BIOSCRIP, INC.


 


AND EACH OF THE GUARANTORS PARTY HERETO


 


$200,000,000


 


8.875% SENIOR NOTES DUE 2021


 





 



 


INDENTURE


 


Dated as of February 11, 2014


 





 



 







U.S. BANK NATIONAL ASSOCIATION,


 


as Trustee


 





 



  




    	 



    	 



    

 


CROSS-REFERENCE TABLE*


 


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


 


N.A. means not applicable.


 


*        This Cross-Reference Table is not part of the Indenture.


 






    	 



    	 



    






 





	ARTICLE 1
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 	 	 
	Section 1.01.	 	Definitions	 	1
	Section 1.02.	 	Other Definitions	 	32
	Section 1.03.	 	Incorporation by Reference of Trust Indenture Act	 	33
	Section 1.04.	 	Rules of Construction	 	33
	 
	ARTICLE 2
	THE NOTES
	 
	Section 2.01.	 	Form and Dating	 	34
	Section 2.02.	 	Execution and Authentication	 	35
	Section 2.03.	 	Registrar and Paying Agent	 	36
	Section 2.04.	 	Paying Agent to Hold Money in Trust	 	36
	Section 2.05.	 	Holder Lists	 	37
	Section 2.06.	 	Transfer and Exchange	 	37
	Section 2.07.	 	Replacement Notes	 	51
	Section 2.08.	 	Outstanding Notes	 	52
	Section 2.09.	 	Treasury Notes	 	53
	Section 2.10.	 	Temporary Notes	 	53
	Section 2.11.	 	Cancellation	 	53
	Section 2.12.	 	Defaulted Interest	 	53
	Section 2.13.	 	CUSIP Numbers	 	54
	Section 2.14.	 	Additional Notes	 	54
	 
	ARTICLE 3
	REDEMPTION AND PREPAYMENT
	 
	Section 3.01.	 	Notices to Trustee	 	54
	Section 3.02.	 	Selection of Notes to Be Redeemed or Purchased	 	55
	Section 3.03.	 	Notice of Redemption	 	55
	Section 3.04.	 	Effect of Notice of Redemption	 	56
	Section 3.05.	 	Deposit of Redemption or Purchase Price	 	56
	Section 3.06.	 	Notes Redeemed or Purchased in Part	 	57
	Section 3.07.	 	Optional Redemption	 	57
	Section 3.08.	 	Mandatory Redemption	 	58
	Section 3.09.	 	Offer to Purchase by Application of Excess Proceeds	 	58
	 
	ARTICLE 4
	COVENANTS
	 
	Section 4.01.	 	Payment of Notes	 	60
	Section 4.02.	 	Maintenance of Office or Agency	 	61
	Section 4.03.	 	Reports	 	61
	Section 4.04.	 	Compliance Certificate	 	62


 




    	 



    	 



    

 


	Section 4.05.	 	Taxes	 	63
	Section 4.06.	 	Stay, Extension and Usury Laws	 	63
	Section 4.07.	 	Restricted Payments	 	63
	Section 4.08.	 	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	 	68
	Section 4.09.	 	Incurrence of Indebtedness and Issuance of Preferred Stock	 	71
	Section 4.10.	 	Asset Sales	 	76
	Section 4.11.	 	Transactions with Affiliates	 	79
	Section 4.12.	 	Liens	 	81
	Section 4.13.	 	Corporate Existence	 	82
	Section 4.14.	 	Offer to Repurchase Upon Change of Control	 	82
	Section 4.15.	 	Additional Note Guarantees	 	84
	Section 4.16.	 	Designation of Restricted and Unrestricted Subsidiaries	 	84
	Section 4.17.	 	Changes in Covenants When Notes Rated Investment Grade	 	85
	 
	ARTICLE 5
	SUCCESSORS
	 
	Section 5.01.	 	Merger, Consolidation or Sale of Assets	 	86
	Section 5.02.	 	Successor Corporation Substituted	 	87
	 
	ARTICLE 6
	DEFAULTS AND REMEDIES
	 
	Section 6.01.	 	Events of Default	 	88
	Section 6.02.	 	Acceleration	 	89
	Section 6.03.	 	Other Remedies	 	90
	Section 6.04.	 	Waiver of Past Defaults	 	90
	Section 6.05.	 	Control by Majority	 	91
	Section 6.06.	 	Limitation on Suits	 	91
	Section 6.07.	 	Rights of Holders of Notes to Receive Payment	 	92
	Section 6.08.	 	Collection Suit by Trustee	 	92
	Section 6.09.	 	Restoration of Rights and Remedies	 	92
	Section 6.10.	 	Trustee May File Proofs of Claim	 	92
	Section 6.11.	 	Priorities	 	93
	Section 6.12.	 	Undertaking for Costs	 	93
	 
	ARTICLE 7
	TRUSTEE
	 
	Section 7.01.	 	Duties of Trustee	 	93
	Section 7.02.	 	Rights of Trustee	 	94
	Section 7.03.	 	Individual Rights of Trustee	 	96
	Section 7.04.	 	Trustee’s Disclaimer	 	96
	Section 7.05.	 	Notice of Defaults	 	97
	Section 7.06.	 	Reports by Trustee to Holders of the Notes	 	97
	Section 7.07.	 	Compensation and Indemnity	 	97


 




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	Section 7.08.	 	Replacement of Trustee	 	98
	Section 7.09.	 	Successor Trustee by Merger, etc	 	99
	Section 7.10.	 	Eligibility; Disqualification	 	99
	Section 7.11.	 	Preferential Collection of Claims Against the Company	 	99
	 
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	Section 8.01.	 	Option to Effect Legal Defeasance or Covenant Defeasance	 	100
	Section 8.02.	 	Legal Defeasance and Discharge	 	100
	Section 8.03.	 	Covenant Defeasance	 	100
	Section 8.04.	 	Conditions to Legal or Covenant Defeasance	 	101
	Section 8.05.	 	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	 	102
	Section 8.06.	 	Repayment to the Company	 	103
	Section 8.07.	 	Reinstatement	 	103
	 
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER
	 
	Section 9.01.	 	Without Consent of Holders of Notes	 	104
	Section 9.02.	 	With Consent of Holders of Notes	 	105
	Section 9.03.	 	Compliance with Trust Indenture Act	 	106
	Section 9.04.	 	Revocation and Effect of Consents	 	106
	Section 9.05.	 	Notation on or Exchange of Notes	 	107
	Section 9.06.	 	Trustee to Sign Amendments, etc	 	107
	 
	ARTICLE 10
	NOTE GUARANTEES
	 
	Section 10.01.	 	Guarantee	 	107
	Section 10.02.	 	Limitation on Guarantor Liability	 	108
	Section 10.03.	 	Execution and Delivery of Note Guarantee	 	109
	Section 10.04.	 	Guarantors May Consolidate, etc., on Certain Terms	 	109
	Section 10.05.	 	Releases	 	110
	 
	ARTICLE 11
	SATISFACTION AND DISCHARGE
	 
	Section 11.01.	 	Satisfaction and Discharge	 	111
	Section 11.02.	 	Application of Trust Money	 	112
	 
	ARTICLE 12
	MISCELLANEOUS
	 
	Section 12.01.	 	Trust Indenture Act Controls	 	113
	Section 12.02.	 	Notices	 	113
	Section 12.03.	 	Communication by Holders of Notes with Other Holders of Notes	 	114


 




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	Section 12.04.	 	Certificate and Opinion as to Conditions Precedent	 	114
	Section 12.05.	 	Statements Required in Certificate or Opinion	 	115
	Section 12.06.	 	Rules by Trustee and Agents	 	115
	Section 12.07.	 	No Personal Liability of Directors, Officers, Employees and Stockholders	 	115
	Section 12.08.	 	Governing Law	 	116
	Section 12.09.	 	No Adverse Interpretation of Other Agreements	 	116
	Section 12.10.	 	Successors	 	116
	Section 12.11.	 	Severability	 	116
	Section 12.12.	 	Counterpart Originals	 	116
	Section 12.13.	 	Table of Contents, Headings, etc	 	116
	Section 12.14.	 	Force Majeure	 	116
	Section 12.15.	 	Waiver of Jury Trial	 	117


 


EXHIBITS


 


	Exhibit A1	FORM OF NOTE
	 	 
	Exhibit A2	FORM OF REGULATION S TEMPORARY GLOBAL NOTE
	 	 
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	 	 
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE
	 	 
	Exhibit D	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	 	 
	Exhibit E	FORM OF NOTATION OF GUARANTEE
	 	 
	Exhibit F	FORM OF SUPPLEMENTAL INDENTURE
	 	 
	Exhibit G	FORM OF CERTIFICATE OF BENEFICIAL OWNERSHIP


  



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INDENTURE dated as of February 11, 2014 among BioScrip, Inc.,
a Delaware corporation (the “Company”), the Guarantors (as defined) and U.S. Bank National Association, as trustee.


 


The Company, 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) of the 8.875% Senior Notes due
2021 (the “Notes”):


 


ARTICLE 1


DEFINITIONS AND INCORPORATION
BY REFERENCE


 


Section
1.01.         Definitions. 


 


“144A Global Note” means
a Global Note substantially in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private Placement Legend
and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.


 


“Acquired Debt” means,
with respect to any specified Person:


 


(1)         Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person,
whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into,
or becoming a Restricted Subsidiary of, such specified Person; provided, however, that any Indebtedness of such acquired
Person that is redeemed, defeased, retired or otherwise repaid at the time of or immediately upon consummation of the transactions
by which such Person merges with or into or becomes a Subsidiary of such Person shall not be considered to be Acquired Debt; and


 


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


 


“Additional Interest”
has the meaning assigned to that term in the Registration Rights Agreement.


 


“Additional Notes” means
additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections 2.02 and 4.09 hereof,
as part of the same series as the Initial Notes.


 


“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,” as used with respect to any Person, means
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. For purposes of this definition, the terms “controlling,”
“controlled by” and “under common control with” have correlative meanings.


 




    	 



    	 



    

 


“Agent” means any Registrar,
co-registrar, Paying Agent or additional paying agent.


 


“Applicable Premium”
means, with respect to any Note on any redemption date, the greater of:


 


(1)         1.0%
of the principal amount of the Note; or


 


(2)         the
excess of: (a) the present value at such redemption date of (i) the redemption price of the Note at February 15,
2017 (such redemption price being set forth in the table appearing in Section 3.07 hereof) plus (ii) all required
interest payments due on the Note through February 15, 2017 (excluding accrued but unpaid interest to the redemption date),
computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal
amount of the Note.


 


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


 


“Asset Sale” means:


 


(1)         the
sale, lease, conveyance or other disposition of any assets or rights by the Company or any of its Restricted Subsidiaries; provided
that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted
Subsidiaries taken as a whole will be governed by Sections 4.14 and 5.01 hereof (and not by Section 4.10 hereof); and


 


(2)         the
issuance of Equity Interests (other than directors’ qualifying shares or shares or interests required to be held by foreign
nationals or third parties to the extent required by applicable law or any Preferred Stock or Disqualified Stock of a Restricted
Subsidiary of the Company issued in compliance with Section 4.09 hereof) by any of the Company’s Restricted Subsidiaries
or the sale by the Company or any of its Restricted Subsidiaries of Equity Interests in any of the Company’s Restricted Subsidiaries.


 


Notwithstanding the preceding, none of the
following items will be deemed to be an Asset Sale:


 


(1)         any
single transaction that involves assets or Equity Interests having a Fair Market Value of less than $15.0 million;


 


(2)         a
transfer of assets between or among the Company and its Restricted Subsidiaries;


 


(3)         an
issuance or sale of Equity Interests by a Restricted Subsidiary of the Company to the Company or to another Restricted Subsidiary
of the Company or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors of the
Company;


 


(4)         the
sale, lease or other transfer of products, inventory, services or accounts receivable in the ordinary course of business, the discount
or forgiveness of accounts


 




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receivable in the ordinary course
of business in connection with the collection or compromise thereof, the disposition of business not comprising the disposition
of an entire line of business and any sale or other disposition of surplus, damaged, worn-out or obsolete assets in the ordinary
course of business (including the abandonment or other disposition of intellectual property that is, in the reasonable judgment
of the Company, no longer economically practicable or commercially reasonable to maintain or useful in any material respect, taken
as a whole, in the conduct of the business of the Company and its Restricted Subsidiaries taken as whole);


 


(5)         licenses
and sublicenses by the Company or any of its Restricted Subsidiaries of software or intellectual property;


 


(6)         any
surrender, termination or waiver of contract rights or settlement, release, recovery on or surrender of contract, tort or other
claims in the ordinary course of business;


 


(7)         the
granting of Liens not prohibited by Section 4.12 hereof;


 


(8)         the
sale or other disposition of cash or Cash Equivalents;


 


(9)         a
Restricted Payment that does not violate Section 4.07 hereof or a Permitted Investment;


 


(10)        leases
and subleases and licenses and sublicenses by the Company or any of its Restricted Subsidiaries of real or personal property in
the ordinary course of business;


 


(11)        any
liquidation or dissolution of a Restricted Subsidiary; provided, that such Restricted Subsidiary’s direct parent is
also either the Company or a Restricted Subsidiary of the Company and immediately becomes the owner of such Restricted Subsidiary’s
assets;


 


(12)        the
granting of any option or other right to purchase, lease or otherwise acquire inventory and delinquent accounts receivable in the
ordinary course of business;


 


(13)        any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;


 


(14)        any
exchange of assets for assets (including a combination of assets and Cash Equivalents) related to a Permitted Business of comparable
or greater market value or usefulness to the business of the Company and its Restricted Subsidiaries as a whole, as determined
in good faith by the Company;


 


(15)        the
sale, transfer, termination or other disposition of Hedging Obligations incurred in compliance with this Indenture;


 


(16)        sales
of assets received by the Company or any of its Restricted Subsidiaries upon the foreclosure on a Lien;


 




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(17)        any
trade-in of equipment by the Company or any Restricted Subsidiary of the Company in exchange for other equipment; provided
that in the good faith judgment of the Company, the Company or such Restricted Subsidiary receives equipment having a Fair Market
Value equal or greater than the equipment being traded in;


 


(18)        the
transfer, sale or other disposition resulting from any involuntary loss of title, involuntary loss or damage to or destruction
of, or any condemnation or other taking of, any property or assets of the Company or any Restricted Subsidiary; and


 


(19)        any
issuance of Equity Interests by a Restricted Subsidiary of the Company or a sale by the Company or a Restricted Subsidiary of the
Company of Equity Interests of another Restricted Subsidiary, in each case, for consideration not less than the Fair Market Value
of such Equity Interests to a joint venture partner so long as the resulting joint venture remains a Restricted Subsidiary.


 


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


 


“Beneficial Owner” has
the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the
beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the
right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a
corresponding meaning.


 


“Board of Directors”
means:


 


(1)         with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of
such board;


 


(2)         with
respect to a partnership, the board of directors of the general partner of the partnership;


 


(3)         with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof;
and


 


(4)         with
respect to any other Person, the board or committee of such Person serving a similar function.


 


“Business day” means
any day other than a Legal Holiday.


 


“Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that
time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be
the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may
be prepaid by the lessee without payment of a penalty.


 




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“Capital Stock” means:


 


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


 


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


 


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


 


(4)         any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether
or not such debt securities include any right of participation with Capital Stock.


 


“Cash Equivalents” means:


 


(1)         United
States dollars, pounds sterling, euros, the national currency of any participating member state of the European Union or, in the
case of any Foreign Subsidiary, such local currencies held by it from time to time in the ordinary course of business;


 


(2)         readily
marketable direct obligations of any member of the European Economic Area, Switzerland, or Japan, or any agency or instrumentality
thereof or obligations unconditionally guaranteed by the full faith and credit of such country, and, at the time of acquisition
thereof, having a credit rating of at least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P;


 


(3)         marketable
general obligations issued by any state of the United States or any political subdivision thereof or any instrumentality thereof
that are guaranteed by the full faith and credit of such state, at the time of acquisition thereof, having a credit rating of at
least AA- (or the equivalent grade) by Moody’s or Aa3 by S&P;


 


(4)         securities
or any other evidence of Indebtedness or readily marketable direct obligations issued or directly and fully guaranteed or insured
by the United States government or any agency or instrumentality of the United States government (provided that the full
faith and credit of the United States is pledged in support of those securities), having maturities of not more than 12 months
from the date of acquisition;


 


(5)         certificates
of deposit and eurodollar time deposits with maturities of 12 months or less from the date of acquisition, bankers’
acceptances with maturities not exceeding 12 months and overnight bank deposits, in each case, with any lender party to the
Credit Agreement or with any domestic commercial bank having capital and surplus in excess of $500.0 million;


 




    	5



    	 



    

 


(6)         repurchase
obligations for underlying securities of the types described in clauses (4) and (5) above entered into with any financial
institution meeting the qualifications specified in clause (5) above;


 


(7)         commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P and, in each case, maturing within 12 months
after the date of acquisition; and


 


(8)         money
market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
(7) of this definition.


 


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


 


(1)         the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries
taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act)); or


 


(2)         the
Company 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 consummation of any transaction (including, without limitation, any merger or consolidation),
the result of which is that any Person (including any “person” (as defined above)) becomes the Beneficial Owner, directly
or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company, measured by voting power rather than
number of shares.


 


“Clearstream” means Clearstream
Banking, S.A.


 


“Consolidated EBITDA”
means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus,
without duplication:


 


(1)         provision
for taxes based on income, profits or capital (including state franchise taxes and similar taxes in the nature of income tax) of
such Person and its Restricted Subsidiaries for such period, franchise taxes and foreign withholding taxes in each case, to the
extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus


 


(2)         the
consolidated depreciation and amortization expense of such Person and its Restricted Subsidiaries for such period (including amortization
of intangibles, deferred financing fees, debt issuance costs, commissions, fees and expenses), to the extent such expenses were
deducted in computing such Consolidated Net Income; plus


 


(3)         the
Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted
in computing such Consolidated Net Income; plus


 




    	6



    	 



    

 


(4)         any
other consolidated non-cash charges of such Person and its Restricted Subsidiaries for such period, to the extent that such consolidated
non-cash charges were included in computing such Consolidated Net Income; provided that if any such non-cash charge represents
an accrual or reserve for an anticipated cash charge in a future period, the cash payment in respect thereof in such future period
shall be subtracted from Consolidated EBITDA to the extent actually paid, and excluding amortization of a prepaid cash item that
was paid in a prior period; plus


 


(5)         any
expenses in connection with earn-out obligations of such Person and its Restricted Subsidiaries for such period, to the extent
that such expenses were deducted in computing such Consolidated Net Income; plus


 


(6)         losses
in respect of post-retirement benefits of such Person, as a result of the application of ASC 715, Compensation—Retirement
Benefits, to the extent that such losses were deducted in computing such Consolidated Net Income; plus


 


(7)         any
proceeds from business interruption insurance received by such Person during such period; plus


 


(8)         any
expense to the extent that a corresponding amount is received during such period in cash by the Company or any Restricted Subsidiary
under any agreement providing for indemnification or reimbursement of such expense; plus


 


(9)         (a) the
non-cash portion of rent expenses minus (b) the cash portion of rent expense which exceeds the amount expensed in respect
of such rent expense, except for the impact of landlord construction allowance amortization; plus


 


(10)        any
losses due to the application of FAS 160, Non-Controlling Interests in Consolidated Financial Statements, to the extent that such
losses were deducted in computing such Consolidated Net Income; plus


 


(11)        expenses
incurred in connection with the settlement of any litigation or claim involving the Company or its Restricted Subsidiaries; plus


 


(12)        
any management, consulting, advisory or monitoring fees; plus


 


(13)        costs
incurred and expenditures made in connection with the opening and initial operation of any de novo facility; plus


 


(14)        the
sum of (a) the amount of Consolidated EBITDA not realized as a direct result of a force majeure event (to be determined on an annualized
basis), including Hurricane Sandy, for the relevant historical periods minus (b) any cash proceeds of business interruption insurance
received as a result of such force majeure event, including Hurricane Sandy; minus


 


(15)        the
amount of any gain in respect of post-retirement benefits as a result of the application of ASC 715, Compensation—Retirement
Benefits, to the extent such gains were taken into account in computing such Consolidated Net Income,


 




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in each case, on a consolidated basis and determined in accordance
with GAAP.


