest
Expense as set forth in clauses (a)(r) through (z) in the definition thereof); plus


 


(iii)          Consolidated
Depletion, Depreciation and Amortization Expense of such Person for such period; plus


 





(iv)          the
amount of any restructuring charges or reserves, equity-based or non-cash compensation charges or expenses including any such charges
or expenses arising from grants of stock appreciation or similar rights, stock options, restricted stock or other rights, retention
charges (including charges or expenses in respect of incentive plans), start-up or initial costs for any project or new production
line, division or new line of business or other business optimization expenses or reserves including, without limitation, costs
or reserves associated with improvements to IT and accounting functions, integration and facilities opening costs, or any one-time
costs incurred in connection with acquisitions and Investments (including travel and out-of-pocket costs, professional fees for
legal, accounting and other services, human resources costs (including relocation bonuses), restructuring costs (including recruiting
costs and employee severance), management transition costs, advertising costs, losses associated with temporary decreases in work
volume and expenses related to maintaining underutilized personnel) and costs related to the closure and/or consolidation of facilities
and the portion of any earn-out, non-compete payments relating to such period or other contingent purchase price obligations and
adjustments thereof and purchase price adjustments to the extent such payment is permitted to be paid pursuant to this Indenture
and is deducted from net income under GAAP; plus


 






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(v)           any
other non-cash charges, including non-cash losses on the sale of assets and any write-offs or write-downs reducing Consolidated
Net Income for such period (provided that if any such non-cash charges represent an accrual or reserve for potential cash
items in any future period, (A) the Issuer may elect not to add back such non-cash charge in the current period and (B) to
the extent the Issuer elects to add back such non-cash charge, the cash payment in respect thereof in such future period shall
be subtracted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); plus


 


(vi)          the
amount of any non-controlling interest or minority interest expense consisting of Subsidiary income attributable to minority equity
interests of third parties in any non-Wholly-Owned Subsidiary; plus


 


(vii)         the
amount of any fees and other compensation paid to the members of the Board of Directors (or the equivalent thereof) of the Issuer
or any of its parent entities; plus


 


(viii)        the
amount of “run rate” cost savings, operating expense reductions and synergies related to mergers and other business
combinations, acquisitions, divestitures, restructurings, cost savings initiatives and other similar transactions or initiatives
consummated after the Issue Date that are reasonably identifiable and factually supportable and projected by the Issuer in good
faith to result from actions that have been taken or with respect to which substantial steps have been taken or are expected to
be taken (in the good faith determination of the Issuer) within 24 months after a merger or other business combination, acquisition,
divestiture, restructuring, cost savings initiative or other transaction or initiative is consummated, net of the amount of actual
benefits realized during such period from such actions; plus


 


(ix)           the
amount of loss or discount on sale of receivables, Securitization Assets and related assets to any Securitization Subsidiary in
connection with a Qualified Securitization Facility; plus


 


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


 





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


 






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(xii)          any
net loss from disposed, abandoned or discontinued operations; and


 


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


 


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


 


(ii)            any
net income from disposed, abandoned or discontinued operations.


 


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


 


“Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock, but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock.


 


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


 


(a)            public
offerings with respect to the Issuer’s or any direct or indirect parent company’s common stock registered on Form S-4
or Form S-8;


 


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


 


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


 


“euro” means the single
currency of participating member states of the EMU.


 


“Euroclear” means Euroclear
Bank S.A./N.V., as operator of the Euroclear system, or any successor securities clearing agency.


 


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


 


“Excluded Contribution”
means net cash proceeds, marketable securities or Qualified Proceeds received by the Issuer since January 1, 2015 from:


 


(a)           contributions
to its common equity capital;


 


(b)           dividends,
distributions, fees and other payments from Unrestricted Subsidiaries and any joint ventures that are not Restricted Subsidiaries;
and


 


(c)            the
sale (other than to a Subsidiary of the Issuer or to any management equity plan or stock option plan or any other management
or employee benefit plan or agreement of the Issuer) of Capital Stock (other than Disqualified Stock and Designated Preferred
Stock) of the Issuer, in each case that constituted Excluded Contributions under any Existing Notes Indenture or are
designated as Excluded Contributions pursuant to an Officer’s Certificate under this Indenture executed by the
principal financial officer of the Issuer within 180 days of the date such capital contributions are (or were) made, such
dividends, distributions, fees or other payments are paid, or the date such Equity Interests are sold, as the case may be,
which are (or were) excluded from the calculation set forth in clause (C) of Section 4.07(a)(iv) hereof; provided,
that Excluded Contributions for the period from January 1, 2015 to the Issue Date shall not exceed $200.0
million.


 






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“Existing Notes” means
the 2023 Notes, the 2025 Notes and the 2027 Notes.


 


“Existing Notes Indentures”
means the 2023 Notes Indenture, the 2025 Notes Indenture and the 2027 Notes Indenture.


 


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


 


“Financing Lease Obligation”
means an obligation that is required to be classified and accounted for as a financing or finance lease (and, for the avoidance
of doubt, not a straight-line or operating lease) on both the balance sheet and income statement for financial reporting purposes
in accordance with GAAP. At the time any determination thereof is to be made, the amount of the liability in respect of a financing
or finance lease would be the amount required to be reflected as a liability on such balance sheet (excluding the footnotes thereto)
in accordance with GAAP.


 


“Fixed Charge Coverage Ratio”
means, with respect to any Person for any period, the ratio of EBITDA of such Person for such period to the Fixed Charges of such
Person for such period. In the event that the Issuer or any Restricted Subsidiary incurs, assumes, guarantees, redeems, repays,
retires or extinguishes any Indebtedness (other than Indebtedness incurred or repaid under any revolving credit facility unless
such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock
subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but prior to or simultaneously
with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio
Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence,
assumption, guarantee, redemption, repayment, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified
Stock or Preferred Stock, as if the same had occurred at the beginning of the applicable four-quarter period; provided,
however, that the pro forma calculation of Fixed Charges for purposes of Section 4.09(a) (and for the purposes
of other provisions of this Indenture that refer to Section 4.09(a)) shall not give effect to any Indebtedness being incurred
on such date (or on such other subsequent date which would otherwise require pro forma effect to be given to such incurrence) pursuant
to Section 4.09(b) (other than Indebtedness incurred pursuant to Section 4.09(b)(xiv)).


 


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


 









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For purposes of this definition, whenever
pro forma effect is to be given to an Investment, acquisition, disposition, Division, merger, amalgamation, consolidation
or discontinued operation, the pro forma calculations shall be made in good faith by a responsible financial or accounting
officer of the Issuer (and may include, for the avoidance of doubt, cost savings, synergies and operating expense reductions resulting
from such Investment, acquisition, disposition, Division, merger, amalgamation or consolidation, which is being given pro forma
effect that have been or are expected to be realized based on actions taken, committed to be taken or expected in good faith to
be taken within 24 months). If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the
interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date
had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable to such Indebtedness).
Interest on a Financing Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial
or accounting officer of the Issuer to be the rate of interest implicit in such Financing Lease Obligation in accordance with GAAP.
For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed
on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period
except as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed
to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate.


 


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


 


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


 


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


 


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


 


“Foreign Subsidiary”
means, with respect to any Person, (1) (A) any Restricted Subsidiary of such Person that is not organized or existing
under the laws of the United States of America, any state thereof or the District of Columbia and (B) any Domestic Subsidiary
of a Foreign Subsidiary that is a CFC, and (2) any FSHCO Subsidiary of such Person.


 


“FSHCO Subsidiary” means
any Domestic Subsidiary substantially all of whose assets consist of Equity Interests and/or Indebtedness of (i) one or more
Foreign Subsidiaries that are CFCs or (ii) other subsidiaries described in this definition of “FSHCO Subsidiary,”
and any other assets incidental thereto.


 


“GAAP” means (1) generally
accepted accounting principles in the United States of America which are in effect from time to time, it being understood that,
for purposes of this Indenture, all references to codified accounting standards specifically named in this Indenture shall be deemed
to include any successor, replacement, amendment or updated accounting standard under GAAP or (2) if elected by the Issuer
by written notice to the Trustee in connection with the delivery of financial statements and information, the accounting standards
and interpretations (“IFRS”) adopted by the International Accounting Standard Board, as in effect on the first
date of the period for which the Issuer is making such election; provided that (a) any such election once made shall
be irrevocable, (b) all financial statements and reports required to be provided after such election pursuant to this Indenture
shall be prepared on the basis of IFRS, (c) from and after such election, all ratios, computations and other determinations
based on GAAP contained in this Indenture shall be computed in conformity with IFRS, (d) in connection with the delivery of
financial statements (x) for any of its first three financial quarters of any financial year, it shall restate its consolidated
interim financial statements for such interim financial period and the comparable period in the prior year to the extent previously
prepared in accordance with GAAP and (y) for delivery of audited annual financial information, it shall provide consolidated
historical financial statements prepared in accordance with IFRS for the prior most recent fiscal year to the extent previously
prepared in accordance with GAAP as in effect on the first date of the period in which the Issuer is making such election. For
the avoidance of doubt, solely making an election (without any other action) referred to in this definition will not be treated
as an incurrence of Indebtedness.





 






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If there occurs or has occurred a change
in generally accepted accounting principles and such change would cause a change in the method of calculation of any term or measure
used in a covenant under Article 4 hereof (an “Accounting Change”) or a comparable provision in any Existing
Notes Indenture, then the Issuer may elect, as evidenced by a written notice of the Issuer to the Trustee, that such term or measure
shall be calculated as if such Accounting Change had not occurred.


 


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


 


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


 


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


 


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


 


“Guarantor” means each
Restricted Subsidiary of the Issuer (other than the Co-Issuer), if any, that Guarantees the Notes in accordance with the terms
of this Indenture; provided, that upon release or discharge of such Restricted Subsidiary from its Guarantee in accordance
with this Indenture, such Restricted Subsidiary ceases to be a Guarantor.


 


“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange
contract, currency swap agreement or similar agreement providing for the transfer, modification or mitigation of interest rate,
currency or commodity risks either generally or under specific contingencies.


 


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


 


“Immediate Family Members”
means with respect to any individual, such individual’s child, stepchild, grandchild or more remote descendant, parent, stepparent,
grandparent, spouse, former spouse, qualified domestic partner, sibling, mother-in-law, father-in-law, son-in-law and daughter-in-law
(including adoptive relationships) and any trust, partnership or other bona fide estate-planning vehicle the only beneficiaries
of which are any of the foregoing individuals or any private foundation or fund that is controlled by any of the foregoing individuals
or any donor-advised fund of which any such individual is the donor.


 






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


 


(a)            any
indebtedness of such Person, whether or not contingent:


 


(i)             representing
the principal and premium (if any) in respect of borrowed money;


 


(ii)            representing
the principal and premium (if any) in respect of obligations evidenced by bonds, notes, debentures or similar instruments or letters
of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof);


 





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


 


(iv)           representing
the net obligations under any Hedging Obligations,


 


if and to the extent that any of the foregoing Indebtedness
(other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP; provided that Indebtedness of any direct or indirect parent of
the Issuer appearing upon the balance sheet of the Issuer solely by reason of push-down accounting under GAAP shall be excluded;


 


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


 


(c)            to
the extent not otherwise included, the obligations of the type referred to in clause (a) of a third Person secured by a Lien
on any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person; provided, that
the amount of any such Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination
and (b) the amount of such Indebtedness of such third Person;


 


provided that notwithstanding the foregoing, Indebtedness
shall be deemed not to include (a) Contingent Obligations incurred in the ordinary course of business or (b) Non-Financing
Lease Obligations or other obligations under or in respect of Qualified Securitization Facilities, straight-line leases, operating
leases or Sale and Lease-Back Transactions (except any resulting Financing Lease Obligations); provided, further,
that Indebtedness shall be calculated without giving effect to the effects of Financial Accounting Standards Board Accounting Standards
Codification Topic No. 815 and related interpretations to the extent such effects would otherwise increase or decrease an
amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded derivatives created by the
terms of such Indebtedness.


 






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


 


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


 


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


 


“Initial Notes” has the
meaning set forth in the recitals hereto.


 


“Initial Purchasers”
means the initial purchasers of the Notes on the Issue Date pursuant to the Purchase Agreement, dated as of July 27, 2020,
among the Issuers, the Guarantors and BofA Securities, Inc., as representative of such initial purchasers.


 


“Interest Payment Date”
means January 15 and July 15 of each year to stated maturity.


 





“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or if
the applicable securities are not then rated by Moody’s or S&P, an equivalent rating by any other Rating Agency.


 


“Investment Grade Securities”
means:


 


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


 


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


 


(c)            investments
in any fund that invests exclusively in investments of the type described in clauses (a) and (b) which fund may also
hold immaterial amounts of cash pending investment or distribution; and


 


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


 


“Investments” means,
with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including
guarantees), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission,
travel and similar advances to employees, directors, officers, managers and consultants, in each case made in the ordinary course
of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by
any other Person and investments that are required by GAAP to be classified on the balance sheet (excluding the footnotes) of the
Issuer in the same manner as the other investments included in this definition to the extent such transactions involve the transfer
of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.07 hereof:


 






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(a)            “Investments”
shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the fair market value of
the net assets of a Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; and


 


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


 


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


 


“Issue Date” means August 11,
2020.


 


“Issuer” and “Issuers”
each has the meaning set forth in the preamble hereto, until a successor Person or Persons shall have become such pursuant to the
applicable provisions of this Indenture, and thereafter “Issuer” and “Issuers” shall mean such successor
Person or Persons.


 


“Issuers’ Order”
means a written request or order signed on behalf of each of the Issuer and the Co-Issuer by an Officer of the Issuer and the
Co-Issuer, as applicable, who must be the principal executive officer, the principal financial officer, the treasurer, the
secretary, the principal accounting officer or an executive vice president of the Issuer and the Co-Issuer, as applicable,
and delivered to the Trustee.


 


“Legal Holiday” means
a Saturday, a Sunday or a day on which commercial banking institutions are not required to be open in the State of New York or
at the place of payment in respect of the Notes. If a payment date is on a Legal Holiday, payment will be made on the next succeeding
day that is not a Legal Holiday and no interest shall accrue for the intervening period.





 


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


 


“Limited Condition Transaction”
means (1) any Investment or acquisition (whether by merger, amalgamation, consolidation, Division or other business combination
or the acquisition of Capital Stock or otherwise and which may include, for the avoidance of doubt, a transaction that may constitute
a Change of Control), whose consummation is not conditioned on the availability of, or on obtaining, third party financing, (2) any
redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock,
and (3) any Asset Sale or a disposition excluded from the definition of “Asset Sale.”


 


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


 






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“Management Stockholders”
means the current and former employees and members of management (and their Controlled Investment Affiliates and Immediate Family
Members) of the Issuer (or its direct or indirect parent entities) who are holders of Equity Interests of any direct or indirect
parent companies of the Issuer on the Issue Date.


 


“Market Capitalization”
means an amount equal to (a) the total number of issued and outstanding shares of common Equity Interests of the Issuer (or,
as the case may be, of a direct or indirect parent entity whose Equity Interests are traded on a securities exchange) on the date
of the declaration of a Restricted Payment permitted pursuant to clause (ix) of Section 4.07(b) hereof, multiplied
by (b) the arithmetic mean of the closing prices per share of such common Equity Interests on the principal securities exchange
on which such common Equity Interests are traded for the 30 consecutive trading days immediately preceding the date of declaration
of such Restricted Payment.


 


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


 


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


 


“Net Proceeds” means
the aggregate Cash Equivalents proceeds received by the Issuer or any of its Restricted Subsidiaries in respect of any Asset Sale,
including any Cash Equivalents received upon the sale or other disposition of any Designated Non-cash Consideration received in
any Asset Sale, net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration,
including legal, accounting and investment banking fees, payments made in order to obtain a necessary consent or required by applicable
law, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, other fees and expenses, including
title and recordation expenses, taxes paid or payable as a result thereof or any transactions occurring or deemed to occur to effectuate
a payment under this Indenture (after taking into account any available tax credits or deductions and any tax sharing arrangements),
amounts required to be applied to the repayment of principal, premium, if any, and interest on Senior Indebtedness or amounts required
to be applied to the repayment of Indebtedness secured by a Lien on such assets and required (other than required by clause (i) of
Section 4.10(b) hereof) to be paid as a result of such transaction and any deduction of appropriate amounts to be provided
by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with
the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other
disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental matters
or against any indemnification obligations associated with such transaction.





 


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


 


“Non-Financing Lease Obligation”
means a lease obligation that is not required to be classified and accounted for as a financing or finance lease on both the balance
sheet and the income statement for financial reporting purposes in accordance with GAAP. For the avoidance of doubt, a straight-line
or operating lease shall be considered a Non-Financing Lease Obligation.


 






    -25-


    


    

 


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


 


“non-Wholly-Owned Subsidiary”
means any Subsidiary that is not a Wholly-Owned Subsidiary.


 


“Notes” means the Initial
Notes and more particularly means any Note authenticated and delivered under this Indenture. Unless the context requires otherwise,
all references to “Notes” for all purposes of this Indenture and the Guarantees shall include any Additional Notes
that are actually issued. The Notes offered by the Issuers and any Additional Notes subsequently issued under this Indenture will
be treated as a single class for all purposes under this Indenture, including waivers, amendments, redemptions and offers to purchase,
except for certain waivers and amendments as set forth herein.


 


“Obligations” means any
principal, interest (including any interest accruing on or subsequent to the filing of a petition in bankruptcy, reorganization
or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed
claim under applicable state, federal or foreign law), premium, penalties, fees, indemnifications, reimbursements (including reimbursement
obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of
payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable
under the documentation governing any Indebtedness; provided that any of the foregoing (other than principal and interest)
shall no longer constitute “Obligations” after payment in full of such principal and interest except to the
extent such obligations are fully liquidated and non-contingent on or prior to such payment in full.


 


“Offering Memorandum”
means the Offering Memorandum, dated July 27, 2020 relating to the sale of the Initial Notes.


 


“Officer” means the Chairman
of the Board of Directors, the Chief Executive Officer, the Chief Financial Officer, the Chief Operating Officer, the President,
any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of a Person, or any other
officer of such Person designated by any such individuals. Unless otherwise indicated, Officer shall refer to an Officer of the
Issuer.


 


“Officer’s Certificate”
means a certificate signed on behalf of a Person by an Officer of such Person that meets the requirements set forth in this Indenture.
Unless otherwise indicated, Officer’s Certificate shall refer to an Officer’s Certificate of an Officer of each of
the Issuer and the Co-Issuer.


 


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


 


“Parent Company”
means any Person so long as such Person directly or indirectly holds 100.0% of the total voting power of the Voting Stock of
the Issuer, and at the time such Person acquired such voting power, no Person and no group (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act or any successor provision), including any such
group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of
Rule 13d-5(b)(1) under the Exchange Act) (other than a Parent Company or any Permitted Holder), shall have
beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or
indirectly, of 50.0% or more of the total voting power of the Voting Stock of such Person.


 






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


 


“Partners” means, at
any time, each person listed as a partner (including the general partner) on the books and records of Summit Holdings, in each
case for so long as he, she or it remains a partner of Summit Holdings as provided under the Partnership Agreement.


 


“Partnership Agreement”
means the Fourth Amended and Restated Limited Partnership Agreement of Summit Holdings, dated as of March 11, 2015, as amended
from time to time.


 


“Performance References”
has the meaning set forth for such term in the definition of “Derivative Instrument.”


 


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


 


“Permitted Holders” means
any of the Management Stockholders and any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act or any successor provision) of which any of the foregoing are members; provided that in the case of such
group and without giving effect to the existence of such group or any other group, such Management Stockholders, collectively,
have beneficial ownership of more than 50.0% of the total voting power of the Voting Stock of the Issuer or any of its direct or
indirect parent companies. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect
of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with
its Affiliates, constitute an additional Permitted Holder.


 


“Permitted Intercompany Activities”
means any transactions between or among the Issuer and its Restricted Subsidiaries that are entered into in the ordinary course
of business of the Issuer and its Restricted Subsidiaries and, in the good faith judgment of the Issuer are necessary or advisable
in connection with the ownership or operation of the business of the Issuer and its Restricted Subsidiaries, including, but not
limited to, (a) payroll, cash management, purchasing, insurance and hedging arrangements; and (b) management, technology
and licensing arrangements.


 


“Permitted Investments”
means:


 


(a)            any
Investment in the Issuer or any of its Restricted Subsidiaries;


 


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


 


(c)            any
Investment by the Issuer or any of its Restricted Subsidiaries in a Person (including, to the extent constituting an Investment,
in assets of a Person that represent substantially all of its assets or a division, business unit or product line, including research
and development and related assets in respect of any product) that is engaged directly or through entities that will be Restricted
Subsidiaries in a Similar Business if as a result of such Investment:


 


(i)             such
Person becomes a Restricted Subsidiary; or


 


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


 






    -27-


    


    

 


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


 


(d)            any
Investment in securities or other assets, including earn-outs, not constituting Cash Equivalents or Investment Grade Securities
and received in connection with an Asset Sale made pursuant to Section 4.10(a) hereof or any other disposition of assets
not constituting an Asset Sale;


 


(e)            any
Investment existing on the 2022 Notes Issue Date or made pursuant to binding commitments in effect on the 2022 Notes Issue Date
or an Investment consisting of any extension, modification or renewal of any such Investment or binding commitment existing on
the 2022 Notes Issue Date; provided that the amount of any such Investment may be increased in such extension, modification
or renewal only (i) as required by the terms of such Investment or binding commitment as in existence on the 2022 Notes Issue
Date (including as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities)
or (ii) as otherwise permitted under this Indenture;


 


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


 


(i)            consisting
of extensions of credit in the nature of accounts receivable or notes receivable arising from the grant of trade credit in the
ordinary course of business;


 


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


 


(iii)          in
satisfaction of judgments against other Persons; or


 


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


 


(g)            Hedging
Obligations permitted under Section 4.09(b)(x) hereof;


 


(h)            any
Investment in a Similar Business having an aggregate fair market value taken together with all other Investments made pursuant
to this clause (h) that are at that time outstanding not to exceed the greater of (a) $150.0 million and (b) 3.0%
of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being
measured at the time made and without giving effect to subsequent changes in value), plus the amount of any returns in respect
of such investments; provided, however, that if any Investment pursuant to this clause (h) is made in any Person
that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted
Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (a) above and
shall cease to have been made pursuant to this clause (h);


 






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(i)             Investments
for which the payment consists of Equity Interests (other than Disqualified Stock) of the Issuer, or any of its direct or indirect
parent companies; provided that such Equity Interests will not increase the amount available for Restricted Payments under
clause (C) of Section 4.07(a)(iv) hereof;


 





(j)             guarantees
of Indebtedness permitted under Section 4.09 hereof, performance guarantees and Contingent Obligations incurred in the ordinary
course of business or consistent with past practice and the creation of Liens on the assets of the Issuer or any Restricted Subsidiary
in compliance with Section 4.12 hereof;


 


(k)            any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with the provisions of Section 4.11(b) hereof
(except transactions described in clauses (ii), (iv), (vii) and (xix) of Section 4.11(b) hereof);


 


(l)             Investments
consisting of (i) purchases or other acquisitions of inventory, supplies, material or equipment or (ii) the licensing
or contribution of intellectual property in the ordinary course of business or pursuant to joint marketing arrangements with other
Persons;


 


(m)           Investments
having an aggregate fair market value, taken together with all other Investments made pursuant to this clause (m) that are
at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale
do not consist of cash or marketable securities), not to exceed the greater of (a) $225.0 million and (b) 5.5% of Total
Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being measured
at the time made and without giving effect to subsequent changes in value), plus the amount of any returns in respect of such investments;
provided, however, that if any Investment pursuant to this clause (m) is made in any Person that is not a Restricted
Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such
date, such investment shall thereafter be deemed to have been made pursuant to clause (a) above and shall cease to have been
made pursuant to this clause (m);


 


(n)            Investments
in or relating to a Securitization Subsidiary that, in the good faith determination of the Issuer are necessary or advisable to
effect any Qualified Securitization Facility (including any contribution of replacement or substitute assets to such subsidiary)
or any repurchase obligation in connection therewith;


 


(o)            advances
to, or guarantees of Indebtedness of, employees not in excess of $15.0 million outstanding in the aggregate;


 


(p)            loans
and advances to employees, directors, officers, managers and consultants (i) for business-related travel expenses, moving
expenses and other similar expenses or payroll advances, in each case incurred in the ordinary course of business or consistent
with past practices or (ii) to fund such Person’s purchase of Equity Interests of the Issuer or any direct or indirect
parent company thereof;


 


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


 


(r)             any
Investment in any Subsidiary or any joint venture in connection with intercompany cash management arrangements or related activities
arising in the ordinary course of business or consistent with past practice;


 






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(s)            Investments
consisting of purchases and acquisitions of assets or services in the ordinary course of business or consistent with past practice;


 


(t)             Investments
made in the ordinary course of business or consistent with past practice in connection with obtaining, maintaining or renewing
client contracts;


 


(u)            Investments
in prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance
and similar deposits entered into as a result of the operations of the business in the ordinary course of business or consistent
with past practice;





 


(v)            repurchases
of Notes or Existing Notes;


 


(w)           Investments
in the ordinary course of business or consistent with past practice consisting of Uniform Commercial Code Article 3 endorsements
for collection of deposit and Article 4 customary trade arrangements with customers consistent with past practices;


 


(x)            Investments
consisting of promissory notes issued by the Issuer or any Guarantor to future, present or former officers, directors and employees,
members of management, or consultants of the Issuer or any of its Subsidiaries or their respective estates, spouses or former spouses
to finance the purchase or redemption of Equity Interests of the Issuer or any direct or indirect parent thereof, to the extent
the applicable Restricted Payment is a permitted by Section 4.07 hereof;


 


(y)            Investments
(including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers and
customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers arising in the ordinary
course of business or consistent with past practice or upon the foreclosure with respect to any secured Investment or other transfer
of title with respect to any secured Investment;


 


(z)            Investments
(i) by the Captive Insurance Subsidiary made in the ordinary course of its business or consistent with past practice, and
(ii) in the Captive Insurance Subsidiary in the ordinary course of business or required under statutory or regulatory authority
applicable to such Captive Insurance Subsidiary;


 


(aa)          Investments
made in connection with Permitted Intercompany Activities and related transactions;


 


(bb)         Investments
made after the Issue Date in joint ventures of the Issuer or any of its Restricted Subsidiaries existing on the Issue Date;


 


(cc)          Investments
in joint ventures of the Issuer or any of its Restricted Subsidiaries, taken together with all other Investments made pursuant
to this clause (cc) that are at that time outstanding, not to exceed the greater of (a) $100.0 million and (b) 2.25%
of Total Assets (in each case, determined on the date such Investment is made, with the fair market value of each Investment being
measured at the time made and without giving effect to subsequent changes in value), plus the amount of any returns in respect
of such investments;


 


(dd)         Investments
made from casualty insurance proceeds in connection with the replacement, substitution, restoration or repair of assets on account
of a Casualty Event; and


 


(ee)          Investments
in an Unrestricted Subsidiary consisting of Equity Interests issued by, or property or assets of, another Unrestricted Subsidiary.