 


“Consolidated Net Income”
means, with respect to any specified Person for any period, the aggregate of the net income (loss) of such Person and its Restricted
Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP and without any reduction in respect
of Preferred Stock dividends; provided that:


 


(1)         any
after-tax effect of all extraordinary, nonrecurring or unusual gains or losses or income or expenses or any restructuring charges
or reserves, including, without limitation, any expenses related to any reconstruction, recommissioning or reconfiguration of fixed
assets for alternate uses, retention, severance, system establishment cost, contract termination costs, costs to consolidate or
close facilities and relocate employees and integration costs will be excluded;


 


(2)         any
expenses, costs or charges incurred, or any amortization thereof for such period, in connection with any Equity Offering, Permitted
Investment, acquisition, disposition, recapitalization or incurrence or repayment of Indebtedness permitted under this Indenture,
including a refinancing thereof (in each case whether or not successful), and all gains and losses realized in connection with
any business disposition or any disposition of assets outside the ordinary course of business or the disposition of securities
or the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments, together with any related provision
for taxes on any such gain, loss, income or expense, will be excluded;


 


(3)         the
net income (or loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting
will be excluded, provided that the income of such Person will be included to the extent of the amount of dividends or similar
distributions paid in cash (or converted to cash) to the specified Person or a Restricted Subsidiary of the Person;


 


(4)         the
net income (or loss) of any Person and its Restricted Subsidiaries will exclude any income (or loss) of any other Person accrued
prior to the date such other person became a Restricted Subsidiary of or was merged into or consolidated with such specified Person
or any of its Restricted Subsidiaries or the date that such other Person’s assets were acquired by such specified Person
or its Restricted Subsidiaries;


 


(5)         the
net income (or loss) of any Person and its Restricted Subsidiaries will be calculated without deducting the income attributed to,
or adding the losses attributed to, the minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary
except to the extent of the dividends paid in cash (or convertible into cash) to the referent Person or any of its Restricted Subsidiaries
during such period on the shares of Capital Stock of such Restricted Subsidiary held by such third parties;


 


(6)         solely
for the purpose of Section 4.07 hereof, the net income (but not loss) of any Restricted Subsidiary (other than a Guarantor)
will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary
of that net income is not at the date of determination permitted without any


 




    	8



    	 



    

 


prior governmental approval (that
has not been obtained) or, directly or indirectly, by 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, unless such
restrictions with respect to the payment of dividends or similar distributions have been legally waived; provided that the
Consolidated Net Income of such Person will be increased by the amount of dividends or distributions or other payments actually
paid in cash (or converted to cash) by any such Restricted Subsidiary to such Person or another Restricted Subsidiary of such Person
in respect of such period, to the extent not already included therein;


 


(7)         the
cumulative effect of any change in accounting principles will be excluded;


 


(8)         (a) any
non-cash expenses resulting from the grant or periodic remeasurement of stock options, restricted stock grants or other equity
incentive programs (including any stock appreciation and similar rights) and (b) any costs or expenses incurred pursuant to
any management equity plan or stock option plan or other management or employee benefit plan or agreement or any stock subscription
or shareholder agreement, to the extent, in the case of clause (b), that such costs or expenses are funded with cash proceeds
contributed to the common equity capital of the Company or a Restricted Subsidiary of the Company, will be excluded;


 


(9)         the
effect of any non-cash impairment charges or write-ups, write-downs or write-offs of assets or liabilities resulting from the application
of GAAP and the amortization of intangibles arising from the application of GAAP, including pursuant to ASC 805, Business Combinations,
ASC 350, Intangibles—Goodwill and Other, or ASC 360, Property, Plant and Equipment, as applicable, will be excluded;


 


(10)        any
net after-tax income or loss from disposed, abandoned or discontinued operations and any net after-tax gains or losses on disposed,
abandoned or discontinued, transferred or closed operations will be excluded;


 


(11)        any
increase in amortization or depreciation, or effect of any adjustments to inventory, property, plant or equipment, software, goodwill
and other intangibles, debt line items, deferred revenue or rent expense, any one time cash charges or other effects, in each case,
resulting from purchase accounting in connection with any acquisition prior to or following the Issue Date will be excluded; and


 


(12)        any
net gain or loss from Hedging Obligations or in connection with the early extinguishment of Hedging Obligations (including of ASC
815, Derivatives and Hedging) shall be excluded.


 


“Continuing” means, with
respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.


 




    	9



    	 



    

 


“Corporate Trust Office of the
Trustee” will be at the address of the Trustee specified in Section 12.02 hereof or such other address as to which
the Trustee may give notice to the Company.


 


“Credit Agreement” means
that certain Credit Agreement, dated as of July 31, 2013, by and among BioScrip, Inc., as borrower, the lenders party thereto,
SunTrust Bank, as administrative agent for the lenders, and the other agents party thereto, and including any related notes, Guarantees,
collateral documents, mortgages, instruments and agreements executed in connection therewith, and, in each case, as further amended,
restated, modified, renewed, extended, refunded, replaced in any manner (whether upon or after termination or otherwise) or refinanced
(including by means of sales of debt securities to investors) in whole or in part from time to time, in one or more agreements
or indentures (in each case with the same or new agents, lenders or investors), including any agreement adding or changing the
borrower or any guarantor or extending the maturity thereof or otherwise restructuring all or any portion of the Indebtedness thereunder,
restructuring lien priorities, or increasing the amount loaned or issued thereunder or changing the obligations secured or altering
the maturity thereof.


 


“Credit Facilities” means
(a) one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each
case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including
through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such
receivables) or letters of credit, (b) debt securities, indentures, bonds, notes or other forms of debt financing (including
convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances) sold to investors, or (c) instruments
or agreements evidencing any other Indebtedness, in each case with banks or other lenders or investors (including without limitation,
any private equity fund) and, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented,
modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time, in
one or more agreements or indentures (in each case with the same or new agents, lenders or investors), including any agreement
adding or changing the borrower or any guarantor or extending the maturity thereof or otherwise restructuring all or any portion
of the Indebtedness thereunder, restructuring lien priorities, increasing the amount loaned or issued thereunder or changing the
obligations secured or altering the maturity thereof.


 


“Custodian” means the
Trustee, as custodian with respect to the Notes in global form, 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 hereof, substantially
in the form of Exhibit A1 hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.


 


“Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as
the Depositary with respect to the


 




    	10



    	 



    

 


Notes, and any and all successors thereto
appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture.


 


“Designated Non-cash Consideration”
means the Fair Market Value of non-cash consideration received by the Company or one of its Restricted Subsidiaries in connection
with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting
forth the basis of such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated
Non-cash Consideration.


 


“Designated Preferred Stock”
means Preferred Stock of the Company or any direct or indirect parent of the Company (other than Disqualified Stock) that is issued
for cash (other than to the Company or any of its Subsidiaries or an employee stock plan or trust established by the Company or
any of its Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the
date of issuance thereof, the cash proceeds of which are excluded from the calculation set forth in clause (z) of Section 4.07(a)
hereof.


 


“Disqualified Stock”
means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable,
in each case, at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder of the Capital Stock,
in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature; provided that
(1) only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or
is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; (2) if such
Capital Stock is issued to any employee or to any plan for the benefit of employees of the Company, any direct or indirect parent
of the Company or the Company’s Restricted Subsidiaries or by any such plan to such employees, such Capital Stock will not
constitute Disqualified Stock solely because it may be required to be repurchased by the Company in order to satisfy applicable
statutory or regulatory obligations or as a result of such employee’s termination, death or disability; and (3) any
class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery
of Capital Stock that is not Disqualified Stock will not be deemed to be Disqualified Stock.


 


“Domestic Subsidiary”
means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any state of the United States
or the District of Columbia and is not a direct or indirect subsidiary of an entity organized outside of the United States or any
jurisdiction thereof.


 


“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
a public or private sale either (1) of Equity Interests of the Company by the Company (other than Disqualified Stock and other
than to a Subsidiary of the Company or any direct or indirect parent of the Company) or (2) of Equity Interests of a direct
or indirect parent of the Company (other than to the Company, a Subsidiary of the Company or any


 




    	11



    	 



    

 


direct or indirect parent of the Company),
in each case other than public offerings with respect to the Company’s or any direct or indirect parent company’s common
stock required to be registered on Form S-8 (or any successor form) under the Securities Act.


 


“Euroclear” means Euroclear
Bank, S.A./N.V., as operator of the Euroclear system.


 


“Exchange Act” means
the Securities Exchange Act of 1934, as amended.


 


“Exchange Notes” means
the Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof.


 


“Exchange Offer” has
the meaning set forth in the Registration Rights Agreement.


 


“Exchange Offer Registration Statement”
means the “Exchange Registration Statement” as defined in the Registration Rights Agreement.


 


“Existing Indebtedness”
means all Indebtedness of the Company and its Subsidiaries (other than Indebtedness under the Credit Agreement) in existence on
the Issue Date.


 


“Fair Market Value” means
the value (which, for the avoidance of doubt, will take into account any liabilities, contingent or otherwise, associated with
related assets) that would be paid by a willing buyer to an unaffiliated willing seller in an arm’s length transaction, determined
in good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture).


 


“Fixed Charge Coverage Ratio”
means with respect to any specified Person for any period, the ratio of the Consolidated EBITDA of such Person for such period
to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries
incurs, assumes, Guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than in the
case of revolving credit borrowings, in which case interest expense will be computed based upon the average daily balance of such
Indebtedness during the applicable period) or issues, repurchases or redeems Preferred Stock subsequent to the commencement of
the period for which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which
the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage
Ratio will be calculated giving pro forma effect (as determined in good faith by the Company, as certified in an Officers’
Certificate delivered to the Trustee) to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance
or other discharge of Indebtedness, or such issuance, repurchase or redemption of Preferred Stock, and the use of the proceeds
therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period.


 


For purposes of making the computations referred to above, if
Investments, acquisitions, dispositions, mergers, consolidations and discontinued operations (as determined in accordance with
GAAP) are made after the Issue Date and during the four-quarter reference period or subsequent to such reference period and on
or prior to or simultaneously with the Calculation Date (each, for purposes of this definition, a “pro forma event”),
then the Fixed Charge Coverage Ratio will be calculated on a pro forma basis assuming that all such Investments, acquisitions,


 




    	12



    	 



    

 


dispositions, mergers, consolidations, discontinued operations
and operational changes (and the change of any associated fixed charge obligations and the change in Consolidated 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 of the Company or was merged with or into the Company or any Restricted Subsidiary
of the Company since the beginning of such period will have made or effected any Investment, acquisition, disposition, merger,
consolidation or discontinued operation, then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect thereto
for such period as if such Investment, acquisition, disposition, merger, consolidation, discontinued operation, or operational
change had occurred at the beginning of the applicable four-quarter period.


 


For purposes of this definition, whenever pro forma effect is
to be given to any pro forma event, the pro forma calculations will be made in good faith by a responsible financial or accounting
officer of the Company. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest
on such Indebtedness will be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire
period (taking into account any Hedging Obligations applicable to such Indebtedness if such Hedging Obligations have a remaining
term in excess of 12 months as of the Calculation Date). For purposes of this definition, interest on a Capital Lease Obligation
will be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company
to be the rate of interest implicit in such Capital 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 will be computed
based upon the average daily balance of such Indebtedness during the applicable period. 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, will be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate chosen as
the Company may designate. Any pro forma calculations made pursuant to this definition may include adjustments appropriate, in
the reasonable determination of the Company, as set forth in an Officers’ Certificate delivered to the Trustee, to reflect
adjustments calculated to give effect to any Pro Forma Cost Savings.


 


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


 


(1)         the
consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, to the extent
such expense was deducted in computing Consolidated Net Income, including, without limitation, amortization of original issue discount,
the interest component of all payments associated with Capital Lease Obligations, and the net effect of all payments made or received
pursuant to Hedging Obligations in respect of interest rates (but excluding any non-cash interest expense attributable to the mark-to-market
valuation of Hedging Obligations or other derivatives pursuant to GAAP) and excluding amortization or write-off of deferred financing
fees and expensing of any other financing fees, including any expensing of bridge or commitment fees, and the non-cash portion
of interest expense resulting from the reduction in the carrying value under purchase accounting of the Company’s outstanding
Indebtedness; provided that, for purposes of calculating consolidated interest


 




    	13



    	 



    

 


expense, no effect will be given
to the discount and/or premium resulting from the bifurcation of derivatives under ASC 815, Derivatives and Hedging, as
a result of the terms of the Indebtedness to which such consolidated interest expense applies; plus


 


(2)         the
consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus


 


(3)         all
cash dividends, whether paid or accrued, on any series of Preferred Stock of such Person or any of its Restricted Subsidiaries,
excluding items eliminated in consolidation, in each case, determined on a consolidated basis in accordance with GAAP; minus


 


(4)         the
consolidated interest income of such Person and its Restricted Subsidiaries for such period, whether received or accrued, to the
extent such income was included in determining Consolidated Net Income.


 


“Foreign Subsidiary”
means any Restricted Subsidiary of the Company that is not a Domestic Subsidiary and any direct or indirect Subsidiary of such
Restricted Subsidiary.


 


“GAAP” means generally
accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American
Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board Accounting
Standards Codification or in such other statements by such other entity as have been approved by a significant segment of the accounting
profession, which are in effect on the Issue Date, except with respect to any reports or financial information required to be delivered
pursuant to Section 4.03 hereof, which shall be prepared in accordance with GAAP as in effect on the date thereof. For the
purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated
with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted
Subsidiary will be accounted for as an Investment.


 


“Global Note Legend”
means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all Global Notes issued under this
Indenture.


 


“Global Notes” means,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf
of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A1 hereto and that bears
the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued
in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(1), 2.06(d)(2), 2.06(d)(3) or 2.06(f) hereof.


 


“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States
pledges its full faith and credit.


 


“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, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements


 




    	14



    	 



    

 


in respect thereof, of all or any part of
any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods,
securities or services, to take or pay or to maintain financial statement conditions or otherwise).


 


“Guarantors” means:


 


(1)         each
direct or indirect Domestic Subsidiary of the Company on the Issue Date that guarantees the Company’s Credit Agreement on
the Issue Date; and


 


(2)         any
other Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture;


 


and their respective successors and assigns, in each case, until
the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.


 


“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:


 


(1)         interest
rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate
collar agreements;


 


(2)         other
agreements or arrangements designed to manage interest rates or interest rate risk; and


 


(3)         other
agreements or arrangements designed to protect such Person against fluctuations in currency exchange rates or commodity prices.


 


“Holder” means a Person
in whose name a Note is registered.


 


“IAI Global Note” means
a Global Note substantially in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private Placement Legend and
deposited with or on behalf of and registered in the name of the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.


 


“Indebtedness” means,
with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables, deferred
compensation, deferred rent (other than for Capital Lease Obligations) and landlord allowances), whether or not contingent:


 


(1)         in
respect of borrowed money;


 


(2)         evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);


 


(3)         in
respect of banker’s acceptances;


 


(4)         representing
Capital Lease Obligations;


 




    	15



    	 



    

 


(5)         representing
the balance of deferred and unpaid purchase price of any property or services (other than trade payables) due more than 90 days
after such property is acquired or such services are completed; or


 


(6)         representing
any Hedging Obligations,


 


if and to the extent any of the preceding items (other
than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared
in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien
on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not
otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person; provided that contingent
obligations incurred in the ordinary course of business shall be deemed not to constitute Indebtedness. Indebtedness shall be calculated
without giving effect to the effects of ASC 815, Derivatives and Hedging, and related interpretations to the extent such
effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting
for any embedded derivatives created by the terms of such Indebtedness.


 


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


 


“Independent Financial Advisor”
means an accounting, appraisal or investment banking firm or consultant to Persons engaged in a Permitted Business, in each case
of nationally recognized standing that is, in the good faith determination of the Company, 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” means
the $200.0 million aggregate principal amount of Notes issued under this Indenture on the date hereof.


 


“Initial Purchasers”
means Jefferies LLC, SunTrust Robinson Humphreys, Inc. and Morgan Stanley & Co. LLC.


 


“Institutional Accredited Investor”
means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act that is not also a QIB.


 


“Investment Grade Securities”
means:


 


(1)         securities
issued or directly and fully guaranteed or insured by the U.S. government or any agency or instrumentality thereof (other than
Cash Equivalents) and in each case with maturities not exceeding two years from the date of acquisition;


 


(2)         securities
that have a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or BBB- (or the equivalent) by S&P, or
an equivalent rating by any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62)
of the Exchange Act;


 




    	16



    	 



    

 


(3)         investments
in any fund that invests at least 95% of its assets in investments of the type described in clauses (1) and (2) which fund
may also hold immaterial amounts of cash pending investment and/or distribution; and


 


(4)         corresponding
instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities
not exceeding two years from the date of acquisition.


 


“Investments” means,
with respect to any Person, all direct or indirect 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 and advances to
customers and commission, travel, relocation and similar advances to officers and employees 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,
together with all items that are required to be classified as investments on a balance sheet prepared in accordance with GAAP
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. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests
of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition,
such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date
of any such sale or disposition equal to the Fair Market Value of the Company’s Investments in such Subsidiary that were
not sold or disposed of in an amount determined as provided in Section 4.07(c) hereof. The acquisition by the Company or any
Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment
by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments
held by the acquired Person in such third Person in an amount determined as provided in Section 4.07(c) hereof. Except as
otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without
giving effect to subsequent changes in value. Notwithstanding anything in this Indenture to the contrary, for purposes of Section 4.07
hereof:


 


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


 


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


 


(b)          the
portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of
such Subsidiary at the time of such redesignation; and


 




    	17



    	 



    

 


(2)         any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer,
in each case as determined in good faith by the Board of Directors of the Company.


 


“Issue Date” means February
11, 2014.


 


“Legal Holiday” means
a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized
by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may
be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment
for the intervening period.


 


“Letter of Transmittal”
means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection
with the Exchange Offer.


 


“Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest 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,
and any financing lease in the nature thereof.


 


“Moody’s” means
Moody’s Investors Service, Inc.


 


“Net Proceeds” means
the aggregate cash proceeds and Cash Equivalents received by the Company or any of its Restricted Subsidiaries in respect of any
Asset Sale (including, without limitation, any cash or Cash Equivalents received upon the sale or other disposition of any Designated
Non-cash Consideration received in any Asset Sale, but excluding the assumption by the acquiring Person of Indebtedness relating
to the disposed asset or other consideration received in any other non-cash form), net of the costs relating to such Asset Sale
and the sale or disposition of such Designated Non-cash Consideration, including, without limitation, legal, accounting and investment
banking fees, discounts and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or
payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any
tax sharing arrangements, amounts applied to the repayment of principal, premium (if any) and interest on Indebtedness that is
secured by the property or the assets that are the subject of such Asset Sale or that is otherwise required (other than pursuant
to Section 4.10(c) hereof) to be paid as a result of such transaction, and any deduction of appropriate amounts to be provided
by the Company as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction
and retained by the Company after such sale or other disposition thereof, including, without limitation, pension and other post-employment
benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with
such transaction, and any funded escrow established pursuant to the documents evidencing any such sale or disposition to secure
any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition; provided
that to the extent that any amounts are released from such escrow to the Company or a Restricted Subsidiary, such amounts net of
any related expenses shall constitute Net Proceeds.


 




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“Non-Recourse Debt” means
Indebtedness of the Company or any Subsidiary of the Company:


 


(1)         as
to which neither the Company, nor any of the Company’s Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable
as a guarantor or otherwise; and


 


(2)         as
to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company,
or any of the Company’s Restricted Subsidiaries (other than the Equity Interests of an Unrestricted Subsidiary).


 


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


 


“Note Guarantee” means
the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes, executed pursuant to the
provisions of this Indenture.


 


“Notes” has the meaning
assigned to it in the preamble to this Indenture. The Initial Notes, the Exchange Notes and the Additional Notes shall be treated
as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes
shall include the Initial Notes and any Additional Notes.


 


“Obligations” means any
principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness; provided, that obligations with respect to the Notes shall not include fees or indemnifications
in favor of Trustee and other third parties other than the Holders of the Notes.


 


“Offering Memorandum”
means the Offering Memorandum dated as of February 6, 2014, relating to the Company’s issuance and sale of the Notes.


 


“Officer” means, with
respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the
Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Executive Vice President, any
Senior Vice President or any Vice President of such Person.


 


“Officers’ Certificate”
means, with respect to any Person, a certificate signed on behalf of such Person by two Officers thereof, and which, if applicable,
meets the requirements of Section 12.05 hereof; provided, that, solely in respect of the Officers’ Certificate required by
Section 4.04(a), one of such officers must be the chief executive officer, the chief financial officer, the treasurer or the
controller of the Company or Guarantor delivering such certificate, as applicable.


 


“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee and, that, if applicable, meets the requirements
of Section 12.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the
Trustee.


 




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


 


“Participating Broker-Dealer”
has the meaning set forth in the Registration Rights Agreement.


 


“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 and Cash Equivalents; provided, that any cash and Cash Equivalents received are applied in accordance with
Section 4.10 hereof.


 


“Permitted Business”
means any business that is the same as, or reasonably related, ancillary or complementary to, any of the businesses in which the
Company and its Restricted Subsidiaries are engaged on the Issue Date.


 


“Permitted Investments”
means:


 


(1)         any
Investment in the Company (including in the Notes) or in a Restricted Subsidiary of the Company;


 


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


 


(3)         any
Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:


 


(a)          such
Person becomes a Restricted Subsidiary of the Company; or


 


(b)          such
Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated
into, the Company or a Restricted Subsidiary of the Company;


 


(4)         any
Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made in compliance with Section 4.10
hereof;


 


(5)         any
acquisition of assets or Capital Stock solely in exchange for, or out of the proceeds of, the issuance of Equity Interests (other
than Disqualified Stock) of the Company or of any direct or indirect parent of the Company;


 


(6)         any
Investments received in compromise or resolution of (A) obligations of trade creditors or customers that were incurred in
the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any plan of reorganization
or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B) litigation, arbitration
or other disputes;


 


(7)         Investments
represented by Hedging Obligations in the ordinary course of business and not for speculative purposes;


 




    	20



    	 



    

 


(8)         loans
or advances to employees made in the ordinary course of business of the Company or any Subsidiary of the Company in an aggregate
principal amount not to exceed $1.0 million at any one time outstanding;


 


(9)         repurchases
of the Notes;


 


(10)        any
guarantee of Indebtedness permitted to be incurred under Section 4.09 hereof;


 


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


 


(12)        Investments
acquired after the Issue Date as a result of the acquisition by the Company or any Restricted Subsidiary of the Company of another
Person, including by way of a merger, amalgamation or consolidation with or into the Company or any of its Restricted Subsidiaries
in a transaction that is not prohibited by Section 5.01 hereof after the Issue Date to the extent that such Investments were
not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such
acquisition, merger, amalgamation or consolidation;


 


(13)        Investments
by the Company and its Restricted Subsidiaries consisting of deposits, prepayment and other credits to suppliers or landlords made
in the ordinary course of business;


 


(14)        guaranties
made in the ordinary course of business of obligations owed to landlords, suppliers, customers, franchisees and licensees of the
Company and its Subsidiaries;


 


(15)        any
Investment acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts
receivable held by the Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization
or recapitalization of the Company of such other Investment or accounts receivable, or (b) as a result of a foreclosure by
the Company 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;


 


(16)        loans
and advances to officers, directors and employees for business-related travel expenses, moving and relocation expenses and other
similar expenses, in each case incurred in the ordinary course of business;


 


(17)        Investments
consisting of the licensing, sublicensing or contribution of intellectual property pursuant to joint marketing arrangements with
other Persons;


 




    	21



    	 



    

 


(18)        Investments
in joint ventures of the Company or any of its Restricted Subsidiaries in an aggregate amount, taken together with all other Investments
made pursuant to this clause (18) that are at the time outstanding, not to exceed $30.0 million, at any one time outstanding;


 


(19)        Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses
of intellectual property or leases, in each case, in the ordinary course of business;


 


(20)        loans
and advances made by the Company or any of its Restricted Subsidiaries to officers, directors or employees of the Company or the
Company’s Restricted Subsidiaries, the proceeds of which are used to purchase Equity Interests of the Company, any direct
or indirect parent of the Company, or the Company’s Restricted Subsidiaries in an aggregate principal amount not to exceed
$2.0 million at any one time outstanding;


 


(21)        any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with Section 4.11(b) hereof
(except transactions described in clauses (6), (9), (10) and (12) of Section 4.11(b) hereof);


 


(22)        any
acquisition of assets or Capital Stock solely in exchange for, or out of the net cash proceeds received from, the issuance of Equity
Interests (other than Disqualified Stock) of the Company or any contribution to the common equity of the Company; provided
that the amount of any such net cash proceeds that are utilized for any such Investment pursuant to this clause (22) will
be excluded from Section 4.07(a)(z)(B);


 


(23)        Pledges
or deposits with respect to leases or utilities provided to third parties in the ordinary course of business;


 


(24)        Guarantees
of the Company or any Restricted Subsidiary in connection with the provision of credit card payment processing services;


 


(25)        Investments
consisting of earnest money deposits required in connection with a purchase agreement, or letter of intent, or other acquisitions
to the extent not otherwise prohibited by this Indenture; and


 


(26)        other
Investments in any Person having an aggregate Fair Market Value (measured on the date each such Investment was made and without
giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (26)
that are at the time outstanding not to exceed the greater of (a) $40.0 million and (b) 4.0% of Total Assets at the time
of such Investment, at any time outstanding.


 


For purposes of this definition, in the event that a proposed
Investment (or portion thereof) meets the criteria of more than one of the categories of Permitted Investments described in clauses (1)
through (26) above, or is otherwise entitled to be incurred or made pursuant to


 




    	22



    	 



    

 


Section 4.07, the Company will be entitled to classify,
or later reclassify, such Investment (or portion thereof) in one or more of such categories set forth above or pursuant to Section 4.07.


 


“Permitted Liens” means:


 


(1)         Liens
on assets of the Company or any of its Restricted Subsidiaries securing Indebtedness incurred pursuant to clause (1) of the
definition of “Permitted Debt” and other Obligations under or pursuant to such Credit Facilities;


 


(2)         Liens
in favor of the Company or the Guarantors;


 


(3)         Liens
on assets, property or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company
or is merged with or into or consolidated with the Company or a Restricted Subsidiary of the Company; provided that such
Liens (a) were in existence prior to the contemplation of such Person becoming a Restricted Subsidiary of the Company or such
merger or consolidation and (b) do not extend to any assets other than those of the Person that becomes a Restricted Subsidiary
of the Company or the surviving entity of any such merger or consolidation;


 


(4)         Liens
on assets or on property (including Capital Stock) existing at the time of acquisition of the assets or property by the Company
or any Subsidiary of the Company; provided that such Liens (a) were in existence prior to such acquisition and not
incurred in contemplation of, such acquisition and (b) do not extend to any other assets of the Company or any of its Subsidiaries;


 


(5)         Liens,
pledges or deposits to secure the performance of bids, trade contracts, leases, statutory obligations, insurance, judgments, surety
or appeal bonds, workers’ compensation obligations, performance bonds, unemployment insurance obligations, social security
obligations, or other obligations of a like nature incurred in the ordinary course of business (including Liens to secure letters
of credit issued to assure payment of such obligations);


 


(6)         Liens
to secure Indebtedness (including Capital Lease Obligations) permitted by Section 4.09(b)(4) hereof covering only the assets
acquired with or financed by such Indebtedness; provided that individual financings of property or equipment provided by
one lender may be cross collateralized to other financings of property or equipment provided by such lender;


 


(7)         Liens
existing on the Issue Date;


 


(8)         Liens
for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings; provided that any reserve or other appropriate provision as is required in conformity with GAAP
has been made therefor;


 


(9)         Liens
imposed by law, such as earners’, warehousemen’s, materialmen’s, landlord’s, workmen’s, repairmen’s
and mechanics’ Liens, in each case, incurred in the ordinary course of business;


 




    	23



    	 



    

 


(10)        survey
exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and
telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred
in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said properties or materially
impair their use in the operation of the business of such Person;


 


(11)        Liens
created for the benefit of (or to secure) the Notes (or the Note Guarantees) and any Notes (or Note Guarantees) issued in exchange
therefor pursuant to the Registration Rights Agreement;


 


(12)        Liens
to secure any Permitted Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however,
that:


 


(a)          the
new Lien is limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which
the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions
thereof); and


 


(b)          the
Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal
amount (or accreted amount, if applicable), or, if greater, committed amount, of the Indebtedness renewed, refunded, refinanced,
replaced, defeased or discharged with such Permitted Refinancing Indebtedness and (y) an amount necessary to pay any fees
and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;


 


(13)        Liens
on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings;


 


(14)        filing
of Uniform Commercial Code financing statements as a precautionary measure in connection with operating leases or consignment of
goods;


 


(15)        bankers’
Liens, rights of set-off, Liens arising out of judgments or awards not constituting an Event of Default and notices of lis pendens
and associated rights related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves
have been made to the extent required by GAAP;


 


(16)        Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;


 


(17)        Liens
on specific items of inventory or other goods and the proceeds thereof (including documents, instruments, accounts, chattel
paper, letter of credit rights, general intangibles, supporting obligations, and claims under insurance policies relating thereto)
of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued or
created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such
inventory or other goods;


 




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(18)        leases,
licenses, sub-leases or sub-licenses of assets (as lessor, lessee, licensor or licensee) in the ordinary course of business;


 


(19)        Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business;


 


(20)        statutory,
common law or contractual Liens of creditor depository institutions or institutions holding securities accounts (including the
right of set-off or similar rights and remedies);


 


(21)        customary
Liens granted in favor of a trustee (including the Trustee) to secure fees and other amounts owing to such trustee under an indenture
or other agreement pursuant to which Indebtedness not prohibited by this Indenture is issued including this Indenture;


 


(22)        Liens
permitted to be incurred pursuant to clause (12) of the definition of “Permitted Debt”; provided that such
Liens extend solely to the property or assets (or income or profits therefrom) of such Subsidiary that is not a Guarantor;


 


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


 


(24)        Liens
securing Hedging Obligations entered into in the ordinary course of business and not for speculative purposes; provided
that such Hedging Obligations are permitted to be incurred under this Indenture;


 


(25)        Liens
on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition
of such assets otherwise permitted under this Indenture for so long as such agreements are in effect;


 


(26)        Liens
securing Indebtedness or other Obligations of the Company or a Restricted Subsidiary of the Company owing to the Company or another
Restricted Subsidiary of the Company permitted to be incurred in accordance with Section 4.09 hereof and Liens in favor of
the Company or a Restricted Subsidiary;


 


(27)        leases
and subleases of real property which do not materially interfere with the ordinary conduct of the business of the Company or any
of its Restricted Subsidiaries;


 


(28)        deposits
made in the ordinary course of business to secure liability to insurance carriers;


 


(29)        Liens
securing Indebtedness permitted to be incurred pursuant to Section 4.09(a) hereof; provided that at the time of incurrence
such Indebtedness does not exceed the maximum principal amount of Indebtedness that, as of such date, and after giving effect to
the incurrence of such Indebtedness and the application of the proceeds therefrom on such date, would cause the Secured Leverage
Ratio of the Company to exceed 4.0 to 1.0;


 




    	25



    	 



    

 


(30)        other
Liens with respect to Obligations that do not exceed the greater of (a) $25.0 million and (b) 2.0% of Total Assets at
the time of incurrence, at any one time outstanding;


 


(31)        Liens
incurred to secure any Treasury Management Arrangement incurred in the ordinary course of business;


 


(32)        Liens
solely on any cash earnest money deposits made by the Company or any Restricted Subsidiary of the Company in connection with any
letter of intent or purchase agreement permitted under this Indenture;


 


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


 


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


 


(35)        Liens
of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection;


 


(36)        Liens
arising on any real property as a result of eminent domain, condemnation or similar proceedings against such property;


 


(37)        Liens
of sellers of goods to the Company or any of its Subsidiaries arising under Article 2 of the UCC in effect in the relevant
jurisdiction in the ordinary course of business, covering only the goods sold and covering only the unpaid purchase price for such
goods and related expenses;


 


(38)        Liens
securing reimbursement obligations with respect to letters of credit incurred in the ordinary course of business; and


 


(39)        Liens
securing Indebtedness incurred pursuant to clause (22) of the definition of “Permitted Debt,” provided that (i) such
Lien granted is limited to the specific inventory acquired and (ii) the aggregate principal amount of Indebtedness initially secured
by such Lien is not more than the acquisition cost of the inventory on which such Lien is granted.


 


For purposes of determining compliance with this definition,
(a) Permitted Liens need not be incurred solely by reference to one category of Permitted Liens described above but are permitted
to be incurred in part under any combination thereof and (b) in the event that a Lien (or any portion thereof) meets the criteria
of one or more categories of Permitted Liens described above, the Company shall, in its sole discretion, classify (or later reclassify)
such item of Permitted Liens (or any portion thereof) in any manner that complies with this definition and will only be required
to include the amount and type of such item of Permitted Liens in one of the above clauses and such Lien will be treated as
having been incurred pursuant to only one of such clauses.


 




    	26



    	 



    

 


“Permitted Refinancing Indebtedness”
means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which
are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its Restricted
Subsidiaries (other than intercompany Indebtedness); provided that:


 


(1)         the
principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount
(or accreted value, if applicable) or, if greater, the committed amount of the Indebtedness renewed, refunded, refinanced, replaced,
defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums
and defeasance costs, incurred in connection therewith);


 


(2)         (A) if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged has a final maturity date earlier than the
Stated Maturity of the Notes, such Permitted Refinancing Indebtedness shall not have a Stated Maturity date earlier than the Stated
Maturity of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged or (B) if the Indebtedness
being refunded, replaced or refinanced has a Stated Maturity after the Stated Maturity of the Notes, such Permitted Refinancing
Indebtedness shall not have a Stated Maturity earlier than 90 days after the Stated Maturity of any Notes then outstanding;


 


(3)         such
Permitted Refinancing Indebtedness has a Weighted Average Life to Maturity at the time it is incurred that is not less than the
Weighted Average Life to Maturity of the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and


 


(4)         if
the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is subordinated in right of payment to the
Notes, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes on terms at least as favorable
to the Holders as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced,
defeased or discharged;


 


provided, however, that Permitted Refinancing
Indebtedness shall not include (x) Indebtedness of a Subsidiary of the Company (other than a Guarantor) that refinances Indebtedness
of the Company or a Guarantor or (y) Indebtedness of the Company or a Restricted Subsidiary that refinances Indebtedness of
an Unrestricted Subsidiary.


 


“Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability
company or government or 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)(1) hereof to be placed on all Notes issued under this Indenture except where
otherwise permitted by the provisions of this Indenture.


 




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“Pro Forma Cost Savings”
means, without duplication, with respect to any period, (1) the reductions in costs and other operating improvements or synergies
that are implemented, committed to be implemented, the commencement of implementation of which has begun or are reasonably expected
to be implemented in good faith with respect to a pro forma event within twelve months of the date of such pro forma event
and that are supportable and quantifiable, as if all such reductions in costs and other operating improvements or synergies had
been effected as of the beginning of such period, decreased by any non-one-time incremental expenses incurred or to be incurred
during such four-quarter period in order to achieve such reduction in costs and (2) all adjustments used in connection with
the calculation of “Pro forma adjusted EBITDA” as set forth in the footnotes under the caption “Summary—Summary
Historical Condensed Consolidated Financial Data and Unaudited Pro Forma Condensed Combined Financial Data” in the Offering
Memorandum to the extent such adjustments, without duplication, continue to be applicable to such four quarter period. Pro Forma
Cost Savings described in the preceding sentence shall be accompanied by a certificate delivered to the Trustee from the Company’s
chief financial officer that outlines the specific actions taken or to be taken and the net cost reductions and other operating
improvements or synergies expected to be achieved from each such action and certifies that the cost reductions and other operating
improvements or synergies meet the criteria set forth in the preceding sentence.


 


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


 


“Qualifying Equity Interests”
means Equity Interests of the Company other than Disqualified Stock.


 


“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of February 11, 2014, among the Company, the Guarantors and the Initial Purchasers,
and as such agreement may be amended, modified or further supplemented from time to time, and, with respect to any Additional Notes,
one or more registration rights agreements among the Company, the Guarantors and the other parties thereto, as such agreement(s)
may be amended, modified or supplemented from time to time, relating to rights given by the Company to the purchasers of Additional
Notes to register such Additional Notes under the Securities Act.


 


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


 


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


 


“Regulation S Permanent Global
Note” means a permanent Global Note in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note exchanged therefor upon and after expiration
of the Restricted Period.


 


“Regulation S Temporary Global
Note” means a temporary Global Note in the form of Exhibit A2 hereto deposited with or on behalf of and registered
in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes initially
sold in reliance on Rule 903 of Regulation S.


 




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“Related Business Assets”
means assets (other than cash or Cash Equivalents) used or useful in a Permitted Business and not classified as current assets
under GAAP; provided, that assets received by the Company or a Restricted Subsidiary in exchange for assets transferred
by the Company or a Restricted Subsidiary will not qualify as Related Business Assets if they consist of securities of a Person,
unless upon receipt of such securities such Person becomes a Restricted Subsidiary of the Company.


 


“Responsible Officer”
shall mean, when used with respect to the Trustee, any officer within the Corporate Trust Office of the Trustee, including any
vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer, senior associate 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, and who shall have direct responsibility for the administration of this Indenture or to whom any corporate
trust matter concerning this Indenture is referred because of such person’s knowledge of and familiarity with the particular
subject.


 


“Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend.


 


“Restricted Global Note”
means a Global Note bearing the Private Placement Legend.


 


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


 


“Restricted Period” means
the 40-day distribution compliance period as defined in Regulation S.


 


“Restricted Subsidiary”
of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary.


 


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


 


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


 


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


 


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


 


“S&P” means Standard &
Poor’s Ratings Group.


 


“SEC” means the Securities
and Exchange Commission.


 


“Secured Indebtedness”
means any Indebtedness for borrowed money secured by a Lien.


 


“Secured Leverage Ratio”
means, with respect to any Person, at any date the ratio of (a) the sum of the aggregate outstanding Secured Indebtedness
of such Person and its Restricted Subsidiaries (other than Secured Indebtedness of the type described in clause (6) of the
definition of Indebtedness) as of such date of calculation (determined on a consolidated basis in accordance with GAAP) to (b) Consolidated
EBITDA of such Person for the four full fiscal quarters for


 




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which internal financial statements are available
immediately preceding such date on which such additional Indebtedness is incurred. In the event that the Company or any of its
Restricted Subsidiaries incurs, assumes, Guarantees, repays, repurchases, defeases, redeems or otherwise discharges any Indebtedness
subsequent to the commencement of the period for which the Secured Leverage Ratio is being calculated but prior to the event for
which the calculation of the Secured Leverage Ratio is made, then the Secured Leverage Ratio shall be calculated giving pro forma
effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness
as if the same had occurred at the beginning of the applicable four-quarter period. The Secured Leverage Ratio shall be calculated
in a manner consistent with the definition of the “Fixed Charge Coverage Ratio,” including any pro forma calculations
to EBITDA (including for acquisitions).


 


“Securities Act” means
the Securities Act of 1933, as amended.


 


“Shelf Registration Statement”
means the “Shelf Registration” as defined in the Registration Rights Agreement.


 


“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.


 


“Stated Maturity” means,
with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the original documentation governing such Indebtedness and will not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment
thereof.


 


“Subsidiary” means, with
respect to any specified Person:


 


(1)         any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association
or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other
Subsidiaries of that Person (or a combination thereof); and


 


(2)         any
partnership or limited liability company of which (a) more than 50% of the capital accounts, distribution rights, total equity
and voting interests or general and 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 interests or otherwise, and (b) such Person or any Subsidiary of such Person is a
controlling general partner or otherwise controls such entity.


 


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


 




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“Total Assets” means
the total consolidated assets of the Company and its Restricted Subsidiaries as set forth on the most recent consolidated balance
sheet of the Company and its Restricted Subsidiaries.


 


“Treasury Management Arrangement”
means any agreement or other arrangement governing the provision of treasury or cash management services, including deposit accounts,
overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check concentration,
controlled disbursement, lockbox, account reconciliation and reporting and trade finance services, cash pooling or netting or setting
off arrangements and other cash management services.


 


“Treasury Rate” means,
as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly
available at least two Business days prior to the redemption date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to February 15,
2017; provided, however, that if the period from the redemption date to February 15, 2017 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.


 


“Trustee” means U.S.
Bank National Association, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter
means the successor serving hereunder.


 


“Unrestricted Definitive Note”
means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.


 


“Unrestricted Global Note”
means a Global Note that does not bear and is not required to bear the Private Placement Legend.


 


“Unrestricted Subsidiary”
means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant
to a resolution of such Board of Directors, but only to the extent that such Subsidiary:


 


(1)         has
no Indebtedness other than Non-Recourse Debt;


 


(2)         except
as permitted pursuant to Section 4.11 hereof, is not party to any agreement, contract, arrangement or understanding with the
Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding
are not materially less favorable to the Company or such Restricted Subsidiary than those that might have been obtained at the
time of any such agreement, contract, arrangement or understanding than those that could have been obtained from Persons who are
not Affiliates of the Company;


 


(3)         is
a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation
(a) to subscribe for additional


 




    	31



    	 



    

 


Equity Interests or (b) to
maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating
results; and


 


(4)         has
not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted
Subsidiaries.


 


Any such designation by the Board of Directors of the Company
of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified
copy of the resolutions of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the conditions set forth in this definition and in Section 4.16 hereof and
was permitted by Section 4.07 hereof.


 


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


 


“Voting Stock” of any
specified 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 at any date, the number of years obtained by dividing:


 


(1)         the
sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by


 


(2)         the
then outstanding principal amount of such Indebtedness.


 


“Wholly Owned Restricted Subsidiary”
means any Wholly Owned Subsidiary that is a Restricted Subsidiary.


 


“Wholly Owned Subsidiary”
means, with respect to any Person, a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interest
of which (other than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other
third parties to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly Owned
Subsidiaries of such Person.


 


Section
1.02.         Other Definitions.


 








	Term	
	
        Defined in

        Section

	“Affiliate Transaction”	 	4.11
	“Asset Sale Offer”	 	3.09
	“Authentication Order”	 	2.02
	“Change of Control Offer”	 	4.14
	“Change of Control Payment”	 	4.14










 




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	Term	 	
        Defined in

        Section

	“Change of Control Payment Date”	 	4.14
	“Covenant Defeasance”	 	8.03
	“DTC”	 	2.03
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.10
	“incur”	 	4.09
	“Legal Defeasance”	 	8.02
	“Offer Amount”	 	3.09
	“Offer Period”	 	3.09
	“Paying Agent”	 	2.03
	“Permitted Debt”	 	4.09
	“Payment Default”	 	6.01
	“Purchase Date”	 	3.09
	“Registrar”	 	2.03
	“Restricted Payments”	 	4.07


 


Section
1.03.         Incorporation by Reference of Trust Indenture Act.


 


Whenever this Indenture refers to a provision of the TIA, the
provision is incorporated by reference in and made a part of this Indenture.