 






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


 


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


 


(a)            pledges,
deposits or security by such Person under workmen’s compensation laws, unemployment insurance, employers’ health
tax, and other social security laws or similar legislation or other insurance-related obligations (including, but not limited
to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto) or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance
carriers providing property, casualty or liability insurance, or good faith deposits in connection with bids, tenders,
contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure
public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety or appeal bonds
to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in
each case incurred in the ordinary course of business;


 


(b)            Liens
imposed by law, such as landlords’, carriers’, warehousemen’s, materialmen’s, repairmen’s and mechanics’
Liens, in each case for sums not yet overdue for a period of more than 45 days or, if more than 45 days overdue, that are unfiled
and no other action has been taken to enforce such Lien or that are being contested in good faith by appropriate actions or other
Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an
appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of such Person in
accordance with GAAP;


 


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


 


(d)            Liens
in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect to other
regulatory requirements or letters of credit or bankers acceptances issued, and completion guarantees provided for, in each case,
issued pursuant to the request of and for the account of such Person in the ordinary course of its business or consistent with
past practice;


 


(e)            minor
survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights-of-way,
servitudes, sewers, electric lines, drains, telegraph, telephone and cable television lines and other similar purposes, or zoning,
building codes or other restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use
of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership of its properties which
were not incurred in connection with Indebtedness and which do not in the aggregate materially interfere with the ordinary conduct
of the business of the Issuer or any of its Restricted Subsidiaries, taken as a whole, and exceptions on title policies insuring
liens granted on Mortgaged Properties (as defined in the Senior Secured Credit Facilities);


 






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(f)            Liens
securing Obligations relating to any Indebtedness permitted to be incurred pursuant to clause (iv), (xii), (xiii), (xiv),
(xxiii) or (xxv) of Section 4.09(b) hereof; provided that (a) Liens securing Obligations
relating to any Indebtedness, Disqualified Stock or Preferred Stock to be incurred pursuant to clause (iv) of
Section 4.09(b) hereof extend only to the assets so purchased, leased or improved (plus improvements, accessions,
proceeds or dividends or distributions in respect thereof, or replacements of any thereof); provided, further, that
individual financings of assets provided by one lender or group of lenders may be cross-collateralized to other financings of
assets by such lender or group of lenders; (b) Liens securing Obligations relating to any Indebtedness permitted to be
incurred pursuant to clause (xiii) of Section 4.09(b) hereof relate only to Obligations relating to
Refinancing Indebtedness that (x) is secured by Liens on all or a portion of the same assets or the same categories or
types of assets as the assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof, or
replacements of any thereof) that secured the Indebtedness being refinanced; provided that individual financings of
assets provided by one lender or group lenders may be cross-collateralized to other financings of assets by such lender or
group of lenders or their Affiliates; or (y) extends, replaces, refunds, refinances, renews or defeases Indebtedness
incurred or Disqualified Stock or Preferred Stock issued under clauses (iii) (solely to the extent such Indebtedness was
secured by a Lien prior to such refinancing), (iv) or (xii) of Section 4.09(b) hereof; (c) Liens
securing Indebtedness permitted to be incurred pursuant to clause (xiv)(b) of Section 4.09(b) hereof shall
only be permitted if such Liens are limited to all or part of the same property or assets, including Capital Stock (plus
improvements, accessions, proceeds or dividends or distributions in respect thereof, or replacements of any thereof)
acquired, or of any Person acquired or merged or consolidated with or into the Issuer or any Restricted Subsidiary, in any
transaction to which such Indebtedness relates; and (d) Liens securing Indebtedness permitted to be incurred pursuant to
clauses (xxiii) and (xxv) of Section 4.09(b) hereof shall only be permitted if such Liens extend only to
the assets of Restricted Subsidiaries of the Issuer that are not Guarantors (plus improvements, accessions, proceeds or
dividends or distributions in respect thereof, or replacements of any thereof);


 


(g)            Liens
existing on the Issue Date (excluding Liens securing the Senior Secured Credit Facilities), including Liens securing any Refinancing
Indebtedness of any Indebtedness secured by such Liens;


 


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


 


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


 


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


 






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(k)            Liens
securing (x) Hedging Obligations and (y) obligations in respect of Bank Products;


 


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


 


(m)            leases,
sub-leases, licenses or sub-licenses granted to others in the ordinary course of business which do not materially interfere with
the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries, taken as a whole, and do not secure any
Indebtedness;


 


(n)            Liens
arising from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases or consignments
entered into by the Issuer and its Restricted Subsidiaries in the ordinary course of business or purported Liens evidenced by the
filing of precautionary Uniform Commercial Code financing statements or similar public filings;


 


(o)            Liens
in favor of the Issuer, the Co-Issuer or any Guarantor;


 


(p)            Liens
on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business to the Issuer’s
or a Restricted Subsidiary’s customers or clients;


 


(q)            Liens
on accounts receivable, Securitization Assets and related assets incurred in connection with a Qualified Securitization Facility;


 


(r)            Liens
to secure any modification, refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions,
renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses
(f), (g), (h), (i), this clause (r) and clause (mm) below; provided that (i) such new Lien shall be limited to
all or part of the same assets or the same categories or types of assets as the assets that secured the original Lien (plus improvements
on such property) and proceeds and products thereof, and (ii) the Indebtedness secured by such Lien at such time is not increased
to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness
described under clauses (f), (g), (h), (i), this clause (r) and clause (mm) below at the time the original Lien became a Permitted
Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses (including original issue discount, upfront
fees or similar fees) and premiums (including tender premiums and accrued and unpaid interest), related to such modification, refinancing,
refunding, extension, renewal or replacement;


 


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


 


(t)            Liens
securing obligations in an aggregate principal amount outstanding which does not exceed the greater of (a) $175.0 million
and (b) 4.0% of Total Assets (in each case, determined as of the date of such incurrence);


 


(u)            security
given to a public utility or any municipality or governmental authority when required by such utility or authority in connection
with the operations of that Person in the ordinary course of business;


 






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(v)            Liens
securing judgments for the payment of money not constituting an Event of Default under clause (v) of Section 6.01(a) hereof,
so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review
of such judgment have not been finally terminated or the period within which such proceedings may be initiated has not expired;


 


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


 


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


 


(y)            Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 4.09 hereof; provided that
such Liens do not extend to any assets other than those that are the subject of such repurchase agreement;


 


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


 


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


 


(bb)         Liens
securing obligations owed by the Issuer or any Restricted Subsidiary to any lender under the Senior Secured Credit Facilities or
any Affiliate of such a lender in respect of any overdraft and related liabilities arising from treasury, depository and cash management
services or any automated clearing house transfers of funds;


 


(cc)          any
encumbrance or restriction (including put and call arrangements) with respect to Capital Stock of any joint venture or similar
arrangement pursuant to any joint venture or similar agreement;


 


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


 


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


 






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


 


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


 


(hh)         Liens
on Capital Stock of an Unrestricted Subsidiary that secure Indebtedness or other obligations of such Unrestricted Subsidiary;


 


(ii)            Liens
on the assets of non-guarantor Restricted Subsidiaries securing Indebtedness of such Subsidiaries that were permitted by the terms
of this Indenture to be incurred;


 


(jj)            Liens
on cash advances in favor of the seller of any property to be acquired in an Investment permitted under this Indenture to be applied
against the purchase price for such Investment;


 


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


 


(ll)            deposits
of cash with the owner or lessor of premises leased and operated by the Issuer or any of its Subsidiaries in the ordinary course
of business of the Issuer and such Subsidiary to secure the performance of the Issuer’s or such Subsidiary’s obligations
under the terms of the lease for such premises;


 


(mm)         Liens
securing Indebtedness (including Liens securing any Obligations in respect thereof) permitted to be incurred pursuant to Section 4.09
(including, without limitation, Indebtedness incurred under one or more Credit Facilities) so long as after giving pro forma
effect to such incurrence and such Liens the Consolidated Secured Debt Ratio of the Issuer and its Restricted Subsidiaries shall
be equal to or less than 4.25 to 1.00 (excluding, for purposes of calculating such ratio under this clause (mm), Indebtedness
under the revolving credit facility borrowed for seasonal working capital requirements in an amount not to exceed $150.0 million)
for the Issuer’s most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding the date on which such Lien is incurred;


 


(nn)          Liens
securing obligations in respect of (i) Indebtedness and other Obligations permitted to be incurred under the Credit
Facilities, including any letter of credit facility relating thereto, that was permitted by the terms of this Indenture to be
incurred pursuant to clause (i) of Section 4.09(b) and (ii) obligations of the Issuer or any Subsidiary
in respect of any Bank Products or Hedging Obligation provided by any lender party to any Credit Facility or any Affiliate of
such lender (or any Person that was a lender or an Affiliate of a lender at the time the applicable agreements pursuant to
which such Bank Products are provided were entered into);


 


(oo)         Liens
on assets deemed to arise in connection with and solely as a result of the execution, delivery or performance of contracts to sell
such assets if such sale is otherwise permitted under this Indenture; and


 


(qq)         Liens
on any funds or securities held in escrow accounts established for the purpose of holding proceeds from issuances of debt securities
by the Issuer or any of its Restricted Subsidiaries issued after the Issue Date, together with any additional funds required in
order to fund any mandatory redemption or sinking fund payment on such debt securities within 180 days of their issuance; provided,
that such Liens do not extend to any assets other than such proceeds and such additional funds.


 






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


 


In the event that a Permitted Lien meets
the criteria of more than one of the types of Permitted Liens (at the time of incurrence or at a later date), the Issuer in its
sole discretion may divide, classify or from time to time reclassify all or any portion of such Permitted Lien in any manner that
complies with this Indenture and such Permitted Lien shall be treated as having been made pursuant only to the clause or clauses
of this definition of “Permitted Lien” to which such Permitted Lien has been classified or reclassified.


 


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


 


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


 


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


 


“Purchase Money Obligations”
means any Indebtedness incurred to finance or refinance the purchase, acquisition, leasing, expansion, construction, installation,
replacement, repair or improvement of property (real or personal) or assets, and whether acquired through the direct acquisition
of such property or assets, or otherwise (including through the purchase of Capital Stock of any Person owning such property or
assets).


 


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


 


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


 


“Qualified Securitization Facility”
means any Securitization Facility (i) constituting a securitization financing facility that meets the following conditions:
(A) the Board of Directors or management of the Issuer shall have determined in good faith that such Securitization Facility
is in the aggregate economically fair and reasonable to the Issuer and (B) all sales and/or contributions of Securitization
Assets and related assets to the applicable Securitization Subsidiary are made at fair market value (as determined in good faith
by the Issuer) or (ii) constituting a receivables or payables financing or factoring facility.


 


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


 


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


 






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“Regulated Bank” means
an Approved Commercial Bank that is (i) a U.S. depository institution the deposits of which are insured by the Federal Deposit
Insurance Corporation; (ii) a corporation organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a
branch, agency or commercial lending company of a foreign bank operating pursuant to approval by and under the supervision of
the Board of Governors under 12 CFR part 211; (iv) a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch
referred to in clause (iii); or (v) any other U.S. or non-U.S. depository institution or any branch, agency or similar office
thereof supervised by a bank regulatory authority in any jurisdiction.


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


“Securitization Assets”
means the loans, accounts receivable, financing receivables, other receivables, royalty or other revenue streams and other rights
to payment and any assets related thereto subject to a Qualified Securitization Facility and the proceeds thereof.


 


“Securitization Facility”
means any of one or more receivables or securitization financing facilities as amended, supplemented, modified, extended, renewed,
restated or refunded from time to time, the Obligations of which are non-recourse (except for customary representations, warranties,
covenants and indemnities made in connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than
a Securitization Subsidiary) pursuant to which the Issuer or any of its Restricted Subsidiaries sells or grants a security interest
in Securitization Assets to, or for the benefit of, either (a) a Person that is not a Restricted Subsidiary or (b) a
Securitization Subsidiary that in turn sells or grants a security interest in Securitization Assets to, or for the benefit of,
a Person that is not a Restricted Subsidiary.


 


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


 


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


 


“Senior Indebtedness”
means:


 


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


 






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


 


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


 


(d)            all
Obligations with respect to the items listed in the preceding clauses (a), (b) and (c); provided, that Senior Indebtedness
shall not include:


 


(i)            any
obligation of such Person to the Issuers or any of the Issuers’ Subsidiaries;


 


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


 


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


 


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


 


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


 


“Senior Secured Credit Facilities”
means the Amended and Restated Credit Agreement, dated as of July 17, 2015 (as amended by Amendment No. 1, dated as of
January 19, 2017, Amendment No. 2, dated November 21, 2017, Amendment No. 3, dated May 22, 2018, and Amendment
No. 4, dated February 25, 2019), by and among the Issuer, Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Citigroup Global Markets Inc., Barclays Bank PLC, Deutsche Bank Securities Inc., Goldman Sachs Bank USA and RBC
Capital Markets, as joint lead arrangers and joint bookrunners, Bank of America, N.A., as administrative agent, collateral agent,
swing line lender and letter of credit issuer and other parties party thereto, including any guarantees, collateral documents,
instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals,
restatements, refundings, refinancings or replacements thereof and any one or more indentures or credit facilities or commercial
paper facilities with banks or other institutional lenders or investors that replace, refund, supplement or refinance any part
of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing
facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such
increase in borrowings is permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or
guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders.


 






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


 


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


 


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


 


“Specified Transaction”
has the meaning set forth in Section 1.06 hereof.


 


“Subordinated Indebtedness”
means, with respect to the Notes,


 


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


 


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


 


“Subsidiary” means, with
respect to any Person:


 


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


 


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


 


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


 


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


 


For the avoidance of doubt, any entity that
is owned at a 50.0% or less level (as described above) shall not be a “Subsidiary” for any purpose under this Indenture,
regardless of whether such entity is consolidated on the Issuer’s or any Restricted Subsidiary’s financial statements.


 


“Summit Holdings” means
Summit Materials Holdings L.P., a Delaware limited partnership and the Issuers’ indirect parent entity.


 






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“Total Assets” means
the total assets of the Issuer and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, as
shown on the most recent balance sheet of the Issuer or such other Person.


 


“Total Percentage Interest”
means, with respect to any Partner, the quotient obtained by dividing the number of Units (vested and unvested) then owned by such
Partner by the number of Units (vested and unvested) then owned by all Partners.


 


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


 


“Trustee” means Wilmington
Trust, National Association, as trustee, until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.


 


“Uniform Commercial Code”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State
of New York.


 


“Units” means the class
A units and any other class of units that is established in accordance with the Partnership Agreement, which shall constitute
limited partner interests in Summit Holdings as provided in the Partnership Agreement and under the Delaware Revised Uniform Limited
Partnership Act, 6 Del. C. Section 17-101, et seq., as it may be amended or supplemented from time to time and any successor
thereto, entitling the holders thereof to the relative rights, title and interests in the profits, losses, deductions and credits
of Summit Holdings at any particular time as set forth in the Partnership Agreement, and any and all other benefits to which a
holder thereof may be entitled as a Partner as provided in the Partnership Agreement, together with the obligations of such Partner
to comply with all terms and provisions of the Partnership Agreement.


 


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


 


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


 


“Unrestricted Subsidiary”
means:


 


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


 


(b)            any
Subsidiary of an Unrestricted Subsidiary.


 


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


 






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(i)            either
(a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less or (b) if the Subsidiary to be
so designated has total consolidated assets in excess of $1,000, such designation complies with Section 4.07 hereof; and


 


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


 


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


 


(a)            the
Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Test; or


 


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


 


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


 


“U.S. Dollar
Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars, at any time for
determination thereof, the amount of U.S. dollars obtained by converting such foreign currency involved in such computation
into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The
Wall Street Journal in the “Exchange Rates” column under the heading “Currency Trading”
on the date two business days prior to such determination.


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


(b)            the
sum of all such payments;


 


provided that for purposes of determining the Weighted
Average Life to Maturity of any Indebtedness that is being extended, replaced, refunded, refinanced, renewed or defeased (the “Applicable
Indebtedness”), the effects of any amortization or prepayments made on such Applicable Indebtedness prior to the date
of the applicable extension, replacement, refunding, refinancing, renewal or defeasance shall be disregarded.


 


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


 


Section 1.02.         Other
Definitions.


 


	Term	 	Defined
 in Section
	“Acceptable Commitment”	 	4.10
	“Accounting Change”	 	1.01
	“Affiliate Transaction”	 	4.11
	“Alternate Offer”	 	4.14
	“Applicable Indebtedness”	 	1.01
	“Applicable Premium Deficit”	 	8.04
	“Asset Sale Offer”	 	4.10
	“Authentication Order”	 	2.02
	“Change of Control Offer”	 	4.14
	“Change of Control Payment”	 	4.14
	“Change of Control Payment Date”	 	4.14
	“Covenant Defeasance”	 	8.03
	“Covenant Suspension Event”	 	4.17
	“Default Direction”	 	6.01
	“Directing Holder”	 	6.01
	“DTC”	 	2.03
	“ERISA”	 	2.06
	“equity incentives”	 	1.01
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.10
	“Fixed Charge Coverage Test”	 	4.07



 






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	Term	 	Defined
 in Section
	“Highest Partner Tax Amount”	 	4.07
	“Increased Amount”	 	4.12
	“incur” and “incurrence”	 	4.09
	“Legal Defeasance”	 	8.02
	“Note Register”	 	2.03
	“Noteholder Direction”	 	6.01
	“Offer Amount”	 	3.08
	“Offer Period”	 	3.08
	“Pari Passu Indebtedness”	 	4.10
	“Paying Agent”	 	2.03
	“Position Representation”	 	6.01
	“primary obligations”	 	1.01
	“primary obligor”	 	1.01
	“Purchase Date”	 	3.08
	“Redemption Date”	 	3.01
	“Refinancing Indebtedness”	 	4.09
	“Refunding Capital Stock”	 	4.07
	“Registrar”	 	2.03
	“Restricted Payments”	 	4.07
	“Reversion Date”	 	4.17
	“Second Change of Control Payment Date”	 	4.14
	“Second Commitment”	 	4.10
	“Successor Company”	 	5.01
	“Successor Person”	 	5.01
	“Suspended Covenants”	 	4.17
	“Suspension Date”	 	4.17
	“Suspension Period”	 	4.17
	“Tax Amount”	 	4.07
	“Testing Party”	 	1.06
	“Transfer Agent”	 	2.03
	“Transaction Test Date”	 	1.06
	“Treasury Capital Stock”	 	4.07
	“Verification Covenant”	 	6.01



 


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


 


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


 


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


 


(c)            “or”
is not exclusive;


 


(d)            the
words “including,” “includes” and similar words shall be deemed to be followed by “without limitation”;


 


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


 


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


 






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(g)            provisions
apply to successive events and transactions;


 


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


 


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


 


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


 


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


 


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


 


(m)            in
the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including”; the words “to” and “until” each mean “to but excluding” and the word
“through” means “to and including”; and


 


(n)            the
principal amount of any Preferred Stock at any time shall be (i) the maximum liquidation value of such Preferred Stock at
such time or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock at such
time, whichever is greater.


 


Section 1.04.         Acts
of Holders.


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


Section 1.05.         Timing
of Payment. Notwithstanding anything herein to the contrary, if the date on which any payment is to be made pursuant to
this Indenture or the Notes is not a Business Day, the payment otherwise payable on such date shall be payable on the next
succeeding Business Day with the same force and effect as if made on such scheduled date and (provided such payment is
made on such succeeding Business Day) no interest shall accrue on the amount of such payment from and after such scheduled
date to the time of such payment on such next succeeding Business Day and the amount of any such payment that is an interest
payment will reflect accrual only through the original payment date and not through the next succeeding Business
Day.


 






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Section 1.06.         Limited
Condition Acquisition. When calculating the availability under any basket, ratio or any financial metric under this
Indenture or compliance with any provision of this Indenture (including the absence of Defaults or Events of Default), in each
case in connection with (a) any Limited Condition Transaction, (b) any incurrence or issuance of or repayment, redemption,
repurchase or refinancing of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, (c) the
creation of Liens, (d) the making of any Asset Sale or any disposition excluded from the definition of “Asset Sale,”
(e) the making of an Investment (including any acquisition), (f) the designation of a Subsidiary as restricted or unrestricted,
(g) any other transaction or plan undertaken or proposed to be undertaken in connection with such Limited Condition Transaction
or any transaction set forth in clauses (b) through (f) or (h) any other purpose under this Indenture (the transactions
referred to in clauses (a) through (h), collectively, the “Specified Transactions,” and each, a “Specified
Transaction”) and any actions or transactions related thereto, the date of determination of such basket, ratio or financial
metric or whether any such Specified Transaction is permitted (or any requirement or condition therefor is complied with or satisfied
(including as to the absence of any Default or Event of Default)) may, at the option of the Issuers, any of their Restricted Subsidiaries,
a direct or indirect parent entity of the Issuers, any successor entity of any of the foregoing (including a third party) (the
“Testing Party”) (which election may be made on or prior to the date of consummation of such Specified Transaction),
be the date the definitive agreements for such Specified Transaction are entered into (or, if applicable, the date of delivery
of a binding offer or launch of a “certain funds” tender offer), the date of the announcement of such Specified Transaction,
or the date that a notice, which may be conditional, of repayment or redemption in connection with a repayment, redemption, repurchase
or refinancing of Indebtedness, Disqualified Stock or Preferred Stock is given to the holders of such Indebtedness, Disqualified
Stock or Preferred Stock or the date that an Officer’s Certificate is given with respect to the designation of a Subsidiary
as restricted or unrestricted (any such date, the “Transaction Test Date”) and such baskets, ratios or financial
metrics shall be calculated with such pro forma adjustments as are appropriate and consistent with the pro forma adjustment provisions
set forth in the definitions of Fixed Charge Coverage Ratio, Consolidated Total Net Debt Ratio and Consolidated Secured Debt Ratio
after giving effect to such Specified Transactions and any actions or transactions related thereto (including acquisitions, Investments,
the incurrence or issuance of Indebtedness, Disqualified Stock or Preferred Stock and the use of proceeds thereof, the incurrence
of Liens, repayments, Restricted Payments and Asset Sales or any disposition excluded from the definition of “Asset Sale”)
as if they occurred at the beginning of the applicable measurement period for purposes of determining the ability to consummate
any such Specified Transaction, and, for the avoidance of doubt, (x) if any of such baskets, ratios or financial metrics
are exceeded or are not complied with as a result of fluctuations in such basket, ratio or related financial metrics (including
due to fluctuations in Fixed Charges, Consolidated Net Income or EBITDA of the Issuers, the target company or the Person that
is otherwise the subject of the Specified Transaction after the applicable Transaction Test Date) at or prior to the consummation
of the relevant Specified Transaction and any actions or transactions related thereto, such baskets, ratios or financial metrics
will not be deemed to have been exceeded as a result of such fluctuations and (y) such baskets, ratios or financial metrics
shall not be tested at the time of consummation of such Specified Transaction and any actions or transactions related thereto
except as contemplated in clause (a) of the immediately succeeding proviso; provided, however, that (a) if financial
statements for one or more subsequent fiscal quarters shall have become available, the Testing Party may elect, in its sole discretion,
to re-determine all such ratios, tests, baskets or financial metrics on the basis of such financial statements, in which case
such date of redetermination shall thereafter be deemed to be the applicable Transaction Test Date for purposes of such ratios,
tests, baskets or financial metrics, (b) if any ratios or financial metrics improve or baskets increase as a result of such
fluctuations, such improved ratios, financial metrics or baskets may be utilized, (c) if the Testing Party elects to have
such determinations occur on the Transaction Test Date, any such transactions (including the Specified Transaction and any actions
or transactions related thereto) shall be deemed to have occurred on the Transaction Test Date and to be outstanding thereafter
for purposes of calculating any baskets, ratios or financial metrics under this Indenture after the Transaction Test Date and
before the consummation of such Specified Transaction unless and until such Specified Transaction has been abandoned, as determined
by the Testing Party, prior to the consummation thereof and (d) Consolidated Interest Expense for purposes of the Fixed Charge
Coverage Ratio will be calculated using an assumed interest rate based on the indicative interest margin, as reasonably determined
by the Testing Party in good faith. For the avoidance of doubt, if the Testing Party has exercised its option pursuant to the
foregoing and any Default or Event of Default occurs in connection with the applicable Specified Transaction following the Transaction
Test Date (including any new Transaction Test Date) for the applicable Specified Transaction and prior to or on the date of the
consummation of such Specified Transaction, any such Default or Event of Default shall be deemed to not have occurred or be continuing
for purposes of determining whether any action that has been taken or that is being taken in connection with such Specified Transaction
was or is permitted under this Indenture.


 






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Section 1.07.         Incorporation
by Reference of Trust Indenture Act. The Issuers and the Guarantors shall not be required to qualify this Indenture
under the Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated
by reference in and made a part of this Indenture.


 


The
following Trust Indenture Act terms if used in this Indenture have the following meanings:


 


“obligor”
on the Notes and the Guarantees means the Issuers and the Guarantors, respectively, and any successor obligor upon the Notes and
the Guarantees, respectively.


 


All
other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them.


 


Section 1.08.         Certain
Compliance Calculations.


 


(a)            Notwithstanding
anything to the contrary herein, in the event an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof)
is incurred, assumed or issued, any Lien is incurred or assumed, any Restricted Payment is made or other transaction is undertaken
in reliance on a ratio basket based on the Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total
Net Debt Ratio, such ratio(s) shall be calculated with respect to such incurrence, assumption, issuance or other transaction
without giving effect to amounts being utilized under any other basket (other than a ratio basket based on the Fixed Charge Coverage
Ratio, Consolidated Secured Debt Ratio or Consolidated Total Net Debt Ratio) on the same date. Each item of Indebtedness, Disqualified
Stock or Preferred Stock that is incurred, assumed or issued, each Lien incurred or assumed and each other transaction undertaken
will be deemed to have been incurred, assumed, issued or taken first, to the extent available, pursuant to the relevant Fixed
Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total Net Debt Ratio test. For the avoidance of doubt,
when testing the availability under a ratio basket for purposes of making a Restricted Payment, Indebtedness (or any portion
thereof) incurred, assumed or issued the proceeds of which are being utilized to make a Restricted Payment utilizing a non-ratio
basket shall not be given effect.


 


(b)            Notwithstanding
anything to the contrary herein, in the event an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof)
is incurred, assumed or issued, any Lien is incurred or assumed or other transaction is undertaken in reliance on a ratio basket
based on the Fixed Charge Coverage Ratio, Consolidated Secured Debt Ratio or Consolidated Total Net Debt Ratio, such ratio(s) shall
be calculated without regard to the incurrence of any Indebtedness under any revolving facility or letter of credit facility (1) immediately
prior to or in connection therewith or (2) used to finance working capital needs of the Issuer and its Restricted Subsidiaries
(as reasonably determined by the Issuer).


 






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(c)            If
a proposed action, matter, transaction or amount (or a portion thereof) meets the criteria of more than one applicable basket,
permission or threshold under this Indenture, the Issuer shall be entitled to divide or classify or later divide or reclassify
(based on circumstances existing on the date of such reclassification) such action, matter, transaction or amount (or a portion
thereof) between such baskets, permission or thresholds as it shall elect from time to time.


 


(d)            Any
calculation, test or measure that is determined with reference to the Issuer’s financial statements (including EBITDA, Consolidated
Interest Expense, Consolidated Net Income, Consolidated Secured Debt Ratio, Consolidated Total Net Debt Ratio, Fixed Charge Coverage
Ratio, Fixed Charges, and Section 4.07(a)(iv)(C)(1) may be determined with reference to the financial statements of
a direct or indirect parent entity of the Issuer instead, so long as such calculation, test or measure would not differ by more
than an immaterial amount when using the financial statements of such direct or indirect parent entity of the Issuer as compared
to if such calculation, test or measure were made using the Issuer’s financial statements (as determined in good faith by
the Issuer).


 


(e)            Any
ratios, tests or baskets required to be satisfied in order for a specific action to be permitted under this Indenture shall be
calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number
of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding up
if there is no nearest number).


 


(f)            If
the Issuer or any Restricted Subsidiary takes an action which at the time of the taking of such action would in the good faith
determination of the Issuer be permitted under the applicable provisions of this Indenture based on the financial statements available
at such time, such action shall be deemed to have been made in compliance with this Indenture notwithstanding any subsequent adjustments
made in good faith to such financial statements affecting Consolidated Net Income, EBITDA or other applicable financial metric.


 


ARTICLE 2

the notes


 


Section 2.01.         Form and
Dating; Terms.


 


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


 


(b)            Global
Notes. Notes issued in global form shall be substantially in the form of Exhibit A hereto, including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto. Notes issued in definitive
form shall be substantially in the form of Exhibit A hereto, but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto. Each Global Note shall represent such of the outstanding
Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each
shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that
the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable,
to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the
aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction
of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.


 






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(c)            [reserved].


 


(d)            Terms.
The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited.


 


The
terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the
Issuers, the Guarantors 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.


 


The
Notes shall be subject to repurchase by the Issuers pursuant to an Asset Sale Offer as provided in Section 4.10 hereof or
a Change of Control Offer as provided in Section 4.14 hereof. The Notes shall not be redeemable, other than as provided in
Article 3 hereof.


 


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


 


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


 


Section 2.02.         Execution
and Authentication. At least one Officer of each of the Issuer and the Co-Issuer shall execute the Notes on behalf
of the Issuer and the Co-Issuer, as applicable, by manual, facsimile or electronic (including “.pdf”) signature.


 


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


 


A
Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated substantially
in the form of Exhibit A hereto, by the manual signature of the Trustee. Electronically imaged signatures such as .pdf files,
faxed signatures or other electronic signatures to the Note shall have the same effect as original signatures. The signature shall
be conclusive evidence that the Note has been duly authenticated and delivered under this Indenture.


 


On
the Issue Date, the Trustee shall, upon receipt of an Issuers’ Order (an “Authentication Order”), authenticate
and deliver the Initial Notes in the aggregate principal amount or amounts specified in such Authentication Order. In addition,
at any time, from time to time, the Trustee shall, upon receipt of an Authentication Order, authenticate and deliver any Additional
Notes for an aggregate principal amount specified in such Authentication Order for such Additional Notes issued or increased hereunder.


 


The
Trustee may appoint an authenticating agent acceptable to the Issuers 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 Issuers.