 


The following TIA terms used in this Indenture have the following
meanings:


 


“indenture securities”
means the Notes;


 


“indenture security holder”
means a Holder of a Note;


 


“indenture to be qualified”
means this Indenture;


 


“indenture trustee” or
“institutional trustee” means the Trustee; and


 


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


 


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


 


Section
1.04.         Rules of Construction.


 


Unless the context otherwise requires:


 


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


 


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


 




    	33



    	 



    

 


(3)         “or”
is not exclusive;


 


(4)         the
term “including” is not limiting;


 


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


 


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


 


(7)         provisions
apply to successive events and transactions; and


 


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


 


ARTICLE 2


THE NOTES


 


Section
2.01.         Form and Dating.


 


(a)          General.
The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibits A1 and A2 hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage; provided that any such
notations, legends or endorsements are in a form reasonably acceptable to the Company. Each Note will be dated the date of its
authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof.


 


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


 


(b)          Global
Notes. Notes issued in global form will be substantially in the form of Exhibits A1 or A2 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 will be substantially in the form of Exhibit A1 hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent
such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of
a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by
the Holder thereof as required by Section 2.06 hereof.


 




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


 


(1)         certificates
from Euroclear and Clearstream, substantially in the form of Exhibit G hereto, certifying that they have received certification
of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note
(except to the extent of any Beneficial Owners thereof who acquired an interest therein during the Restricted Period pursuant to
another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a
144A Global Note bearing a Private Placement Legend, all as contemplated by Section 2.06(b) hereof); and


 


(2)         an
Officers’ Certificate from the Company,


 


beneficial interests in the Regulation S
Temporary Global Note will be exchanged for beneficial interests in the Regulation S Permanent Global Note pursuant to the
Applicable Procedures. Simultaneously with such exchange of the Regulation S Permanent Global Note, the Trustee will cancel
the Regulation S Temporary Global Note. The aggregate principal amount of the Regulation S Temporary Global Note and
the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records
of the Trustee and the Depositary or its nominee, as the case may be, in connection with transfers of interests as hereinafter
provided.


 


(d)          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 will be applicable to transfers of beneficial interests in the Regulation S
Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream.


 


Section
2.02.         Execution and Authentication.


 


At least one Officer must sign the Notes
for the Company by manual or facsimile signature.


 


If an Officer whose signature is on a Note
no longer holds that office at the time a Note is authenticated, the Note will nevertheless be valid.


 


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


 




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The Trustee will, upon receipt of a written
order of the Company signed by an Officer of the Company (an “Authentication Order”), authenticate Notes for
original issue, of which (a) $200,000,000 in aggregate principal amount will be issued on the Issue Date, (b) any Additional
Notes may be issued in the future as more fully set forth in Section 2.14 and (c) Exchange Notes may be issued in respect
thereof pursuant to the Registration Rights Agreement. The aggregate principal amount of Notes outstanding at any time may not
exceed the aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more Authentication Orders,
except as provided in Section 2.07 hereof. The Initial Notes and any Additional Notes or Exchange Notes shall be treated as
a single class, in each case for all purposes under this Indenture, including without limitation, waivers, amendments, redemptions
and offers to purchase.


 


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


 


Section
2.03.         Registrar and Paying Agent.


 


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


 


The Company initially appoints The Depository
Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.


 


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


 


Section
2.04.         Paying Agent to Hold Money in Trust.


 


The Company will require each Paying Agent
other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all
money held by the Paying Agent for the payment of principal of, premium on, if any, and interest or Additional Interest, if any,
on, the Notes, and will notify the Trustee of any Default by the Company in making any such payment. While any such Default continues,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary) will have no further


 




    	36



    	 



    

 


liability for the money. If the Company or a Subsidiary acts
as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying
Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as Paying Agent for the
Notes.


 


Section
2.05.         Holder Lists.


 


The Trustee will preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise
comply with TIA §312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven Business days
before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of
such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise
comply with TIA §312(a).


 


Section
2.06.         Transfer and Exchange.


 


(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any
such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company
for Definitive Notes if:


 


(1)         the
Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days after the date of such notice from the Depositary;


 


(2)         the
Company in its sole discretion determines, subject to the procedures of the Depositary, that the Global Notes (in whole but not
in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided
that in no event shall the Regulation S Temporary Global Note be exchanged by the Company for Definitive Notes prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Trustee of the certificates required pursuant to Section 2.01(c)
hereof; or


 


(3)         there
has occurred and is continuing a Default or Event of Default with respect to the Notes and the Beneficial Owners thereof have requested
such exchange.


 


Upon the occurrence of either of the preceding
events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global
Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated
and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07
or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged
for another Note other than as provided in this Section 2.06(a), however, beneficial


 




    	37



    	 



    

 


interests in a Global Note may be transferred and exchanged
as provided in Section 2.06(b), (c), (d) 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
will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. None
of the Company, Trustee, Paying Agent, nor any Agent of the Company shall have any responsibility or liability for any aspect of
the records relating to or payment made on account of beneficial ownership interests in a Global Note, or for maintaining, supervising
or reviewing any records relating to such beneficial ownership interests. Beneficial interests in the Restricted Global Notes will
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 will require compliance with either subparagraph (1) or (2) below, as applicable,
as well as one or more of the other following subparagraphs, as applicable:


 


(1)         Transfer
of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons
who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted
Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for
the account or benefit of a U.S. Person (other than the Initial Purchaser). 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)(1).


 


(2)         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)(1) above, the transferor of such beneficial interest must deliver to the
Registrar either:


 


(A)         both:


 


(i)          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


 


(ii)         instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with
such increase; or


 


(B)         both:


 




    	38



    	 



    

 


(i)          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


 


(ii)         instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above;


 


provided that in no event shall Definitive
Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Trustee of the certificates required by Section 2.01(c)
hereof.


 


Upon consummation of an Exchange Offer by the Company in accordance
with Section 2.06(f) hereof, the requirements of this Section 2.06 (b)(2) shall be deemed to have been satisfied upon
receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the holder of such beneficial
interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests
in Global Notes contained in this Indenture and the Notes, the Trustee shall adjust the principal amount of the relevant Global
Note(s) pursuant to Section 2.06(h) hereof.


 


(3)         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)(2) above and the Registrar receives the following:


 


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


 


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


 


(C)         if
the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item
(3) thereof, if applicable.


 


(4)         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


 




    	39



    	 



    

 


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)(2) above and:


 


(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder
of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies
in the applicable Letter of Transmittal that it is not (i) a Participating Broker-Dealer, (ii) a Person participating
in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;


 


(B)         such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;


 


(C)         such
transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or


 


(D)         the
Registrar receives the following:


 


(i)          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


 


(ii)         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
substantially 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 Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Company 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.


 


If any such exchange or transfer is effected
pursuant to subparagraph (A), (B), (C) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the
Company 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 exchanged or transferred pursuant to subparagraph (A), (B), (C) or (D) above.


 




    	40



    	 



    

 


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.


 


(1)         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 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 to the effect set forth
in 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 to the effect set forth in 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 to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;


 


(E)         if
such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect
set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3)
thereof, if applicable;


 


(F)         if
such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or


 


(G)         if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in 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 Company shall execute and the


 




    	41



    	 



    

 


Trustee shall authenticate and deliver to the Person designated
in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial
interest in a 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 deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global
Note pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and the Regulation S Temporary Global
Note Legend, as applicable, and shall be subject to all restrictions on transfer contained therein.


 


(2)         Beneficial
Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Section 2.06(c)(1)(A) and (C)
hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred
to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted Period
and (B) the receipt by the Trustee of the certificates required pursuant to Section 2.01(c) hereof, except in the case
of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904.


 


(3)         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 if:


 


(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the holder
of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable
Letter of Transmittal that it is not (i) a Participating Broker-Dealer, (ii) a Person participating in the distribution
of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;


 


(B)         such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;


 


(C)         such
transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or


 


(D)         the
Registrar receives the following:


 


(i)          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


 




    	42



    	 



    

 


in the form of Exhibit C hereto,
including the certifications in item (1)(b) thereof; or


 


(ii)         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 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 Company so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the
Company 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.


 


(4)         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 satisfaction of the conditions set forth in Section 2.06(b)(2)
hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted Global Note to be reduced accordingly
pursuant to Section 2.06(h) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person
designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for
a beneficial interest pursuant to this Section 2.06(c)(4) will be registered in such name or names and in such authorized
denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or
through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(4) will not bear the Private Placement Legend.


 


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


 


(1)         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 Notes 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 in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;


 




    	43



    	 



    

 


(B)         if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set
forth in 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 to the effect set forth in 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 to the effect set forth in Exhibit B hereto, including the certifications
in item (3) (a) thereof;


 


(E)         if
such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable;


 


(F)         if
such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or


 


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


 


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


 


(2)         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:


 


(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder,
in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that
it is not (i) a Participating Broker-Dealer,


 






    	44



    	 



    



 





(ii) a Person participating in
the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;


 








(B)         such
transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;


 


(C)         such
transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or


 


(D)         the
Registrar receives the following:


 


(i)          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


 


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


 


Upon satisfaction of the conditions
of any of the subparagraphs in this Section 2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or
cause to be increased the aggregate principal amount of the Unrestricted Global Note.


 


(3)         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 will 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 subparagraphs (2)(B), (2)(D) or (3) above at a time
when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee


 




    	45



    	 



    

 


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


 


(1)         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; and


 


(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, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.


 


(2)         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:


 


(A)         such
exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder,
in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that
it is not (i) a Participating Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or
(iii) a Person who is an affiliate (as defined in Rule 144) of the Company;


 


(B)         any
such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;


 




    	46



    	 



    

 


(C)         any
such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance
with the Registration Rights Agreement; or


 


(D)         the
Registrar receives the following:


 


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


 


(ii)         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 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 Company so requests, an Opinion of Counsel in form reasonably acceptable to the Company 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.


 


(3)         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)          Exchange
Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue
and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate:


 


(1)         one
or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in
the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal
that (A) they are not Participating Broker-Dealers, (B) they are not participating in a distribution of the Exchange
Notes and (C) they are not affiliates (as defined in Rule 144) of the Company; and


 


(2)         Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for
exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Participating
Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (C) they are not affiliates
(as defined in Rule 144) of the Company.


 




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Concurrently with the issuance of such Notes, the Trustee will
cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly and will cause the aggregate
principal amount of the Unrestricted Global Note to be increased accordingly, and the Company will execute and the Trustee will
authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes
in the appropriate principal amount.


 


(g)          Legends.
The following legends will 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.


 


(1)         Private
Placement Legend.


 


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


 


“THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.


 


THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT), (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO SUCH PURCHASER IN THE JURISDICTION IN WHICH SUCH PURCHASE
IS MADE, OR (C) IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT AND
(2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH
RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY
THEREOF, (B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES
IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE
ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING
OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT


 




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IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE,
(D) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING
THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND
NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (E) PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S, OR
REGISTRAR’S, AS APPLICABLE, RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (F) TO REQUIRE
THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH OF THE
FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED
BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR.


 


THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE
HOLDER AFTER THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER
THE SECURITIES ACT.”


 


(B)         Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d) (2), (d)(3),
(e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear
the Private Placement Legend.


 


(2)         Global
Note Legend. Each Global Note will bear a legend in substantially the following form:


 


“THIS GLOBAL NOTE IS HELD BY OR ON BEHALF OF
THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS
HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
THE PRIOR WRITTEN CONSENT OF THE COMPANY.


 


UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A


 




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WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY
OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME
AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY
AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY
OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”


 


(3)         Regulation S
Temporary Global Note Legend. In addition to the Private Placement Legend, the Regulation S Temporary Global Note will
bear a legend in substantially the following form:


 


“THE RIGHTS ATTACHING TO THIS REGULATION S
TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE
(AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED
TO RECEIVE PAYMENT OF INTEREST HEREON.”


 


(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 canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee
or by the Custodian 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 will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Custodian
at the direction of the Trustee to reflect such increase.


 


(i)          General
Provisions Relating to Transfers and Exchanges.


 


(1)         To
permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive
Notes upon receipt


 




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of an Authentication Order in accordance
with Section 2.02 hereof or at the Registrar’s request.


 


(2)         No
service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05 hereof).


 


(3)         [Reserved].


 


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


 


(5)         Neither
the Registrar nor the Company will be required:


 


(A)         to
issue, to register the transfer of, or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business
on the day of selection;


 


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


 


(C)         to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date.


 


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


 


(7)         The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof.


 


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


 


Section
2.07.         Replacement Notes.


 




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


 


In case any such mutilated, destroyed, lost,
or stolen Note has become due and payable, the Company in its sole discretion may, instead of issuing a new Note, pay such Note.


 


Upon the issuance of any new Note under
this Section 2.07, the Company may require the payment of a sum sufficient to cover any tax, assessment, fee or other governmental
charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.


 


Every new Note issued pursuant to this Section 2.07
in exchange for any mutilated Note or in lieu of any destroyed, lost, or stolen Note will constitute an original additional contractual
obligation of the Company, whether or not the mutilated, destroyed, lost, or stolen Note shall be at any time enforceable by anyone,
and will be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued
hereunder.


 


The provisions of this Section 2.07
are exclusive and will preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment
of mutilated, destroyed, lost, or stolen Notes.


 


Section
2.08.         Outstanding Notes.


 





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


 


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


 


If the Paying Agent (other than the Company,
a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable
on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.


 




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Section
2.09.         Treasury Notes.


 


In determining whether the Holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any Guarantor,
or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company
or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually
knows are so owned will be so disregarded.


 


Section
2.10.         Temporary Notes.


 


Until certificates representing Notes are
ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary
Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers
appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will
prepare and the Trustee will authenticate Definitive Notes in exchange for temporary Notes.


 


Holders of temporary Notes will be entitled
to all of the benefits of this Indenture.


 


Section
2.11.         Cancellation.


 


The Company at any time may deliver Notes
to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee for cancellation any Notes surrendered
to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration
of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes in accordance with its customary
procedures (subject to the record retention requirements of the Exchange Act). Certification of the disposition of all canceled
Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been
delivered to the Trustee for cancellation.


 


Section
2.12.         Defaulted Interest.


 


If the Company defaults in a payment of
interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on
the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided
in the Notes and in Section 4.01 hereof; provided that if the Company pays the defaulted interest prior to the date that is
30 days after the date of default in payment of interest, payment shall be to the Holders as of the original record date.
The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date
of the proposed payment. If such default in interest continues for 30 days, the Company will fix or cause to be fixed each
such special record date and payment date; provided that no such special record date may be less than 10 days prior
to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or,
upon the written request of the Company, the Trustee in the name and at the expense of the Company) will 


 




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mail or cause to be mailed
to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid.


 


Section
2.13.         CUSIP Numbers.


 


The Company in issuing the Notes may use
“CUSIP” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers in notices
of redemption 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 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 Company will as promptly as practicable notify the Trustee in writing of any change in “CUSIP”
numbers.


 


Section
2.14.         Additional Notes.


 


The Company shall be entitled, subject to
its compliance with Section 4.09 hereof, to issue Additional Notes, including Exchange Notes in respect thereof, under this
Indenture in an unlimited aggregate principal amount, each of which shall have identical terms as the Initial Notes, other than
with respect to the date of issuance and issue price and first payment of interest (and, if such Additional Notes shall be issued
in the form of Restricted Global Notes or Restricted Definitive Notes, other than with respect to transfer restrictions, any registration
rights agreement and additional interest with respect thereto).


 


With respect to any Additional Notes, the
Company shall set forth in a resolution of its Board of Directors and an Officers’ Certificate, a copy of each which shall
be delivered to the Trustee, the following information:


 


(a)          the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and


 


(b)          the
issue price, the issue date and the “CUSIP” number(s) of such Additional Notes; provided, however, that
if such Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such Additional Notes shall
not have the same “CUSIP” number as the Initial Notes.


 


ARTICLE 3


REDEMPTION AND PREPAYMENT


 


Section
3.01.         Notices to Trustee.


 


If the Company elects to redeem Notes pursuant
to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 30 days but not
more than 60 days before a redemption date, an Officers’ Certificate setting forth:


 


(1)         the
clause of this Indenture pursuant to which the redemption shall occur;


 


(2)         the
redemption date;


 




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(3)         the
principal amount of Notes to be redeemed; and


 


(4)         the
redemption price, if then ascertainable.


 


and stating that all conditions to such
redemption have been complied with.


 


Section
3.02.         Selection of Notes to Be Redeemed or Purchased.


 


If less than all of the Notes are to be
redeemed or purchased in an offer to purchase at any time, the Trustee (subject to Section 4.10, as applicable) will select
Notes for redemption or purchase on a pro rata basis, by lot or by such method as it shall deem fair and appropriate in
accordance with DTC procedures or as may be required by applicable law.


 


In the event of partial redemption or purchase,
the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more
than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for
redemption or purchase.


 


The Trustee will promptly notify the Company
in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase,
the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $2,000 or
whole multiples of $1,000 in excess thereof; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire
outstanding amount of Notes held by such Holder shall be redeemed or purchased; provided, that the unredeemed or unpurchased
portion of a Note must be in a minimum denomination of $2,000. Except as provided in the preceding sentence, provisions of this
Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.


 


Section
3.03.         Notice of Redemption.


 


Subject to the provisions of Section 3.09
hereof, at least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed,
by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that
redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof. Any notice
of redemption may be subject to one or more conditions precedent.


 


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


 


(1)         the
redemption date;


 


(2)         the
redemption price, or if not then ascertainable, the manner of calculation thereof;


 


(3)         if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption
date upon surrender of such


 




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Note, a new Note or Notes in principal
amount equal to the unredeemed portion will be issued upon cancellation of the original Note;


 


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


 


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


 


(6)         that,
unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and
after the redemption date;


 


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


 


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


 


(9)         any
condition to such redemption.


 


At the Company’s request, the Trustee
will give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company
has delivered to the Trustee, at least 35 days prior to the redemption date (or such shorter period as is acceptable to the
Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated
in such notice as provided in the preceding paragraph.


 


Section
3.04.         Effect of Notice of Redemption.


 


Once notice of redemption is mailed in accordance
with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption
price, subject to the satisfaction of any conditions precedent provided in such notice. The notice, if mailed in a manner herein
provided shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure
to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part
shall not affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05 hereof, on
and after the redemption date, interest will cease to accrue on the Notes or portion thereof called for redemption.


 


Section
3.05.         Deposit of Redemption or Purchase Price.


 


Prior to 10:00 a.m. Eastern Time on the
redemption or purchase date, the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption
or purchase price of, and accrued interest and Additional Interest, if any, on all Notes to be redeemed or purchased on that date.
The Trustee or the Paying Agent will promptly return to the Company any money deposited with the Trustee or the Paying Agent by
the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional
Interest, if any, on all Notes to be redeemed or purchased.


 




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If the Company complies with the provisions
of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions
of Notes called for redemption or purchase. If any Note called for redemption or purchase is not so paid upon surrender for redemption
or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid
principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid
on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.


 


Section
3.06.         Notes Redeemed or Purchased in Part.


 


Upon surrender of a Note that is redeemed
or purchased in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for the
Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note
surrendered.


 


Section
3.07.         Optional Redemption.


 


(a)          At
any time prior to February 15, 2017, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount
of Notes issued under this Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal
to 108.875% of the principal amount of the Notes redeemed, plus accrued and unpaid interest and Additional Interest, if any, to
the date of redemption (subject to the rights of Holders of Notes on a relevant record date to receive interest on an interest
payment date occurring on or prior to the redemption date) with the net cash proceeds of an Equity Offering by the Company or a
contribution to the Company’s common equity capital made with the net cash proceeds of a concurrent Equity Offering by any
direct or indirect parent company of the Company; provided that:


 


(1)         at
least 65% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the Company,
any direct or indirect parent of the Company and its Affiliates) remains outstanding immediately after the occurrence of such redemption;
and


 


(2)         the
redemption occurs within 90 days of the date of the closing of such Equity Offering.


 


(b)          At
any time prior to February 15, 2017, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less
than 30 nor more than 60 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed,
plus the Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the applicable redemption
date, subject to the rights of Holders on a relevant record date to receive interest due on an interest payment date occurring
on or prior to the redemption date. Promptly after the calculation of the redemption price under this clause (b), the Company
shall give the Trustee notice thereof and the Trustee shall have no responsibility for such calculation.


 


(c)          Except
pursuant to the preceding paragraphs (a) and (b), the Notes will not be redeemable at the Company’s option prior to
February 15, 2017.


 




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(d)          On
or after February 15, 2017, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less
than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth
below, plus accrued and unpaid interest and Additional Interest, if any, on the Notes redeemed, to the applicable redemption date,
if redeemed during the 12-month period beginning on February 15 of the years indicated below, subject to the rights of
Holders on a relevant record date to receive interest on an interest payment date occurring on or prior to the redemption date:


 


	Year	 	Percentage	 
	2017	 	 	106.656	%
	2018	 	 	104.438	%
	2019	 	 	102.219	%
	2020 and thereafter	 	 	100.000	%



 


Unless the Company defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.


 


(e)          Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.
In connection with any redemption of Notes pursuant to this Section 3.07 (including with the net cash proceeds of an Equity
Offering), any such redemption may, at the Company’s discretion, be subject to one or more conditions precedent, which shall
be included in the notice given pursuant to Section 3.03.


 


Section
3.08.         Mandatory Redemption.


 


The Company is not required to make mandatory
redemption or sinking fund payments with respect to the Notes.


 


Section
3.09.         Offer to Purchase by Application of Excess Proceeds.


 


In the event that, pursuant to Section 4.10
hereof, the Company is required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”),
it will follow the procedures specified below.


 


The Asset Sale Offer shall be made to all
Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set
forth in this Indenture with respect to offers to purchase, prepay or redeem with the proceeds of sales of assets. The Asset Sale
Offer will remain open for a period of at least 20 Business days following its commencement and not more than 30 Business days,
except to the extent that a longer period is required by applicable law (the “Offer Period”). Promptly after
the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer
Amount”) to the purchase of Notes and such other pari passu Indebtedness (to be purchased on a pro rata
basis based on the principal amount of Notes and such other pari passu Indebtedness tendered or required to be repaid or
redeemed, and thereafter, the Trustee will select the Notes to be purchased on a pro rata basis based on the amount tendered
(with, in each case, such adjustments as may be deemed appropriate by the Company or the Trustee, as applicable, so that


 




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only Notes in denominations of $1,000, or an integral multiple
of $1,000 in excess thereof, will be purchased, provided that any unpurchased portion of a Note must be in a minimum denomination
of $2,000)) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset
Sale Offer. Payment for any Notes so purchased will be made in the same manner as principal and interest payments are made.


 


If the Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and unpaid interest and Additional Interest, if any,
will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no Additional Interest
will be payable to Holders who tender Notes pursuant to the Asset Sale Offer.


 


Upon the commencement of an Asset Sale Offer,
the Company will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice
will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer.
The notice, which will govern the terms of the Asset Sale Offer, will state:


 


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


 


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


 


(3)         that
any Note not tendered or accepted for payment will continue to be outstanding and will continue to accrue interest;


 


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


 


(5)         that
Holders electing to have a Note purchased pursuant to an Asset Sale Offer may elect to have Notes purchased in denominations of
$1,000 or an integral multiple of $1,000 in excess thereof; provided that any unpurchased portion of a Note must be in a
minimum denomination of $2,000);


 


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


 


(7)         that
Holders will be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing
his election to have such Note purchased;


 




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(8)         that,
if the aggregate principal amount of Notes and other pari passu Indebtedness surrendered by holders thereof exceeds the
Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis
based on the principal amount of Notes and such other pari passu Indebtedness tendered or required to be prepaid or redeemed,
and thereafter the Trustee will select the Notes to be purchased on a pro rata basis based on the amount tendered (with,
in each case, such adjustments as may be deemed appropriate by the Company or the Trustee, as applicable, so that only Notes in
denominations of $1,000, or an integral multiple of $1,000 in excess thereof, will be purchased; provided that any unpurchased
portion of a Note must be in a minimum denomination of $2,000); and


 


(9)         that
Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered (or transferred by book-entry transfer).


 


On or before the Purchase Date, the Company
will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or
portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered,
and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate
stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09.
The Company, the Depositary or the Paying Agent, as the case may be, will promptly mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company
will promptly issue a new Note, and the Trustee, upon written request from the Company, will authenticate and mail or deliver (or
cause to be transferred by book entry) such new Note to such Holder, in a principal amount equal to any unpurchased portion of
the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The
Company will publicly announce the results of the Asset Sale Offer on the Purchase Date.


 


Other than as specifically provided in this
Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections 3.01
through 3.06 hereof.


 


ARTICLE 4


COVENANTS


 


Section
4.01.         Payment of Notes.


 


The Company will pay or cause to be paid the principal of, premium
on, if any, and interest and Additional Interest, if any, on, the Notes on the dates and in the manner provided in the Notes. Principal,
premium, if any, and interest and Additional Interest, if any, will be considered paid on the date due if the Paying Agent, if
other than the Company or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the Company
in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest, if any, then
due. The Company will pay all Additional Interest, if any, in the


 




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same manner, to the same Persons and on the same dates as ordinary
interest and in the amounts set forth in the Registration Rights Agreement.


 


The Company will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate that is 1% higher than the then
applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any (without regard to any applicable
grace period), at the same stepped-up rate to the extent lawful.


 


Section
4.02.         Maintenance of Office or Agency.


 


The Company will maintain in the Borough
of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an Affiliate of the Trustee,
Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands
to or upon the Company in respect of the Notes and this Indenture may be served. The Company will give prompt written notice to
the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain
any such required office or agency or 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 of the Trustee.


 


The Company may also from time to time designate
one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations; provided, however, that no such designation or rescission will in any manner
relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in
the location of any such other office or agency.


 


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


 


Section
4.03.         Reports.


 


(a)          Whether
or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to
the Holders of Notes (or file with the SEC for public availability), within the time periods specified in the SEC’s rules
and regulations:


 


(1)         all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required
to file such reports, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants; and


 


(2)         all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.


 




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The Company shall comply with TIA Section 314
to the extent applicable. Any information, documents or reports that are required by TIA Section 314 to be filed with the
Trustee to the extent the same are filed with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, shall be filed
with the Trustee within 15 days of filing the same with the SEC.


 


All such reports will be prepared in all
material respects in accordance with all of the rules and regulations applicable to such reports. In addition, the Company
will file a copy of each of the reports referred to in clauses (1) and (2) above with the SEC for public availability within
the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a
filing). To the extent any such information is not furnished within the time periods specified above and such information is subsequently
furnished (including upon becoming publicly available, by filing such information with the SEC), the Company shall be deemed to
have satisfied its obligations with respect thereto as such time and any Default with respect thereto shall be deemed to have been
cured.


 


If, at any time the Company is not subject
to the periodic reporting requirements of the Exchange Act for any reason, the Company will nevertheless continue filing the reports
specified in the preceding paragraphs of this Section 4.03(a) with the SEC within the time periods specified above unless
the SEC will not accept such a filing. The Company will not take any action for the purpose of causing the SEC not to accept any
such filings. If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company
will post the reports referred to in the preceding paragraphs on its website within the time periods that would apply if the
Company were required to file those reports with the SEC.


 


(b)          If
the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information
required by paragraph (a) of this Section 4.03 will include a reasonably detailed presentation, either on the face of
the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition
and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries
separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Company.


 


(c)          For
so long as any Notes remain outstanding, if at any time the Company and the Guarantors are not required to file with the SEC the
reports required by paragraphs (a) and (b) of this Section 4.03, the Company and the Guarantors will furnish to the Holders
and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to
Rule 144A(d)(4) under the Securities Act.


 


Section
4.04.         Compliance Certificate.


 


(a)          The
Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within
120 days after the end of each fiscal year, an Officers’ Certificate stating that in the course of the performance
by the signers of their duties as Officers of the Company they would normally have knowledge of any Default or Event of Default
and whether or not the signers knew of any Default or Event of Default that occurred during such period (and, if a Default or Event
of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action
the


 




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Company or the Guarantors are taking or propose
to take with respect thereto) and that to his or her knowledge no event has occurred and remains in existence by reason of which
payments on account of the principal of, premium on, if any, or interest or Additional Interest, if any, on the Notes is prohibited
or if such event has occurred, a description of the event and what action the Company is taking or proposing to take with respect
thereto.


 


(b)          So
long as any of the Notes are outstanding, the Company will promptly (which shall be no more than five (5) Business days)
deliver to the Trustee, upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying
such Default or Event of Default and what action the Company or the Guarantors are taking or propose to take with respect thereto.


 


Section
4.05.         Taxes.


 


The Company will pay, and will cause each
of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested
in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect
to the Holders of the Notes.


 


Section
4.06.         Stay, Extension and Usury Laws.


 


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


 


Section
4.07.         Restricted Payments.


 


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


 


(1)         declare
or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’
Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company
or any of its Restricted Subsidiaries) other than (a) dividends or distributions payable in Equity Interests (other than Disqualified
Stock) of the Company, and (b) dividends or distributions payable to the Company or a Restricted Subsidiary of the Company;


 


(2)         purchase,
redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation
involving the Company) any Equity Interests of the Company or any direct or indirect parent of the


 




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Company held by Persons other than
the Company or a Restricted Subsidiary of the Company;


 


(3)         make
any voluntary or optional payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value,
any Indebtedness of the Company or any Guarantor that is contractually subordinated to the Notes or to any Note Guarantee (excluding
any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except a payment of interest
when due or principal at the Stated Maturity thereof or the purchase, redemption, repurchase, defeasance, acquisition or retirement
for value of any such Indebtedness within 365 days of the Stated Maturity thereof; or


 


(4)         make
any Restricted Investment


 


(all such payments and other actions set forth in these clauses (1)
through (4) above being collectively referred to as “Restricted Payments”), unless, at the time of and after
giving effect to such Restricted Payment:


 


(x)          no
Default or Event of Default has occurred and is Continuing or would occur as a consequence of such Restricted Payment;


 


(y)          the
Company would, at the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had
been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof; and


 


(z)          such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company or the Company’s
Restricted Subsidiaries since the Issue Date (including Restricted Payments permitted by clauses (1), (11) and (15) of Section 4.07(b)
and excluding Restricted Payments permitted by all other clauses of Section 4.07(b); provided that the calculation
of Restricted Payments shall exclude the amounts paid or distributed pursuant to clause (1) of Section 4.07(b) to the
extent that the declaration of such dividend or other distribution shall have previously been included as a Restricted Payment),
is less than the sum, without duplication, of:


 


(A)         50%
of the Consolidated Net Income of the Company for the period (taken as one accounting period) from January 1, 2014 to the
end of the most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted
Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit); plus


 


(B)         100%
of the aggregate net proceeds, including cash and Fair Market Value of property other than cash (as determined in accordance with
Section 4.07(c) hereof), received by the Company since the Issue Date as a contribution to its common equity capital or from
the issue or sale of Qualifying Equity Interests of the Company or any direct or indirect parent of the Company


 




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(excluding, without duplication, Designated
Preferred Stock), or from the issue or sale of Disqualified Stock of the Company or debt securities of the Company, in each case
that have been converted into or exchanged for Qualifying Equity Interests of the Company (other than Qualifying Equity Interests
and convertible or exchangeable Disqualified Stock or debt securities sold to a Subsidiary of the Company); plus


 


(C)         100%
of the aggregate amount of cash and the Fair Market Value of property other than cash (as determined in accordance with Section 4.07(c)
hereof) received by the Company or a Restricted Subsidiary of the Company from (A) the sale or disposition (other than to
the Company or a Restricted Subsidiary of the Company) of Restricted Investments made after the Issue Date and from repurchases
and redemptions of such Restricted Investments from the Company and its Restricted Subsidiaries by any Person (other than the Company
or its Restricted Subsidiaries) and from repayments of loans or advances which constituted Restricted Investments made after the
Issue Date (other than to the extent that such Restricted Investment was made pursuant to Section 4.07(b)(10) hereof); (B) the
sale (other than to the Company and its Restricted Subsidiaries) of the Capital Stock of an Unrestricted Subsidiary; (C) a distribution
or dividend from an Unrestricted Subsidiary, to the extent that such amounts were not otherwise included in the Consolidated Net
Income of the Company for such period; and (D) any Restricted Investment that was made after the Issue Date in a Person that
is not a subsidiary at such time that subsequently becomes a Restricted Subsidiary of the Company; provided that such amount
will not exceed the amount of the Restricted Investment initially made; plus


 


(D)         in
the event that any Unrestricted Subsidiary of the Company designated as such after the Issue Date is redesignated as a Restricted
Subsidiary or has been merged or consolidated with or into or transfers or conveys its assets to, or is liquidated into, the Company
or a Restricted Subsidiary of the Company, in each case after the Issue Date, the Fair Market Value of the Company’s Restricted
Investment in such Subsidiary (as determined in accordance with Section 4.07(c) hereof) as of the date of such redesignation,
combination or transfer (or of the assets transferred or conveyed, as applicable), after deducting any Indebtedness associated
with the Unrestricted Subsidiary so designated or combined or any Indebtedness associated with the assets so transferred or conveyed
(other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant
to Section 4.07(b)(12) hereof or constituted a Permitted Investment).


 


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


 


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


 




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(2)         the
making of any Restricted Payment in exchange for, or out of or with the net cash proceeds of the substantially concurrent sale
(other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the substantially
concurrent contribution of common equity capital to the Company; provided that the amount of any such net cash proceeds
that are utilized for any such Restricted Payment will not be considered to be net proceeds of Qualifying Equity Interests for
purposes of Section 4.07(a)(z) (B) hereof;


 


(3)         the
payment of any dividend (or, in the case of any partnership or limited liability company, any similar distribution) by a Restricted
Subsidiary of the Company to the holders of its Equity Interests so long as the Company or a Restricted Subsidiary receives at
least its pro rata share of such dividend or distribution;


 


(4)         the
repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company or any Guarantor
that is contractually subordinated to the Notes or to any Note Guarantee with the net cash proceeds from a substantially concurrent
incurrence of Permitted Refinancing Indebtedness;


 


(5)         the
repurchase, retirement or other acquisition (or the declaration and payment of dividends to, or the making of loans to, any direct
or indirect parent of the Company to finance any such repurchase, retirement or other acquisition) for value of Equity Interests
of the Company, any direct or indirect parent of the Company or any Restricted Subsidiary of the Company held by any future, present
or former employee, director or consultant of the Company, any direct or indirect parent of the Company or any Subsidiary of the
Company (or any such Person’s estates or heirs) pursuant to any management equity plan or stock option plan or any other
management or employee benefit plan or other similar agreement or arrangement; provided that the aggregate amounts paid
under this clause (5) do not exceed $2.5 million in any calendar year; provided, further, that such amount
in any calendar year may be increased by an amount not to exceed:


 


(A)         the
cash proceeds received by the Company or any of its Restricted Subsidiaries from the sale of Qualifying Equity Interests of the
Company or any direct or indirect parent of the Company (to the extent contributed to the Company) to members of management, directors
or consultants of the Company and its Restricted Subsidiaries or any direct or indirect parent of the Company that occurs after
the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition
or dividend will not increase the amount available for Restricted Payments pursuant to Section 4.07(a)(z) hereof); plus


 


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


 


(provided that the Company may elect to apply all or
any portion of the aggregate increase contemplated by clauses (a) and (b) above in any calendar year);


 




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(6)         the
repurchase of Equity Interests (or the declaration and payment of any dividends to, or the making of loans to, any direct or indirect
parent of the Company to finance such repurchase) (i) deemed to occur upon the exercise of stock options, warrants or other
similar stock-based awards under equity plans of the Company, any of the Company’s Restricted Subsidiaries or any direct
or indirect parent of the Company to the extent such Equity Interests represent a portion of the exercise price of those stock
options, warrants or other similar stock-based awards under equity plans of the Company, any of its Restricted Subsidiaries or
any direct or indirect parent of the Company, or (ii) in connection with a gross-up for tax withholding related to such Equity
Interests;


 


(7)         the
declaration and payment of regularly scheduled or accrued dividends to holders of a class or series of Disqualified Stock of the
Company or any Preferred Stock of any Restricted Subsidiary of the Company issued on or after the Issue Date in accordance with
Section 4.09 hereof;


 


(8)         payments
of cash, dividends, distributions, advances or other Restricted Payments by the Company or any of its Restricted Subsidiaries to
allow the payment of cash in lieu of the issuance of fractional shares or upon the purchase, redemption or acquisition of fractional
shares (or the declaration and payment of any dividends to, or the making of loans to, any direct or indirect parent of the Company
to finance such payment, purchase, redemption or acquisition), including in connection with (i) the exercise of options or
warrants, (ii) the conversion or exchange of Capital Stock or (iii) stock dividends, splits or combinations or business
combinations;


 


(9)         so
long as no Default or Event of Default has occurred and is Continuing, the declaration and payment of dividends or distributions
to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date and
the declaration and payment of dividends to any direct or indirect parent of the Company, 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) of
any direct or indirect parent of the Company, issued after the Issue Date; provided, however, that (a) the Fixed
Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date on which such Designated Preferred Stock is issued, after giving effect to such issuance
(and the payment of dividends or distributions) on a pro forma basis, would have been at least 2.0 to 1.0 and (b) the aggregate
amount of dividends declared and paid pursuant to this clause (9) does not exceed the net cash proceeds actually received
by the Company from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date;


 


(10)        the
payment, purchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness that is contractually subordinated
to the Notes, Disqualified Stock or Preferred Stock of the Company and its Restricted Subsidiaries pursuant to provisions similar
to those described in Section 3.09, Section 4.10 and Section 4.14 hereof; provided that, prior to such payment,
purchase, redemption, defeasance or other acquisition or retirement for value, the Company (or a third party to the extent permitted
by this Indenture) has made a Change of Control Offer or Asset Sale


 




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Offer, as the case may be, with
respect to the Notes as a result of such Change of Control or Asset Sale, as the case may be, and has repurchased all Notes validly
tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer, as the case may be;


 


(11)        the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted Subsidiary
of the Company by, Unrestricted Subsidiaries;


 


(12)        so
long as no Default or Event of Default has occurred and is Continuing, other Restricted Payments in an aggregate amount not to
exceed $15.0 million;


 


(13)        any
repurchase, redemption, defeasance or other acquisition or retirement for value of Preferred Stock of the Company or a Restricted
Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Preferred Stock of the Company or
a Restricted Subsidiary, as the case may be, that, in each case, is permitted to be incurred pursuant to Section 4.09 hereof;


 


(14)        the
purchase, redemption or other acquisition or retirement for value of any Equity Interests of a joint venture that is a Restricted
Subsidiary if such purchase, redemption or other acquisition or retirement for value is made for consideration not in excess of
the Fair Market Value of such Equity Interests; and


 


(15)        dividends
or distributions in an aggregate amount per annum not to exceed 6% of the net cash proceeds received by or contributed to the capital
of the Company in connection with any Equity Offering following the Issue Date.


 


(c)          The
amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the
asset (s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be,
pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this Section 4.07
will be determined by the Company, and in the case of any assets or securities with a Fair Market Value in excess of $20.0 million,
will be determined by the Board of Directors of the Company.


 


(d)          For
purposes of determining compliance with this Section 4.07, in the event that a Restricted Payment meets the criteria of more
than one of the categories of Restricted Payments described in clauses (1) through (15) of Section 4.07(b) hereof, or
is entitled to be incurred pursuant to Section 4.07(a) hereof, the Company will be entitled to classify such Restricted Payment
(or portion thereof) on the date of its payment or later reclassify such Restricted Payment (or portion thereof) in any manner
that complies with this Section 4.07.


 


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


 


(a)          The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:


 




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(1)         pay
dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect
to any other interest or participation in, or measured by, its profits, or pay any Indebtedness owed to the Company or any of its
Restricted Subsidiaries;


 


(2)         make
loans or advances to the Company or any of its Restricted Subsidiaries; or


 


(3)         sell,
lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.


 


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


 


(1)         agreements
governing Existing Indebtedness and Credit Facilities as in effect on the Issue Date (or otherwise required by such agreements
in existence on the Issue Date) and any amendments, restatements, modifications, renewals, supplements, refundings, replacements
or refinancings of those agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings,
replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment
restrictions than those contained in those agreements on the Issue Date;


 


(2)         this
Indenture, the Notes and the Note Guarantees and any Exchange Notes and related Note Guarantees issued pursuant to the Registration
Rights Agreement;


 


(3)         agreements
governing other Indebtedness permitted to be incurred under Section 4.09 hereof and any amendments, restatements, modifications,
renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the restrictions therein
either (i) are not materially more restrictive than those contained in agreements governing Indebtedness in effect on the
Issue Date, or (ii) are not materially more disadvantageous to Holders of the Notes than is customary in comparable financings
(as determined by the Company in good faith) and in the case of (ii) either (x) the Company determines (in good faith)
that such encumbrance or restriction will not affect the Company’s ability to make principal or interest payments on the
Notes or (y) such encumbrances or restrictions apply only during the continuance of a Default in respect of payment or a financial
maintenance covenant relating to such Indebtedness;


 


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


 


(5)         any
instrument of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition
(except to the extent such instrument was entered into in connection with or in contemplation of such acquisition), which encumbrance
or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property
or assets of the Person, so acquired;


 




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(6)         customary
provisions in contracts, leases, subleases and licenses entered into in the ordinary course of business;


 


(7)         purchase
money obligations, mortgage financings and Capital Lease Obligations that impose restrictions on the property purchased or leased
of the nature described in clause (3) of Section 4.08(a) hereof;


 


(8)         contracts
for the sale of assets, including any agreement for the sale or other disposition of a Restricted Subsidiary or all or substantially
all of the assets of such Restricted Subsidiary in compliance with the terms of this Indenture pending such sale or other disposition;


 


(9)         Permitted
Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing
Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness
being refinanced;


 


(10)        Secured
Indebtedness otherwise permitted to be incurred pursuant to Section 4.09 hereof and Liens permitted to be incurred pursuant
to the provisions of Section 4.12 hereof, in each case, that limit the right of the debtor to dispose of the assets subject
to such Liens;


 


(11)        provisions
limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback
agreements, stock sale agreements and other similar agreements (including agreements entered into in connection with a Restricted
Investment), which limitation is applicable only to the assets or Persons that are the subject of such agreements;


 


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


 


(13)        provisions
in joint venture agreements and other similar agreements entered into in the ordinary course of business;


 


(14)        any
Restricted Investment not prohibited by Section 4.07 hereof and any Permitted Investment;


 


(15)        customary
provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements of the Company or
any Restricted Subsidiary;


 


(16)        Hedging
Obligations entered into in the ordinary course of business and not for speculative purposes; and


 


(17)        any
encumbrances or restrictions of the type referred to in Section 4.08(a)(1), (2) and (3) hereof imposed by any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments
or obligations referred to in clauses (1) through (16) above;


 




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provided that such amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith
judgment of the Company, not materially more restrictive as a whole with respect to such dividend and other payment restrictions
than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal,
increase, supplement, refunding, replacement or refinancing.