 






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Section 2.03.         Registrar,
Transfer Agent and Paying Agent. The Issuers shall maintain (i) an office or agency where the Notes may be presented
for registration (the “Registrar”), which shall be Wilmington Trust, National Association as of the date of
this Indenture, (ii) an office or agency where Notes may be presented for transfer or for exchange (the “Transfer
Agent”), which shall be Wilmington Trust, National Association as of the date of this Indenture, and (iii) an office
or agency where the Notes may be presented for payment (the “Paying Agent”), which shall be Wilmington Trust,
National Association as of the date of this Indenture. The Registrar shall keep a register of the Notes (“Note Register”)
and of their transfer and exchange in accordance with the rules and procedures of DTC. The registered Holder of a Note will
be treated as the owner of such Note for all purposes and only registered Holders shall have rights under this Indenture and the
Notes. The Issuers may appoint one or more co-registrars, one or more co-transfer agents and one or more additional paying
agents. The term “Registrar” includes any co-registrar, the term “Transfer Agent” includes any co-transfer
agent and the term “Paying Agent” includes any additional paying agents. The Issuers may change any Paying Agent,
Transfer Agent or Registrar without prior notice to any Holder. The Issuers shall notify the Trustee in writing of the name and
address of any Agent not a party to this Indenture. If the Issuers fail to appoint or maintain another entity as Registrar, Transfer
Agent or Paying Agent, the Trustee or an affiliate of the Trustee shall act as such. The Issuer or any of its Subsidiaries may
act as Paying Agent, Transfer Agent or Registrar.


 


The
Issuers initially appoint The Depository Trust Company, its nominees and successors (“DTC”) to act as Depositary
with respect to the Global Notes.


 


The
Issuers initially appoint the Trustee to act as the Paying Agent, Transfer Agent and Registrar for the Notes and to act as Custodian
with respect to the Global Notes.


 


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


 


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


 


Section 2.05.         Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuers shall 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.


 






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Section 2.06.         Transfer
and Exchange.


 


(a)            Transfer
and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred,
in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor
thereto. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless, and, if applicable,
subject to the limitation on issuance of Definitive Notes set forth in Section 2.06(c)(ii), (i) the Depositary
(x) notifies the Issuers that it is unwilling or unable to continue as Depositary for such Global Note or (y) has
ceased to be a clearing agency registered under the Exchange Act, and, in either case, a successor Depositary is not
appointed by the Issuers within 120 days, (ii) the Issuers, at their option, notify the Trustee in writing that they
elect to cause the issuance of Definitive Notes, (iii) upon the request of a Holder if there shall have occurred and be
continuing an Event of Default with respect to the Notes, or (iv) the Trustee has received a written request by or on
behalf of the Depositary to issue Definitive Notes. Upon the occurrence of any of the events described in clause (i), (ii),
(iii) or (iv) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein
will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in
accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided
in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06 or Sections 2.07 or 2.10 hereof, shall be authenticated and delivered in
the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the events described in
clause (i), (ii), (iii) or (iv) above and pursuant to Section 2.06(c) hereof. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a); provided, however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or
(f) hereof.


 


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


 


(i)            Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend. Beneficial interests in any Unrestricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i).


 


(ii)            All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver
to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary
in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest
in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase or (B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information
regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in
(1) above. 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(h) hereof.


 






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


 


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


 


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


 


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


 


(A)            [reserved];


 


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


 


(C)            [reserved];
or


 


(D)            the
Registrar receives the following:


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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(ii)            [reserved].


 


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


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


(e)            Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive
Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer or exchange in form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide
any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this
Section 2.06(e):


 


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


 


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


 


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


 


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


 






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


 


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


 


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


 


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


 


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


 


(f)            [Reserved]


 


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


 


(i)            Private
Placement Legend.


 


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


 






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“THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS
EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES
THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: SIX MONTHS] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE
LATER OF THE ORIGINAL ISSUANCE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE
OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO
THE ISSUERS OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE
SECURITIES ACT (IF AVAILABLE, AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUEST), (E) IN ACCORDANCE WITH
ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (IF AVAILABLE, AND BASED UPON AN OPINION OF
COUNSEL IF THE ISSUERS SO REQUEST) OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND
(3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF
THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.


 


EACH HOLDER OF
THIS NOTE OR ANY INTEREST HEREIN IS DEEMED TO REPRESENT AND WARRANT THAT EITHER (1) NO PORTION OF THE ASSETS USED TO PURCHASE
OR HOLD THIS NOTE OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY (A) EMPLOYEE BENEFIT PLAN WHICH IS SUBJECT TO TITLE
I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), (B) PLAN, INDIVIDUAL
RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE
SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”), OR (C) ENTITY WHOSE UNDERLYING
ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY OF THE FOREGOING PLANS, ACCOUNTS OR ARRANGEMENTS DESCRIBED IN
CLAUSE (A) OR (B), OR (2) ITS PURCHASE AND HOLDING OF THIS NOTE OR ANY INTEREST HEREIN WILL NOT CONSTITUTE A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE
SIMILAR LAWS.”


 


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


 


“BY ITS
ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S.
PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”


 






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


 


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


 


“THIS GLOBAL
NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II) THIS GLOBAL NOTE
MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL
NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL
NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 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 ISSUERS OR THEIR 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.


 


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


 






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(i)            General
Provisions Relating to Transfers and Exchanges.


 


(i)            To
permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall 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.


 


(ii)            No
service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable
upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 3.08, 4.10, 4.14 and 9.04 hereof).


 


(iii)          Neither
the Registrar nor the Issuers shall 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 mailing or transmission of a notice of redemption of the Notes
to be redeemed under Section 3.03 hereof and ending at the close of business on the day of such mailing or transmission, (B) to
register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part, (C) to register the transfer or exchange of a Note between a Record Date and the next
succeeding Interest Payment Date or (D) to register the transfer or exchange of any Notes tendered (and not withdrawn) for
repurchase in connection with a Change of Control Offer, an Alternate Offer or an Asset Sale Offer.


 


(iv)          Neither
the Registrar nor the Issuers shall be required to register the transfer or exchange of any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part; provided that new Notes will only be issued
in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


(v)           All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Issuers, 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.


 


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


 


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


 






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


 


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


 


(x)           The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by,
the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements
hereof.


 


Section 2.07.     Replacement
Notes. If either (x) any mutilated
Note is surrendered to the Trustee, the Registrar or the Issuers, or (y) the Issuers and the Trustee receive evidence to
their satisfaction of the ownership and destruction, loss or theft of any Note, then the Issuers shall issue and the Trustee,
upon receipt of an Authentication Order and satisfaction of any other requirements of the Trustee, shall authenticate a replacement
Note. If required by the Trustee or the Issuers, an indemnity bond must be supplied by the Holder that is sufficient in the judgment
of both (i) the Trustee to protect the Trustee and (ii) the Issuers to protect the Issuers, the Trustee, any Agent and
any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuers and the Trustee may charge
the Holder for their expenses in replacing a Note.


 


Every replacement Note is a contractual
obligation of the Issuers and shall 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 cancelled by it, those delivered to it for cancellation, those reductions
in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof and those described in this
Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding
because the Issuer, the Co-Issuer or a Guarantor or an Affiliate of the Issuer, the Co-Issuer or a Guarantor holds the
Note.


 


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


 


Notes in exchange for or in lieu of which
other Notes have been authenticated and delivered pursuant to this Indenture shall not be deemed to be outstanding for purposes
hereof.


 


If the principal amount of any Note is considered
paid under Section 4.01 hereof, such Note shall cease to be outstanding and interest thereon shall cease to accrue.


 


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


 






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


 


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


 


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


 


Section 2.11.     Cancellation.
The Issuers at any time may deliver Notes to the Trustee for cancellation.
The Registrar, the Transfer Agent and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration
of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one
else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall
dispose of such cancelled Notes in its customary manner (subject to the record retention requirements of the Exchange Act). Certification
of the cancellation of all cancelled Notes shall be delivered to the Issuers upon their written request therefor. The Issuers
may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation.


 


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


 






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


 


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


 


ARTICLE 3

Redemption


 


Section 3.01.     Notices
to Trustee. If the Issuers elect to redeem Notes
pursuant to Section 3.07 hereof, they shall furnish to the Trustee, at least two Business Days (unless a shorter notice shall
be agreed to by the Trustee) before notice of redemption is required to be delivered or mailed to Holders pursuant to Section 3.03
hereof, an Officer’s Certificate setting forth (a) the paragraph or subparagraph of such Note and/or Section of
this Indenture pursuant to which the redemption shall occur, (b) the date of redemption (as such date may be delayed pursuant
to Section 3.07(f) hereof, the “Redemption Date”), (c) the principal amount of the Notes to be redeemed
and (d) the redemption price.


 


Section 3.02.     Selection
of Notes to Be Redeemed. If less than all of the
Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed (a) if the Notes are listed on a
securities exchange (and such listing is known to the Trustee), in compliance with the requirements of such exchange on which
such Notes are listed or (b) on a pro rata basis to the extent practicable, or, if the pro rata basis is not practicable
for any reason, by lot or by such other method as the Trustee shall deem fair and appropriate and otherwise in accordance with
the Applicable Procedures in minimum denominations of $2,000 and increments of $1,000 in excess thereof. In the event of partial
redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 10 nor
more than 60 days prior to the Redemption Date by the Trustee from the outstanding Notes not previously called for redemption.


 


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


 


Section 3.03.     Notice
of Redemption. The Issuers shall send electronically,
mail or cause to be mailed by first-class mail, postage prepaid, notices of redemption at least 10 days but not more than 60 days
before the Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered address stated in the Note
Register or otherwise in accordance with the Applicable Procedures, except that redemption notices may be delivered or mailed
more than 60 days prior to a Redemption Date if the notice is issued in connection with Article 8 or Article 11 hereof.
Notices of redemption may, at the Issuers’ discretion, be conditional.


 






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


 


(a)        the
Redemption Date;


 


(b)        the
redemption price;


 


(c)        if
any Definitive Note is to be redeemed in part only, the portion of the principal amount of that Note that is to be redeemed and
that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion
of the original Note representing the same indebtedness to the extent not redeemed will be issued in the name of the Holder upon
cancellation of the original Note; provided that new Notes will only be issued in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof;


 


(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 Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the Redemption Date;


 


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


 


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


 


(i)         any
conditions to such redemption.


 


In addition, any notice of redemption may
include additional information, including any information pursuant to Section 3.07(f) hereof.


 


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


 


If the Notes are listed on an exchange,
for so long as the Notes are so listed and the rules of such exchange so require, the Issuers shall notify the exchange of
any such redemption and, if applicable, of the principal amount of any Notes outstanding following any partial redemption of Notes.


 


Section 3.04.     Effect
of Notice of Redemption. A notice of redemption,
if delivered electronically, mailed or caused to be mailed in a manner herein provided, shall be conclusively presumed to have
been given, whether or not the Holder receives such notice. In any case, failure to deliver such notice 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. Notes or portions of Notes called for redemption shall become due and payable on the Redemption
Date, subject to satisfaction of any conditions specified in the notice. Subject to Section 3.05 hereof, on and after the
Redemption Date, interest shall cease to accrue on Notes or portions of Notes called for redemption.


 






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Section 3.05.     Deposit
of Redemption Price.


 


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


 


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


 


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


 


Section 3.07.     Optional
Redemption.


 


(a)           Except
as set forth in clauses (b), (d) and (e) of this Section 3.07, the Notes will not be redeemable at the Issuers’
option prior to July, 15, 2023.


 


(b)          At
any time prior to July 15, 2023, the Issuers may, at their option and on one or more occasions, redeem all or a part of the
Notes, upon notice in accordance with Section 3.03 hereof, at a redemption price equal to the sum of (A) 100.0% of the
principal amount of the Notes redeemed, plus (B) the Applicable Premium as of the Redemption Date, plus (C) accrued and
unpaid interest, if any, thereon to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant
Record Date to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date.


 


(c)          On
and after July 15, 2023, the Issuers may, at their option and on one or more occasions, redeem the Notes, in whole or in part,
upon notice in accordance with Section 3.03 hereof, at the redemption prices (expressed as percentages of principal amount
of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, thereon to, but excluding, the applicable
Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant
Interest Payment Date falling prior to or on the Redemption Date, if redeemed during the twelve-month period beginning on July 15
of each of the years indicated below:


 


	Year	 	Notes Redemption

 Percentage	 
	2023	 	 	102.625	%
	2024	 	 	101.313	%
	2025 and thereafter	 	 	100.000	%




 






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(d)          Prior
to July 15, 2023, the Issuers may, at their option, and on one or more occasions, redeem up to 40.0% of the aggregate principal
amount of Notes issued under this Indenture at a redemption price equal to 105.25% of the aggregate principal amount of the Notes
redeemed, with an amount not to exceed the net cash proceeds received by it from one or more Equity Offerings or a contribution
to the Issuer’s common equity capital made with the net cash proceeds of an Equity Offering, plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive
interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date; provided that
(A) at least 50.0% of (x) the aggregate principal amount of the Notes originally issued under this Indenture on the Issue
Date and (y) the aggregate principal amount of any Additional Notes issued under this Indenture after the Issue Date remains
outstanding immediately after the occurrence of each such redemption (unless all such Notes are redeemed or repurchased substantially
concurrently); and (B) each such redemption occurs within 180 days of the date of closing of each such Equity Offering.


 


(e)          Notwithstanding
the foregoing, in connection with any tender offer for the Notes, including, without limitation, any Change of Control Offer,
Alternate Offer or Asset Sale Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes
validly tender and do not validly withdraw such Notes in such tender offer and the Issuers, or any third party making such
tender offer in lieu of the Issuers, purchases all of the Notes validly tendered and not validly withdrawn by such Holders,
the Issuers or such third party will have the right upon not less than 10 nor more than 60 days’ prior notice, given
not more than 60 days following such purchase date, to redeem all Notes that remain outstanding following such purchase at a
price equal to the price offered to each other Holder in such tender offer (which may be less than par and shall exclude any
early tender premium or similar premium and any accrued and unpaid interest paid to any Holder that participated in such
tender offer payment) plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any,
thereon, to, but excluding, the Redemption Date.


 


(f)          Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.
Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be given prior
to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion, be subject to one or more
conditions precedent (including conditions precedent applicable to different amounts of Notes redeemed), including, but not
limited to, completion of the related Equity Offering or other transaction. The Issuers may redeem the Notes pursuant to one
or more of the relevant provisions in this Indenture, and a single notice of redemption may be delivered with respect to
redemptions made pursuant to different provisions. Any such notice may provide that redemptions made pursuant to different
provisions may have different Redemption Dates and, with respect to redemptions that occur on the same date, may specify the
order in which such redemptions are deemed to occur. In addition, if such redemption is subject to satisfaction of one or
more conditions precedent, such notice shall state that, in the Issuers’ discretion, the Redemption Date may be delayed
until such time (including more than 60 days after the date the notice of redemption was sent) as any or all such conditions
shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be
rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer in its sole
discretion) by the Redemption Date, or by the Redemption Date so delayed, or that such notice may be rescinded at any time in
the Issuer’s sole discretion if the Issuer determines that any or all such conditions will not be satisfied or waived.
In addition, the Issuers may provide in such notice that payment of the redemption price and performance of the
Issuers’ obligations with respect to such redemption may be performed by another Person.


 


(g)            The
Issuers and their Affiliates may acquire the Notes by means other than a redemption pursuant to this Section 3.07, whether
by tender offer, open market purchases, negotiated transactions or otherwise.


 






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(h)            The
Trustee shall have no duty to calculate or verify the calculation of the Applicable Premium.


 


Section 3.08.     Offers
to Repurchase by Application of Excess Proceeds.


 


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


 


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


 


(c)            If
the Purchase Date is on or after a Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest,
if any, up to but excluding the Purchase Date, shall be paid to the Person in whose name a Note is registered at the close of business
on such Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer.


 


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


 


(i)            that
the Asset Sale Offer is being made pursuant to this Section 3.08 and Section 4.10 hereof and the length of time the Asset
Sale Offer shall remain open;


 


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


 


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


 


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


 






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(v)           that
any Holder electing to have less than all of the aggregate principal amount of its Notes purchased pursuant to an Asset Sale Offer
may elect to have Notes purchased in an amount not less than $2,000 and in integral multiples of $1,000 in excess thereof;


 


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


 


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


 


(viii)        that,
if the aggregate principal amount of Notes or the Pari Passu Indebtedness, as the case may be, surrendered by the holders thereof
exceeds the Offer Amount, the Issuers shall purchase such Notes and such Pari Passu Indebtedness, as the case may be, on a pro
rata basis based on the accreted value or principal amount of the Notes or such Pari Passu Indebtedness, as the case may be, tendered
(with such adjustments as may be deemed appropriate by the Issuers so that only Notes in an amount not less than $2,000 or integral
multiples of $1,000 in excess thereof are purchased); and


 


(ix)          that
Holders whose certificated Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased;
provided that new Notes will only be issued in denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


(e)            On
or before the Purchase Date, the Issuers shall, to the extent lawful, (1) accept for payment, on a pro rata basis as described
in clause (d)(viii) of this Section 3.08, the Offer Amount of Notes or portions thereof validly tendered pursuant to
the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered and (2) deliver or cause to be
delivered to the Trustee the Notes properly accepted, together with an Officer’s Certificate stating the aggregate principal
amount of Notes or portions thereof so tendered.


 


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


 






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


 


Other than as specifically provided in this
Section 3.08 or Section 4.10 hereof, any purchase pursuant to this Section 3.08 shall be made pursuant to the applicable
provisions of Sections 3.01 through 3.06 hereof, and references therein to “redeem,” “redemption,” “Redemption
Date” and similar words shall be deemed to refer to “purchase,” “repurchase,” “Purchase Date”
and similar words, as applicable.


 


Section 3.09.     Mandatory
Redemption. The Issuers shall not be required to make any mandatory redemption or sinking fund payment with respect to the
Notes.


 


ARTICLE 4

Covenants


 


Section 4.01.     Payment
of Notes. The Issuers, jointly and severally, shall
pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in
the Notes and this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Issuer, the Co-Issuer or a Guarantor or an Affiliate of the Issuer, the Co-Issuer or a Guarantor,
holds as of noon New York City time on the due date money deposited by the Issuers in immediately available funds and designated
for and sufficient to pay all principal, premium, if any, and interest then due.


 


The Paying Agent shall not be obliged to
make any payment until such time as it has received sufficient funds in order to make such payment.


 


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


 


Section 4.02.     Maintenance
of Office or Agency. The Issuers shall maintain
the offices or agencies (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or Transfer Agent) required
under Section 2.03 hereof where Notes may be surrendered for registration of transfer or for exchange or presented for payment
and where notices and demands to or upon the Issuers in respect of the Notes and this Indenture may be delivered. The Issuers
shall 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 Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office; provided,
however, no service of legal process may be made on the Issuers at any office of the Trustee.


 


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


 






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The Issuers hereby designate the Corporate
Trust Office as one such office or agency of the Issuers in accordance with Section 2.03 hereof.


 


Section 4.03.     Reports
and Other Information.


 


(a)            Whether
or not the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any
Notes are outstanding, the Issuer shall have its annual consolidated financial statements audited by a nationally recognized firm
of independent auditors and its interim consolidated financial statements reviewed by a nationally recognized firm of independent
auditors in accordance with Statement on Auditing Standards No. 100 issued by the American Institute of Certified Public Accountants
(or any similar replacement standard). In addition, so long as any Notes are outstanding, the Issuer shall furnish to the Trustee
and the Holders of the Notes the following reports:


 


(1) (x) all annual and
quarterly financial statements that would be required to be contained in a filing with the SEC on Forms 10-K and 10-Q of the Issuer,
if the Issuer were required to file such forms, plus a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations”; (y) with respect to the annual and quarterly information, a presentation of EBITDA of the
Issuer substantially consistent with the presentation thereof in the Offering Memorandum and derived from such financial information;
and (z) with respect to the annual financial statements only, a report on the annual financial statements by the Issuer’s
independent registered public accounting firm; and


 


(2) all information that
would be required to be contained in filings with the SEC on Form 8-K under Items 1.01, 1.02, 1.03, 2.01, 2.05, 2.06, 4.01,
4.02, 5.01 and 5.02(b) and (c) (other than with respect to information otherwise required or contemplated by Item 402
of Regulation S-K) as in effect on the Issue Date if the Issuer were required to file such reports;


 


in each case within the time periods specified in the SEC’s
rules and regulations if the Issuer were a “non-accelerated filer” as defined in the applicable rules and
regulations of the SEC, provided, however, that the provisions of this paragraph shall be satisfied if the Issuer files
reports containing such information with the SEC within the time periods required by applicable SEC rules and regulations;
provided further, however, that the Issuer shall not be required to (A) in the case of subclause (2), include as an
exhibit, or include a summary of the terms of, any employment or compensatory arrangement agreement, plan or understanding between
the Issuer (or any of its Subsidiaries) and any director, manager or executive officer, of the Issuer (or any of its Subsidiaries),
(B) make available any information regarding the occurrence of any of the events set forth in subclause (2) if the Issuer
determines in its good faith judgment that the event that would otherwise be required to be disclosed is not material to the Holders
of the Notes or the business, assets, operations, financial positions or prospects of the Issuer and its Restricted Subsidiaries
taken as a whole, (C) no such current report will be required to comply with Regulation G under the Exchange Act or Item 10(e) of
Regulation S-K with respect to any “non-GAAP” financial information contained therein (other than providing reconciliations
of such non-GAAP information to extent included in the Offering Memorandum), (D) comply with Regulation S-X or (E) provide
any information that is not otherwise similar to information currently included in the Offering Memorandum.


 






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If the Issuer or any parent entity of
the Issuer does not file reports containing such information concerning the Issuer with the SEC, then the Issuer will deliver
such information and reports to the Trustee and make available such information and such reports to any Holder of the Notes
and to any beneficial owner of the Notes, in each case with respect to the Holders and beneficial owners by posting such
information on Intralinks or any comparable password-protected online data system which shall require a confidentiality
acknowledgment, and shall make such information readily available to any prospective investor, any securities analyst or any
market maker in the Notes who (i) agrees to treat such information as confidential or (ii) accesses such
information on Intralinks or any comparable password-protected online data system which shall require a confidentiality
acknowledgment; provided that the Issuer shall post such information thereon and make readily available any password
or other login information to any such prospective investor, securities analyst or market maker. Delivery of such information
and reports to the Trustee is for informational purposes only, and the Trustee's receipt thereof shall not constitute
constructive or actual notice of any information contained therein or determinable from the information contained therein,
including our compliance with any of the Issuer's covenants under this Indenture (as to which the Trustee is entitled to
conclusively rely on any Officer's Certificate). The Trustee shall have no liability or responsibility for the filing,
timeliness or content of such information or reports.


 


(b)            The
Issuer shall furnish to Holders of the Notes, securities analysts and prospective investors upon request the information required
to be delivered pursuant to Rule 144A(d)(4) under the Securities Act, so long as the Notes are not freely transferable
under the Securities Act.


 


(c)            If
the Issuer has designated any of its Subsidiaries as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group
of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of the Issuer, then
the annual and quarterly information required by Section 4.03(a)(1) shall include a presentation of selected financial
metrics (in the Issuer’s sole discretion) of such Unrestricted Subsidiaries as a group in the “Management’s Discussion
and Analysis of Financial Condition and Results of Operations.”


 


(d)            Notwithstanding
the foregoing, the Issuer may satisfy its obligations under this Section 4.03 through the filing of the reports specified
above by any parent entity of the Issuer; provided that the same is accompanied by selected financial metrics (in the Issuer’s
sole discretion) that show the differences between the information relating to such parent, on the one hand, and the information
relating to the Issuer and the Restricted Subsidiaries on a stand-alone basis, on the other hand.


 


(e)            Notwithstanding
anything herein to the contrary, the Issuer will not be deemed to have failed to comply with any of its obligations hereunder for
purposes of clause (iii) of Section 6.01(a) hereof until 120 days after the receipt of the written notice delivered
thereunder.


 


To the extent any information is not provided
within the time periods specified in this Section 4.03 and such information is subsequently provided, the Issuer will be deemed
to have satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have
been cured.


 


Section 4.04.     Compliance
Certificate.


 


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


 






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


 


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


 


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


 


Section 4.07.     Limitation
on Restricted Payments.


 


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


 


(i)            declare
or pay any dividend or make any payment or distribution on account of the Issuer’s, or any of its Restricted Subsidiaries’
Equity Interests (in each case, solely to a holder of Equity Interests in such Person’s capacity as a holder of such Equity
Interests), including any dividend, payment or distribution payable in connection with any merger, amalgamation or consolidation
other than:


 


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


 


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


 






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(ii)            purchase,
redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect parent company
of the Issuer, including any purchase, redemption, defeasance, acquisition or retirement in connection with any merger, amalgamation
or consolidation;


 


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


 


(A)           Indebtedness
permitted under clauses (vii), (viii) and (ix) of Section 4.09(b) hereof; or


 


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


 


(iv)            make
any Restricted Investment


 


(all such payments and other actions set forth in
clauses (i) through (iv) above (other than any exceptions thereto) being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment:


 


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


 


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


 


(C)            such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
after the 2022 Notes Issue Date (including Restricted Payments permitted by clauses (i), (vi)(C), (ix) and (xiv) of Section 4.07(b) hereof
(to the extent not deducted in calculating Consolidated Net Income), but excluding all other Restricted Payments permitted by Section 4.07(b) hereof),
is less than the sum of (without duplication):


 


(1)            50.0%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period and including the predecessor of the
Issuer) beginning on April 2, 2016 to the end of the Issuer’s most recently ended fiscal quarter for which internal
financial statements are available at the time of such Restricted Payment, or, in the case such Consolidated Net Income for such
period is a deficit, minus 100.0% of such deficit; plus


 


(2)            100.0%
of the aggregate net cash proceeds and the fair market value of marketable securities or other property received by the Issuer
or its Restricted Subsidiaries since the 2022 Notes Issue Date (other than net cash proceeds to the extent such net cash proceeds
have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (xii)(A) of Section 4.09(b) hereof)
from the issue or sale of:


 






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


 


(x)            Equity
Interests to any future, present or former employees, directors, officers, managers or consultants (or their respective Controlled
Investment Affiliates or Immediate Family Members) of the Issuer, any direct or indirect parent company of the Issuer or any of
the Issuer’s Subsidiaries after the 2022 Notes Issue Date to the extent such amounts have been applied to Restricted Payments
made in accordance with clause (iv) of Section 4.07(b) hereof; and


 


(y)            Designated
Preferred Stock; and


 


(B)            to
the extent such net cash proceeds are (or have been) actually contributed to the Issuer or any of its Restricted Subsidiaries,
Equity Interests of the Issuer or any of the Issuer’s direct or indirect parent companies (excluding contributions of the
proceeds from the sale of Designated Preferred Stock of any such companies or contributions to the extent such amounts have been
applied to Restricted Payments made in accordance with clause (iv) of Section 4.07(b) hereof); or


 


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


 


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


 


(3)            100.0%
of the aggregate amount of cash and the fair market value of marketable securities or other property contributed to the capital
of the Issuer or a Restricted Subsidiary or that becomes part of the capital of the Issuer or a Restricted Subsidiary through consolidation
or merger, in each case since the 2022 Notes Issue Date (other than (i) net cash proceeds to the extent such net cash proceeds
have been used to incur Indebtedness or issue Disqualified Stock or Preferred Stock pursuant to clause (xii)(A) of Section 4.09(b) hereof,
(ii) contributions by the Issuer or a Restricted Subsidiary and (iii) any Excluded Contributions); plus


 


(4)            100.0%
of the aggregate amount received in cash and the fair market value of marketable securities or other property received by the Issuer
or any Restricted Subsidiary by means of:


 


(i)            the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of, or other returns on Investments from, Restricted
Investments made by the Issuer or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from
the Issuer or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted
Investments made by the Issuer or its Restricted Subsidiaries, in each case after the 2022 Notes Issue Date; or


 






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(ii)            the
sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a dividend or distribution
(other than an Excluded Contribution) from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in
such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to clause (vii) of Section 4.07(b) hereof
or to the extent such Investment constituted a Permitted Investment), in each case, after the 2022 Notes Issue Date; plus


 


(5)            in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation
of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets
of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary after the 2022 Notes Issue Date, the fair market value (as
determined by the Issuer in good faith) of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time
of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation
or transfer of assets, other than to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted
Subsidiary pursuant to clause (vii) of Section 4.07(b) hereof or to the extent such Investment constituted a Permitted
Investment.