 


Section
4.09.         Incurrence of Indebtedness and Issuance of Preferred Stock.


 


(a)          The
Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”)
any Indebtedness (including Acquired Debt), and the Company will not issue any Disqualified Stock and will not permit any of its
Restricted Subsidiaries to issue any shares of Preferred Stock; provided, however, that the Company may incur Indebtedness
(including Acquired Debt) or issue Disqualified Stock, and any Guarantor may incur Indebtedness (including Acquired Debt) or issue
Preferred Stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full 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 such Preferred Stock is issued, as the case may be, would have been at least 2.0 to 1.0, 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 the Preferred Stock had been issued, as the case may be, at the beginning of such four-quarter
period.


 


(b)          The
provisions of Section 4.09(a) hereof will not prohibit the incurrence of any of the following (collectively, “Permitted
Debt”):


 


(1)         the
incurrence by the Company and any Restricted Subsidiary of the Company of Indebtedness and letters of credit and bankers’
acceptances under Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (1) (with
letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the maximum potential liability
of the Company and its Restricted Subsidiaries thereunder) not to exceed (i) the greater of (a) $355 million and (b) the
maximum principal amount of Secured Indebtedness that could be incurred such that after giving effect to such incurrence the Secured
Leverage Ratio would be no greater than 4.0 to 1.0, plus (ii) in the case of any refinancing of any Indebtedness permitted
under this clause (1) or any portion thereof, the aggregate amount of customary underwriting discounts, premiums and other
costs and expenses incurred in connection with such refinancing;


 


(2)         the
incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness (other than Indebtedness described in clauses (1)
and (3) of this Section 4.09(b));


 


(3)         the
incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Note Guarantees to be issued
on the Issue Date


 




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and any Exchange Notes and related
Note Guarantees issued pursuant to the Registration Rights Agreement;


 


(4)         Indebtedness
incurred by the Company or any of its Restricted Subsidiaries, including Indebtedness represented by Capital Lease Obligations,
mortgage financings or purchase money obligations (including such Indebtedness as lessee or guarantor), in each case, incurred
for the purpose of financing all or any part of the acquisition, lease or cost of design, construction, installation or improvement
of property, plant or equipment used or useful in a Permitted Business, whether through the direct purchase of assets or the Capital
Stock of any Person owning such assets, in an aggregate principal amount, including all Indebtedness incurred to renew, refund,
refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (4), not to exceed the greater
of (a) $20.0 million and (b) 2.0% of Total Assets at the time of incurrence, at any one time outstanding;


 


(5)         the
incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net
proceeds of which are used to renew, refund, refinance, replace, defease or discharge, any Indebtedness (other than intercompany
Indebtedness) that was permitted by this Indenture to be incurred under Section 4.09(a) hereof or clauses (2), (3), this
clause (5) or clause (13) of this Section 4.09(b);


 


(6)         the
incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any
of its Restricted Subsidiaries; provided, however, that:


 


(A)         if
the Company or any Guarantor is the obligor on such Indebtedness and the payee is not the Company or a Guarantor, such Indebtedness
must be unsecured and expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the
Notes, in the case of the Company, or the Note Guarantee, in the case of a Guarantor; and


 


(B)         (i) any
subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the
Company or a Restricted Subsidiary of the Company, and (ii) any sale or other transfer of any such Indebtedness to a Person
that is not either the Company or a Restricted Subsidiary of the Company, will be deemed, in each case, to constitute an issuance
of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (6);


 


(7)         the
issuance by any of the Company’s Restricted Subsidiaries to the Company or to any Restricted Subsidiary of the Company of
shares of Preferred Stock; provided, however, that:


 


(A)         any
subsequent issuance or transfer of Equity Interests that results in any such Preferred Stock being held by a Person other than
the Company or a Restricted Subsidiary of the Company; and


 




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(B)         any
sale or other transfer of any such Preferred Stock to a Person that is not either the Company or a Restricted Subsidiary of the
Company,


 


will be deemed, in each case, to constitute an issuance
of such Preferred Stock by such Restricted Subsidiary that was not permitted by this clause (7);


 


(8)         the
incurrence by the Company or any of the Company’s Restricted Subsidiaries of Hedging Obligations in the ordinary course of
business and not for speculative purposes;


 


(9)         the
Guarantee by the Company or any Restricted Subsidiary of the Company of Indebtedness of the Company or a Restricted Subsidiary
of the Company, in each case, to the extent that the guaranteed Indebtedness was permitted to be incurred by another provision
of this Section 4.09; provided that if the Indebtedness being guaranteed is subordinated to or pari passu with
the Notes, then the Guarantee must be subordinated or pari passu, as applicable, to the same extent as the Indebtedness
guaranteed;


 


(10)        the
incurrence by the Company or any of the Company’s Restricted Subsidiaries of Indebtedness in respect of letters of credit,
bank guarantees, workers’ compensation claims, self-insurance obligations, bankers’ acceptances, guarantees, performance,
surety, statutory, bid, appeal, completion, export or import, indemnities, customs, revenue bonds or similar instruments in the
ordinary course of business, including guarantees or obligations with respect thereto (in each case other than for an obligation
for money borrowed); provided, however that upon the drawing of any letters of credit, such obligations are reimbursed
within 30 days following such drawing;


 


(11)        the
incurrence by the Company or any of the Company’s Restricted Subsidiaries of Indebtedness arising from the honoring by a
bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so
long as such Indebtedness is covered within 60 Business days and any Indebtedness arising from Treasury Management Arrangements
incurred in the ordinary course of business;


 


(12)        the
incurrence by Subsidiaries that are not Guarantors of Indebtedness in an aggregate principal amount not to exceed the greater of
(a) $25.0 million and (b) 3.0% of Total Assets (or the equivalent thereof, measured at the time of each incurrence, in the applicable
foreign currency), at any one time outstanding;


 


(13)        Indebtedness
of any Person outstanding on the date such Person was acquired by the Company or a Restricted Subsidiary of the Company or was
merged with or into or consolidated with the Company or a Restricted Subsidiary of the Company; provided that, on the date
that such Person is acquired by the Company or a Restricted Subsidiary of the Company and after giving effect to the incurrence
of such Indebtedness and the acquisition of such Person pursuant to this clause (13), the Company would have been able to
incur $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a) hereof;


 




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(14)        the
incurrence by the Company or its Restricted Subsidiaries of Indebtedness arising from agreements providing for indemnification,
adjustment of purchase price, earn-out or similar obligations, incurred in connection with the acquisition or disposition of any
business, assets or Restricted Subsidiary of the Company (other than Guarantees of Indebtedness incurred by any Person acquiring
all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition) or other investment
in a business or Person, so long as, in the case of any disposition, the principal amount of such Indebtedness does not exceed
the gross proceeds (including non-cash proceeds) actually received by the Company or any Restricted Subsidiary of the Company in
connection with such transactions;


 


(15)        the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising in connection with endorsement of instruments
for collection or deposit in the ordinary course of business;


 


(16)        the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness consisting of obligations to pay insurance premiums
in an amount not to exceed the annual premiums in respect of such insurance premiums at any one time outstanding;


 


(17)        Indebtedness
of the Company or any of its Restricted Subsidiaries, the proceeds of which are applied to defease or discharge the Notes pursuant
to Articles 8 or 11 hereof;


 


(18)        take-or-pay
obligations contained in supply arrangements entered into by the Company or a Restricted Subsidiary of the Company in the ordinary
course of business;


 


(19)        Indebtedness
related to unfunded pension fund and other employee benefit plan obligations and liabilities to the extent they are permitted to
remain unfunded under applicable law;


 


(20)        the
incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness or the issuance by the Company of Disqualified
Stock or the issuance by any Restricted Subsidiary of Preferred Stock in an aggregate principal amount (or accreted value, as applicable)
or liquidation value at any time outstanding, including all Indebtedness incurred to renew, refund, refinance, replace, defease
or discharge any Indebtedness or liquidation value incurred pursuant to this clause (20), not to exceed the greater of (a) $25.0
million and (b) 2.5% of Total Assets at the time of incurrence, at any one time outstanding, provided that any Indebtedness
or Disqualified Stock incurred or issued pursuant to this clause (20) shall cease to be deemed incurred or outstanding for
purposes of this clause (20) but shall be deemed incurred for purposes of Section 4.09(a) hereof from and after the first
date on which the Company or the related Restricted Subsidiary could have incurred such Indebtedness or issued such Disqualified
Stock under Section 4.09(a) hereof without reliance on this clause (20);


 




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(21)        Indebtedness
of the Company or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to the Credit Agreement in
a principal amount not in excess of the stated amount of such letter of credit;


 


(22)        the
incurrence by the Company or any of the Company’s Restricted Subsidiaries of Indebtedness owed to any supplier or vendor
of inventory incurred to finance the acquisition of inventory from such supplier or vendor; provided, that, immediately after giving
effect to any incurrence of Indebtedness under this clause (22) on any date of determination, the aggregate principal amount of
Indebtedness outstanding under this clause (22) at any time does not exceed the greater of (a) $20.0 million and (b) 2.0% of Total
Assets; and


 


(23)        unsecured
Indebtedness owing to sellers to finance any Permitted Investment pursuant to clause (3) of the definition of “Permitted
Investments;” provided, that the aggregate principal amount of Indebtedness outstanding under this clause (23) at any time
does not exceed the greater of (a) $20.0 million and (b) 2.0% of Total Assets.


 


The Company will not incur, and will not
permit any Guarantor to incur, any Indebtedness (including Permitted Debt but excluding intercompany Indebtedness) that is contractually
subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually
subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided,
however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness
of the Company solely by virtue of being unsecured or by virtue of being secured on a junior priority basis.


 


For purposes of determining compliance with
this Section 4.09, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted
Debt described in clauses (1) through (23) above, or is entitled to be incurred pursuant to Section 4.09(a) hereof, the
Company will be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion
of such item of Indebtedness, in any manner that complies with this Section 4.09; provided that Indebtedness under
Credit Facilities outstanding on the date on which the Notes are first issued and authenticated under this Indenture will be deemed
to have been incurred in reliance on the exception provided by clause (1) of the definition of “Permitted Debt”
and may not be later reclassified. The accrual of interest or Preferred Stock dividends, the accretion or amortization of original
issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification
of Preferred Stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Preferred Stock or
Disqualified Stock in the form of additional shares of Preferred Stock or Disqualified Stock will not be deemed to be an incurrence
of Indebtedness or an issuance of Preferred Stock or Disqualified Stock for purposes of this Section 4.09 or Section 4.12
hereof; provided, in each such case, that the amount thereof shall be included in Fixed Charges of the Company as accrued.
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 utilized, calculated based on the
relevant currency exchange rate in effect on the date such Indebtedness was incurred. Notwithstanding any other provision
of this Section 4.09, the maximum amount of


 




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 Indebtedness that the Company or any Restricted Subsidiary of the Company may
incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates
or currency values following the incurrence of such Indebtedness.


 


The amount of any Indebtedness outstanding
as of any date will be:


 


(1)         the
accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;


 


(2)         the
principal amount of the Indebtedness, in the case of any other Indebtedness; and


 


(3)         in
respect of Indebtedness of another Person secured by a Lien on the assets of the specified Person, the lesser of:


 


(A)         the
Fair Market Value of such assets at the date of determination; and


 


(B)         the
amount of the Indebtedness of the other Person.


 


Section
4.10.         Asset Sales.


 


(a)          The
Company will not, and will not permit any of the Company’s Restricted Subsidiaries to, consummate an Asset Sale unless:


 


(1)         the
Company (or the 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) at the time of the Asset Sale at least equal to the
Fair Market Value (measured as of the date of the definitive agreement with respect to such Asset Sale) of the assets or Equity
Interests issued or sold or otherwise disposed of; and


 


(2)         except
in the case of a Permitted Asset Swap, at least 75% of the consideration received in the Asset Sale by the Company or such Restricted
Subsidiary is in the form of cash or Cash Equivalents. For purposes of this provision, each of the following will be deemed to
be cash:


 


(A)         any
liabilities, as shown on the Company’s most recent consolidated balance sheet or the notes thereto, of the Company or any
Restricted Subsidiary of the Company (other than liabilities that are by their terms subordinated to the Notes or any Note Guarantee)
that are assumed by the transferee of any such assets pursuant to a customary novation or indemnity agreement that releases the
Company or such Restricted Subsidiary from or indemnifies against further liability;


 


(B)         any
securities, notes or other obligations received by the Company or any such Restricted Subsidiary of the Company from such transferee
that are,


 




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within 365 days, converted by
the Company or such Restricted Subsidiary into cash, to the extent of the cash received in that conversion;


 


(C)


 


(i)          any
Designated Non-cash Consideration received by the Company or a Restricted Subsidiary in connection with the sale or contribution
of assets by the Company or a Restricted Subsidiary to a joint venture, provided, however, that (x) any such Designated Non-cash
Consideration that is converted into cash or Cash Equivalents shall be treated as Net Proceeds in the manner set forth below and
(y) in the event such Designated Non-cash Consideration is an Investment (other than in the form of Indebtedness), such Designated
Non-cash Consideration shall be deemed to have been acquired and consequently reduce amounts available under clause (18) or (26)
of the definition of “Permitted Investments,” as determined by the Company; and


 


(ii)         any
Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having an aggregate
Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (ii) that
is at that time outstanding, not to exceed the greater of (x) $20.0 million and (y) 2.0% 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);


 


(D)         consideration
consisting of Indebtedness of the Company or any Restricted Subsidiary of the Company that is not subordinated Indebtedness; and


 


(E)         Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Company
and each other Restricted Subsidiary are released from any payment obligations with respect to such Indebtedness or any Guarantee
of payment of such Indebtedness in connection with such Asset Sale.


 


(b)          Within
365 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted Subsidiary, as
the case may be) may apply such Net Proceeds:


 


(1)         to
reduce Indebtedness and other Obligations under or pursuant to a Credit Facility or any Secured Indebtedness (unless the Notes
are then secured by a priority or pari passu lien) of the Company or any Restricted Subsidiary and, if the Indebtedness
repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto if and to the extent such commitment
reduction is required pursuant to the terms of such Credit Facility;;


 






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(2)         to reduce Indebtedness
and other Obligations of a Restricted Subsidiary that is not a Guarantor (other than Indebtedness owed to the Company or a Restricted
Subsidiary of the Company);


 


(3)         to repay (i) Indebtedness
or other Obligations of the Company that rank pari passu with the Notes or (ii) Indebtedness and other Obligations
of a Guarantor that rank pari passu with such Guarantor’s Note Guarantee (other than Indebtedness owed to the Company
or a Restricted Subsidiary of the Company); provided that the Company shall equally and ratably redeem or repurchase the
Notes pursuant to Section 3.07 hereof, or by making an offer (in accordance with the procedures set forth below for an Asset
Sale Offer) to all Holders to purchase the Notes at 100% of the principal amount thereof, plus accrued and unpaid interest, if
any, to but not including the date of repayment;


 


(4)         to acquire all or substantially
all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital
Stock, the Permitted Business is or becomes a Restricted Subsidiary of the Company;


 


(5)         to make a capital expenditure
or Permitted Investments;


 


(6)         to make an investment in
furtherance of a Permitted Business; or


 


(7)         any combination of the
foregoing.


 


The Company will be deemed to have complied
with the provisions set forth in clause (4), (5) and (6) of this Section 4.10(b) if within 365 days after the Asset
Sale that generated the Net Proceeds, the Company (or the applicable Restricted Subsidiary) has entered into and not abandoned
or rejected a binding agreement to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted
Business or to make a capital expenditure, Permitted Investment in Investment in furtherance of a Permitted Business and that Investment,
Permitted Investment or capital expenditure is thereafter completed within 180 days after the end of such 365-day period.


 


Pending the final application of any Net
Proceeds, the Company (or the applicable Restricted Subsidiary) may temporarily reduce revolving credit borrowings or otherwise
invest the Net Proceeds in any manner that is not prohibited by this Indenture.


 


(c)          Any Net Proceeds from Asset Sales
that are not applied or invested as provided in Section 4.10(b) hereof will constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $20.0 million, within 30 days thereof, the Company will make an Asset
Sale Offer to all Holders of Notes and all holders of Indebtedness of the Company that ranks pari passu with the Notes and
containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or redeem with the
proceeds of sales of assets to purchase, prepay or redeem on a pro rata basis the maximum principal amount (or accreted
value, if applicable) of Notes and such other pari passu Indebtedness (plus all accrued interest on the Indebtedness and
the amount of all fees and expenses, including premiums, incurred in connection therewith) that may be purchased, prepaid or redeemed
out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount, plus


 




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accrued and unpaid interest and Additional
Interest, if any, to but not including the date of purchase, prepayment or redemption, subject to the rights of Holders of Notes
on a relevant record date to receive interest due on an interest payment date occurring on or prior to the Purchase Date, and will
be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds
for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu
Indebtedness tendered in (or required to be prepaid or redeemed in connection with) such Asset Sale Offer exceeds the amount of
Excess Proceeds, the Company will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata
basis, based on the amounts tendered or required to be prepaid or redeemed, and thereafter the Trustee will select the Notes to
be purchased on a pro rata basis based on the amount tendered (with, in each case, such adjustments as may be deemed appropriate
by the Company or the Trustee, as applicable, so that only Notes in denominations of $1,000, or an integral multiple of $1,000
in excess thereof, will be purchased, provided that any unpurchased portion of a Note must be in a minimum denomination
of $2,000). Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.


 


(d)          The Company will comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To
the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 hereof
or this Section 4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed
to have breached its obligations under Section 3.09 hereof or this Section 4.10 by virtue of such compliance.


 


Section
4.11.       Transactions with Affiliates.


 


(a)          The Company will not, and will not
permit any of its Restricted Subsidiaries to, make any payment to or sell, lease, transfer or otherwise dispose of any of its properties
or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding,
loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”)
involving aggregate payments or consideration in excess of $1.0 million, unless:


 


(1)         the Affiliate Transaction
is on terms that are not materially less favorable to the Company, taken as a whole, or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated
Person;


 


(2)         with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $15.0 million, the Company
delivers to the Trustee a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying
that such Affiliate Transaction complies with clause (1) of this Section 4.11(a); and


 


(3)         with respect to any Affiliate
Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $30.0 million, the Company


 




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delivers to the Trustee an opinion
as to the fairness to the Company or such Restricted Subsidiary of such Affiliate Transaction from an Independent Financial Advisor.


 


(b)          The following items will not
be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of Section 4.11(a) hereof:


 


(1)         any employment agreement,
consulting agreement, severance agreement, employee benefit plan, compensation arrangement, officer or director indemnification
agreement or any similar arrangement entered into by, or policy of, the Company or any of its Restricted Subsidiaries and payments
pursuant thereto;


 


(2)         transactions between or
among the Company and/or its Restricted Subsidiaries;


 


(3)         transactions with a Person
(other than an Unrestricted Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly
or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person;


 


(4)         payment of fees and reimbursements
of expenses (pursuant to indemnity arrangements or otherwise) of officers, directors, employees or consultants of the Company or
any of its Restricted Subsidiaries or any direct or indirect parent of the Company;


 


(5)         any issuance of Equity
Interests (other than Disqualified Stock) of the Company or any direct or indirect parent company of the Company to Affiliates
of the Company;


 


(6)         (a) Restricted Payments
that do not violate Section 4.07 hereof and (b) Permitted Investments;


 


(7)         sales of Equity Interests
of the Company or any direct or indirect parent of the Company to Affiliates of the Company or its Restricted Subsidiaries not
otherwise prohibited by this Indenture and the granting of registration and other customary rights in connection therewith;


 


(8)         transactions with an Affiliate
where the only consideration paid is Qualifying Equity Interests of the Company;


 


(9)         transactions in which the
Company 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 (i) is fair to the Company or such Restricted Subsidiary from a financial point of view
or (ii) meets the requirements of Section 4.11(a)(1) hereof;


 


(10)        payments or loans (or
cancellation of loans) to employees or consultants in the ordinary course of business;


 


(11)       any agreement as in effect
as of the Issue Date or any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole,
is


 




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not more disadvantageous to the
Holders of the Notes in any material respect than the original agreement as in effect on the Issue Date) or any transaction contemplated
thereby;


 


(12)        transactions with joint
ventures or Unrestricted Subsidiaries entered into in the ordinary course of business;


 


(13)        any contributions to the
common equity capital of the Company;


 


(14)        pledges of Equity Interests
of Unrestricted Subsidiaries;


 


(15)        the issuances of securities
or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment arrangements, stock
option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of the Company or any direct
or indirect parent of the Company, or of a Restricted Subsidiary of the Company, as appropriate, in good faith;


 


(16)        the entry into any tax-sharing
arrangements between the Company or any of its Restricted Subsidiaries and any of their direct or indirect parents; provided,
however, that any payment made by the Company or any of its Restricted Subsidiaries under such tax-sharing arrangements
is, at the time made, otherwise permitted by Section 4.07 hereof;


 


(17)        transactions with customers,
clients, lessors, landlords, suppliers, contractors, or purchasers or sellers of goods or services that are Affiliates, in each
case, in the ordinary course of business and otherwise in compliance with the terms of this Indenture which are fair to the Company
and its Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Company; and


 


(18)        transactions between the
Company and any of the Company’s Restricted Subsidiaries and any Person a director of which is also a director of the Company
or any direct or indirect parent of the Company; provided, however, that such director abstains from voting as a
director of the Company.


 


Section
4.12.       Liens.


 


(a)          The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or assume any Lien of any kind securing Indebtedness
on any asset now owned or hereafter acquired, except Permitted Liens, unless:


 


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


 


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


 




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(b)         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 (1) and (2) of Section 4.12(a) hereof.


 


Section
4.13.       Corporate Existence.


 


Subject to Article 5 hereof, the Company
shall do or cause to be done all things necessary to preserve and keep in full force and effect:


 


(1)         its corporate existence,
and the corporate, partnership or other existence of each of the Company’s Restricted Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary;
and


 


(2)         the rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries;


 


provided, however, that the Company shall not
be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of the Company’s
Subsidiaries, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole.


 


Section
4.14.       Offer to Repurchase Upon Change of Control.


 


(a)          If a Change of Control occurs, each
Holder of Notes will have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple
of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer (a “Change of Control Offer”)
on the terms set forth in this Indenture (provided, that any unpurchased portion of a Note must be in a minimum denomination
of $2,000) at a purchase price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal
amount of Notes repurchased, plus accrued and unpaid interest and Additional Interest, if any, on the Notes repurchased to but
excluding the date of purchase (the “Change of Control Payment Date”), subject to the rights of Holders of Notes
on a relevant record date to receive interest due on an interest payment date occurring on or prior to the Change of Control Payment
Date (it being understood that to the extent any cash proceeds of a Change of Control are required to prepay the Obligations under
the Credit Agreement pursuant to the terms thereof, the Company will be required to first apply such cash proceeds to prepay such
Obligations under the Credit Agreement but the Company will still be required to make a Change of Control Offer as set forth in
this Section 4.14). Within 30 days following any Change of Control, except to the extent the Company has delivered notice
to the Trustee of its intention to redeem Notes pursuant to Section 3.07 hereof, the Company will mail a notice to each Holder
(sending a copy simultaneously to the Trustee) describing the transaction or transactions that constitute the Change of Control
and stating:


 


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


 




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(2)         the purchase price and
the Change of Control Payment Date, which shall be no earlier than 30 days and no later than 60 days from the date such
notice is mailed;


 


(3)         that any Note not tendered
will continue to accrue interest;


 


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


 


(5)         that Holders electing to
have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, with the form entitled
“Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying
Agent 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;


 


(6)         that Holders will be entitled
to withdraw their election if the Paying Agent receives, not later than the close of business on the fifth Business day preceding
the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the
principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes
purchased; and


 


(7)         that Holders whose Notes
are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered,
which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof.


 


The Company will comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws
and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent
that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.14, the Company
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
this Section 4.14 by virtue of such compliance.


 


(b)          On the Change of Control Payment
Date, the Company will, to the extent lawful:


 


(1)         accept for payment all
Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;


 


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


 


(3)         deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal
amount of Notes or portions of Notes being purchased by the Company.


 




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The Paying Agent will promptly mail to each
Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Company will execute, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to each Holder, a new Note equal in principal amount
to any unpurchased portion of the Notes surrendered, if any. The Company will publicly announce the results of the Change of Control
Offer on or as soon as practicable after the Change of Control Payment Date.


 


(c)          Notwithstanding anything to the contrary
in this Section 4.14, the Company will not be required to make a Change of Control Offer upon a Change of Control if (1) 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 Section 4.14 and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer,
or (2) notice of redemption has been given to the Trustee pursuant to Section 3.07 hereof, unless and until there is
a default in payment of the applicable redemption price.


 


(d)         Notwithstanding anything to the contrary
contained herein, a Change of Control Offer may be made in advance of a Change of Control, or conditioned upon the consummation
of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer
is made.


 


Section
4.15.       Additional Note Guarantees.


 


If the Company or any of its Restricted
Subsidiaries acquires or creates another Wholly Owned Restricted Subsidiary that is a Domestic Subsidiary that guarantees payment
by the Company of Indebtedness under any Credit Facility (including, for the avoidance of doubt, any Indebtedness that would satisfy
clause (2) of the definition of “Indebtedness”) after the Issue Date, then that newly acquired or created Wholly
Owned Restricted Subsidiary that is a Domestic Subsidiary will become a Guarantor and execute a supplemental indenture substantially
in the form of Exhibit F hereto within 30 days of the date on which it guarantees such Indebtedness; provided
that the foregoing shall not apply to Subsidiaries that have been properly designated as Unrestricted Subsidiaries in accordance
with Section 4.16 hereof.


 


Section
4.16.       Designation of Restricted and Unrestricted Subsidiaries.


 


The Board of Directors of the Company may
designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted
Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by
the Company and its Restricted Subsidiaries in the Subsidiary designated as Unrestricted will be deemed to be an Investment made
as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.07 hereof or
under one or more clauses of the definition of “Permitted Investments”, as determined by the Company. That designation
will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. Subject to the next succeeding paragraph, the Board of Directors of the Company may redesignate
any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default.


 




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Any designation of a Subsidiary of the Company
as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a certified copy of a resolution of the
Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation
complied with the preceding conditions and was permitted by Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary
would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary
for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary
of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09
hereof, the Company will be in default of Section 4.09 hereof. The Board of Directors of the Company may at any time designate
any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will be deemed
to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted
Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted by Section 4.09 hereof,
calculated on a pro forma basis as if such designation had occurred at the beginning of the applicable reference period; and (2) no
Default or Event of Default would be in existence following such designation.


 


Section
4.17.       Changes in Covenants When Notes Rated Investment Grade.


 


If on any date following the Issue Date:


 


(1)         the Notes are rated Baa3
or better by Moody’s and BBB- or better by S&P (or, if either such entity ceases to rate the Notes for reasons outside
of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical
rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement
agency); and


 


(2)         no Default or Event of
Default shall have occurred and be Continuing,


 


then, beginning on that day and Continuing at all times
thereafter and subject to the provisions of the following paragraph, Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.15 and 5.01(4)
hereof (collectively, the “Suspended Covenants”) will be suspended.


 


During any period that the Suspended Covenants
have been suspended, the Company’s Board of Directors may not designate any of its Subsidiaries as Unrestricted Subsidiaries
pursuant to Section 4.16 hereof unless the Company’s Board of Directors would have been able, under the terms of this
Indenture, to designate such Subsidiaries as Unrestricted Subsidiaries if the Suspended Covenants were not suspended. Notwithstanding
that the Suspended Covenants may be reinstated, the failure to comply with the Suspended Covenants during the Suspension Period
(including any action taken or omitted to be taken with respect thereto) will not give rise to a Default or Event of Default under
this Indenture.


 


Notwithstanding the foregoing, if the rating
assigned by either such rating agency should subsequently decline to below Baa3 or BBB-, respectively, the Suspended Covenants
will be reinstituted as of and from the date of such rating decline (any such date, a “Reversion Date”). The
period of time between the suspension of covenants as set forth above and the Reversion


 




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Date is referred to as the “Suspension Period.”
All Indebtedness incurred (including Acquired Debt) and Disqualified Stock or preferred stock issued during the Suspension Period
will be deemed to have been incurred or issued in reliance on the exception provided by clause (2) of the definition of Permitted
Debt. Calculations under the reinstated Section 4.07 hereof will be made as if Section 4.07 hereof had been in effect
prior to, but not during, the period that Section 4.07 hereof was suspended as set forth above; provided that any Restricted
Payment made during the Suspension Period shall in no event reduce the amount of Restricted Payments permitted by Section 4.07(a)
below zero; provided, further, for the sake of clarity, that no Default or Event of Default will be deemed to have
occurred solely by reason of a Restricted Payment made while Section 4.07 hereof was suspended. For purposes of determining
compliance with Section 4.10 hereof, the Excess Proceeds from all Asset Sales not applied in accordance with Section 4.10
hereof will be deemed to be reset to zero after the Reversion Date. Subsidiaries that would have been required to grant Note Guarantees
but for a Suspension Period shall grant Note Guarantees upon the Reversion Date.


 


Notwithstanding anything herein to the contrary,
the Company and the Company’s Restricted Subsidiaries may honor any contractual commitments to take actions following a Reversion
Date without causing a Default or Event of Default; provided that such contractual commitments were entered into during
the Suspension Period and not in contemplation of a reversion of the Suspended Covenants.


 


The Company shall deliver promptly to the
Trustee an Officers’ Certificate notifying it of the beginning of any Suspension Period and any Reversion Date.


 


ARTICLE 5


SUCCESSORS


 


Section
5.01.       Merger, Consolidation or Sale of Assets.


 


The Company will not, directly or indirectly:
(1) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation), or (2) sell,
assign, transfer, convey, lease or otherwise dispose of all or substantially all of the properties or assets of the Company and
its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person, unless:


 


(1)         either:


 


(A)        the
Company is the surviving corporation; or


 


(B)         the
Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer,
conveyance, lease or other disposition has been made is an entity organized or existing under the laws of the United States, any
state of the United States or the District of Columbia and, if such entity is not a corporation, a co-obligor of the Notes is a
corporation organized or existing under any such laws;


 


(2)         the Person formed by or
surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer,


 




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conveyance, lease or other disposition
has been made assumes all the Obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement
pursuant to a supplemental indenture substantially in the form of Exhibit F hereto;


 


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


 


(4)         the Company or the Person
formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer,
conveyance, lease or other disposition has been made would, on the date of such transaction after giving pro forma effect thereto
and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted
to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in Section 4.09(a)
hereof; and


 


(5)         other than with respect
to mergers or consolidations of a Guarantor into another Guarantor or the Company, the Company shall deliver to the Trustee an
Officers’ Certificate stating that such consolidation, merger, sale, assignment, transfer, conveyance, lease or other disposition
and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this
Article and that all conditions precedent herein provided for relating to such transaction have been complied with.


 


This Section 5.01 will not apply to
any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company and any Wholly Owned
Restricted Subsidiary of the Company. Clauses (3), (4) and (5) of this Section 5.01 will not apply to (a) any merger
or consolidation of any Restricted Subsidiary with or into the Company or (b) a merger or consolidation of the Company with
or into an Affiliate for the purpose of reincorporating the Company in another jurisdiction so long as the amount of Indebtedness
of the Company and its Restricted Subsidiaries is not increased thereby.


 


Section
5.02.       Successor Corporation Substituted.


 


Upon any consolidation or merger, or any
sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of the
Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, (a) the successor
Person formed by such consolidation or into or with which the Company 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, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company”
shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under
this Indenture with the same effect as if such successor Person had been named as the Company herein; and (b) the Company
or such predecessor Person, as the case may be, (except in the case of a lease) shall be released from its obligations under this
Indenture, the Notes and the Registration Rights Agreement.


 




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ARTICLE 6


DEFAULTS AND REMEDIES


 


Section
6.01.       Events of Default.


 


Each of the following is an “Event
of Default”:


 


(1)         default for 30 days
in the payment when due of interest and Additional Interest, if any, on the Notes;


 


(2)         default in the payment
when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on, the Notes;


 


(3)         failure by the Company
or any of its Restricted Subsidiaries for 60 days after notice by the Trustee to the Company or by the Holders of at least
25% in aggregate principal amount of the Notes then outstanding voting as a single class to the Company and the Trustee to comply
with any of the agreements in this Indenture (other than a default referred to in clause (1) or (2) of this Section 6.01);


 


(4)         default under any mortgage,
indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money
borrowed by the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary (or the payment of which is guaranteed
by the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary), whether such Indebtedness or Guarantee
now exists, or is created after the Issue Date, if that default:


 


(A)        is
caused by a failure to pay principal of, or premium, if any, on any such Indebtedness at final Stated Maturity (after giving effect
to any applicable grace periods) (a “Payment Default”); or


 


(B)         results
in the acceleration of such Indebtedness prior to its express maturity,


 


and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or
the maturity of which has been so accelerated, aggregates $25.0 million or more at any one time outstanding;


 


(5)         failure by the Company
or any of its Restricted Subsidiaries that is a Significant Subsidiary to pay non-consensual final non-appealable judgments entered
by a court or courts of competent jurisdiction aggregating in excess of $15.0 million (other than any judgments covered by indemnities
or insurance policies issued by reputable and creditworthy companies), which judgments are not paid, discharged or stayed, for
a period of 60 days, after the applicable judgment becomes final and non-appealable;


 


(6)         the Company or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together,


 




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would constitute a Significant Subsidiary
pursuant to or within the meaning of Bankruptcy Law:


 


(A)        commences
a voluntary case,


 


(B)         consents
to the entry of an order for relief against it in an involuntary case,


 


(C)         consents
to the appointment of a custodian of it or for all or substantially all of its property,


 


(D)         makes
a general assignment for the benefit of its creditors, or


 


(E)         admits
in writing its inability to pay its debts as they become due;


 


(7)         a court of competent jurisdiction
enters an order or decree under any Bankruptcy Law that:


 


(A)        is
for relief against either of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case;


 


(B)         appoints
a custodian of either of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of
the property of either of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or


 


(C)         orders
the liquidation of either of the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of
Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; and the order or decree
remains unstayed and in effect for 60 consecutive days; or


 


(8)         except as permitted by
this Indenture, any Note Guarantee of a Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid
or ceases for any reason to be in full force and effect (except as contemplated by the terms hereof), or any Guarantor, or any
Person acting on behalf of any Guarantor, denies or disaffirms its Obligations under its Note Guarantee and any such Default continues
for 10 days.


 


Section
6.02.       Acceleration.


 


In the case of an Event of Default specified
in clause (6) or (7) of Section 6.01 hereof, with respect to either of the Company, any Restricted Subsidiary of the
Company that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken


 




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together, would constitute a Significant Subsidiary, all outstanding
Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is Continuing,
the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes by notice to the Company
(with a copy to the Trustee if given by Holders of Notes) may declare all the Notes to be due and payable immediately.


 


The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders of all the Notes, rescind
such an acceleration and its consequences hereunder, if the rescission would not conflict with any judgment or decree and if all
existing Events of Default (except nonpayment of principal of, premium on, if any, or interest or Additional Interest, if any,
on, the Notes that has become due solely because of the acceleration) have been cured or waived and if all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel
have been paid.


 


In the event of a declaration of acceleration
of the Notes because an Event of Default has occurred and is Continuing as a result of the acceleration of any Indebtedness described
in Section 6.01(4) hereof (excluding any resulting Payment Default under this Indenture or the Notes, other than as a result
of such acceleration of the Notes), the declaration of acceleration of the Notes shall be automatically annulled, waived and rescinded
if the holders of all Indebtedness described in Section 6.01(4) hereof have rescinded the declaration of acceleration in respect
of such Indebtedness within 30 days of the date of such declaration of acceleration of the Notes, and if the annulment of
the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction, and all existing
Events of Default, except non-payment of principal or interest on the Notes that became due solely because of the acceleration
of the Notes, have been cured or waived.


 


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 of, premium on, if any, or interest or Additional
Interest, if any, on, the Notes or to enforce the performance of any provision of the Notes or this Indenture.


 


The Trustee may maintain a proceeding even
if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder 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.


 


The Holders of a majority in aggregate principal
amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of the Notes waive any
existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment
of principal of, premium on, if any, or interest or Additional Interest, if any, on, the Notes (including in connection with an
offer to purchase); provided,


 




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however, that the Holders of a majority in aggregate
principal amount of the then outstanding Notes may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.


 


If a Default is deemed to occur solely as
a consequence of the existence of another Default (the “Initial Default”), then, at the time such Initial Default
is cured, the Default that resulted solely because of that Initial Default will also be cured without any further action.


 


Section
6.05.       Control by Majority.


 


Holders of a majority in aggregate principal
amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on it, subject to the Trustee’s rights hereunder (including
Section 7.01(e)). However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee
determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability,
or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of the Notes not joining in the
giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received
from Holders of Notes.


 


Section
6.06.       Limitation on Suits.


 


No Holder of a Note may pursue any remedy
with respect to this Indenture or the Notes unless:


 


(1)         such Holder has previously
given the Trustee written notice that an Event of Default has occurred and is Continuing;


 


(2)         Holders of at least 25%
in aggregate principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy;


 


(3)         such Holder or Holders
offer and, if requested, provide to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss,
liability or expense;


 


(4)         the Trustee does not comply
with such request within 60 days after receipt of the notice, request and the offer of security or indemnity; and


 


(5)         during such 60-day period,
Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent
with such request.


 


A Holder of a Note may not use this Indenture
to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note.


 




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Section
6.07.       Rights of Holders of Notes to Receive Payment.


 


Notwithstanding any other provision of this
Indenture, the right of any Holder of a Note to receive payment of principal of, premium on, if any, or interest or Additional
Interest, if any, on, the Note, on or after the respective due dates expressed or provided for in the Note (including in connection
with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not
be impaired or affected without the consent of such Holder.


 


Section
6.08.       Collection Suit by Trustee.


 


If an Event of Default specified in Section 6.01(1)
or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express
trust against the Company for the whole amount of principal of, premium on, if any, and interest and Additional Interest, if any,
remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as
shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel.


 


Section
6.09.       Restoration of Rights and Remedies.


 


If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been determined 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 or any other proceedings, the Company, the Trustee and the Holders shall be restored severally and respectively
to their former positions hereunder and thereafter all rights and remedies hereunder of the Trustee and the Holders shall continue
as though no such proceeding had been instituted.


 


Section
6.10.       Trustee May File Proofs of Claim.


 


The Trustee is authorized to file such proofs
of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or
its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable
on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay
to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien
on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may
be


 




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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
6.11.       Priorities.


 


If the Trustee collects any money pursuant
to this Article 6, it shall pay out the money in the following order:


 


First: to the Trustee,
its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of collection;


 


Second: to Holders of Notes
for amounts due and unpaid on the Notes for principal, premium, if any, and interest and Additional Interest, if any, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any,
and interest and Additional Interest, if any, respectively; and


 


Third: to the Company or
to such party as a court of competent jurisdiction shall direct.


 


The Trustee, upon written notice to the
Company, may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.11.


 


Section
6.12.      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 6.12 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or
a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes.


 


ARTICLE 7


TRUSTEE


 


Section
7.01.      Duties of Trustee.


 


(a)          If an Event of Default has occurred
and is Continuing, the Trustee will 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.


 




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(b)          Except during the continuance of
an Event of Default:


 


(1)         the duties of the Trustee
will 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


 


(2)         in the absence of bad faith
on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However,
the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture
(however the Trustee shall have no obligation to verify the mathematical calculations contained 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:


 


(1)         this paragraph does
not limit the effect of paragraph (b) of this Section 7.01;


 


(2)         the Trustee will not be
liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent
in ascertaining the pertinent facts; and


 


(3)         the Trustee will not be
liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant
to Section 6.05 hereof.


 


(d)         Whether or not therein expressly
so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and
(c) of this Section 7.01.


 


(e)          No provision of this Indenture will
require the Trustee to advance, expend or risk its own funds or incur any liability. The Trustee will be under no obligation to
exercise any of its rights or powers under this Indenture at the request or direction of any Holders, unless such Holder has offered
to the Trustee reasonable indemnity or security satisfactory to it against any loss, liability or expense.


 


(f)           The Trustee will not be liable for
interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee
need not be segregated from other funds except to the extent required by law. The Trustee shall have no obligation to invest funds
received by it pursuant to this Indenture.


 


Section
7.02.      Rights of Trustee.


 




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(a)          The Trustee may conclusively rely
upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not
investigate any fact or matter stated in the document.


 


(b)          Before the Trustee acts or refrains
from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for
any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee
may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization
and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.


 


(c)          The Trustee may act through its attorneys
and agents and will not be responsible for the misconduct or negligence of any agent appointed with due care.


 


(d)          The Trustee will not be liable for
any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon
it by this Indenture.


 


(e)          Unless otherwise specifically provided
in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the
Company.


 


(f)           The Trustee will be under no obligation
to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless
such Holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee against the losses, liabilities
and expenses that might be incurred by it in compliance with such request or direction.


 


(g)          The Trustee shall not be required
to give any note, bond or surety in respect of the trusts and powers under this Indenture.


 


(h)          The Trustee may request that the
Company deliver an Officers’ 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 Officers’ Certificate may be signed by any person authorized
to sign an Officer’s Certificate, including any person specified as so authorized in such certificate previously delivered
and not superseded.