 


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


 





(i)            the
payment of any dividend or other distribution or the consummation of any irrevocable redemption within 60 days after the date of
declaration of the dividend or other distribution or giving of the redemption notice, as the case may be, if at the date of declaration
or notice, the dividend or other distribution or redemption payment would have complied with the provisions of this Indenture;


 


(ii)            (A) the
redemption, repurchase, defeasance, retirement or other acquisition of any Equity Interests (“Treasury Capital Stock”),
including any accrued and unpaid dividends thereon or Subordinated Indebtedness of the Issuer or any Restricted Subsidiary or any
Equity Interests of any direct or indirect parent company of the Issuer, in exchange for, or out of the proceeds of the substantially
concurrent sale or issuance (other than to a Restricted Subsidiary) of, Equity Interests of the Issuer or any direct or indirect
parent company of the Issuer to the extent contributed to the Issuer (in each case, other than any Disqualified Stock) (“Refunding
Capital Stock”), (B) the declaration and payment of dividends on Treasury Capital Stock out of the proceeds of the
substantially concurrent sale or issuance (other than to a Subsidiary of the Issuer or to an employee stock ownership plan or any
trust established by the Issuer or any of its Subsidiaries) of Refunding Capital Stock, and (C) if, immediately prior to the
retirement of Treasury Capital Stock, the declaration and payment of dividends thereon was permitted under clauses (vi)(A) or
(B) of this Section 4.07(b), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding
Capital Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct
or indirect parent company of the Issuer) in an aggregate amount per year no greater than the aggregate amount of dividends per
annum that were declarable and payable on such Treasury Capital Stock immediately prior to such retirement;


 






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(iii)         the
prepayment, defeasance, redemption, repurchase, exchange or other acquisition or retirement (1) of Subordinated Indebtedness
of the Issuers or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness
of the Issuers or a Guarantor or Disqualified Stock of the Issuers or a Guarantor or (2) Disqualified Stock of the Issuers
or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Disqualified Stock of the
Issuers or a Guarantor, that, in each case, is incurred or issued, as applicable, in compliance with Section 4.09 hereof so
long as:


 


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


 


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


 


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


 


(D)             such
new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so defeased, redeemed,
repurchased, exchanged, acquired or retired (or requires no or nominal payments in cash prior to the date that is 91 days
after the maturity date of the Notes);


 


(iv)           a
Restricted Payment to pay for the repurchase, redemption or other acquisition or retirement for value of Equity Interests (other
than Disqualified Stock) of the Issuer or any direct or indirect parent company of the Issuer held by any future, present or former
employee, director, officer, member of management or consultant (or their respective Controlled Investment Affiliates or Immediate
Family Members) of the Issuer, any of its Subsidiaries or any of its direct or indirect parent companies pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement, or any stock subscription or shareholder
agreement (including, for the avoidance of doubt, any principal and interest payable on any Indebtedness incurred or issued by
the Issuer or any direct or indirect parent company of the Issuer in connection with such repurchase, retirement or other acquisition);
provided that the aggregate amount of Restricted Payments made under this clause (iv) do not exceed in any calendar
year an amount equal to $25.0 million (with unused amounts in any calendar year being carried over to succeeding calendar years
subject to a maximum (without giving effect to the following proviso) of $50.0 million in any calendar year); provided,
further, that such amount in any calendar year under this clause may be increased by an amount not to exceed:


 






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(A)           the
cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent contributed to
the Issuer, the cash proceeds from the sale of Equity Interests of any of the Issuer’s direct or indirect parent companies,
in each case to any future, present or former employees, directors, officers, members of management or consultants (or their respective
Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any of its Subsidiaries or any of its direct or indirect
parent companies that occurs after the 2022 Notes Issue Date, to the extent the cash proceeds from the sale of such Equity Interests
have not otherwise been applied to the payment of Restricted Payments by virtue of clause (C) of Section 4.07(a)(iv) hereof;
plus


 


(B)            the
cash proceeds of key man life insurance policies received by the Issuer or its Restricted Subsidiaries (or any direct or indirect
parent company to the extent contributed to the Issuer) after the 2022 Notes Issue Date; less


 


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


 


and provided, further, that (i) cancellation
of Indebtedness owing to the Issuer or any Restricted Subsidiary from any future, present or former employees, directors, officers,
members of management or consultants of the Issuer (or their respective Controlled Investment Affiliates or Immediate Family Members),
any of the Issuer’s direct or indirect parent companies or any of the Issuer’s Restricted Subsidiaries in connection
with a repurchase of Equity Interests of the Issuer or any of its direct or indirect parent companies and (ii) the repurchase
of Equity Interests deemed to occur upon the exercise of options, warrants or similar instruments if such Equity Interests represents
all or a portion of the exercise price thereof or payments, in lieu of the issuance of fractional Equity Interests or withholding
to pay other taxes payable in connection therewith, in the case of each of clauses (i) and (ii), will not be deemed to constitute
a Restricted Payment for purposes of this Section 4.07 or any other provision of this Indenture;


 


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


 


(vi)           (A) 
the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified
Stock) issued by the Issuer or any of its Restricted Subsidiaries after the 2022 Notes Issue Date;





 


(B)            the
declaration and payment of dividends to any direct or indirect parent company of the Issuer, the proceeds of which will be used
to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock)
issued by such parent company after the 2022 Notes Issue Date; provided that the amount of dividends paid pursuant to this
clause (B) shall not exceed the aggregate amount of cash actually contributed to the Issuer from the sale of such Designated
Preferred Stock; or


 






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


 


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


 


(vii)          Investments
in Unrestricted Subsidiaries having an aggregate fair market value, taken together with all other Investments made pursuant to
this clause (vii) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the
extent the proceeds of such sale do not consist of cash or marketable securities (until such proceeds are converted to Cash Equivalents),
not to exceed the greater of (a) $100.0 million and (b) 2.25% of Total Assets at the time of such Investment (with the
fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value),
plus the amount of any returns in respect of such Investment;


 


(viii)          payments
made or expected to be made by the Issuer or any Restricted Subsidiary in respect of withholding or similar taxes payable upon
or in connection with the exercise or vesting of Equity Interests or any other equity award by any future, present or former employee,
director, officer, member of management or consultant (or their respective Controlled Investment Affiliates or Immediate Family
Members) of the Issuer or any Restricted Subsidiary or any direct or indirect parent company of the Issuer and any repurchases
of Equity Interests in connection with the exercise or vesting of stock options, warrants or other equity-based awards if such
Equity Interests represent a portion of the exercise price of such options, warrants or awards;


 


(ix)            the
declaration and payment of dividends on, or the purchase, redemption, defeasance or other acquisition or retirement for value of,
the Issuer’s common shares (or the payment of dividends to any direct or indirect parent company of the Issuer to fund a
payment of dividends on such company’s common stock or to fund such company’s purchase, redemption, defeasance or other
acquisition or retirement for value of such company’s common stock), in an amount not to exceed the sum of (A) up to
6.0% per annum of the amount of net cash proceeds received by or contributed to the Issuer since the 2022 Notes Issue Date from
any public offering of the Issuer’s common shares or the common stock of any direct or indirect parent company of the Issuer,
other than public offerings with respect to the Issuer’s common stock registered on Form S-4 or Form S-8 and other
than any public sale constituting an Excluded Contribution, and (B) an aggregate amount per annum not to exceed (x) 3.0%
of Market Capitalization, if, after giving pro forma effect to the payment of any such Restricted Payment, the Consolidated Total
Net Debt Ratio is greater than 3.50 to 1.00 and (y) 4.0% of Market Capitalization, so long as, after giving pro forma effect
to the payment of any such Restricted Payment, the Consolidated Total Net Debt Ratio shall be less than or equal to 3.50 to 1.00;


 


(x)             Restricted
Payments that are made (a) in an amount equal to the sum of Excluded Contributions received following January 1,
2015 or (b) without duplication with clause (a), in an amount equal to the Net Proceeds from an Asset Sale in respect of
property or assets acquired after the 2022 Notes Issue Date, if the acquisition of such property or assets was financed with
Excluded Contributions;


 






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(xi)            (A) Restricted
Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause (xi)(A) (in
the case of Restricted Investments, at the time outstanding (without giving effect to the sale of an Investment to the extent
the proceeds of such sale do not consist of, or have not been subsequently sold or transferred for, Cash Equivalents)) not to
exceed the greater of (a) $125.0 million and (b) 3.0% of Total Assets at such time plus the amount of any returns in
respect of Investments made pursuant to this provision; and (B) any Restricted Payments, so long as, after giving pro forma
effect to the payment of any such Restricted Payment, the Consolidated Total Net Debt Ratio shall be no greater than 3.25 to 1.00;


 


(xii)           distributions
or payments of Securitization Fees;


 


(xiii)          any
Restricted Payment used to fund amounts owed to Affiliates (including dividends to any direct or indirect parent company of the
Issuer to permit payment by such parent company of such amounts), in each case to the extent permitted by Section 4.11 hereof;


 


(xiv)          the
repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to the provisions
similar to those described under Sections 4.10 and 4.14 hereof; provided that if the Issuer shall have been required to
make a Change of Control Offer or Asset Sale Offer, as applicable, to purchase the Notes on the terms provided in this Indenture
applicable to Change of Control Offers or Asset Sale Offers, respectively, all Notes validly tendered by Holders of such Notes
in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed, acquired or retired
for value;


 


(xv)           the
declaration and payment of dividends or distributions by the Issuer to, or the making of loans to, any direct or indirect parent
company of the Issuer in amounts required for any direct or indirect parent company of the Issuer to pay, in each case without
duplication:


 


(A)            franchise,
excise and similar taxes, and other fees and expenses, required to maintain its corporate existence;


 


(B)             with
respect to any taxable year (or portion thereof) with respect to which the Issuer is treated as a disregarded entity or
partnership for U.S. federal, applicable state and/or local income tax purposes, on a quarterly basis and no later than five
days before the date specified in Section 6655(c)(2) of the Code, an amount equal to the Tax Amount. The
“Tax Amount,” calculated for the period beginning on the start of a relevant taxable year, through the end
of the applicable quarter, is the Highest Partner Tax Amount divided by the Total Percentage Interest for the Partner
described in the immediately following sentence. The “Highest Partner Tax Amount” is, with respect to the
Partner receiving the greatest allocation of estimated net taxable income pursuant to the Partnership Agreement as of
March 17, 2015 (relative to its Total Percentage Interest) in the applicable time period, (A) the estimated
aggregate taxable income of Summit Holdings (calculated assuming the tax items attributable to the Issuer are the only tax
items of Summit Holdings) allocated to such Partner in such time period (for the avoidance of doubt, excluding any
adjustments under Section 743(b) of the Code), multiplied by (B) the Assumed Tax Rate; provided, that,
in calculating the “Highest Partner Tax Amount,” the “estimated net taxable income” shall be reduced
by any cumulative net taxable losses allocable to each applicable Partner (or its successor) with respect to all prior
taxable years (or portions thereof) beginning after March 17, 2015 (determined as if all such periods were one period)
to the extent such cumulative net taxable loss is of a character (ordinary or capital) that would permit such loss to be
deducted by the applicable Partner against the income of the taxable year in question (or portion thereof); provided further,
if the quarterly distributions permitted under this clause (B) with respect to any taxable year exceed (or are less
than) the distribution that would have been permitted under this clause (B) if such distribution had instead been
determined on an annual basis (i.e., based on the entirety of such taxable year, taking into account income allocations on
final tax returns), any such excess (or shortfall) shall reduce (in the case of an excess) or increase (in the case of a
shortfall) dollar for dollar permitted distributions under this clause (B) for the immediately subsequent taxable year
(and, if necessary, later taxable years);


 






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(C)             customary
salary, bonus and other benefits payable to employees, directors, officers and managers of any direct or indirect parent company
of the Issuer to the extent such salaries, bonuses and other benefits are attributable to the ownership or operation of the Issuer
and its Restricted Subsidiaries;


 


(D)             general
corporate operating and overhead costs and expenses and, listing fees and other costs and expenses attributable to being a publicly
traded company, of any direct or indirect parent company of the Issuer;


 


(E)             fees
and expenses other than to Affiliates of the Issuer related to any unsuccessful equity or debt offering of such parent entity;


 


(F)             cash
payments in lieu of issuing fractional shares in connection with the exercise of warrants, options or other securities convertible
into or exchangeable for Equity Interests of the Issuer or any direct or indirect parent company of the Issuer;


 


(G)             to
finance Investments that would otherwise be permitted to be made pursuant to this Section 4.07 if made by the Issuer; provided
that (1) such Restricted Payment shall be made substantially concurrently with the closing of such Investment, (2) such
direct or indirect parent company shall, immediately following the closing thereof, cause (x) all property acquired (whether
assets or Equity Interests) to be contributed to the capital of the Issuer or one of its Restricted Subsidiaries or (y) the
merger or amalgamation of the Person formed or acquired into the Issuer or one of its Restricted Subsidiaries (to the extent not
prohibited by Section 5.01 hereof) in order to consummate such Investment, (3) such direct or indirect parent company
and its Affiliates (other than the Issuer or a Restricted Subsidiary) receives no consideration or other payment in connection
with such transaction except to the extent the Issuer or a Restricted Subsidiary could have given such consideration or made such
payment in compliance with this Indenture, (4) any property received by the Issuer shall not increase amounts available for
Restricted Payments pursuant to clause (C) of Section 4.07(a)(iv) hereof and (5) such Investment shall be deemed
to be made by the Issuer or such Restricted Subsidiary pursuant to another provision of this Section 4.07(b) (other than
pursuant to clause (x) of this Section 4.07(b)) or pursuant to the definition of “Permitted Investments”
(other than clause (i) thereof);


 


(H)             amounts
that would be permitted to be paid by the Issuer under clauses (iii), (vi), (ix), (x) and (xiii) of Section 4.11(b) hereof;
provided that the amount of any dividend or distribution under this clause (xv)(H) to permit such payment shall reduce,
without duplication, Consolidated Net Income of the Issuer to the extent, if any, that such payment would have reduced Consolidated
Net Income of the Issuer if such payment had been made directly by the Issuer and increase (or, without duplication of any reduction
of Consolidated Net Income, decrease) EBITDA to the extent, if any, that Consolidated Net Income is reduced under this clause (xv)(H) and
such payment would have been added back to (or, to the extent excluded from Consolidated Net Income, would have been deducted from)
EBITDA if such payment had been made directly by the Issuer, in each case, in the period such payment is made;


 






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


 


(xvii)         payments
or distributions to dissenting stockholders pursuant to applicable law (including in connection with, or as a result of, exercise
of appraisal rights and the settlement of any claims or action (whether actual, contingent or potential)), pursuant to or in connection
with any Permitted Investment or a consolidation, merger or transfer of assets that complies with, or is not prohibited by this
Indenture; and


 


(xviii)        the
repurchase, redemption or other acquisition of Equity Interests of the Issuer or any Restricted Subsidiary deemed to occur in connection
with paying cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share
split, reverse share split, merger, consolidation, amalgamation or other business combination of the Issuer or any Restricted Subsidiary,
in each case, permitted under this Indenture;


 


provided that at the time of, and after giving effect
to, any Restricted Payment permitted under clause (xi)(B) of this Section 4.07(b), no Event of Default shall have occurred
and be continuing or would occur as a consequence thereof.


 


(c)            For
purposes of determining compliance with this Section 4.07, in the event that a proposed Restricted Payment (or a portion thereof)
meets the criteria of clauses (i) through (xviii) of Section 4.07(b) hereof and/or one or more of the clauses
contained in the definition of “Permitted Investments,” or is entitled to be made pursuant to Section 4.07(a),
the Issuer will be entitled to divide or classify or later divide or reclassify (based on circumstances existing on the date of
such reclassification) such Restricted Payment (or a portion thereof) between such clauses (i) through (xviii) and such
Section 4.07(a) and/or one or more of the clauses contained in the definition of “Permitted Investments”
in any manner that otherwise complies with this Section 4.07.


 


(d)           The
Issuer shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence
of the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted
Subsidiary, all outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary
so designated shall be deemed to be Restricted Payments in an amount determined as set forth in the penultimate sentence of the
definition of “Investments.” Such designation shall be permitted only if a Restricted Payment in such amount would
be permitted at such time, pursuant to this Section 4.07, or pursuant to the definition of “Permitted Investments,”
and if such Subsidiary otherwise meets the definition of an “Unrestricted Subsidiary.” Unrestricted Subsidiaries shall
not be subject to any of the restrictive covenants set forth in this Indenture. For the avoidance of doubt, this Section 4.07
shall not restrict the making of any “AHYDO catch up payment” with respect to, and required by the terms of, any Indebtedness
of the Issuer or any of its Restricted Subsidiaries permitted to be incurred under the terms of this Indenture.


 


(e)            For
the purposes of this Section 4.07, any payment made on or after the 2022 Notes Issue Date, but prior to the Issue Date, shall
be deemed to be a “Restricted Payment” to the extent that such payment would have been a Restricted Payment had this
Indenture been in effect at the time of such payment (and, to the extent that such Restricted Payment was permitted by Section 4.07(a) hereof
or clauses (i) through (xviii) of Section 4.07(b) hereof or as a Permitted Investment, such Restricted Payment
may be deemed by the Issuer to have been made pursuant to such clause).


 






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


 


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


 





(i)              (A) 
pay dividends or make any other distributions to the Issuer, the Co-Issuer or any of the Issuer’s Restricted Subsidiaries
that is a Guarantor on its Capital Stock or with respect to any other interest or participation in, or measured by, its profits;
or


 


(B)            pay
any Indebtedness owed to the Issuer, the Co-Issuer or any of the Issuer’s Restricted Subsidiaries that is a Guarantor;


 


(ii)             make
loans or advances to the Issuer, the Co-Issuer or any of the Issuer’s Restricted Subsidiaries that is a Guarantor; or


 


(iii)            sell,
lease or transfer any of its properties or assets to the Issuer, the Co-Issuer or any of the Issuer’s Restricted Subsidiaries
that is a Guarantor.


 


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


 


(i)              contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to Hedging Obligations and the related documentation,
and contractual encumbrances or restrictions in effect on the Issue Date pursuant to the Senior Secured Credit Facilities;


 


(ii)             (i) this
Indenture, the Notes and the Guarantees and (ii) the Existing Notes Indentures, the Existing Notes and the guarantees thereof;


 


(iii)            Purchase
Money Obligations for property acquired in the ordinary course of business and Financing Lease Obligations that impose restrictions
of the nature discussed in clause (iii) of Section 4.08(a) hereof on the property so acquired;


 


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


 


(v)            (A) in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger, amalgamation or consolidation
of an Unrestricted Subsidiary into the Issuer or a Restricted Subsidiary or the transfer of all or substantially all of the assets
of an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary, any agreement or other instrument of such Unrestricted
Subsidiary in existence at the time of such redesignation (but, in any such case, not created in contemplation thereof) and (B) any
agreement or other instrument of a Person acquired by or merged or consolidated with or into the Issuer or any of its Restricted
Subsidiaries in existence at the time of such acquisition or at the time it merges with or into the Issuer or any of its Restricted
Subsidiaries or assumed in connection with the acquisition of assets from such Person (but, in any such case, not created in contemplation
thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than
the Person so acquired and its Subsidiaries, or the property or assets of the Person so acquired and its Subsidiaries or the property
or assets so acquired;


 






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


 


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


 


(viii)          restrictions
on cash or other deposits or net worth imposed by suppliers, customers or landlords under contracts entered into in the ordinary
course of business or arising in connection with any Permitted Liens;


 





(ix)            other
Indebtedness, Disqualified Stock or Preferred Stock of Restricted Subsidiaries that are not Guarantors permitted to be incurred
subsequent to the Issue Date pursuant to the provisions of Section 4.09 hereof;


 


(x)             customary
provisions in joint venture agreements and other similar agreements or arrangements relating to such joint venture;


 


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


 


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


 


(xiii)          customary
provisions restricting subletting or assignment of any lease governing a leasehold interest of any Restricted Subsidiary;


 


(xiv)          customary
provisions restricting assignment of any agreement entered into in the ordinary course of business;


 


(xv)           restrictions
arising in connection with cash or other deposits permitted under Section 4.12 hereof;


 


(xvi)          any
agreement or instrument (A) relating to any Indebtedness, Disqualified Stock or Preferred Stock permitted to be incurred or
issued subsequent to the Issue Date pursuant to Section 4.09 hereof if the encumbrances and restrictions are not materially
more disadvantageous, taken as a whole, to the Holders than is customary in comparable financings for similarly situated issuers
(as determined in good faith by the Issuer) or as otherwise in effect on the Issue Date and (B) either (x) the Issuer
determines that such encumbrance or restriction will not adversely affect the Issuer’s ability to make principal and interest
payments on the Notes as and when they come due or (y) such encumbrances and restrictions apply only during the continuance
of a default in respect of a payment or financial maintenance covenant relating to such Indebtedness;


 






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


 


(xviii)        any
encumbrances or restrictions of the type referred to in clauses (i), (ii) and (iii) of Section 4.08(a) hereof
imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings
of the contracts, instruments or obligations referred to in clauses (i) through (xvii) of this Section 4.08(b);
provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings are, in the good faith judgment of the Issuer, not materially more restrictive with respect to such encumbrance and
other restrictions taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement,
refunding, replacement or refinancing.


 


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


 





(a)            The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries (including the Co-Issuer) to, directly or indirectly,
create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively,
“incur” and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired
Indebtedness) and the Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to
issue any shares of Disqualified Stock or any Restricted Subsidiary that is not the Co-Issuer or a Guarantor to issue Preferred
Stock; provided that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified
Stock, and any Restricted Subsidiary may incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock
and any Restricted Subsidiary that is not the Co-Issuer or a Guarantor may issue shares of Preferred Stock, if the Fixed Charge
Coverage Ratio on a consolidated basis of the Issuer and its Restricted Subsidiaries for the most recently ended four fiscal quarters
for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred
or such Disqualified Stock or Preferred Stock is issued would have been at least 2.00 to 1.00, determined on a pro forma
basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred,
or the Disqualified Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had
occurred at the beginning of such four-quarter period; provided that the then outstanding aggregate principal amount of
Indebtedness (including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable,
pursuant to this Section 4.09(a), together with any amounts incurred under Section 4.09(b)(xii) and Section 4.09(b)(xxiii) (plus
any Refinancing Indebtedness in respect thereof) by Restricted Subsidiaries that are not the Co-Issuer or Guarantors shall not
exceed the greater of (x) $200.0 million and (y) 5.0% of Total Assets (in each case, determined on the date of such incurrence).


 


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


 


(i)              Indebtedness
incurred pursuant to any Credit Facilities by the Issuer or any Restricted Subsidiary and the issuance and creation of letters
of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have
a principal amount equal to the face amount thereof); provided that immediately after giving effect to any such incurrence
or issuance, the then outstanding aggregate principal amount of all Indebtedness incurred or issued under this clause (i) does
not exceed $1,250.0 million;


 






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(ii)             the
incurrence by the Issuer, the Co-Issuer and any Guarantor of Indebtedness represented by the Notes (including any guarantee thereof)
(but excluding any Additional Notes);


 


(iii)            Indebtedness
of the Issuer and its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness described in clauses (i) and
(ii) of this Section 4.09(b));


 


(iv)            Indebtedness
consisting of Financing Lease Obligations and Purchase Money Obligations in an aggregate principal amount (together any Refinancing
Indebtedness in respect thereof) not to exceed the greater of (a) $150.0 million and (b) 3.5% of Total Assets (in each
case, determined at the date of incurrence or issuance); so long as such Indebtedness exists at the date of such purchase, lease
or improvement, or is created within 365 days thereafter (for the avoidance of doubt, the purchase date for any asset shall be
the later of the date of completion of construction or installation and the beginning of the full productive use of such asset);


 


(v)             Indebtedness
incurred by the Issuer or any of its Restricted Subsidiaries constituting reimbursement obligations with respect to letters of
credit, bank guarantees, banker’s acceptances, warehouse receipts, or similar instruments issued or created in the ordinary
course of business, including letters of credit in favor of suppliers or trade creditors or in respect of workers’ compensation
claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance
or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims,
performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance;
provided that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed
within 45 Business Days following such drawing or incurrence;





 


(vi)            Indebtedness
arising from (A) Permitted Intercompany Activities and (B) agreements of the Issuer or its Restricted Subsidiaries providing
for indemnification, adjustment of purchase price, earn-outs or similar obligations, in each case, incurred or assumed in connection
with the disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring
all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided that
such Indebtedness is not reflected on the balance sheet of the Issuer, or any of its Restricted Subsidiaries (Contingent Obligations
referred to in a footnote to financial statements and not otherwise reflected on the balance sheet shall not be deemed to be reflected
on such balance sheet for purposes of this clause (vi));


 


(vii)           Indebtedness
of the Issuer to a Restricted Subsidiary; provided that any such Indebtedness owing to a Restricted Subsidiary that is not
a Co-Issuer or a Guarantor is subordinated in right of payment to the Notes (for the avoidance of doubt, any such Indebtedness
owing to a Restricted Subsidiary that is not the Co-Issuer or a Guarantor shall be deemed to be expressly subordinated in right
of payment to the Notes unless the terms of such Indebtedness expressly provide otherwise); provided, further, that
any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing
to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted
Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien) shall be deemed, in each case, to be an incurrence
of such Indebtedness (to the extent such Indebtedness is then outstanding) not permitted by this clause (vii);


 


(viii)          Indebtedness
of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that if the Issuer, the Co-Issuer or
a Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not the Co-Issuer or a Guarantor, such Indebtedness
is subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes (for the avoidance of doubt,
any such Indebtedness owing to a Restricted Subsidiary that is not the Co-Issuer or a Guarantor shall be deemed to be expressly
subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes unless the terms of such Indebtedness
expressly provide otherwise); provided, further, that any subsequent issuance or transfer of any Capital Stock or
any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer
of any such Indebtedness (except to the Issuer or another Restricted Subsidiary or any pledge of such Indebtedness constituting
a Permitted Lien) shall be deemed, in each case, to be an incurrence of such Indebtedness (to the extent such Indebtedness is then
outstanding) not permitted by this clause (viii);


 






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(ix)            shares
of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another of its Restricted
Subsidiaries or any pledge of such Capital Stock constituting a Permitted Lien) shall be deemed in each case to be an issuance
of such shares of Preferred Stock (to the extent such Preferred Stock is then outstanding) not permitted by this clause (ix);


 


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


 


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


 





(xii)           (A) Indebtedness
or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any Restricted Subsidiary
in an aggregate principal amount or liquidation preference up to 100% of the net cash proceeds received by the Issuer since the
2022 Notes Issue Date from the issue or sale of Equity Interests of the Issuer or any direct or indirect parent company of the
Issuer or cash contributed to the capital of the Issuer (in each case, other than Excluded Contributions, proceeds of Disqualified
Stock or sales of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance with clauses (C)(2) and
(C)(3) of Section 4.07(a)(iv) hereof to the extent such net cash proceeds or cash have not been applied pursuant
to such clauses to make Restricted Payments pursuant to Section 4.07(b) hereof or to make Permitted Investments specified
in clauses (h), (k), (m), (bb) or (cc) of the definition thereof, and (B) Indebtedness or Disqualified Stock of the Issuer
and Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or any Restricted Subsidiary in an aggregate principal amount
or liquidation preference, which, when aggregated with the principal amount and liquidation preference of all other Indebtedness,
Disqualified Stock and Preferred Stock then outstanding and incurred pursuant to this clause (xii)(B), does not at any time outstanding
exceed the greater of (x) $200.0 million and (y) 4.0% of Total Assets (in each case, determined on the date of such incurrence);
it being understood that any Indebtedness, Disqualified Stock or Preferred Stock incurred pursuant to this clause (xii)(B) shall
cease to be deemed incurred or outstanding for purposes of this clause (xii)(B) but shall be deemed incurred for the purposes
of Section 4.09(a) hereof from and after the first date on which the Issuer or such Restricted Subsidiary could have
incurred such Indebtedness, Disqualified Stock or Preferred Stock under Section 4.09(a) hereof without reliance on this
clause (xii)(B);


 






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(xiii)          the
incurrence or issuance by the Issuer or any Restricted Subsidiary of Indebtedness, Disqualified Stock or Preferred Stock which
serves to extend, replace, refund, refinance, renew or defease any Indebtedness, Disqualified Stock or Preferred Stock incurred
or issued as permitted under Section 4.09(a) hereof and clauses (ii), (iii), (iv) and (xii)(A) of this Section 4.09(b),
this clause (xiii) and clause (xiv) of this Section 4.09(b) or any Indebtedness, Disqualified Stock or Preferred
Stock incurred or issued to so extend, replace, refund, refinance, renew or defease such Indebtedness, Disqualified Stock or Preferred
Stock, including in each case, additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay premiums (including
tender premiums), defeasance costs, and accrued interest, fees and expenses in connection therewith (the “Refinancing
Indebtedness”) prior to its respective maturity; provided that such Refinancing Indebtedness:


 


(A)          has
a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the remaining
Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being extended, replaced, refunded,
refinanced, renewed or defeased (or requires no or nominal payments in cash prior to the date that is 91 days after the maturity
date of the Notes);


 


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


 


(C)          shall
not include:


 


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


 


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





 


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


 


and, provided, further, that subclause
(A) of this clause (xiii) will not apply to any extension, replacement, refunding, refinancing, renewal or defeasance
of any Credit Facilities, Secured Indebtedness or Indebtedness incurred pursuant to clause (iv) of this Section 4.09(b);


 


(xiv)          (A) Indebtedness,
Disqualified Stock or Preferred Stock of the Issuer or a Restricted Subsidiary incurred or issued to finance an acquisition (or
other purchase of assets) or (B) Indebtedness, Disqualified Stock or Preferred Stock of Persons that are acquired by the Issuer
or any Restricted Subsidiary or merged into or consolidated with the Issuer or a Restricted Subsidiary in accordance with the terms
of this Indenture; provided that in the case of clauses (A) and (B), after giving effect to such acquisition, merger,
amalgamation or consolidation (1) the aggregate amount of such Indebtedness does not exceed $50.0 million at any time outstanding
or (2) either (x) the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed
Charge Coverage Test set forth in Section 4.09(a) hereof, or (y) the Fixed Charge Coverage Ratio for the Issuer
and its Restricted Subsidiaries is equal to or greater than immediately prior to such acquisition, merger, amalgamation or consolidation;


 






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(xv)           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 that such Indebtedness is extinguished within five Business Days of its
incurrence;


 


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


 


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


 


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


 


(C)            any
incurrence by the Co-Issuer of Indebtedness as a co-issuer of Indebtedness of the Issuer that was permitted to be incurred
by another provision of this Section 4.09;


 


(xviii)        (A) Indebtedness
consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, present or former employees, directors,
officers, managers and consultants thereof, their respective Controlled Investment Affiliates or Immediate Family Members, in each
case to finance the purchase or redemption of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer
to the extent described in clause (iv) of Section 4.07(b) hereof, and (B) Indebtedness representing deferred
compensation to employees of the Issuer (or any direct or indirect parent thereof) or any of its Restricted Subsidiaries incurred
in the ordinary course of business;


 


(xix)           to
the extent constituting Indebtedness, customer deposits and advance payments (including progress premiums) received in the ordinary
course of business from customers for goods and services purchased in the ordinary course of business;


 


(xx)            (A) Indebtedness
owed on a short-term basis of no longer than 30 days to banks and other financial institutions incurred in the ordinary
course of business of the Issuer and its Restricted Subsidiaries with such banks or financial institutions that arises in
connection with ordinary banking arrangements to manage cash balances of the Issuer and its Restricted Subsidiaries and
(B) Indebtedness in respect of Bank Products;


 


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


 






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


 


(xxiii)         the
incurrence of Indebtedness of Restricted Subsidiaries of the Issuer that are not the Co-Issuer or Guarantors in an amount at any
one time outstanding under this clause (xxiii) not to exceed the greater of (a) $200.0 million and (b) 5.0% of Total
Assets at any one time outstanding (in each case, determined on the date of such incurrence); it being understood that any Indebtedness
deemed incurred pursuant to this clause (xxiii) shall cease to be deemed incurred or outstanding for purposes of this clause
(xxiii) but shall be deemed incurred for the purposes of Section 4.09(a) hereof from and after the first date on
which the Issuer or such Restricted Subsidiaries could have incurred such Indebtedness under Section 4.09(a) hereof without
reliance on this clause (xxiii);


 


(xxiv)         Indebtedness
of the Issuer or any of its Restricted Subsidiaries undertaken in connection with cash management and related activities with respect
to any Subsidiary or joint venture in the ordinary course of business;


 


(xxv)          Indebtedness
of Foreign Subsidiaries of the Issuer in an amount not to exceed, at any one time outstanding and together with any other Indebtedness
incurred under this clause (xxv), 10.0% of the total assets of the Foreign Subsidiaries on a consolidated basis as shown on the
Issuer’s most recent balance sheet (it being understood that any Indebtedness incurred pursuant to this clause (xxv) shall
cease to be deemed incurred or outstanding for purposes of this clause (xxv) but shall be deemed incurred for the purposes
of Section 4.09(a) hereof from and after the first date on which the Issuer or its Restricted Subsidiaries could have
incurred such Indebtedness under Section 4.09(a) hereof without reliance on this clause (xxv)); and


 


(xxvi)         Indebtedness
incurred by the Issuer or any of the Restricted Subsidiaries to the extent that the net proceeds thereof are deposited with the
Trustee at or promptly after the funding of such Indebtedness to satisfy and discharge the Notes or exercise the Issuer’s
legal defeasance or covenant defeasance option pursuant to Article 8.


 


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


 


(i)              in
the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of more
than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (i) through
(xxvi) of Section 4.09(b) hereof or is entitled to be incurred pursuant to Section 4.09(a) hereof, the
Issuer, in its sole discretion, may classify or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or
any portion thereof) and shall only be required to include the amount and type of such Indebtedness, Disqualified Stock or Preferred
Stock in one of the clauses under Section 4.09(b) or under Section 4.09(a) hereof; provided that all
Indebtedness represented by term loans outstanding under the Senior Secured Credit Facilities on the Issue Date shall be treated
as incurred on the Issue Date under clause (i) of Section 4.09(b) hereof; and


 


(ii)             the
Issuer shall be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described
in Section 4.09(a) and Section 4.09(b) hereof.


 






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Accrual
of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment
of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as the case may be, of
the same class shall not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of
this Section 4.09. If Indebtedness, Disqualified Stock or Preferred Stock originally incurred in reliance upon a percentage
of Total Assets under this Section 4.09 is being refinanced and such refinancing would cause the maximum amount of Indebtedness,
Disqualified Stock or Preferred Stock thereunder to be exceeded at such time, then such refinancing will nevertheless be permitted
thereunder and such additional Indebtedness, Disqualified Stock or Preferred Stock will be deemed to have been incurred under
the applicable provision so long as the principal amount or liquidation preference of such refinancing Indebtedness, Disqualified
Stock or Preferred Stock does not exceed the principal amount or liquidation preference of Indebtedness, Disqualified Stock or
Preferred Stock being refinanced plus amounts permitted by the next sentence. Any Refinancing Indebtedness and any Indebtedness
permitted to be incurred under this Indenture to refinance Indebtedness incurred pursuant to clauses (i) and (xii)(B) of
Section 4.09(b) hereof shall be deemed to include additional Indebtedness, Disqualified Stock or Preferred Stock incurred
to pay premiums (including tender premiums), defeasance costs, fees and expenses in connection with such refinancing.


 


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


 


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


 


Notwithstanding
anything to the contrary, the Issuer shall not, and shall not permit the Co-Issuer or any Guarantor to, directly or indirectly,
incur any Indebtedness (including Acquired Indebtedness) that is contractually subordinated or junior in right of payment to any
Indebtedness of the Issuer, the Co-Issuer or such Guarantor, as the case may be, unless such Indebtedness is expressly subordinated
in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness
is subordinated to other Indebtedness of the Issuer, the Co-Issuer or such Guarantor, as the case may be.


 


This
Indenture shall not treat (1) unsecured Indebtedness as subordinated or junior to Secured Indebtedness merely because it
is unsecured or (2) Indebtedness as subordinated or junior to any other Indebtedness merely because it has a junior priority
with respect to the same collateral or because it is guaranteed by other obligors.


 






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Section 4.10.     Asset
Sales.


 


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


 


(i)         the
Issuer or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or by any other
Person assuming responsibility for, any liabilities, contingent or otherwise, in connection with, such Asset Sale) at the time
of such Asset Sale at least equal to the fair market value (as determined in good faith by the Issuer at the time of contractually
agreeing to such Asset Sale) of the assets sold or otherwise disposed of; and


 


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


 


(A)          any
liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent balance sheet or in the footnotes
thereto or, if incurred or increased subsequent to the date of such balance sheet, such liabilities that would have been shown
on the Issuer’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereto if such incurrence or increase
had taken place on or prior to the date of such balance sheet, as determined by the Issuer) of the Issuer or such Restricted Subsidiary,
other than liabilities that are by their terms subordinated to the Notes, that are assumed by the transferee of any such assets
pursuant to a written agreement which releases or indemnifies the Issuer or such Restricted Subsidiary from such liabilities;


 


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


 


(C)          any
Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate
fair market value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C) that
is at that time outstanding, not to exceed the greater of (i) $100.0 million and (ii) 2.5% of Total Assets at the time
of the receipt of such Designated Non-cash Consideration, with the fair market value of each item of Designated Non-cash Consideration
being measured at the time received and without giving effect to subsequent changes in value,


 


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


 


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


 


(i)         to
permanently reduce Indebtedness as follows:


 


(A)         Obligations
under the Senior Secured Credit Facilities, and to correspondingly reduce commitments with respect thereto;


 






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(B)          Obligations
under Secured Indebtedness which is secured by a Lien that is permitted by this Indenture, and to correspondingly reduce commitments
with respect thereto;


 


(C)          Obligations
under the Notes or any other Senior Indebtedness of the Issuer or any Restricted Subsidiary (and, in the case of other Senior
Indebtedness, to correspondingly reduce any outstanding commitments with respect thereto, if applicable); provided
that if the Issuer or any Restricted Subsidiary shall so repay any Senior Indebtedness other than the Notes, the Issuer
will either (A) reduce Obligations under the Notes on a pro rata basis by, at its option, (x) redeeming Notes as
provided under Section 3.07 hereof or (y) purchasing Notes through open-market purchases or in privately negotiated
transactions at market prices (which may be below par), or (B) make an offer (in accordance with the procedures set
forth in Sections 3.08 and 4.10(c) hereof) to all Holders to purchase their Notes on a ratable basis with such other
Senior Indebtedness for no less than 100.0% of the principal amount of such Notes, plus the amount of accrued but unpaid
interest, if any, thereon up to the principal amount of Notes to be repurchased; or


 


(D)          if
the assets that are the subject of such Asset Sale are the property or assets of a Restricted Subsidiary that is not a Guarantor,
to permanently reduce Indebtedness of (i) a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to
the Issuer or any Restricted Subsidiary, or (ii) the Issuer or a Guarantor; or


 


(ii)        to
make (A) an Investment in any one or more businesses, provided that such Investment in any business is in the form
of the acquisition of Capital Stock and results in the Issuer or any of its Restricted Subsidiaries, as the case may be, owning
an amount of the Capital Stock of such business such that it constitutes or continues to constitute a Restricted Subsidiary, (B) capital
expenditures or (C) acquisitions of other assets, in each of (A), (B) and (C), used or useful in a Similar Business;
or


 


(iii)        to
make an Investment in (A) any one or more businesses, provided that such Investment in any business is in the form
of the acquisition of Capital Stock and results in the Issuer or any of its Restricted Subsidiaries, as the case may be, owning
an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (B) capital expenditures,
(C) properties or (D) acquisitions of other assets that, in each of (A), (B), (C) and (D), replace the businesses,
properties and/or assets that are the subject of such Asset Sale;


 


provided
that in the case of clauses (ii) and (iii) above, a binding commitment or letter of intent entered into not later
than such 450th day shall be treated as a permitted application of the Net Proceeds from the date of such commitment or letter
of intent so long as the Issuer, or such Restricted Subsidiary enters into such commitment or letter of intent with the good faith
expectation that such Net Proceeds will be applied to satisfy such commitment or letter of intent within the later of such 450th
day and 180 days of such commitment or letter of intent (an “Acceptable Commitment”) and, in the event any
Acceptable Commitment is later cancelled or terminated for any reason before the Net Proceeds are applied in connection therewith,
the Issuer or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”)
within 180 days of such cancellation or termination; provided further that if any Second Commitment is later cancelled
or terminated for any reason before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds.


 






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(c)            Any
Net Proceeds from the Asset Sale that are not invested or applied as provided and within the time period set forth in Section 4.10(b) hereof
will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $40.0
million, the Issuers shall make an offer (an “Asset Sale Offer”) to all Holders of the Notes and, if required
by the terms of any Indebtedness that ranks pari passu with the Notes (“Pari Passu Indebtedness”), to
the holders of such Pari Passu Indebtedness, to purchase the maximum aggregate principal amount of the Notes and such Pari Passu
Indebtedness that is in an amount equal to at least $2,000, or an integral multiple of $1,000 in excess thereof, that may be purchased
out of the Excess Proceeds at an offer price, in the case of the Notes, in cash in an amount equal to 100.0% of the principal
amount thereof (or accreted value thereof, if less), plus accrued and unpaid interest, if any, to but excluding the date fixed
for the closing of such offer, and in the case of any Pari Passu Indebtedness at the offer price required by the terms thereof
but not to exceed 100% of the principal amount thereof, plus accrued and unpaid interest, if any, in accordance with the procedures
set forth in this Indenture and the agreement(s) governing such Pari Passu Indebtedness. The Issuers will commence an Asset
Sale Offer with respect to Excess Proceeds within 20 Business Days after the date that Excess Proceeds exceed $40.0 million by
delivering to the Holders the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. The Issuers
may satisfy the foregoing obligations with respect to any Net Proceeds from an Asset Sale by making an Asset Sale Offer with respect
to such Net Proceeds prior to the expiration of the relevant 450 days (or such longer period provided above) or with respect to
Excess Proceeds of $40.0 million or less.


 


To
the extent that the aggregate amount of Notes and such Pari Passu Indebtedness, as the case may be, tendered pursuant to an Asset
Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for any purposes not otherwise
prohibited under this Indenture. If the aggregate principal amount of the Notes or the Pari Passu Indebtedness, as the case may
be, surrendered by such holders thereof exceeds the amount of Excess Proceeds, the Issuers shall purchase the Notes and such Pari
Passu Indebtedness, as the case may be, on a pro rata basis based on the accreted value or principal amount of the Notes or such
Pari Passu Indebtedness, as the case may be, tendered with adjustments as necessary so that no Notes or Pari Passu Indebtedness,
as the case may be, will be repurchased in part in an unauthorized denomination. Upon completion of any such Asset Sale Offer,
the amount of Excess Proceeds that resulted in the requirement to make an Asset Sale Offer shall be reset to zero (regardless
of whether there are any remaining Excess Proceeds upon such completion). Additionally, the Issuers may, at their option, make
an Asset Sale Offer using the proceeds from any Asset Sale at any time after the consummation of such Asset Sale. Upon consummation
or expiration of any Asset Sale Offer, any remaining Net Proceeds shall not be deemed Excess Proceeds and the Issuers may use
such Net Proceeds for any purpose not otherwise prohibited under this Indenture.


 


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


 


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


 


(f)            The
notice, if delivered electronically or mailed in a manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. If (i) the notice is delivered electronically or mailed in a manner herein
provided and (ii) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s
failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as
to all other Holders that properly received such notice without defect. The Issuers shall comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable
in connection with the repurchase by the Issuers of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of this Indenture, the Issuers shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached their obligations described in this Indenture by virtue
thereof.


 






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The
provisions of this Section 4.10 may be waived or modified with the written consent of the Holders of a majority in principal
amount of all the Notes then outstanding. An Asset Sale Offer may be made at the same time as consents are solicited with respect
to an amendment, supplement or waiver of this Indenture, the Notes and/or the applicable Guarantees.


 


Section 4.11.     Transactions
with Affiliates.


 


(a)            The
Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with any Affiliate of the Issuer (each of the
foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $20.0 million,
unless:


 


(i)         such
Affiliate Transaction is on terms that are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated
Person on an arm’s-length basis or, if in the good faith judgment of the Issuer, no comparable transaction is available
with which to compare such


Affiliate
Transaction, such Affiliate Transaction is otherwise fair to the Issuer or such Restricted Subsidiary from a financial point of
view and when such transaction is taken in its entirety; and


 


(ii)        the
Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving
aggregate payments or consideration in excess of $35.0 million, a resolution adopted by the majority of the Board of Directors
of the Issuer approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate
Transaction complies with clause (i) of this Section 4.11(a).


 


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


 


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


 


(ii)        Restricted
Payments permitted by Section 4.07 hereof (other than pursuant to Section 4.07(b)(xiii)) and the definition of “Permitted
Investments”;


 


(iii)       (A) employment
agreements, employee benefit and incentive compensation plans and arrangements and (B) the payment of reasonable and customary
fees and compensation paid to, and indemnities and reimbursements and employment and severance arrangements provided on behalf
of or for the benefit of, current or former employees, directors, officers, managers or consultants of the Issuer, any of its
direct or indirect parent companies or any of its Restricted Subsidiaries;


 


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


 






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(v)        any
agreement or arrangement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment is not disadvantageous
in any material respect in the good faith judgment of the Issuer to the Holders when taken as a whole as compared to the applicable
agreement as in effect on the Issue Date);


 


(vi)       the
existence of, or the performance by the Issuer or any of its Restricted Subsidiaries of its obligations under the terms of, any
stockholders agreement (including any registration rights agreement or purchase agreement related thereto) to which it (or any
parent company of the Issuer) is a party as of the Issue Date and any similar agreements which it (or any parent company of the
Issuer) may enter into thereafter; provided that the existence of, or the performance by the Issuer or any of its Restricted
Subsidiaries (or such parent company) of obligations under any future amendment to any such existing agreement or under any similar
agreement entered into after the Issue Date shall only be permitted by this clause (vi) to the extent that the terms of any
such amendment or new agreement are not otherwise disadvantageous in any material respect in the good faith judgment of the Issuer
to the Holders when taken as a whole;


 


(vii)      transactions
with customers, clients, suppliers, contractors, joint venture partners or purchasers or sellers of goods or services that are
Affiliates, in each case in the ordinary course of business or that are consistent with past practice and otherwise in compliance
with the terms of this Indenture which are fair to the Issuer and its Restricted Subsidiaries, in the reasonable determination
of the Issuer, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated
party;


 


(viii)     the
issuance or transfer of (a) Equity Interests (other than Disqualified Stock) of the Issuer to any direct or indirect parent
company of the Issuer or to any Permitted Holder or to any employee, director, officer, manager or consultant (or their respective
Affiliates or Immediate Family Members) of the Issuer, any of its direct or indirect parent companies or any of its Restricted
Subsidiaries and (b) directors’ qualifying shares and shares issued to foreign nationals as required by applicable
law;


 


(ix)        sales
of accounts receivable, or participations therein, or Securitization Assets or related assets in connection with any Qualified
Securitization Facility;


 


(x)         payments
and Indebtedness and Disqualified Stock (and cancellation of any thereof) of the Issuer and its Restricted Subsidiaries and Preferred
Stock (and cancellation of any thereof) of any Restricted Subsidiary to any future, current or former employee, director, officer,
manager or consultant (or their respective Controlled Investment Affiliates or Immediate Family Members) of the Issuer, any of
its Subsidiaries or any of its direct or indirect parent companies pursuant to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement that are, in
each case, approved by the Issuer in good faith; and any employment agreements, stock option plans and other compensatory arrangements
(and any successor plans thereto) and any supplemental executive retirement benefit plans or arrangements with any such employees,
directors, officers, managers or consultants (or their respective Controlled Investment Affiliates or Immediate Family Members)
that are, in each case, approved by the Issuer in good faith;


 






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(xi)        (i) investments
by Permitted Holders in securities or loans of the Issuer or any of its Restricted Subsidiaries (and payment of reasonable out-of-pocket
expenses incurred by such Permitted Holders in connection therewith) so long as the investment is being offered by the Issuer
or such Restricted Subsidiary generally to other investors on the same or more favorable terms, and (ii) payments to Permitted
Holders in respect of securities or loans of the Issuer or any of its Restricted Subsidiaries contemplated in the foregoing subclause
(i) or that were acquired from Persons other than the Issuer and its Restricted Subsidiaries, in each case, in accordance
with the terms of such securities or loans;


 


(xii)       payments
to or from, and transactions with, any joint venture in the ordinary course of business or consistent with past practice (including,
without limitation, any cash management activities related thereto);


 


(xiii)      payments
by the Issuer (and any direct or indirect parent company thereof) and its Subsidiaries pursuant to tax sharing agreements among
the Issuer (and any such parent company) and its Subsidiaries, to the extent such payments are permitted under clause (xv)(B) of
Section 4.07(b) hereof;


 


(xiv)      any
lease entered into between the Issuer or any Restricted Subsidiary, as lessee, and any Affiliate of the Issuer, as lessor, which
is approved by the Issuer in good faith;


 


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


 


(xvi)     the
payment of reasonable out-of-pocket costs and expenses relating to registration rights and indemnities provided to stockholders
of the Issuer or any direct or indirect parent thereof pursuant to the stockholders, registration rights or similar agreements;


 


(xvii)    the
pledge of Equity Interests of any Unrestricted Subsidiary to lenders to support the Indebtedness of such Unrestricted Subsidiary
owed to such lenders;


 


(xviii)    Permitted
Intercompany Activities and related transactions; and


 


(xix)      any
transactions with any Subsidiary or a joint venture or similar entity which would constitute an Affiliate Transaction solely because
the Issuer or its Restricted Subsidiary owns an equity interest in or otherwise controls such Subsidiary, joint venture or similar
entity.


 


Section 4.12.     Liens.        The
Issuer will not, and will not permit the Co-Issuer or any Guarantor to, directly or indirectly, create, incur, assume or
suffer to exist any Lien (except Permitted Liens) that secures Obligations under any Indebtedness or any related guarantee of
Indebtedness, on any asset or property of the Issuer, the Co-Issuer or any Guarantor, or any income or profits therefrom,
or assign or convey any right to receive income therefrom, unless:


 


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


 


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


 


except
that the foregoing shall not apply to or restrict Liens securing obligations in respect of the Notes and the related Guarantees.


 






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Any
Lien created for the benefit of the Holders of the Notes pursuant to this Section 4.12 shall be deemed automatically and
unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (a) and
(b) above.


 


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


 


Section 4.13.     Company
Existence.         Subject to Article 5 hereof, the Issuer shall do or cause to be done all things necessary to preserve and
keep in full force and effect its existence, and the corporate, partnership, limited liability company or other existence of
each of its Restricted Subsidiaries (including the Co-Issuer), in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Issuer or any such Restricted Subsidiary; provided that the
Issuer shall not be required to preserve the corporate, partnership or other existence of its Restricted Subsidiaries (other
than the Co-Issuer), if the Issuer in good faith shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Issuer and its Restricted Subsidiaries, taken as a whole. For the avoidance of doubt, the
Issuer and its Restricted Subsidiaries will be permitted to change their organizational form; provided that for so
long as the Issuer is organized as a partnership or a limited liability company, it will maintain a corporate co-issuer
of the Notes.


 


Section 4.14.     Offer
to Repurchase Upon Change of Control.  (a) If a Change of Control occurs, unless the Issuers have previously
or concurrently sent a redemption notice with respect to all the outstanding Notes as described under Section 3.07
hereof, the Issuers shall make an offer to purchase all of the Notes pursuant to the offer described below (the
“Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal
to 101.0% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of
purchase, subject to the right of Holders of the Notes of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date falling prior to or on the purchase date. Within 60 days following any Change of Control, the
Issuers will send (or cause to be sent) notice of such Change of Control Offer electronically or by first-class mail, with a
copy to the Trustee, to each Holder to the address of such Holder appearing in the Note Register or otherwise delivered in
accordance with the Applicable Procedures with the following information:


 


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


 


(ii)        the
purchase price and the purchase date, which will be no earlier than 10 days nor later than 60 days from the date such notice is
sent (the “Change of Control Payment Date”), except in the case of a conditional Change of Control Offer made
in advance of a Change of Control in accordance with clause (d) of this Section 4.14;


 


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


 






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(iv)       that
unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change
of Control Offer shall cease to accrue interest on the Change of Control Payment Date;


 


(v)        that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed or otherwise in
accordance with the procedures of DTC, to the Paying Agent specified in the notice at the address specified in the notice prior
to the close of business on the third Business Day preceding the Change of Control Payment Date;


 


(vi)       that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuers to purchase such Notes; provided
that the Paying Agent receives, not later than the close of business on the second Business Day prior to the Change of Control
Payment Date, a facsimile transmission, letter or other communication in accordance with the procedures of DTC setting forth the
name of the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing
its tendered Notes, or a specified portion thereof, and its election to have such Notes purchased;


 


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


 


(viii)     if
such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional
on the occurrence of such Change of Control and shall describe each such condition, and, if applicable, shall state that, in the
Issuers’ discretion, the Change of Control Payment Date may be delayed until such time (including more than 60 days after
the notice is sent) as any or all such conditions shall be satisfied, or that such repurchase may not occur and such notice may
be rescinded in the event that any or all such conditions shall not have been satisfied by the Change of Control Payment Date,
or by the Change of Control Payment Date as so delayed, or such notice or offer may be rescinded at any time in the Issuer’s
sole discretion if the Issuer determines that any or all of such conditions will not be satisfied; and


 


(ix)        any
other instructions, as determined by the Issuers, consistent with this Section 4.14 that a Holder must follow in order to
have the Notes repurchased.


 


The
notice, if delivered electronically or mailed in a manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. If (x) the notice is delivered or mailed in a manner herein provided and
(y) any Holder fails to receive such notice or a Holder receives such notice but it is defective, such Holder’s
failure to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes
as to all other Holders that properly received such notice without defect. The Issuers shall comply with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or
regulations are applicable in connection with the repurchase by the Issuers of Notes pursuant to a Change of Control Offer.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the
Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their
obligations described in this Indenture by virtue thereof.


 






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


 


(i)            accept
for payment all Notes issued by them or portions thereof properly tendered pursuant to the Change of Control Offer;


 


(ii)           deposit
with a Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or portions thereof so
tendered and not validly withdrawn; and


 


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


 


(c)        The
Issuers shall not be required to make a Change of Control Offer following 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 Issuer and purchases all Notes validly tendered and not validly withdrawn
under such Change of Control Offer or (ii) in connection with or in contemplation of any Change of Control, the Issuer has
made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to
or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms of the
Alternate Offer.


 


(d)        Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such
Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control
Offer or Alternate Offer.


 


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


 


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


 


The
provisions of this Section 4.14 may be waived or modified with the written consent of the Holders of a majority in principal
amount of all the Notes then outstanding.


 


If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly withdraw
such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control offer in lieu of the Issuer
as described above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuers or such third party
will have the right, upon not less than 10 days nor more than 60 days’ prior notice, provided that such notice is
given not more than 60 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes
that remain outstanding following such purchase on a date (the “Second Change of Control Payment Date”) at
a price in cash equal to the Change of Control Payment in respect of the Second Change of Control Payment Date.


 






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Section 4.15.     Limitation
on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any of its Wholly-Owned
Subsidiaries that are Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries if such non-Wholly-Owned Subsidiaries
guarantee other capital markets debt securities of the Issuer, the Co-Issuer or any Guarantor), other than a Guarantor,
the Co-Issuer, a Foreign Subsidiary or a Securitization Subsidiary, to guarantee the payment of any Indebtedness of the
Issuer, the Co-Issuer or any Guarantor unless:


 


(a)         such
Restricted Subsidiary within 60 days after the guarantee of such Indebtedness executes and delivers a supplemental indenture to
this Indenture, the form of which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary,
except that with respect to a guarantee of Indebtedness of the Issuer, the Co-Issuer or any Guarantor, if such Indebtedness
is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee, any such guarantee
by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Guarantee substantially
to the same extent as such Indebtedness is subordinated to the Notes; and


 


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


 


provided
that this Section 4.15 shall not be applicable to any guarantee of any Restricted Subsidiary that existed at the time
such Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming
a Restricted Subsidiary. The Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required
to be a Guarantor to become a Guarantor, in which case such Subsidiary shall not be required to comply with the 60 day period
described in clause (a) of this Section 4.15.


 


Section 4.16.     Limitation
on Business Activities of the Co-Issuer. The Co-Issuer may not hold any assets, become liable for any
obligations or engage in any business activities; provided that it may be a co-obligor or guarantor with respect
to the Notes or any other Indebtedness issued, guaranteed or incurred by the Issuer, and may engage in any activities related
thereto or necessary in connection therewith. The Co-Issuer shall be a Wholly-Owned Subsidiary of the Issuer at all
times.


 


Section 4.17.     Suspension
of Covenants.


 


(a)            If
on any date following the Issue Date, (i) the Notes have an Investment Grade Rating from both Rating Agencies and (ii) no
Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and
(ii) being collectively referred to as a “Covenant Suspension Event” and the date thereof being referred
to as the “Suspension Date”) then, Section 4.07, Section 4.08, Section 4.09, Section 4.10,
Section 4.11, Section 4.15 and clause (iv) of Section 5.01(a) hereof shall no longer be applicable to
the Notes (collectively, the “Suspended Covenants”) until the occurrence of the Reversion Date.


 


(b)           During
any period that the foregoing covenants have been suspended, the Issuer may not designate any of its Subsidiaries as Unrestricted
Subsidiaries.


 






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(c)            In
the event that the Issuer and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for
any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or
both of the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an
Investment Grade Rating, then the Issuer and its Restricted Subsidiaries will thereafter again be subject to the Suspended
Covenants under this Indenture with respect to future events. The period of time between the Suspension Date and the
Reversion Date is referred to in this Indenture as the “Suspension Period.” Additionally, upon the
occurrence of a Covenant Suspension Event, the amount of Excess Proceeds from any Asset Sales shall be reset to
zero.


 


(d)            During
the Suspension Period, the Issuer and its Restricted Subsidiaries will be entitled to incur Liens to the extent provided for under
Section 4.12 (including, without limitation, Permitted Liens) and any Permitted Liens which may refer to one or more Suspended
Covenants shall be interpreted as though such applicable Suspended Covenant(s) continued to be applicable during the Suspension
Period (but solely for purposes of Section 4.12 and for no other covenant).


 


(e)            Notwithstanding
the foregoing, in the event of any such reinstatement of the Suspended Covenants, no action taken or omitted to be taken by the
Issuer or any of its Restricted Subsidiaries prior to such reinstatement will give rise to a Default or Event of Default under
this Indenture with respect to the Notes, and no Default or Event of Default will be deemed to exist or have occurred as a result
of any failure by the Issuers or any Restricted Subsidiary to comply with any of the Suspended Covenants during the Suspension
Period; provided, that (i) with respect to Restricted Payments made after such reinstatement, the amount available
to be made as Restricted Payments will be calculated as though Section 4.07 hereof had been in effect prior to, but not during,
the Suspension Period; (ii) all Indebtedness incurred, or Disqualified Stock issued, during the Suspension Period will be
classified to have been incurred or issued pursuant to clause (iii) of Section 4.09(b) hereof; (iii) any Affiliate
Transaction entered into after such reinstatement pursuant to an agreement entered into during any Suspension Period shall be
deemed to be permitted pursuant to clause (vi) of Section 4.11(b) hereof; (iv) any encumbrance or restriction
on the ability of any Restricted Subsidiary that is not a Guarantor to take any action described in clauses (i) through (iii) of
Section 4.08(a) hereof that becomes effective during any Suspension Period shall be deemed to be permitted pursuant
to clause (i) of Section 4.08(b) hereof; and (v) no Subsidiary of the Issuer shall be required to comply with
Section 4.15 hereof after such reinstatement with respect to any guarantee entered into by such Subsidiary during any Suspension
Period.


 


(f)            The
Issuers shall provide an Officer’s Certificate to the Trustee indicating the occurrence of any Covenant Suspension Event
or Reversion Date. The Trustee shall have no obligation to (i) independently determine or verify if such events have occurred,
(ii) make any determination regarding the impact of actions taken during the Suspension Period on the Issuer and its Subsidiaries’
future compliance with their covenants or (iii) notify the Holders of any Covenant Suspension Event or Reversion Date.


 






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ARTICLE 5

Successors


 


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


 


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


 


(i)         the
Issuer is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or
Division (if other than the Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have
been made, is a Person organized or existing under the laws of the jurisdiction of organization of the Issuer or the laws of the
United States of America, any state thereof, the District of Columbia, or any territory thereof (such Person, as the case may
be, being herein called the “Successor Company”); provided that in the case where the surviving Person
is not a corporation, a co-obligor of the Notes is a corporation;


 


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


 


(iii)        immediately
after such transaction, no Default exists;


 


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


 


(A)         the
Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Test; or


 


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


 


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


 


(vi)       if
the Successor Company is not a corporation, the Co-Issuer, unless it is the party to the transactions described above, shall
have by supplemental indenture confirmed that it continues to be a co-obligor of the Notes; and


 


(vii)      the
Issuer or, if applicable, the Successor Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that such consolidation, merger, Division or transfer and such supplemental indentures, if any, comply
with this Indenture.


 


(b)           The
Successor Company shall succeed to, and be substituted for, the Issuer under this Indenture, the Guarantees and the Notes, as
applicable, and the Issuer shall automatically be released and discharged from its obligations under this Indenture, the Guarantees
and the Notes.


 


(c)            Notwithstanding
clauses (iii) and (iv) of Section 5.01(a) hereof:


 


(i)         any
Restricted Subsidiary may consolidate or amalgamate with or merge with or into or consummate a Division as the Dividing Person
or transfer all or part of its properties and assets to the Issuer or a Guarantor; and


 


(ii)        the
Issuer may consolidate or amalgamate or merge with, wind-up into or consummate a Division as a Dividing Person, or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets to an Affiliate of the Issuer
or consummate a Division as the Dividing Person with an Affiliate of the Issuer solely for the purpose of reorganizing the Issuer
in the United States of America, any state thereof, the District of Columbia or any territory thereof so long as the amount of
Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby.


 






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(d)            The
Co-Issuer may not, directly or indirectly, consolidate or merge with or into or wind up into, consummate a Division as the
Dividing Person (whether or not the Co-Issuer is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of the Co-Issuer’s properties or assets, in one or more related transactions, to
any Person, unless:


 


(i)         (A) 
concurrently therewith, a corporate Wholly-Owned Subsidiary that is a Restricted Subsidiary of the Issuer organized and validly
existing under the laws of the United States of America, any state thereof, the District of Columbia or any territory thereof
(which may be the continuing Person as a result of such transaction) expressly assumes all the obligations of the Co-Issuer
under the Notes pursuant to supplemental indentures or other documents or instruments; or


 


(B)        after
giving effect thereto, at least one obligor on the Notes shall be a corporation organized and validly existing under the laws
of the United States of America, any state thereof, or District of Columbia or any territory thereof;


 


(ii)        immediately
after such transaction, no Default or Event of Default will have occurred and be continuing; and


 


(iii)       the
Co-Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that
such consolidation, merger or transfer and such supplemental indenture, if any, comply with this Indenture.


 


(e)            Subject
to Section 10.06 hereof, no Guarantor shall, and the Issuer shall not permit any Guarantor to, consolidate or merge with
or into or wind up into or consummate a Division as the Dividing Person (whether or not such Guarantor is the surviving Person),
or sell, assign, transfer, lease, convey or otherwise dispose (including, in each case, by way of Division) of all or substantially
all of its properties or assets, in one or more related transactions, to any Person unless:


 


(i)         (A) 
such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation, merger or Division
(if other than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition (including,
in each case, by way of a Delaware LLC Division) will have been made is a Person organized or existing under the laws of the jurisdiction
of organization of such Guarantor, as applicable, or the laws of the United States of America, any state thereof, the District
of Columbia or any territory thereof (such surviving Guarantor or such Person, as the case may be, being herein called the “Successor
Person”);


 


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


 


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


 






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(D)        the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture; or


 


(ii)         the
transaction is made in compliance with or is not prohibited by Section 4.10(a) hereof; or


 


(iii)        in
the case of assets comprised of Equity Interests of Subsidiaries that are not Guarantors, such Equity Interests are sold, assigned,
transferred, leased, conveyed or otherwise disposed of to one or more Restricted Subsidiaries.


 


(f)            Subject
to Section 10.06 hereof, the Successor Person shall succeed to, and be substituted for, such Guarantor under this Indenture
and such Guarantor’s Guarantee. Notwithstanding the foregoing, any Guarantor may (1) merge or consolidate with or into,
wind up into or consummate a Division as the Dividing Person or transfer all or part of its properties and assets to another Guarantor
or the Issuer, (2) merge or consummate a Division as the Dividing Person with an Affiliate of the Issuer solely for the purpose
of reorganizing the Guarantor in the United States of America, any state thereof, the District of Columbia or any territory thereof,
(3) convert into a corporation, partnership, limited partnership, limited liability company or trust organized or existing
under the laws of the jurisdiction of organization of such Guarantor or (4) liquidate or dissolve or change its legal form
if the Issuer determines in good faith that such action is in the best interests of the Issuer, in each case, without regard to
the requirements set forth in Section 5.01(e). Notwithstanding anything to the contrary in this Section 5.01, the Issuer
may contribute or transfer the Capital Stock of any or all of its Subsidiaries to any Guarantor.


 


Section 5.02.     Successor
Person Substituted. Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or
other disposition of all or substantially all of the assets of the Issuer, the Co-Issuer or a Guarantor in accordance
with Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Issuer, the
Co-Issuer or such Guarantor, as applicable, is merged or to which such sale, assignment, transfer, lease, conveyance or
other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation,
merger, sale, lease, conveyance or other disposition, the provisions of this Indenture referring to the Issuer, the
Co-Issuer or such Guarantor, as applicable, shall refer instead to the successor Person, as applicable, and not to the
Issuer, the Co-Issuer or such Guarantor, as applicable), and may exercise every right and power of the Issuer, the
Co-Issuer or such Guarantor, as applicable, under this Indenture with the same effect as if such successor Person, as
applicable, had been named as the Issuer, the Co-Issuer or a Guarantor, as applicable, herein; provided that the
predecessor Issuer or the Co-Issuer, as applicable, shall not be relieved from the obligation to pay the principal of and
interest on the Notes, except in the case of a sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the Issuer’s or the Co-Issuer’s assets that meets the requirements of Section 5.01
hereof.


 


ARTICLE 6

Defaults and Remedies


 


Section 6.01.     Events
of Default.


 


(a)            An
“Event of Default,” wherever used herein, means any one of the following events:


 


(i)         default
in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the Notes;


 






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(ii)            default
for 30 consecutive days or more in the payment when due of interest on or with respect to the Notes;


 


(iii)            subject
to Section 4.03(e) hereof, failure by the Issuer, the Co-Issuer or any Guarantor for 60 days after receipt of written
notice given by the Trustee or the Holders of not less than 25.0% in aggregate principal amount of the then outstanding Notes (with
a copy to the Trustee , if given by the Holders) to comply with any of its obligations, covenants or agreements (other than a default
referred to in clause (i) or (ii) above) contained in this Indenture or the Notes;


 


(iv)            default
under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Issuer or any of its Restricted Subsidiaries or the payment of which is guaranteed by the Issuer or any
of its Restricted Subsidiaries, other than Indebtedness owed to the Issuer or a Restricted Subsidiary, whether such Indebtedness
or guarantee now exists or is created after the issuance of the Notes, if both:


 


(A)            such
default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving effect
to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness
at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due
prior to its stated maturity; and


 


(B)            the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been
so accelerated, aggregate $75.0 million or more outstanding;


 


(v)            failure
by the Issuer, the Co-Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the
latest audited consolidated financial statements of the Issuer for a fiscal quarter end provided as required under Section 4.03
hereof) would constitute a Significant Subsidiary) to pay final judgments aggregating in excess of $75.0 million (net of amounts
covered by insurance policies issued by reputable insurance companies), which final judgments remain unpaid, undischarged and unstayed
for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an
enforcement proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed;


 


(vi)            the
Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited consolidated
financial statements of the Issuer for a fiscal quarter end provided as required under Section 4.03 hereof) would constitute
a Significant Subsidiary), pursuant to or within the meaning of any Bankruptcy Law:


 


(A)            commences
proceedings to be adjudicated bankrupt or insolvent;


 


(B)            consents
to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking
reorganization or relief under applicable Bankruptcy Law;


 


(C)            consents
to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially
all of its property;


 






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(D)            makes
a general assignment for the benefit of its creditors; or


 


(E)            generally
is not paying its debts as they become due;


 


(vii)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:


 


(A)            is
for relief against the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest
audited consolidated financial statements of the Issuer for a fiscal quarter end provided as required under Section 4.03 hereof)
would constitute a Significant Subsidiary), in a proceeding in which the Issuer or any such Subsidiary or such group of Restricted
Subsidiaries is to be adjudicated bankrupt or insolvent;


 


(B)            appoints
a receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Issuer or any Significant Subsidiary (or
any group of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of the Issuer for
a fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), or for all
or substantially all of the property of the Issuer or any such Significant Subsidiary or such group of Restricted Subsidiaries;
or


 


(C)            orders
the liquidation of the Issuer or any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest
audited consolidated financial statements of the Issuer for a fiscal quarter end provided as required under Section 4.03 hereof)
would constitute a Significant Subsidiary);


 


and the order or decree remains unstayed and in effect
for 60 consecutive days; or


 


(viii)            the
Guarantee of any Significant Subsidiary (or any group of Restricted Subsidiaries that together (as of the latest audited
consolidated financial statements of the Issuer for a fiscal quarter end provided as required under Section 4.03 hereof)
would constitute a Significant Subsidiary) shall for any reason cease to be in full force and effect or be declared null and
void or any responsible officer of any Guarantor that is a Significant Subsidiary (or the responsible officers of any group
of Restricted Subsidiaries that together (as of the latest audited consolidated financial statements of the Issuer for a
fiscal quarter end provided as required under Section 4.03 hereof) would constitute a Significant Subsidiary), as the
case may be, denies in writing that it has any further liability under its Guarantee or gives written notice to such effect,
other than by reason of the termination of this Indenture or the release of any such Guarantee in accordance with this
Indenture.


 


(b)            In
the event of any Event of Default specified in clause (iv) of Section 6.01(a) hereof, such Event of Default and
all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall be
annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 30 days after such
Event of Default arose:


 


(i)            the
Indebtedness or guarantee that is the basis for such Event of Default has been discharged;


 


(ii)            the
requisite number of holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise
to such Event of Default; or


 






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(iii)            the
default that is the basis for such Event of Default has been cured.


 


(c)            Any
notice of Default, notice of acceleration or instruction to a responsible officer of the Trustee to provide a notice of Default,
notice of acceleration or take any other action (a “Noteholder Direction”) provided by any one or more Holders
(other than a Regulated Bank) (each a “Directing Holder”) must be accompanied by a written representation from
each such Holder to the Issuers and a responsible officer of the Trustee that such Holder is not (or, in the case such Holder is
DTC or its nominee, that such Holder is being instructed solely by beneficial owners that are not) Net Short (a “Position
Representation”), which representation, in the case of a Noteholder Direction relating to a notice of Default (a “Default
Direction”) shall be deemed repeated at all times until the resulting Event of Default is cured or otherwise ceases to
exist or the Notes are accelerated. In addition, each Directing Holder must, at the time of providing a Noteholder Direction, covenant
to provide the Issuer with such information as the Issuer may reasonably request from time to time in order to verify the accuracy
of such Holder’s Position Representation within five Business Days of request therefor (a “Verification Covenant”).
In any case in which the Holder is DTC or its nominee, any Position Representation or Verification Covenant required hereunder
shall be provided by the beneficial owner of the Notes in lieu of DTC or its nominee, and DTC shall be entitled to conclusively
rely on such Position Representation and Verification Covenant in delivering its direction to the Trustee. In no event shall the
Trustee have any liability or obligation to ascertain, monitor or inquire as to whether any Holder is Net Short and/or whether
such Holder has delivered any related certifications under this Indenture or in connection with the Notes or if any such certifications
comply with this Indenture, the Notes, or any other document. It is understood and agreed that the Issuer and the Trustee shall
be entitled to rely on each representation, deemed representation and certification made by, and covenant of, each beneficial owner
provided for in this paragraph. Notwithstanding any other provision of this Indenture, the Notes or any other document, the provisions
of this paragraph shall apply and survive with respect to each beneficial owner notwithstanding that any such Person may have ceased
to be a beneficial owner, this Indenture may have been terminated or the Notes may have been redeemed in full.


 


(d)            If,
following delivery of a Noteholder Direction, but prior to acceleration of the Notes, the Issuers determine in good faith
that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position
Representation and provide to the Trustee an Officer’s Certificate stating that the Issuer has initiated litigation in
a court of competent jurisdiction seeking a determination that such Directing Holder was, at such time, in breach of its
Position Representation, and seeking to invalidate any Event of Default that resulted from the applicable Noteholder
Direction, the cure period with respect to such Event of Default shall be automatically stayed pending a final and
non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a
Noteholder Direction, but prior to acceleration of the Notes, the Issuers provide to the Trustee an Officer’s
Certificate stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any
Event of Default that resulted from the applicable Noteholder Direction shall be automatically stayed pending satisfaction of
such Verification Covenant. Any breach of the Position Representation shall result in such Holder’s participation in
such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Notes held
by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such
Noteholder Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default
shall be deemed never to have occurred. Notwithstanding anything in the preceding two paragraphs to the contrary, any
Noteholder Direction delivered to the Trustee during the pendency of an Event of Default as the result of a bankruptcy or
similar proceeding shall not require compliance with the foregoing paragraphs. In addition, for the avoidance of doubt, the
preceding two paragraphs shall not apply to any Holder that is a Regulated Bank.


 






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(e)            For
the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance
with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation, enforce compliance
with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or otherwise make calculations,
investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative
Instruments or otherwise. The Trustee shall have no liability or responsibility to the Issuers, any Holder or any other Person
in connection with any Noteholder Direction or to determine whether or not any Holder has delivered a Position Representation or
that such Position Representation conforms with this Indenture or any other agreement.


 


Section 6.02.     Acceleration.
If any Event of Default (other than an Event of
Default of the type specified in clause (vi) or (vii) of Section 6.01(a) hereof) occurs and is continuing
under this Indenture, the Trustee or the Holders of not less than 25.0% in aggregate principal amount of all the then outstanding
Notes may, by notice to the Issuers and the Trustee, in either case specifying in such notice the respective Event of Default
and that such notice is a “notice of acceleration,” declare the principal, premium, if any, interest and any other
monetary obligations on all the then outstanding Notes to be due and payable immediately.


 


Upon the effectiveness of such declaration,
such principal of and premium, if any, and interest will be due and payable immediately.


 


Notwithstanding the foregoing, in the case
of an Event of Default arising under clause (vi) or (vii) of Section 6.01(a) hereof, all outstanding Notes
will become due and payable without further action or notice. The Trustee may withhold from the Holders notice of any continuing
Default, except a Default relating to the payment of principal, premium, if any, or interest, if it determines that withholding
notice is in their interest.


 


Section 6.03.     Other
Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment
of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.


 


The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder of a Note 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 a majority in
aggregate principal amount of all the Notes then outstanding, by written notice to the Trustee (with a copy to the Issuers,
provided that any waiver or rescission under this Section 6.04 shall be valid and binding notwithstanding the failure to
provide a copy of such notice to the Issuers) may on behalf of the Holders of all of the Notes waive any existing Default and
its consequences under this Indenture (including in connection with an Asset Sale Offer or a Change of Control Offer) and
rescind any acceleration with respect to the Notes and its consequences under this Indenture (except if such rescission would
conflict with any judgment of a court of competent jurisdiction and except a continuing Default in the payment of interest
on, premium, if any, or the principal of any Note held by a non-consenting Holder). Upon any such waiver, such Default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this
Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereto.


 






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Section 6.05.     Control
by Majority. Subject to Section 7.01(e) hereof, the Holders of a majority in aggregate principal amount of all the
then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available
to the Trustee or of exercising any trust or power conferred on the Trustee and the Trustee may take any other action deemed proper
by the Trustee that is not inconsistent with such direction. The Trustee, however, may refuse to follow any direction that conflicts
with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder (it being understood
that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such
Holders) or that would involve the Trustee in personal liability and may take any other action that is not inconsistent with any
such direction received from Holders of the Notes.


 


Section 6.06.     Limitation
on Suits. Subject to Section 6.07 hereof, no
Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless:


 


(a)            such
Holder has previously given the Trustee written notice that an Event of Default is continuing;


 


(b)            the
Holders of at least 25.0% in the aggregate principal amount of the then outstanding Notes have requested in writing the Trustee
to pursue the remedy;


 


(c)            the
Holders of the Notes have offered the Trustee security or indemnity satisfactory to it in its sole and absolute discretion against
any loss, liability or expense;


 


(d)            the
Trustee has not complied with such written request within 60 days after the receipt thereof and the offer of such security or indemnity;
and


 


(e)            the
Holders of a majority in aggregate principal amount of all the then outstanding Notes have not given the Trustee a direction in
writing inconsistent with such written request within such 60-day period.


 


Section 6.07.     Rights
of Holders to Receive Payment. Notwithstanding any
other provision of this Indenture, the contractual right expressly set forth in this Indenture or the Notes of any Holder of a
Note 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 Asset Sale Offer or a Change of Control Offer), or to bring suit for the enforcement
of any such payment on or after such respective dates, shall not be amended without the consent of such Holder.


 


Section 6.08.     Collection
Suit by Trustee. If an Event of Default specified
in Section 6.01(a)(i) or (ii) 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 Issuers for the whole amount of principal of, premium, if any, and
interest remaining unpaid on, the Notes and interest on overdue principal, if applicable, and, to the extent lawful, interest
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.


 


Section 6.09.     Restoration
of Rights and Remedies. If the Trustee or any Holder
has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceedings, the Issuers, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though
no such proceeding has been instituted.


 






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Section 6.10.     Rights
and Remedies Cumulative. Except as otherwise provided
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or
remedy.


 


Section 6.11.     Delay
or Omission Not Waiver. No delay or omission of
the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be.


 


Section 6.12.     Trustee
May File Proofs of Claim. The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel) and the Holders allowed in any judicial proceedings relative to the Issuers (or any other obligor upon the Notes
including the Guarantors), their creditors or their property and shall be entitled and empowered to participate as a member in
any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property
payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder
to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly
to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 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 7.06 hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting
the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.


 


Section 6.13.     Priorities.
If the Trustee or any Agent collects any money or
property pursuant to this Article 6, it shall pay out the money or property in the following order:


 


(a)            FIRST,
to the Trustee, such Agent, their agents and attorneys for amounts due under Section 7.06 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee or such Agent and the costs and expenses
of collection;


 


(b)            SECOND,
to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and


 






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(c)            THIRD,
to the Issuers or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.


 


The Trustee may fix a record date and payment date for any payment
to Holders pursuant to this Section 6.13.


 


Section 6.14.     Undertaking
for Costs. In any suit for the enforcement of any
right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a
court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit,
and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against
any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof,
or a suit by Holders of more than 10.0% in 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 of which a Responsible Officer of the Trustee has actual knowledge, the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise,
as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.


 


(b)            Except
during the continuance of an Event of Default:


 


(i)            the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only
those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and


 


(ii)            in
the absence of willful misconduct or bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements
and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to
the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether
or not they conform to the requirements of this Indenture (but need not investigate or confirm the accuracy of mathematical calculations
or other facts stated therein).


 


(c)            The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:


 


(i)            this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;


 






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(ii)            the
Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court
of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and


 


(iii)            the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Section 6.02, 6.04 or 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)            The
Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the written request or direction
of any of the Holders unless the Holders have offered to the Trustee in its sole and absolute discretion indemnity or security
satisfactory to it against any loss, liability or expense.


 


(f)            The
Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.


 


Section 7.02.     Rights
of Trustee.


 


(a)            The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make
such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuers and its Restricted
Subsidiaries, personally or by agent or attorney at the sole cost of the Issuers and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.


 


(b)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion
of Counsel. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall
be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.


 


(c)            The
Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent or
attorney appointed with due care.


 


(d)            The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture.


 


(e)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer or the Co-Issuer
shall be sufficient if signed by an Officer of the Issuer or the Co-Issuer, as applicable, and the Trustee shall be entitled
to request and receive written direction or instruction from the Issuer or the Co-Issuer and shall have no responsibility or liability
for any losses or damages of any nature that may arise from any action taken or not taken by the Trustee in accordance with such
written direction or instruction.


 






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(f)            None
of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if
an indemnity satisfactory to it against such risk or liability is not assured to it.


 


(g)            The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible 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 the
Trustee at the Corporate Trust Office, and such notice references the Notes and this Indenture.


 


(h)            In
no event shall the Trustee be responsible or liable for special, punitive, indirect, or consequential loss or damage of any kind
whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.


 


(i)            The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified,
are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each Agent, custodian and other
Person employed to act hereunder.


 


(j)            [Reserved].


 


(k)            Delivery
of reports, information and documents (including without limitation reports contemplated under Section 4.03 hereof) to the
Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of
any information contained therein or determinable from information contained therein, including the Issuers’ compliance with
any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). The
Trustee shall have no responsibility for the filing, timeliness or content of reports.


 


(l)            The
permissive rights of the Trustee to take certain actions under this Indenture shall not be construed as a duty unless so specified
herein.


 


(m)            The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document, but the
Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if
the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Issuers, personally or by agent or attorney, at the expense of the Issuers and shall incur no liability of any
kind by reason of such inquiry or investigation.


 


(n)            The
Trustee may request that the Issuers deliver an Officer’s Certificate setting forth the names of individuals and/or titles
of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate may
be signed by any Person authorized to sign an Officer’s Certificate, including any Person specified as so authorized in any
such certificate previously delivered and not superseded.


 


(o)            The
Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation,
acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; loss or malfunction
of utilities, computer (hardware or software) or communication services; strikes or similar labor disputes; and acts of civil or
military authorities and governmental action.


 






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(p)            The
Trustee shall have no duty to inquire as to the performance of the Issuers with respect to the covenants contained in Article 4
or to make any calculation in connection therewith or in connection with any redemption of the Notes. In addition, except as otherwise
expressly provided herein, the Trustee shall have no obligation to monitor or verify compliance by the Issuers or any Guarantor
with any other obligation or covenant under this Indenture.


 


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 Issuers or any of their Affiliates
with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest
(as such term is used in the Trust Indenture Act) it must eliminate such conflict within 90 days, apply to the SEC for permission
to continue as Trustee (if this Indenture has been qualified under the Trust Indenture Act) or resign. Any Agent may do the same
with like rights and duties. The Trustee is also subject to Sections 7.09 and 7.10 hereof.


 


Section 7.04.     Trustee’s
Disclaimer. The Trustee shall not be responsible
for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for
the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under
any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent
other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any
other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.


 


Section 7.05.     Notice
of Defaults. If an Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall deliver to Holders a notice
of the Event of Default within 90 days after it is actually known to the Trustee, unless such Event of Default shall have been
cured or waived, or if discovered after 90 days, promptly thereafter. The Trustee may withhold from the Holders notice of any
continuing Event of Default, except an Event of Default relating to the payment of principal, premium, if any, or interest, if
it determines that withholding notice is in their interest.


 


Section 7.06.     Compensation
and Indemnity. The Issuers shall pay to the Trustee
(acting in any capacity hereunder) from time to time such compensation for its acceptance of this Indenture and services hereunder
as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Issuers shall reimburse the Trustee (acting in any capacity hereunder) promptly upon request
for all out-of-pocket 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.


 


The Issuers and the Guarantors, jointly
and severally, shall indemnify the Trustee (acting in any capacity hereunder) and its officers, directors, employees, agents and
any predecessor trustee and its officers, directors, employees and agents for, and hold the Trustee harmless against, any and all
loss, damage, claims, taxes, levies, fees, liability or expense (including reasonable attorneys’ fees and expenses) incurred
by it in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including
the reasonable costs and expenses of enforcing this Indenture against the Issuers or any of the Guarantors (including this Section 7.06)
or defending itself against any claim whether asserted by any Holder, the Issuers or any Guarantor, or liability in connection
with the acceptance, exercise or performance of any of its powers or duties hereunder) (but excluding taxes imposed on such Persons
in connection with compensation for such administration or performance). The Trustee shall notify the Issuers promptly of any claim
of which a Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify
the Issuers shall not relieve the Issuers or the Guarantors of their obligations hereunder. The Issuers shall defend the claim
and the Trustee may have separate counsel and the Issuers shall pay the reasonable fees and expenses of such counsel. Neither the
Issuers nor any Guarantor need reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee
through the Trustee’s own willful misconduct or negligence, as determined by a final non-appealable judgment by a court of
competent jurisdiction. Neither the Issuers nor any Guarantor need pay for any settlement made without its consent.


 






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The obligations of the Issuers and the Guarantors
under this Section 7.06 shall survive the satisfaction and discharge of this Indenture, payment of the Notes in full or the
earlier resignation or removal of the Trustee.


 


To secure the payment obligations of the
Issuers and the Guarantors in this Section 7.06, the Trustee shall have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except money or property held in trust to pay principal and interest on particular Notes. Such
Lien shall survive the satisfaction and discharge of this Indenture or the resignation or removal of the Trustee.


 


When the Trustee is requested to act upon
instructions of one or more Holders, the Trustee shall not be required to act in the absence of indemnity against the costs, expenses
and liabilities that may be incurred in compliance with such a request.


 


When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(a)(vi) or Section 6.01(a)(vii) hereof occurs,
the expenses and the compensation for the services (including the reasonable fees and expenses of its agents and counsel) are intended
to constitute expenses of administration under any Bankruptcy Law.


 


Section 7.07.     Replacement
of Trustee. A resignation or removal of the Trustee
and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section 7.07. The Trustee may resign in writing at any time and be discharged from the trust hereby created
by so notifying the Issuers. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee
by so notifying the Trustee and the Issuers in writing. The Issuers may remove the Trustee if:


 


(a)            the
Trustee fails to comply with Section 7.09 hereof;


 


(b)            the
Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;


 


(c)            a
custodian or public officer takes charge of the Trustee or its property; or


 


(d)            the
Trustee becomes incapable of acting.


 


If the Trustee resigns or is removed or
if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a successor Trustee. Within one
year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may
appoint a successor Trustee to replace the successor Trustee appointed by the Issuers.


 






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If a successor Trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Issuers’ expense), the Issuers
or the Holders of at least 10% in principal amount of the then outstanding Notes, may petition any court of competent jurisdiction
for the appointment of a successor Trustee.


 


If the Trustee, after written request by
any Holder who has been a Holder for at least six months, fails to comply with Section 7.09 hereof, such Holder may petition
any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.


 


A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring
Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this
Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been
paid and subject to the Lien provided for in Section 7.06 hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.07, the Issuers’ obligations under Section 7.06 hereof shall continue for the benefit of the retiring
Trustee.


 


Section 7.08.     Successor
Trustee by Merger, etc. If the Trustee or Agent
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 shall be the successor Trustee or Agent. Any corporation into which the Trustee
or any Agent for the time being may be merged or converted shall, on the date when such merger, conversion, consolidation, sale
or transfer becomes effective and to the extent permitted by applicable law, be a successor Trustee or Agent under this Indenture
without the execution or filing of any paper or any further act on the part of any of the parties to this Indenture. After the
effective date all references in this Indenture to that Trustee or Agent shall be deemed to be references to that corporation.


 


Section 7.09.     Eligibility;
Disqualification. There shall at all times be a
Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any
state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has, together with its parent, a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition.


 


Section 7.10.     Preferential
Collection of Claims Against Issuers. The Trustee
is subject to Trust Indenture Act Section 311(a), excluding any creditor relationship listed in Trust Indenture Act Section 311(b).
A Trustee who has resigned or been removed shall be subject to Trust Indenture Act Section 311(a) to the extent indicated
therein.


 


Section 7.11.     Reports
by Trustee to Holders. Within 60 days after each
January 15th following the date of this Indenture, beginning on January 15, 2021, and for so long as Notes remain outstanding,
the Trustee shall mail to the Holders a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but
if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting
date, no report need be transmitted).


 


A copy
of each report at the time of its mailing to the Holders shall be mailed to the Issuers and filed with the SEC and each stock exchange
on which the Notes are listed. The Issuers shall promptly notify the Trustee in writing when the Notes are listed on any stock
exchange or delisted therefrom.


 






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ARTICLE 8

Legal Defeasance and Covenant Defeasance


 


Section 8.01.     Option
to Effect Legal Defeasance or Covenant Defeasance. The
Issuers may, at their option and at any time, elect to have either Section 8.02 or 8.03 hereof applied to all outstanding
Notes and all obligations of the Guarantors with respect to the Guarantees upon compliance with the conditions set forth below
in this Article 8.


 


Section 8.02.     Legal
Defeasance and Discharge. Upon the Issuers’
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers and the Guarantors shall,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their
obligations with respect to all outstanding Notes and the related Guarantees and all Events of Default cured on the date the conditions
set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers
and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which
shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections
of this Indenture referred to in (a) and (b) below (it being understood that such Notes shall not be deemed outstanding
for accounting purposes), and to have satisfied all their other obligations under such Notes and this Indenture including that
of the Guarantors (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging
the same) and to have cured all then existing Events of Default, except for the following provisions which shall survive until
otherwise terminated or discharged hereunder:


 


(a)            the
rights of Holders of the Notes to receive payments in respect of the principal of, premium, if any, and interest on the Notes when
such payments are due solely out of the trust created pursuant to this Indenture referred to in Section 8.04 hereof;


 


(b)            the
Issuers’ obligations with respect to Notes concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed,
lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;


 


(c)            the
rights, powers, trusts, duties, indemnities and immunities of the Trustee, and the Issuers’ obligations in connection therewith;
and


 


(d)            this
Section 8.02.


 


Subject to compliance with this Article 8,
the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of their option under Section 8.03
hereof.


 


Section 8.03.     Covenant
Defeasance. Upon the Issuers’ exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers and the Guarantors shall, subject to
the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under Sections 3.08,
4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14 and 4.15 hereof, the first sentence of Section 4.16 hereof,
and clauses (iv) and (v) of Section 5.01(a), and Sections 5.01(d) and 5.01(e) hereof with respect to
all outstanding Notes and the related Guarantees, on and after the date the conditions set forth in Section 8.04 hereof are
satisfied (“Covenant Defeasance”), and such Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with
respect to all outstanding Notes and the related Guarantees, the Issuers and the Guarantors may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and the Guarantees shall
be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to
this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(a)(iii) (solely
with respect to the covenants that are released upon a Covenant Defeasance), 6.01(a)(iv), 6.01(a)(v), 6.01(a)(vi) (solely
with respect to Restricted Subsidiaries (other than the Co-Issuer) subject thereto), 6.01(a)(vii) (solely with respect
to Restricted Subsidiaries (other than the Co-Issuer) subject thereto) and 6.01(a)(viii) hereof shall not constitute
Events of Default.


 






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Section 8.04.     Conditions
to Legal or Covenant Defeasance. The following shall
be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes:


 


In order to exercise either Legal Defeasance
or Covenant Defeasance with respect to the Notes:


 


(a)            the
Issuers shall irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, U.S. Government Securities, or a combination thereof, in such amount 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 due on
such Notes on the stated maturity date or on the Redemption Date, as the case may be, of such principal, premium, if any, or
interest on such Notes and the Issuers must specify whether such Notes are being defeased to maturity or to a particular
Redemption Date; provided that upon any redemption that requires the payment of the Applicable Premium, the amount
deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal
to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the Redemption Date
(any such amount, the “Applicable Premium Deficit”) only required to be deposited with the Trustee on or
prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered
to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium
Deficit shall be applied toward such redemption;


 


(b)            in
the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to
customary assumptions and exclusions:


 


(i)            the
Issuers have received from, or there has been published by, the United States Internal Revenue Service a ruling, or


 


(ii)            since
the Issue Date, there has been a change in the applicable U.S. federal income tax law,


 


in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Notes
will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject
to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal
Defeasance had not occurred;


 


(c)            in
the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that, subject
to customary assumptions and exclusions, the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;


 






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(d)            no
Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous
deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall have occurred and
be continuing on the date of such deposit;


 


(e)            such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, the Senior
Secured Credit Facilities or any other material agreement or instrument (other than this Indenture) to which the Issuers or any
Guarantor is a party or by which the Issuers or any Guarantor is bound (other than that resulting from any borrowing of funds to
be applied to make the deposit required to effect such Legal Defeasance or Covenant Defeasance and any similar and simultaneous
deposit relating to other Indebtedness, and, in each case, the granting of Liens in connection therewith);


 


(f)            the
Issuers shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuers
with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuers or any Guarantor or others; and


 


(g)            the
Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel
may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to
the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.


 


Section 8.05.     Deposited
Money and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions. Subject
to Section 8.06 hereof, all money and U.S. 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 of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the
Issuer or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to
become due thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except
to the extent required by law.


 


The Issuers shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. 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 and the related Guarantees.


 


Anything in this Article 8 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the request of the Issuers any money or
U.S. 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.


 






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Section 8.06.     Repayment
to Issuers. Subject to any applicable abandoned property law, any money deposited with the Trustee or any Paying Agent,
or then held by the Issuers, in trust for the payment of the principal of, premium, if any, or interest on any Note and
remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be
paid to the Issuers on their request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of
such Note shall thereafter look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying
Agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease.


 


Section 8.07.     Reinstatement.
If the Trustee or Paying Agent is unable to apply any United States dollars or U.S. Government Securities in accordance with Section 8.02
or 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 Issuers’ and the Guarantors’ obligations under this Indenture
and the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02
or 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 8.03 hereof, as the case may be; provided that, if the Issuers make any payment of principal of, premium, if any, or
interest on any Notes following the reinstatement of their obligations, the Issuers shall 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.


 


ARTICLE 9

Amendment, Supplement and Waiver


 


Section 9.01.     Without
Consent of Holders. Notwithstanding Section 9.02 hereof, the Issuers, any Guarantor (with respect to a Guarantee or
this Indenture) and the Trustee may amend or supplement this Indenture and any Guarantee or Notes without the consent of any
Holder:


 


(a)           to
cure any ambiguity, omission, mistake, defect or inconsistency;


 


(b)           to
provide for uncertificated Notes in addition to or in place of certificated Notes;


 


(c)           to
comply with Section 5.01 hereof;


 


(d)           to
provide for the assumption of the Issuers’ or any Guarantor’s obligations to the Holders;


 


(e)           to
make any change that would provide any additional rights or benefits to the Holders or that does not materially adversely affect
the legal rights under this Indenture of any such Holder;


 


(f)            to
add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuers or any Guarantor;


 


(g)           to
provide for the issuance of Additional Notes in accordance with the terms of this Indenture;


 


(h)           modify
or amend this Indenture in such a manner to permit the qualification of this Indenture or any supplemental indenture under the
Trust Indenture Act;


 


(i)            to
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee or a successor Paying Agent
hereunder pursuant to the requirements hereof;


 






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(j)            to
add an obligor or a Guarantor under this Indenture or to release an obligor or a Guarantor in accordance with the terms of this
Indenture;


 


(k)           to
conform the text of this Indenture and the Guarantees or the Notes to any provision of the “Description of the Notes”
section of the Offering Memorandum to the extent that such provision in such “Description of the Notes” section was
intended to be a verbatim recitation of a provision of this Indenture, Guarantee or Notes as provided in an Officer’s Certificate;


 


(l)            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
such amendment does not materially and adversely affect the rights of Holders to transfer Notes;


 


(m)          to
make any amendment to the provisions of this Indenture relating to the transfer or legending of the Notes; or


 


(n)           to
make any other modifications to the Notes or this Indenture of a formal, minor or technical nature or necessary to correct a manifest
error, so long as such modification does not adversely affect the rights of any Holders of the Notes in any material respect.


 


Upon the request of the Issuers
accompanied by a resolution of the Board of Directors of each Issuer authorizing the execution of any such amended or
supplemental indenture, and upon receipt by the Trustee of the documents described in Sections 7.02 and 9.05 hereof (subject
to the last sentence of Section 9.05), the Trustee shall join with the Issuers and the Guarantors in the execution of
any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further
appropriate agreements and stipulations that may be therein contained, but the Trustee shall have the right, but not be
obligated to, enter into such amended or supplemental indenture that affects its own rights, duties, liabilities or
immunities under this Indenture or otherwise. Notwithstanding the foregoing, neither an Opinion of Counsel nor an
Officer’s Certificate, nor a board resolution, shall be required in connection with the addition of a Guarantor under
this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture,
the form of which is attached as Exhibit D hereto.


 


Section 9.02.     With
Consent of Holders. Except as provided in Section 9.01 and this Section 9.02, the Issuers, the Guarantors and the
Trustee may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority
in principal amount of all the Notes then outstanding, including consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Notes and, subject to Section 6.04 and 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, or interest on the Notes, except
a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture,
the Guarantees or the Notes issued thereunder may be waived with the consent of the Holders of a majority in principal amount
of all the Notes then outstanding, other than Notes beneficially owned by the Issuers or their Affiliates (including consents
obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). Section 2.08 hereof and Section 2.09
hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.02.


 


Upon the request of the Issuers accompanied
by a resolution of the Board of Directors of each Issuer authorizing the execution of any such amended or supplemental indenture,
and upon the filing with the Trustee of evidence of the consent of the Holders as aforesaid, the Trustee shall join with the Issuers
and the Guarantors in the execution of such amended or supplemental indenture, unless such amended or supplemental indenture directly
affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture.


 






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It shall not be necessary for the consent
of the Holders under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it shall be
sufficient if such consent approves the substance thereof.


 


After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Issuers shall send to the Holders affected thereby a notice briefly describing
the amendment, supplement or waiver. Any failure of the Issuers to send such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such amended or supplemental indenture or waiver.


 


Without the consent of each affected Holder
of Notes, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting Holder:


 


(a)            reduce
the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver;


 


(b)           reduce
the principal of or change the fixed final maturity of any such Note or alter or waive the provisions with respect to the redemption
of such Notes (other than provisions relating to (i) notice periods (to the extent consistent with applicable requirements
of clearing and settlement systems) for redemption and conditions to redemption and (ii) Section 3.08, Section 4.10
and Section 4.14 hereof);


 


(c)           reduce
the rate of or change the time for payment of interest on any such Note;


 


(d)           (A) waive
a Default in the payment of principal of, premium, if any, or interest on such Notes, except a rescission of acceleration of such
Notes by the Holders of a majority in aggregate principal amount of all the Notes then outstanding, and a waiver of the payment
default that resulted from such acceleration, or (B) waive a Default in respect of a covenant or provision contained in this
Indenture, the Notes or any Guarantee which cannot be amended or modified without the consent of all affected Holders;


 


(e)           make
any such Note payable in money other than that stated therein;


 


(f)            make
any change in the provisions of this Indenture relating to waivers of past Defaults or the contractual rights of Holders to receive
payments of principal of, premium, if any, or interest on such Notes;


 


(g)           make
any change in these amendment and waiver provisions;


 


(h)           amend
the contractual right expressly set forth in this Indenture or the Notes of any Holder to receive payments of principal of, or
premium, if any, or interest on such Notes or to institute suit for the enforcement of any payment on or with respect to such Holder’s
Notes;


 


(i)            make
any change to or modify the ranking of such Notes that would adversely affect the Holders; or


 


(j)            except
as expressly permitted by this Indenture, modify the Guarantees of any Significant Subsidiary, or any group of Restricted Subsidiaries
that, taken together (as of the latest audited consolidated financial statements for the Issuer), would constitute a Significant
Subsidiary in any manner materially adverse to the Holders of such Notes.


 






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Section 9.03.     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, subject to the Applicable Procedures of DTC. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.


 


The Issuers may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver.
If a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or
their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or
to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders
has been obtained.


 


Section 9.04.     Notation
on or Exchange of Notes. The Trustee may, at the direction of the Issuers, place an appropriate notation about an amendment,
supplement or waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall,
upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.


 


Failure to make the appropriate notation
or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.


 


Section 9.05.     Trustee
to Sign Amendments, etc. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 9
if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Issuers may not sign an amendment, supplement or waiver until the Board of Directors of each Issuer approve it. In executing
any amendment, supplement or waiver, the Trustee shall be provided with, and (subject to Section 7.01 hereof) shall be fully
protected in relying upon, in addition to the documents required by Section 12.03 hereof, an Officer’s Certificate
and an Opinion of Counsel each stating that the execution of such amended or supplemental indenture is authorized or permitted
by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and
any Guarantors party thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies
with the provisions hereof. Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officer’s Certificate, nor
a resolution, shall be required for the Trustee to execute any supplemental indenture to this Indenture, the form of which is
attached as Exhibit D hereto, adding a new Guarantor under this Indenture.


 


Section 9.06.     Additional
Voting Terms; Calculation of Principal Amount.


 


(a)            All
Notes issued under this Indenture shall vote and consent together on all matters (as to which any of such Notes may vote) as one
class and no series of Notes will have the right to vote or consent as a separate series on any matter. Determinations as to whether
Holders of the requisite aggregate principal amount of Notes have concurred in any direction, waiver or consent shall be made
in accordance with this Article 9 and Section 9.06(b).


 


(b)            With
respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal
amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (i) the
principal amount, as of such date of determination, of Notes, the Holders of which have so consented by (b) the aggregate
principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with
the preceding sentence, Section 2.08 and Section 2.09 of this Indenture. Any such calculation made pursuant to this
Section 9.06(b) shall be made by the Issuers and delivered to the Trustee pursuant to an Officer’s Certificate.


 






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ARTICLE 10 


Guarantees


 


Section 10.01.     Guarantee.
Subject to this Article 10, from and after the Issue Date, each of the Guarantors hereby, jointly and severally, irrevocably
and unconditionally, guarantees, on an unsecured senior basis, to each Holder of a Note authenticated and delivered by the Trustee
and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes
or the Obligations of the Issuers hereunder or thereunder, that: (a) the principal of and interest and premium, if any, on
the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest
on the overdue principal of and interest on the Notes, if any, if lawful, and all other Obligations of the Issuers to the Holders
or the Trustee (acting in any capacity) hereunder or under the Notes shall be promptly paid in full, all in accordance with the
terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, that same shall be promptly paid in full when due in accordance with the terms of the extension or renewal, whether
at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed for whatever reason, the
Guarantors shall be jointly and severally obligated to pay the same promptly. Each Guarantor agrees that this is a guarantee of
payment and not a guarantee of collection. All payments under each Guarantee will be made in dollars.


 


The Guarantors hereby agree that their
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions
hereof or thereof, the recovery of any judgment against the Issuer or the Co-Issuer, any action to enforce the same or
any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than
payment in full of all of the Obligations of the Issuers hereunder or under the Notes). Each Guarantor hereby waives, to the
fullest extent permitted by law, diligence, presentment, demand of payment, filing of claims with a court in the event of
insolvency or bankruptcy of the Issuer or the Co-Issuer, any right to require a proceeding first against the Issuers,
protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by full payment
of the obligations contained in the Notes and this Indenture or by release in accordance with the provisions of this
Indenture.


 


Each Guarantor also agrees to pay any and
all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee (acting in any capacity) or any Holder
in enforcing any rights under this Section 10.01.


 


If any Holder or the Trustee is required
by any court or otherwise to return to the Issuers, the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuers or the Guarantors, then any amount paid either to the Trustee or such Holder, this Guarantee,
to the extent theretofore discharged, shall be reinstated in full force and effect.


 


Each Guarantor agrees that it shall not
be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration
of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become
due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right to seek contribution from
any nonpaying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Guarantees. Each
Guarantor that makes a payment under its Guarantee shall, to the fullest extent permitted by applicable law, be entitled upon payment
in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such
other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of
such payment determined in accordance with GAAP.


 


Until terminated in accordance with Section 10.06,
each Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Issuer or the Co-Issuer for liquidation, reorganization, should the Issuer or the Co-Issuer become insolvent or make an
assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s
or the Co-Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated,
as the case may be, if at any time payment of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on the Notes or Guarantees, whether as a “voidable preference,” “fraudulent
transfer” or otherwise, all as though such payment had not been made. In the event that any payment or any part thereof,
is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed
reduced only by such amount paid and not so rescinded, reduced, restored or returned.


 






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In case any provision of any Guarantee shall
be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.


 


The Guarantee issued by any Guarantor shall
be a general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing
and future Senior Indebtedness of such Guarantor, if any.


 


Each payment to be made by a Guarantor in
respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.


 


Section 10.02.     Limitation
on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention
of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably
agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum
amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect
to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect
of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Guarantee
not constituting a fraudulent conveyance or fraudulent transfer under applicable law or being void or voidable under any law relating
to insolvency of debtors.


 


Section 10.03.     Execution
and Delivery. To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture
(or a supplemental indenture in the form of Exhibit D hereto) shall be executed on behalf of such Guarantor by one of its
authorized officers.


 


Each Guarantor hereby agrees that its Guarantee
set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding the absence of the endorsement of
any notation of such Guarantee on the Notes.


 


If an officer whose signature is on this
Indenture (or a supplemental indenture in the form of Exhibit D hereto) no longer holds that office at the time the Trustee
authenticates a Note, the Guarantee of such Guarantor shall be valid nevertheless.


 


The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantors.


 


If required by Section 4.15 hereof,
the Issuer shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.15
hereof and this Article 10, to the extent applicable.


 


Section 10.04.     Subrogation.
Each Guarantor shall be subrogated to all rights of Holders against the Issuers in respect of any amounts paid by any Guarantor
pursuant to the provisions of Section 10.01 hereof; provided, that, if an Event of Default has occurred and is continuing,
no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until
all amounts then due and payable by the Issuers under this Indenture or the Notes shall have been paid in full.


 


Section 10.05.     Benefits
Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation
of such benefits.


 






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Section 10.06.     Release
of Guarantees. Each Guarantee by a Guarantor shall be automatically and unconditionally released and discharged, and shall
thereupon terminate and be of no further force and effect, and no further action by such Guarantor, the Issuers or the Trustee
is required for the release of such Guarantor’s Guarantee, upon:


 


(i)            (A) 
any sale, issuance, exchange, disposition or transfer (by merger, amalgamation, consolidation, dividend, distribution or
otherwise) of (x) the Capital Stock of such Guarantor, after which the applicable Guarantor is no longer a Restricted
Subsidiary or (y) all or substantially all of the assets of such Guarantor, in each case if such sale, issuance,
exchange, disposition or transfer is made in compliance with or is not prohibited the applicable provisions of this
Indenture;


 


(B)            the
release or discharge of the guarantee by such Guarantor of Indebtedness under the Senior Secured Credit Facilities, or the release
or discharge of such other guarantee that resulted in the creation of such Guarantee, except a discharge or release by or as a
result of payment under such guarantee (it being understood that a release subject to a contingent reinstatement will constitute
a release for the purposes of this provision, and that if any such Guarantee is so reinstated, such Guarantee shall also be reinstated
to the extent that such Guarantor would then be required to provide a Guarantee pursuant to Section 4.15 hereof);


 


(C)            the
designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions
of this Indenture;


 


(D)            the
merger, amalgamation, consolidation or Division of any Guarantor with and into the Issuer or another Guarantor or upon the liquidation
or winding up of such Guarantor, in each case, in compliance with or in a manner not prohibited by the applicable provisions of
this Indenture; or


 


(E)            the
exercise by the Issuers of their Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 hereof
or the discharge of the Issuers’ obligations under this Indenture in accordance with the terms of this Indenture; and


 


(ii)            such
Guarantor delivering to the Trustee an Officer’s Certificate of such Guarantor or the Issuer and an Opinion of Counsel, each
stating that all conditions precedent provided for in this Indenture relating to such transaction or release and discharge have
been complied with. Notwithstanding the foregoing, neither an Officer’s Certificate nor an Opinion of Counsel shall be required
in the case of a merger or consolidation in accordance with Section 10.06(i)(D). In the case of a merger or consolidation
in accordance with clause (i)(D) above, such Guarantor or the Issuer shall deliver notice to the Trustee of such merger or
consolidation, but failure to so notify the Trustee shall not constitute a Default or Event of Default.


 


ARTICLE 11

Satisfaction and Discharge


 


Section 11.01.     Satisfaction
and Discharge. This Indenture shall be discharged and shall cease to be of further effect as to all Notes when either:


 


(a)            all
Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or


 


(b)            (i) 
all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making of a
notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at
the expense, of the Issuers, and the Issuers have 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 of the Notes cash in U.S. dollars, U.S. 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 theretofore delivered to the Trustee for cancellation
for principal, premium, if any, and accrued interest to the date of maturity or redemption; provided that upon any
redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of this
Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the
date of the notice of redemption, with any Applicable Premium Deficit only required to be deposited with the Trustee on or
prior to the Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered
to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium
Deficit shall be applied toward such redemption;


 






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(ii)            no
Event of Default (other than that resulting from borrowing funds to be applied to make such deposit or any similar and simultaneous
deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect to this Indenture
or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such
deposit will not result in a breach or violation of, or constitute a default under the Senior Secured Credit Facilities or any
other material agreement or instrument (other than this Indenture) to which the Issuers or any Guarantor is a party or by which
the Issuers or any Guarantor is bound (other than resulting from any borrowing of funds to be applied to make such deposit and
any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith);


 


(iii)            the
Issuers have paid or caused to be paid all sums payable by them under this Indenture; and


 


(iv)            the
Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at
maturity or the Redemption Date, as the case may be.


 


In addition, the Issuers must deliver an
Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied. Such Opinion of Counsel may rely on such Officer’s Certificate as to matters of fact, including
clauses (b)(i), (ii), (iii) and (iv) above.


 


Notwithstanding the satisfaction and discharge
of this Indenture, if money shall have been deposited with the Trustee pursuant to clause (b)(i) of this Section 11.01,
the provisions of Section 11.02 and Section 8.06 hereof shall survive such satisfaction and discharge.


 


Section 11.02.     Application
of Trust Money. Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01
hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Issuer, the Co-Issuer or a Guarantor acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required
by law.


 


If the Trustee or Paying Agent is unable
to apply any money or U.S. Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuers’ and any Guarantor’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Issuers have made
any payment of principal of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuers
shall be subrogated to the rights of the Holders to receive such payment from the money or U.S. Government Securities held by
the Trustee or Paying Agent.


 






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ARTICLE 12

Miscellaneous


 


Section 12.01.     Notices.
Any notice or communication by the Issuer, the Co-Issuer, any Guarantor or the Trustee to the others is duly given if in writing
and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile, electronic
mail or other electronic transmission or overnight air courier guaranteeing next day delivery, to the others’ address:


 


If to the Issuers and/or any Guarantor:


 


Summit Materials, LLC


1550 Wynkoop Street, 3rd Floor

Denver, Colorado 80202

E-mail: Anne.Benedict@summit-materials.com

Attention: Anne Lee Benedict, Chief Legal Officer


 


With a copy to (which shall


not constitute notice
for any purpose under this Indenture):

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Facsimile: (212) 455-2502





E-mail: ELewandowski@stblaw.com

Attention: Edgar J. Lewandowski


 


If to the Trustee:



Wilmington Trust, National Association

1100 North Market Street, 5th Floor

Wilmington, Delaware 19890

Facsimile: (302) 636-4149

Attention: Summit Materials Administrator


 


The Issuers, any Guarantor or the Trustee,
by notice to the others, may designate additional or different addresses for subsequent notices or communications.


 


All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar
days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt is acknowledged, if faxed
or sent electronically; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery; provided, that any notice or communication delivered to the Trustee shall be deemed effective upon actual
receipt thereof and, subject to compliance with the Trust Indenture Act, on the first date on which publication is made, if given
by publication.


 


Any notice or communication to a Holder
shall be electronically delivered, mailed by first-class mail, certified or registered, return receipt requested, or by overnight
air courier guaranteeing next day delivery to its address shown on the Note Register kept by the Registrar. Failure to deliver
a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.


 


If a notice or communication is mailed or
otherwise delivered in the manner provided above within the time prescribed, such notice or communication shall be deemed duly
given, whether or not the addressee receives it.


 


If the Issuers send a notice or communication
to Holders, they shall send a copy to the Trustee and each Agent at the same time.


 


Notwithstanding any other provision of
this Indenture or any Note, where this Indenture or any Note provides for notice of any event or any other communication
(including any notice of redemption or repurchase) to a holder of a Global Note (whether by mail or otherwise), such notice
shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing instructions from the
Depositary or its designee, including by electronic mail in accordance with accepted practices at the Depositary.


 






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Section 12.02.     Communication
by Holders with Other Holders. Holders may communicate pursuant to Trust Indenture Act Section 312(b) with other
Holders with respect to their rights under this Indenture or the Notes.


 


Section 12.03.     Certificate
and Opinion as to Conditions Precedent. Upon any request or application by the Issuer, the Co-Issuer or any of the Guarantors
to the Trustee to take any action under this Indenture, the Issuer, the Co-Issuer or such Guarantor, as the case may be, shall
furnish to the Trustee:


 


(a)            an
Officer’s Certificate in form reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04
hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and


 


(b)            an
Opinion of Counsel in form reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04
hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied; provided
that, no Opinion of Counsel pursuant to this Section shall be required in connection with the issuance of Notes on the Issue
Date.


 


Section 12.04.     Statements
Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to Section 4.04 hereof) shall include:


 


(a)            a
statement that the Person making such certificate or opinion has read such covenant or condition;


 


(b)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;


 


(c)            a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion
of Counsel, may be limited to reliance on an Officer’s 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 complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.


 


Section 12.05.     Rules by
Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or
Paying Agent may make reasonable rules and set reasonable requirements for its functions.


 


Section 12.06.     No
Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer, employee,
incorporator, member, partner or direct or indirect stockholder of the Issuers or any Guarantor (other than in their respective
capacity as the Issuers or any Guarantor) or of any of their respective direct or indirect parent companies shall have any liability,
for any obligations of the Issuers or the Guarantors under the Notes, the Guarantees or this Indenture or any supplemental indenture
or for any claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives
and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.


 






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Section 12.07.     Governing
Law. THIS INDENTURE, THE NOTES AND ANY GUARANTEE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS INDENTURE,
THE NOTES OR ANY GUARANTEE, WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


Section 12.08.     Waiver
of Jury Trial. EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE (1) AGREES TO SUBMIT TO THE EXCLUSIVE JURISDICTION
OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES AND (2) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.


 


Section 12.09.     Force
Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without
limitation strikes, work stoppages, accidents, acts of war or terrorism, epidemics, civil or military disturbances, nuclear or
natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
or hardware) services.


 


Section 12.10.     No
Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan or debt
agreement of the Issuers or their Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may
not be used to interpret this Indenture.


 


Section 12.11.     Successors.
All agreements of the Issuers in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee
in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except
as otherwise provided in Section 10.06 hereof.


 


Section 12.12.     Entire
Agreement. This Indenture and the exhibits hereto set forth the entire agreement and understanding of the parties related
to this transaction and supersedes all prior agreements and understandings, oral or written.


 


Section 12.13.     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 12.14.     Counterpart
Originals; Electronic Signatures. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. This Indenture may be executed in multiple counterparts which,
when taken together, shall constitute one instrument. The exchange of copies of this Indenture and of signature pages by
facsimile or PDF transmissions shall constitute effective execution and delivery of this Indenture as to the parties hereto and
may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF
shall be deemed to be their original signatures for all purposes. Unless otherwise provided in this Indenture or in any Note,
the words “execute”, “execution”, “signed”, and “signature” and words of similar
import used in or related to any document to be signed in connection with this Indenture, any Note or any of the transactions
contemplated hereby (including amendments, waivers, consents and other modifications) shall be deemed to include electronic signatures
and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as
a manually executed signature in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and
as provided for in any Applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, the New
York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions
Act, provided that, notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept
electronic signatures in any form or in any format unless expressly agreed to by the Trustee pursuant to procedures approved by
the Trustee.


 






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Section 12.15.     Table
of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.


 


Section 12.16.     USA
Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act the Trustee, like
all financial institutions and in order to help fight the funding of terrorism and money laundering, are required to obtain, verify,
and record information that identifies each person or legal entity that establishes a relationship or opens an account. The parties
to this agreement agree that they shall provide the Trustee with such information as they may request in order to satisfy the
requirements of the USA Patriot Act.


 


[Signatures on following page]


 









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IN WITNESS WHEREOF, the parties hereto
have caused this Indenture to be duly executed as of the date first above written.


 


	 	ISSUERS:
	 	 
	 	SUMMIT MATERIALS, LLC
	 	SUMMIT MATERIALS FINANCE CORP.
	 	 
	 	By:	/s/ Brian J. Harris
	 	 	Name:   Brian J. Harris
	 	 	Title:     Chief Financial Officer




 


[Signature Page to Indenture]


 






     


     


    

 





	 	GUARANTORS:
	 	Alleyton
    Resource Company, LLC
	 	Alleyton
    Services Company, LLC
	 	Austin
    Materials, LLC
	 	BUILDEX,
    LLC
	 	Continental
    Cement Company, L.L.C.
	 	Kilgore
    Companies, LLC
	 	Peak
    Materials, LLC
	 	RK
    Hall, LLC
	 	Summit
    Materials Corporations I, Inc.
	 	Summit
    Finance Group, LLC
	 	Razorback
    Concrete Company
	 	Elam
    Construction, Inc.
	 	Northwest
    Aggregates, Inc.
	 	Northwest
    Ready Mix, Inc.
	 	Georgia
    Stone Products, LLC
	 	Walker
    Sand & Gravel Ltd. Co.
	 	Concrete
    Supply of Topeka, LLC
	 	Cornejo &
    Sons, L.L.C.
	 	Hamm, Inc.
	 	N.R.
    Hamm Contractor, LLC
	 	N.R.
    Hamm Quarry, LLC
	 	Penny’s
    Concrete and Ready Mix, L.L.C.
	 	R.D.
    Johnson Excavating Company, LLC
	 	Bourbon
    Limestone Company
	 	Hinkle
    Contracting Company, LLC
	 	Ohio
    Valley Asphalt, LLC
	 	Ready
    Mix Concrete of Somerset, LLC
	 	Con-Agg
    Companies, L.L.C.
	 	Green
    America Recycling, LLC
	 	Mid-Missouri
    Limestone, LLC
	 	Sierra
    Ready Mix Limited Liability Company
	 	American
    Materials Company, LLC
	 	H.C.
    Rustin Corporation
	 	Columbia
    Aggregates, LLC
	 	Glasscock
    Company, Inc.
	 	Glasscock
    Logistics Company, LLC
	 	Colorado
    County Sand & Gravel Co., L.L.C.
	 	Industrial
    Asphalt, LLC
	 	Laredo
    Paving, Inc.
	 	Pelican
    Asphalt Company LLC
	 	Price
    Construction, Ltd.
	 	SCS
    Materials, LLC
	 	Troy
    Vines, Incorporated
	 	XIT
    Sand and Gravel, LLC
	 	B&B
    Resources, Inc.



 


[Signature Page to Indenture]


 






     


     


    

 




 


	 	Kilgore
    Partners L.P.
	 	LeGrand
    Johnson Construction Co.
	 	Metro
    Ready Mix, L.L.C.
	 	Boxley
    Materials Company
	 	Buckingham
    Slate Company, LLC
	 	Buckingham
    Slate #1, LLC
	 	Buckingham
    Slate #2, LLC
	 	Valley
    Real Estate Holdings, LLC
	 	Lewis &
    Lewis Inc.
	 	 
	 	By:	/s/
    Anne Lee Benedict
	 	 	Name: 	Anne
    Lee Benedict
	 	 	Title:	Secretary




 


[Signature Page to
Indenture]


 






    


     


    

 


	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION,
	 	as
    Trustee, Transfer Agent, Registrar and Paying Agent
	 	 
	 	
	 	 
	 	By:	/s/ John T. Needham, Jr.
	 	 	Name:  	John T. Needham, Jr.
	 	 	Title:	 Vice President




 


[Signature
Page to Indenture]


 






    


     


    

 


EXHIBIT A


 


[FORM OF NOTE]


 


[FACE OF NOTE]


 


[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]


 


[Insert the Private Placement Legend, if
applicable pursuant to the provisions of the Indenture]


 






    


     


    

 


	CUSIP	[●][●]1
	ISIN	[●][●]2




 


[RULE 144A][REGULATION S] [GLOBAL] NOTE

representing [up to]

$[__________]

5.25% Senior Notes due 2029


 


	No. ___	[$__________]




 


Summit Materials, LLC, a Delaware limited liability company,
and Summit Materials Finance Corp., a Delaware corporation, jointly and severally, promise to pay to [Cede & Co.]* or
registered assigns the principal sum [set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of
_______________ United States dollars, as revised by the Schedule of Exchanges of Interests in the Global Note attached hereto,]
on January 15, 2029.


 


	Interest Payment Dates:	January 15 and July 15, commencing on January 15, 2021




 


	Record Dates:	January 1 and July 1




 


Additional provisions of this Note are set forth on the other
side of this Note.


 


		*	Include only if the Note is issued in global form.



 





 






1 86614R AN7 (144A); U8603V AJ1 (Reg S)


2 US86614RAN70 (144A); USU8603VAJ18 (Reg S)


 






    


     


    

 


IN WITNESS HEREOF, the Issuers have caused
this instrument to be duly executed.


 


Dated:


 


	 	SUMMIT
    MATERIALS, LLC
	 	SUMMIT
    MATERIALS FINANCE CORP.
	 	 
	 	By:	 
	 	 	Name:	      
	 	 	Title:	 




 






    


     


    

 


	 	This
    is one of the Notes referred to in the within-mentioned Indenture:
	 	 
	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION,
	 	as
    Trustee
	 	 
	 	By:	 
	 	 	Name:	         
	 	 	Title:	 




 


	 	Date:	 	 






 






    


     


    

 



 


[REVERSE OF NOTE]


 


5.25% Senior Notes due 2029


 


Capitalized terms used herein shall have
the meanings assigned to them in the Indenture referred to below unless otherwise indicated.


 


1.            Interest.
Summit Materials, LLC, a Delaware limited liability company (such Person, and its respective successors and assigns under the Indenture
hereinafter referred to, being herein called the “Issuer”), Summit Materials Finance Corp., a Delaware corporation
(such Person, and its respective successors and assigns under the Indenture hereinafter referred to, being herein called the “Co-Issuer”
and, together with the Issuer, the “Issuers”), jointly and severally, promise to pay interest on the principal
amount of this Note at a rate per annum of 5.25% from August 11, 2020 until maturity. The Issuers will pay interest on this
Note semi-annually in arrears on January 15 and July 15 of each year, beginning January 15, 2021, or, if any such
day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). The Issuers
will make each interest payment to the Holder of record of this Note on the immediately preceding January 1 and July 1
(each, a “Record Date”). Interest on this Note will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from and including August 11, 2020. The Issuers will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the
rate borne by this Note; the Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the rate
borne by this Note. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months.


 


2.            Method
of Payment. The Issuers will pay interest on this Note to the Person who is the registered Holder of this Note at the close
of business on the Record Date (whether or not a Business Day) next preceding the Interest Payment Date, even if this Note is cancelled
after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with
respect to defaulted interest. Cash payments of principal of, premium, if any, and interest on this Note will be payable at the
office or agency of the Issuers maintained for such purpose pursuant to Section 4.02 of the Indenture or, at the option of
the Issuers, cash payment of interest may be made through the Paying Agent by check mailed to the Holders at their respective addresses
set forth in the Note Register of Holders, provided that (a) all cash payments of principal, premium, if any, and interest
with respect to Notes represented by Global Notes registered in the name of or held by DTC or its nominee will be made through
the Paying Agent by wire transfer of immediately available funds to the accounts specified by the registered Holder or Holders
thereof and (b) all cash payments of principal, premium, if any, and interest with respect to certificated Notes may, at the
option of the Issuers, be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States
of America if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect
designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the
Trustee may accept in its discretion). Such payment shall be in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts.


 


3.            Paying
Agent, Transfer Agent and Registrar. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will
act as Paying Agent, Transfer Agent and Registrar. The Issuers may change any Paying Agent, Transfer Agent or Registrar without
prior notice to the Holders. The Issuer or any of its Subsidiaries may act in any such capacity.


 






    


     


    

 


4.            Indenture.
The Issuers issued the Notes under an Indenture, dated as of August 11, 2020 (as amended, restated, supplemented or
otherwise modified from time to time, the “Indenture”), among the Issuers, the Guarantors, the Trustee,
the Transfer Agent, the Registrar and the Paying Agent. This Note is one of a duly authorized issue of notes of the Issuers
designated as their 5.25% Senior Notes due 2029. The Issuers shall be entitled to issue Additional Notes pursuant to Sections
2.01 and 4.09 of the Indenture. The terms of the Notes include only those stated in the Indenture and those expressly made
part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are
referred to the Indenture and those sections of the Trust Indenture Act expressly made part of the Indenture 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.


 


5.            Optional
Redemption.


 


(a)            Except
as set forth in clauses (b), (d) and (e) of this Section 5, in clauses (b), (d) and (e) of Section 3.07
of the Indenture, the Notes will not be redeemable at the Issuers’ option prior to July 15, 2023.


 


(b)            At
any time prior to July 15, 2023, the Issuers may on one or more occasions redeem all or a part of the Notes, upon notice in
accordance with Section 3.03 of the Indenture, at a redemption price equal to the sum of (A) 100.0% of the principal
amount of the Notes redeemed, plus (B) the Applicable Premium as of the Redemption Date, plus (C) accrued and unpaid
interest, if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date
to receive interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date.


 


(c)            On
and after July 15, 2023, the Issuers may redeem the Notes, in whole or in part, upon notice in accordance with Section 3.03
of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth
below, plus accrued and unpaid interest, if any, thereon to, but excluding, the applicable Redemption Date, subject to the right
of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to
or on the Redemption Date, if redeemed during the twelve-month period beginning on July 15 of each of the years indicated
below:


 


	Year	 	Notes Redemption

 Percentage	 
	2023	 	 	102.625	%
	2024	 	 	101.313	%
	2025 and thereafter	 	 	100.000	%


 


(d)            Prior
to July 15, 2023, the Issuers may, at their option, and on one or more occasions, redeem up to 40.0% of the aggregate principal
amount of Notes issued under the Indenture at a redemption price equal to 105.25% of the aggregate principal amount of the Notes
redeemed, with an amount not to exceed the net cash proceeds received by it from one or more Equity Offerings or a contribution
to the Issuer’s common equity capital made with the net cash proceeds of an Equity Offering, plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date, subject to the right of Holders of record on the relevant Record Date to receive
interest due on the Notes on the relevant Interest Payment Date falling prior to or on the Redemption Date; provided, that
(A) at least 50.0% of (x) the aggregate principal amount of Notes originally issued under the Indenture on the Issue
Date and (y) the aggregate principal amount of any Additional Notes issued under the Indenture after the Issue Date remains
outstanding immediately after the occurrence of each such redemption (unless all such Notes are redeemed or repurchased substantially
concurrently); and (B) each such redemption occurs within 180 days of the date of closing of each such Equity Offering.


 






    


     


    

 


(e)            In
connection with any tender offer for the Notes, including, without limitation, any Change of Control Offer, Alternate Offer or
Asset Sale Offer, if Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do
not validly withdraw such Notes in such tender offer and the Issuers, or any third party making such tender offer in lieu of the
Issuers, purchases all of the Notes validly tendered and not validly withdrawn by such Holders, the Issuers or such third party
will have the right upon not less than 10 nor more than 60 days’ prior notice, given not more than 60 days following such
purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the price offered to each
other Holder in such tender offer (which may be less than par and shall exclude any early tender premium or similar premium and
any accrued and unpaid interest paid to any Holder that participated in such tender offer payment) plus, to the extent not included
in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but excluding, the Redemption Date.


 


(f)            Any
redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the
Indenture. Notice of any redemption, whether in connection with an Equity Offering, other transaction or otherwise, may be
given prior to the completion thereof, and any such redemption or notice may, at the Issuers’ discretion, be subject to
one or more conditions precedent (including conditions precedent applicable to different amounts of Notes redeemed),
including, but not limited to, completion of the related Equity Offering or other transaction. The Issuers may redeem the
Notes pursuant to one or more of the relevant provisions in the Indenture, and a single notice of redemption may be delivered
with respect to redemptions made pursuant to different provisions. Any such notice may provide that redemptions made pursuant
to different provisions may have different Redemption Dates and, with respect to redemptions that occur on the same date, may
specify the order in which such redemptions are deemed to occur. In addition, if such redemption is subject to satisfaction
of one or more conditions precedent, such notice shall state that, in the Issuers’ discretion, the Redemption Date may
be delayed until such time (including more than 60 days after the date the notice of redemption was sent) as any or all such
conditions shall be satisfied (or waived by the Issuer in its sole discretion), or such redemption may not occur and such
notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuer
in its sole discretion) by the Redemption Date, or by the Redemption Date so delayed, or that such notice may be rescinded at
any time in the Issuer’s sole discretion if the Issuer determines that any or all such conditions will not be satisfied
or waived. In addition, the Issuers may provide in such notice that payment of the redemption price and performance of the
Issuers’ obligations with respect to such redemption may be performed by another Person. The Issuers and their
Affiliates may acquire the Notes by means other than a redemption pursuant to this paragraph 5, whether by tender offer, open
market purchases, negotiated transactions or otherwise.


 


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


 


7.            Notice
of Redemption. Subject to Section 3.03 of the Indenture, notice of redemption shall be delivered electronically or mailed
by first-class mail, postage prepaid, at least 10 but (except as set forth in clause (f) of Section 5 hereof and in clauses
(f) and (g) of Section 3.07 of the Indenture) not more than 60 days before the Redemption Date to each Holder whose
Notes are to be redeemed at such Holder’s registered address or otherwise in accordance with the Applicable Procedures, except
that redemption notices may be delivered electronically or mailed more than 60 days prior to a Redemption Date if the notice is
issued in connection with Article 8 or Article 11 of the Indenture. Notes and portions of Notes selected for redemption
shall be in integral multiples of $1,000 (but in a minimum amount of $2,000) and no Notes of $2,000 or less can be redeemed in
part, except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder
shall be redeemed, even if not in a principal amount of at least $2,000. On and after the Redemption Date, interest ceases to accrue
on this Note or portions thereof called for redemption.


 






    


     


    

 


8.            Offers
to Repurchase. Upon the occurrence of a Change of Control, the Issuers shall make a Change of Control Offer in accordance with
Section 4.14 of the Indenture. In connection with certain Asset Sales, the Issuers shall make an Asset Sale Offer as and when
provided in accordance with Sections 3.08 and 4.10 of the Indenture.


 


Other than as specifically provided in Section 3.08
or Section 4.10 of the Indenture, any purchase pursuant to Section 3.08 of the Indenture shall be made pursuant to the
applicable provisions of Sections 3.01 through 3.06 of the Indenture, and references therein or herein to “redeem,”
“redemption,” “Redemption Date” and similar words shall be deemed to refer to “purchase,” “repurchase,”
“Purchase Date” and similar words, as applicable.


 


9.            Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and any integral multiple
of $1,000 in excess thereof. The transfer of Notes shall be registered and Notes may only be exchanged as provided in the Indenture.
The Registrar and the Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents
and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers 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; provided, that new Notes will only be issued in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. Also, the Issuers and the Registrar need not exchange or register the transfer
of any Notes for a period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or between a Record Date
and the next succeeding Interest Payment Date while Notes are in definitive form.


 


10.            Persons
Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. Only registered Holders shall
have rights hereunder.


 


11.            Amendment,
Supplement and Waiver. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in the Indenture.


 


12.            Defaults
and Remedies.


 


(a)            The
Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. If any Event of Default (other than
an Event of Default of the type specified in clause (vi) or (vii) of Section 6.01(a) of the Indenture) occurs
and is continuing under the Indenture, the Trustee or the Holders of not less than 25.0% in aggregate principal amount of all of
the then outstanding Notes may, by notice to the Issuers and the Trustee, in either case specifying in such notice the respective
Event of Default and that such notice is a “notice of acceleration,” declare the principal, premium, if any, interest
and any other monetary obligations on all the then outstanding Notes to be due and payable immediately. Upon the effectiveness
of such declaration, such principal of and premium, if any, and interest will be due and payable immediately. Notwithstanding the
foregoing, in the case of an Event of Default arising under clause (vi) or (vii) of Section 6.01(a) of the
Indenture, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture,
the Notes or the Guarantees except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate
principal amount of all the Notes then outstanding may direct the Trustee in its exercise of any trust or power with respect to
the Notes.


 






    


     


    

 


(b)            The
Trustee may withhold from the Holders notice of any continuing Event of Default, except an Event of Default relating to the payment
of principal, premium, if any, or interest, if it determines that withholding notice is in their interest. In addition, subject
to Section 6.05 of the Indenture, the Trustee will have no obligation to accelerate the Notes if in the judgment of the Trustee
acceleration is not in the interests of the Holders of all of the Notes.


 


(c)            Holders
of a majority in aggregate principal amount of all the Notes then outstanding, by written notice to the Trustee (with a copy to
the Issuers, provided, that any waiver or rescission under Section 6.04 of the Indenture shall be valid and binding
notwithstanding the failure to provide a copy of such notice to the Issuers) may on behalf of the Holders of all of the Notes waive
any existing Default and its consequences under the Indenture (except a continuing Default in the payment of interest on, premium,
if any, or the principal of any Note held by a non-consenting Holder) (including in connection with an Asset Sale Offer or a Change
of Control Offer) and rescind any acceleration with respect to the Notes and its consequences under the Indenture (except if such
rescission would conflict with any judgment of a court of competent jurisdiction). 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 the Indenture; but
no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.


 


(d)            The
Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer shall
promptly (which shall be no more than 20 Business Days after becoming aware of such Default or Event of Default) deliver to the
Trustee by registered or certified mail or by facsimile transmission an Officer’s Certificate specifying such Default or
Event of Default and what action the Issuer proposes to take with respect thereto.


 


13.            Guarantees.
The Issuers’ obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors.


 


14.            Authentication.
This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of the Trustee.


 


15.            Governing
Law. THIS NOTE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS NOTE, WILL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


16.            CUSIP
Numbers and ISINs. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Issuers have caused CUSIP numbers and ISINs to be printed on the Notes and the Trustee may use CUSIP numbers and ISINs in notices
of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.


 






    


     


    

 


17.            Rights
of Holders. The Issuers will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests
may be made to the Issuers at the following address:


 


Summit Materials, LLC


1550 Wynkoop Street, 3rd Floor

Denver, Colorado 80202

E-mail: Anne.Benedict@summit-materials.com

Attention: Anne Lee Benedict, Chief Legal Officer


 


With a copy to:


Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Facsimile:     (212) 455-2502


E-mail: ELewandowski@stblaw.com

Attention:     Edgar J. Lewandowski


 






    


     


    

 


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 Issuers. 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).


 






    


     


    

 


OPTION OF HOLDER TO ELECT PURCHASE


 


If you want to elect to have this Note purchased
by the Issuers pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box below:


 


[ ] Section 4.10                                         [ ]
Section 4.14


 


If you want to elect to have only part of
this Note purchased by the Issuers pursuant to Section 4.10 or Section 4.14 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).


 






    


     


    

 


SCHEDULE OF EXCHANGES OF INTERESTS IN THE
GLOBAL NOTE*


 


The initial outstanding principal amount
of this Global Note is $___________. The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have
been made:


 


	 	Date of Exchange
	 	 	Amount of 

decrease in

 Principal Amount

 of this Global Note	 	Amount of increase

 in Principal Amount

 of this Global Note	 	Principal Amount of

 this Global Note

 following such

 decrease or increase	 	Signature of

 authorized

 signatory of

 Trustee or

 Custodian



 


______________________


 


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


 






    


     


    

 



 


EXHIBIT B


 


[FORM OF CERTIFICATE OF TRANSFER]


 


Summit Materials, LLC


1550 Wynkoop Street, 3rd Floor

Denver, Colorado 80202

E-mail: Anne.Benedict@summit-materials.com

Attention: Anne Lee Benedict, Chief Legal Officer


 


With a copy to:


 


Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Facsimile: (212) 455-2502


E-mail: ELewandowski@stblaw.com

Attention: Edgar J. Lewandowski


 


Wilmington Trust, National Association

1100 North Market Street, 5th Floor

Wilmington, Delaware 19890

Facsimile: (302) 636-4149

Attention: Summit Materials Administrator


 


Re:          5.25% Senior Notes due
2029


 


Reference is hereby made to the Indenture,
dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”),
among Summit Materials, LLC, a Delaware limited liability company (the “Issuer”), Summit Materials Finance Corp.,
a Delaware corporation (the “Co-Issuer” and, together with the Issuer, the “Issuers”),
the Guarantors named therein and Wilmington Trust, National Association, a national banking association, as Trustee, Transfer Agent,
Registrar and Paying Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.


 


____________________ (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $_______________
in such Note[s] or interests (the “Transfer”), to (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:


 


[CHECK ALL THAT APPLY]


 


1.            [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR RELEVANT DEFINITIVE NOTE
PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies
that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States.


 






    B-1


     


    

 


2.            [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT REGULATION S GLOBAL NOTE OR RELEVANT DEFINITIVE
NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904
under the Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made
to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States
or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United
States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and
neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of
Regulation S, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act and (iv) if the proposed transfer is being made prior to the expiration of the applicable Restricted Period, the transfer
is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act.


 


3.            [
] CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and
in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one):


 


(a)            [
] such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act; or


 


(b)            [
] such Transfer is being effected to the Issuer, the Co-Issuer or a subsidiary thereof; or


 


(c)            [
] such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with
the prospectus delivery requirements of the Securities Act.


 


4.            [
] CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.


 


(a)            [
] CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted
Definitive Notes and in the Indenture.


 






    B-2


     


    

 


(b)            [
] CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903
or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of
the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will
no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global
Notes, on Restricted Definitive Notes and in the Indenture.


 


(c)            [
] CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with
an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904
and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and
in the Indenture.


 






    B-3


     


    

 


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


 


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




 


Dated: __________


 






    B-4


     


    

 


ANNEX A TO CERTIFICATE OF TRANSFER


 


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


 


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


 


(a)           [
] a beneficial interest in the:


 


(i)             [
] 144A Global Note (CUSIP: 86614R AN7; ISIN: US86614RAN70), or


 


(ii)            [
] Regulation S Global Note (CUSIP: U8603V AJ1; ISIN: USU8603VAJ18), or


 


(b)            [
] a Restricted Definitive Note.


 


2.            After
the Transfer the Transferee will hold:


 


[CHECK ONE]


 


(a)           [
] a beneficial interest in the:


 


(i)             [
] 144A Global Note (CUSIP: 86614R AN7; ISIN: US86614RAN70), or


 


(ii)            [
] Regulation S Global Note (CUSIP: U8603V AJ1; ISIN: USU8603VAJ18), or


 


(iii)           [
] Unrestricted Global Note (CUSIP: [ ]), or


 


(b)            [
] a Restricted Definitive Note; or


 


(c)            [
] an Unrestricted Definitive Note, in accordance with the terms of the Indenture.


 






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EXHIBIT C


 


[FORM OF CERTIFICATE OF EXCHANGE]


 


Summit Materials, LLC


1550 Wynkoop Street, 3rd Floor

Denver, Colorado 80202

E-mail: Anne.Benedict@summit-materials.com

Attention: Anne Lee Benedict, Chief Legal Officer


 


With a copy to:


 


Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

Facsimile: (212) 455-2502


E-mail: ELewandowski@stblaw.com

Attention: Edgar J. Lewandowski


 


Wilmington Trust, National Association

1100 North Market Street, 5th Floor

Wilmington, Delaware 19890

Facsimile: (302) 636-4149

Attention: Summit Materials Administrator


 


Re:          5.25%
Senior Notes due 2029


 


Reference is hereby made to the Indenture,
dated as of August 11, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Indenture”),
among Summit Materials, LLC, a Delaware limited liability company (the “Issuer”), Summit Materials Finance Corp.,
a Delaware corporation (together with the Issuer, the “Issuers”), the Guarantors named therein and Wilmington
Trust, National Association, a national banking association, as Trustee, Transfer Agent, Registrar and Paying Agent. Capitalized
terms used but not defined herein shall have the meanings given to them in the Indenture.


 


________________ (the “Owner”)
owns and proposes to exchange Note[s] or an interest in such Note[s], in the principal amount of $__________in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:


 


1.            EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE


 


(a)            [
] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of
1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial
interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state
of the United States.


 






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(b)            [
] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with
the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the United States.


 


(c)            [
] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.


 


(d)            [
] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.


 


2.            EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES


 


(a)            [
] CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.


 


(b)            [
] CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with
the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] [ ] 144A Global
Note [ ] Regulation S Global Note in each case, with an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United
States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest
issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.


 






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This certificate and the statements contained
herein are made for your benefit and the benefit of the Issuers and are dated


 


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




 


Dated: __________


 






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EXHIBIT D


 


[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]


 


Supplemental Indenture (this “Supplemental
Indenture”), dated as of ______________, among ________________________ (the “Guaranteeing Subsidiary”),
a subsidiary of Summit Materials, LLC, a Delaware limited liability company (the “Issuer”), and Wilmington Trust,
National Association, a national banking association, as trustee (the “Trustee”), Transfer Agent, Registrar
and Paying Agent.


 


W I T N E S S E T H


 


WHEREAS, the Issuer, Summit Materials Finance
Corp., a Delaware corporation (together with the Issuer, the “Issuers”), and the Guarantors have heretofore
executed and delivered to the Trustee an Indenture (the “Indenture”), dated as of August 11, 2020, providing
for the issuance of $700,000,000 aggregate principal amount of 5.25% Senior Notes due 2029 (the “Initial Notes”);


 


WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and


 


WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture without the consent of the Holders.


 


NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders as follows:


 


(1)            Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.


 


(2)            Agreement
to Guarantee. The Guaranteeing Subsidiary acknowledges that it has received and reviewed a copy of the Indenture and all other
documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join
and become a party to the Indenture as indicated by its signature below; (ii) be bound by the Indenture, as of the date hereof,
as if made by, and with respect to, each signatory hereto; and (iii) perform all obligations and duties required of a Guarantor
pursuant to the Indenture. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject
to the conditions set forth in the Indenture, including, but not limited to, Article 10 thereof.


 


(3)            Notices.
All notices or other communications to the Guaranteeing Subsidiary shall be given as provided in Section 12.02 of the Indenture.


 


(4)            Execution
and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect notwithstanding the
absence of the endorsement of any notation of such Guarantee on the Notes.


 


(5)            No
Recourse Against Others. No past, present or future director, officer, employee, incorporator, member, partner or stockholder
of the Issuers or any Guaranteeing Subsidiary shall have any liability for any obligations of the Issuers or the Guarantors (including
the Guaranteeing Subsidiary) under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and releases all
such liability. The waiver and release are part of the consideration for issuance of the Notes.


 






    D-1


     


    

 


(6)            Governing
Law. THIS SUPPLEMENTAL INDENTURE, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE,
WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.


 


(7)            Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together,
shall constitute one instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or PDF transmissions shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto
and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or PDF shall be deemed to be their original signatures for all purposes.


 


(8)            Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.


 


(9)            The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Guaranteeing Subsidiary.


 


(10)            Benefits
Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in the Indenture.
The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated
by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly
made in contemplation of such benefits.


 


(11)            Successors.
All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as otherwise provided
in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.


 


[Signatures on following page]


 






    D-2


     


    

 


IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, all as of the date first above written.


 


	 	[GUARANTEEING
    SUBSIDIARY]
	 	 
	 	By:	 
	 	 	Name:	            
	 	 	Title:	 
	 	 
	 	WILMINGTON
    TRUST, NATIONAL ASSOCIATION,
	 	as
    Trustee
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 




 






    D-3