 


(i)           Except with respect to receipt of
payments of principal and interest on the Notes payable by the Company pursuant to Section 4.01 hereof and any Default or
Event of Default information contained in the Officers’ Certificate delivered to it pursuant to Section 4.04 hereof,
the Trustee shall have no duty to monitor the Company’s compliance with or the breach of any representation, warranty or
covenant made in this Indenture.


 


(j)           Delivery of reports, information
and documents to the Trustee described in Section 4.03 hereof 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 Company’s or the Guarantors’ compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely conclusively on Officer’s


 




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Certificates). The Trustee is under no duty
to examine such reports, information or documents to ensure compliance with the provision of this Indenture or to ascertain the
correctness or otherwise of the information or the statements contained therein.


 


(k)          In no event shall the Trustee be
responsible or liable for special, 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.


 


(l)           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 is received by a Responsible Officer of the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Notes and this Indenture.


 


(m)         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.


 


(n)          Neither the Trustee nor the Registrar
shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or the Private Placement Legend 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.


 


(o)          Any permissive grant of rights or
power to the Trustee hereunder shall not be construed to impose a duty to act.


 


Section
7.03.      Individual Rights of Trustee.


 


The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with
the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest
as defined in the TIA it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee
(if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Sections 7.10 and 7.11 hereof.


 


Section
7.04.      Trustee’s Disclaimer.


 


The Trustee will not be responsible for
and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the
Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under
any provision of this Indenture, it will not be responsible for the use or application of any


 




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money received by any Paying Agent other than the Trustee, and
it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection
with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.


 


Section
7.05.      Notice of Defaults.


 


If a Default or Event of Default occurs
and is Continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a notice of the Default or Event
of Default within 90 days after the Trustee obtains knowledge thereof. Except in the case of a Default or Event of Default
in payment of principal of, premium on, if any, or interest or Additional Interest, if any, on, any Note, the Trustee may withhold
the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders of the Notes.


 


Section
7.06.      Reports by Trustee to Holders of the Notes.


 


(a)          Within 60 days after each October 1
beginning with the October 1 following the Issue Date, and for so long as Notes remain outstanding, the Trustee will mail
to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA §313(a) (but if no event
described in TIA §313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted).
The Trustee also will comply with TIA §313(b)(2). The Trustee will also transmit by mail all reports as required by TIA §313(c).


 


(b)          A copy of each report at the time
of its mailing to the Holders of Notes will be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each
stock exchange on which the Notes are listed in accordance with TIA §313(d). The Company will promptly notify the Trustee
when the Notes are listed on any stock exchange.


 


Section
7.07.      Compensation and Indemnity.


 


(a)          The Company will pay to the Trustee
from time to time reasonable compensation for its acceptance of this Indenture and services hereunder in accordance with a written
schedule provided by the Trustee to the Company. The Trustee’s compensation will not be limited by any law on compensation
of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable out-of pocket
disbursements, advances and expenses incurred or made by it in addition to the compensation for its services except for any such
disbursements, advance or expense as shall have been caused by the Trustee’s negligence or willful misconduct. Such expenses
will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.


 


(b)          The Company and the Guarantors will
indemnify on a joint and several basis the Trustee (including its officers, directors, employees and agents) against any and all
losses, liabilities, claims or expenses (including, without limitation, reasonable and documented attorneys’ fees and expenses)
incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including
the reasonable costs and expenses of enforcing this Indenture against the Company and the Guarantors (including this Section 7.07)
and defending itself against any claim (whether asserted by the Company, the Guarantors, any


 




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Holder or any other Person) or liability in
connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability
or expense is attributable to its negligence or willful misconduct. The Trustee will notify the Company 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
Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor will
defend the claim and the Trustee will reasonably cooperate in the defense. The Trustee may have separate counsel and the Company
will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made
without its consent, which consent will not be unreasonably withheld.


 


(c)          The obligations of the Company and
the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture and the resignation or
removal of the Trustee.


 


(d)          To secure the Company’s and
the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien prior to the Notes on all money
or property held or collected by the Trustee, except that held in trust to pay principal of, premium on, if any, or interest or
Additional Interest, if any, on, particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture and
the resignation or removal of the Trustee.


 


(e)          Without prejudice to any other rights
available to the Trustee under applicable law, when the Trustee incurs expenses or renders services after an Event of Default specified
in clauses (6) and (7) of Section 6.01 hereof occurs, the expenses and the compensation for the services (including the
fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.


 


Section
7.08.      Replacement of Trustee.


 


(a)          A resignation or removal of the Trustee
and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section 7.08.


 


(b)          The Trustee may resign at any time
and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount
of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove
the Trustee if:


 


(1)         the Trustee fails to comply
with Section 7.10 hereof;


 


(2)         the Trustee is adjudged
a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;


 


(3)         a custodian or public officer
takes charge of the Trustee or its property; or


 


(4)         the Trustee becomes incapable
of acting.


 




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(c)          If the Trustee resigns or is removed
or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year
after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes
may appoint a successor Trustee to replace the successor Trustee appointed by the Company.


 


(d)          If a successor Trustee does not take
office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders
of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent jurisdiction for
the appointment of a successor Trustee.


 


(e)          If the Trustee, after written request
by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.


 


(f)           A successor Trustee will deliver
a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the
retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under
this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer
all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and
subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Company’s and the Guarantors’ obligations under Section 7.07 hereof will continue for the
benefit of the retiring Trustee.


 


Section
7.09.      Successor Trustee by Merger, etc.


 


If the Trustee consolidates, merges or converts
into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation
without any further act will be the successor Trustee.


 


Section
7.10.      Eligibility; Disqualification.


 


There will at all times be a Trustee hereunder
that is a corporation or national banking association organized and doing business under the laws of the United States of America
or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision
or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth
in its most recent published annual report of condition.


 


This Indenture will always have a Trustee
who satisfies the requirements of TIA §310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b).


 


Section
7.11.      Preferential Collection of Claims Against the Company.


 


The Trustee is subject to TIA §311(a),
excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed shall be subject to
TIA §311(a) to the extent indicated therein.


 




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ARTICLE 8


LEGAL DEFEASANCE AND COVENANT
DEFEASANCE


 


Section
8.01.      Option to Effect Legal Defeasance or Covenant Defeasance.


 


The Company may at any time, at the option
of the Company’s Board of Directors evidenced by resolutions set forth in an Officers’ Certificate, elect to have either
Section 8.02 or 8.03 hereof applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.


 


Section
8.02.      Legal Defeasance and Discharge.


 


Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will, 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 (including the Note Guarantees) on the date the conditions set forth below are satisfied
(hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors
will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees),
which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other Obligations under
such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute
proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder:


 


(1)         the rights of Holders of
outstanding Notes to receive payments in respect of the principal of, premium on, if any, and interest or Additional Interest,
if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof;


 


(2)         the Company’s Obligations
with respect to such Notes under Article 2 and Section 4.02 hereof;


 


(3)         the rights, powers, trusts,
duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith
(including, without limitation, those contained in Article 7 hereof); and


 


(4)         this Article 8.


 


Subject to compliance with this Article 8,
the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of their option under Section 8.03
hereof.


 


Section
8.03.      Covenant Defeasance.


 


Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, the Company and each of the Guarantors will, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the
covenants contained in Sections 4.03, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.14, 4.15, 4.16 hereof


 




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and clauses (3) and (4) of Section 5.01 hereof with
respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
“Covenant Defeasance”), the Note Guarantees will be released pursuant to Section 10.05 hereof and the Notes
and Note Guarantees will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent
or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to
be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes and Note Guarantees will
not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding
Notes and Note Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply will 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 Note Guarantees will be unaffected thereby. In addition, upon
the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(3) (to the extent relating to the covenants
that are subject to Covenant Defeasance), (4), (5) and (8) hereof will not constitute Events of Default.


 


Section
8.04.      Conditions to Legal or Covenant Defeasance.


 


In order to exercise either Legal Defeasance
or Covenant Defeasance under either Section 8.02 or 8.03 hereof:


 


(1)         the Company must irrevocably
deposit with the Trustee, in trust, for the benefit of the Holders, (x) cash in U.S. dollars in an amount, (y) non-callable
Government Securities, the scheduled payments of principal of and interest thereon will be in an amount, or (z) a combination
thereof in amounts, as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of
independent public accountants, to pay the principal of, premium on, if any, and interest and Additional Interest, if any, on,
the outstanding Notes on the stated dates for payment of principal thereof and interest thereon or on the applicable redemption
date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date for payment or
to a particular redemption date;


 


(2)         in the case of an election
under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that:


 


(A)        the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or


 


(B)         since
the Issue Date, there has been a change in the applicable federal income tax law,


 




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in either case to the effect that, and based thereon
such Opinion of Counsel will confirm that, the Holders of the outstanding 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;


 


(3)         in the case of an election
under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that the Holders of the outstanding 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 time as would have been the case if such Covenant Defeasance had not occurred;


 


(4)         no Default or Event of
Default has occurred and is Continuing on the date of such deposit (other than a Default or Event of Default resulting from the
borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness), and the granting
of Liens to secure such borrowings);


 


(5)         such Legal Defeasance or
Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument
(other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which
the Company or any of the Guarantors is a party or by which the Company or any of the Guarantors is bound;


 


(6)         the Company must deliver
to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring
the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any
creditors of the Company or others; and


 


(7)         the Company must deliver
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to
the Legal Defeasance or the Covenant Defeasance have been complied with.


 


Section
8.05.      Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions.


 


Subject to Section 8.06 hereof, all
money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04
hereof in respect of the outstanding Notes will 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 Company acting as
Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest and Additional Interest, if any, but such money need not be segregated from other funds
except to the extent required by law.


 




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The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Notes.


 


Notwithstanding anything in this Article 8
to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or
non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the
opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.


 


Section
8.06.      Repayment to the Company.


 


Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium on, if any, or interest or
Additional Interest, if any, on, any Note and remaining unclaimed for two years after such principal, premium, if any, or
interest or Additional Interest, if any, has become due and payable shall be paid to the Company on its request or (if then held
by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the
Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability
of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Company cause to be published once, in The New York
Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified
therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such
money then remaining will be repaid to the Company.


 


Section
8.07.      Reinstatement.


 


If the Trustee or Paying Agent is unable
to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case
may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Company’s and the Guarantors’ obligations under this Indenture and the Notes and the Note
Guarantees will 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, however, that, if the Company makes any payment of principal of, premium on, if any,
or interest or Additional Interest, if any, on, any Note following the reinstatement of its obligations, the Company will be subrogated
to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.


 




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ARTICLE 9


AMENDMENT, SUPPLEMENT
AND WAIVER


 


Section
9.01.      Without Consent of Holders of Notes.


 


Notwithstanding Section 9.02 hereof,
without the consent of any Holder of Notes, the Company and the Trustee may amend or supplement this Indenture, the Notes or the
Note Guarantees:


 


(1)         to cure any ambiguity,
mistake, defect or inconsistency;


 


(2)         to provide for uncertificated
Notes in addition to or in place of certificated Notes;


 


(3)         to provide for the assumption
of the Company’s or any Guarantor’s Obligations to the Holders of the Notes and Note Guarantees by a successor to the
Company of such Guarantor pursuant to Article 5 or Article 10 hereof;


 


(4)         to make any change that
would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights
hereunder of any Holder in any material respects;


 


(5)         to comply with requirements
of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;


 


(6)         to conform the text of
this Indenture, the Notes or the Note Guarantees to any provision of the “Description of the Notes” section of the
Offering Memorandum;


 


(7)         to provide for the issuance
of the Exchange Notes pursuant to the Registration Rights Agreement and the issuance of Additional Notes in accordance with the
limitations set forth in this Indenture as of the Issue Date;


 


(8)         to allow any Guarantor
to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes in accordance with the terms of this Indenture,
to add security to or for the benefit of the Notes, or to confirm and evidence the release, termination or discharge of any Note
Guarantee or Lien with respect to or securing the Notes when such release, termination or discharge is provided for under this
Indenture; or


 


(9)         to evidence and provide
for the acceptance and appointment under this Indenture of a successor trustee pursuant to the requirements therefor.


 


Upon the request of the Company, and upon
receipt by the Trustee of the documents described in Section 7.02, 9.06, 12.04 and 12.05 hereof, the Trustee will join with
the Company and any Guarantor in the execution of any amended or supplemental indenture authorized or permitted by the terms of
this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will
not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this
Indenture or otherwise.


 




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Section
9.02.      With Consent of Holders of Notes.


 


Except as provided below in this Section 9.02,
the Company and the Trustee may amend or supplement this Indenture, the Notes and the Note Guarantees with the consent of the Holders
of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes,
if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes), and, subject to Sections 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 on, if any, or interest or Additional Interest,
if any, on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any
provision of this Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of at least a majority
in aggregate principal amount of the then outstanding Notes (including, without limitation, Additional Notes, if any) voting as
a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, the Notes). Sections 2.08 and 2.09 hereof shall determine which Notes are considered to be “outstanding”
for purposes of this Section 9.02.


 


Upon the request of the Company, and upon
the filing with the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid,
and upon receipt by the Trustee of the documents described in Section 7.02, 9.06, 12.04 and 12.05 hereof, the Trustee will
join with the Company in the execution of such amended or supplemental indenture unless such amended or supplemental indenture
directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee
may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.


 


It is not necessary for the consent of the
Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but
it is sufficient if such consent approves the substance thereof.


 


After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly
describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not,
however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04
and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class
may waive compliance in a particular instance by the Company or Guarantors with any provision of this Indenture, the Notes or the
Note Guarantees. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02
may not (with respect to any Notes held by a non-consenting Holder):


 


(1)         reduce the principal amount
of Notes whose Holders must consent to an amendment, supplement or waiver;


 




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(2)         reduce the principal of
or change the fixed maturity of any Note or alter or waive any of the provisions relating to the dates on which the Notes may be
redeemed or the redemption price thereof with respect to the redemption of the Notes;


 


(3)         reduce the rate of or change
the time for payment of interest, including default interest, on any Note;


 


(4)         waive a Default or Event
of Default in the payment of principal of, premium on, if any, or interest or Additional Interest, if any, on, the Notes (except
a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding
Notes and a waiver of the payment default that resulted from such acceleration);


 


(5)         make any Note payable in
money other than that stated in the Notes;


 


(6)         make any change in the
provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal
of, premium on, if any, or interest or Additional Interest, if any, on, the Notes;


 


(7)         modify the obligation of
the Company to repurchase Notes pursuant to Section 3.09, 4.10 or 4.14 hereof, after the date of an event giving rise to such
repurchase obligation;


 


(8)         release any Guarantor from
any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture;


 


(9)         make any change in the
preceding amendment and waiver provisions; or


 


(10)       make any change to or
modify, the ranking of the Notes in respect of right of payment that would adversely affect the Holders of the Notes.


 


Section
9.03.      Compliance with Trust Indenture Act.


 


Every amendment or supplement to this Indenture
or the Notes will be set forth in an amended or supplemental indenture that complies with the TIA as then in effect.


 


Section
9.04.      Revocation and Effect of Consents.


 


Until an amendment, supplement or waiver
becomes effective, a consent to it by a Holder of a Note is a Continuing consent by the Holder of a Note and every subsequent Holder
of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent
is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note
if a Responsible Officer of the Trustee receives written notice of revocation before the date on which the Trustee receives an
Officers’ Certificate certifying that the Holders of the requisite principal amount of Notes have consented (and not theretofore
revoked such consent) to the amendment, supplement or waiver. An amendment, supplement or waiver becomes effective in accordance
with its terms and thereafter binds every Holder.


 




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Section
9.05.      Notation on or Exchange of Notes.


 


The Trustee may place an appropriate notation
about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue
and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or
waiver.


 


Failure to make the appropriate notation
or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.


 


Section
9.06.      Trustee to Sign Amendments, etc.


 


The Trustee will sign any amended or supplemental
indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties,
liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the Board of Directors
of the Company approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject
to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents required by Section 12.04
hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture
is authorized or permitted by this Indenture.


 


ARTICLE 10


NOTE GUARANTEES


 


Section
10.01.     Guarantee.


 


(a)          Subject to this Article 10,
each of the Guarantors hereby, jointly and severally, unconditionally guarantees 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 Company hereunder or thereunder, that:


 


(1)         the principal of, premium
on, if any, and interest and Additional Interest, if any, on, the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of, premium on, if any, and interest and Additional
Interest, if any, on, the Notes, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and


 


(2)         in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise.


 


Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay
the


 




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same immediately. Each Guarantor agrees that this is a guarantee
of payment and not a guarantee of collection.


 


(b)          The Guarantors hereby agree (to the
fullest extent permitted by law) that their obligations hereunder are 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
of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to
enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.
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 Company, any right to require a proceeding first against the Company,
protest, notice and all demands whatsoever and covenants that this Note Guarantee will not be discharged except by complete performance
of the Obligations contained in the Notes and this Indenture.


 


(c)          If any Holder or the Trustee is required
by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note
Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect.


 


(d)          Each Guarantor agrees that it will
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, (1) the maturity of the obligations guaranteed hereby may be accelerated as
provided in Article 6 hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (2) 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) will forthwith become
due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors will have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee.


 


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 Note 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 Note Guarantee. To effectuate the foregoing
intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be
limited to the maximum amount that 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


 




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under this Article 10, result in the obligations of such
Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance.


 


Section
10.03.     Execution and Delivery of Note Guarantee.


 


To evidence its Note Guarantee set forth
in Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form attached
as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
on or after the date of issuance of such Note Guarantees and that this Indenture or a supplement thereto will be executed on behalf
of such Guarantor by one of its Officers.


 


Each Guarantor hereby agrees that its Note
Guarantee set forth in Section 10.01 hereof will remain in full force and effect notwithstanding any failure to endorse on
each Note a notation of such Note Guarantee.


 


If an Officer whose signature is on this
Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee
is endorsed, the Note Guarantee will be valid nevertheless.


 


The delivery of any Note by the Trustee,
after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set forth in this Indenture on behalf
of the Guarantors.


 


In the event that the Company or any of
its Restricted Subsidiaries creates or acquires any Domestic Subsidiary after the Issue Date, if required by Section 4.15
hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.15 hereof and this Article 10.


 


Neither the Company nor any Guarantor shall
be required to make a notation on the Notes to reflect a Note Guarantee issued after the date such Notes are executed and authenticated
or any release, termination or discharge thereof.


 


Section
10.04.     Guarantors May Consolidate, etc., on Certain Terms.


 


Except as otherwise provided in Section 10.05
hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with
or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless:


 


(1)         immediately after giving
effect to such transaction, no Default or Event of Default exists; and


 


(2)         either:


 


(a)          subject to Section 10.05 hereof,
the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or
merger


 




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unconditionally assumes all the obligations
of that Guarantor under its Note Guarantee and this Indenture, on the terms set forth therein or herein, pursuant to a supplemental
indenture; or


 


(b)          the Net Proceeds of such sale or
other disposition are applied, if required, in accordance with the applicable provisions of this Indenture, including without limitation,
Section 4.10 hereof.


 


In case of any such consolidation, merger,
sale or conveyance and upon the assumption by the successor Person, by supplemental indenture substantially in the form of Exhibit F
hereto, executed and delivered to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual performance
of all of the covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person will succeed to
and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person
thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued will in all
respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in
accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution
hereof.


 


Except as set forth in Articles 4 and
5 hereof, and notwithstanding clauses 2(a) and (b) above, nothing contained in this Indenture or in any of the Notes will
prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance
of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.


 


Section
10.05.     Releases.


 


The Note Guarantee of a Guarantor will be
released and such Guarantor will be relieved of any Obligations under its Note Guarantee:


 


(a)          in connection with any sale or other
disposition of all or substantially all of the assets of that Guarantor, by way of merger, consolidation or otherwise, to a Person
that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if
the sale or other disposition does not violate Section 4.10 hereof;


 


(b)          in connection with any sale or other
disposition of Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction)
the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10 hereof
and the Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition;


 


(c)          if the Company designates any Restricted
Subsidiary that is a Guarantor to be an Unrestricted Subsidiary in accordance with the terms of this Indenture;


 


(d)          upon the release or discharge of
the Guarantee of such Guarantor under the Credit Agreement, except a discharge or release of the Guarantee by or as a result of
payment under


 




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such Guarantee (it being understood that if
any such Guarantor is so reinstated under the Credit Agreement, such Guarantor’s guarantee shall also be reinstated); or


 


(e)          upon Legal Defeasance or Covenant
Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11
hereof.


 


Notwithstanding the foregoing, neither the
consent nor the acknowledgement of the Trustee shall be necessary to effect any such release. None of the Trustee, the Company
or any Guarantor will be required to make a notation on the Notes or the Note Guarantees to reflect any such release, termination
or discharge. Upon request of the Company and delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion
of Counsel meeting the requirements of Section 12.04 and to the effect that one of the foregoing requirements has been satisfied
and the conditions to the release of a Guarantor under this Section 10.05 has been met, the Trustee will execute any documents
reasonably required in order to evidence the release of a Guarantor from its obligations under its Note Guarantee. In connection
with any release under clauses (a) and (b) above, the Net Proceeds of such sale or other disposition shall be applied, if
required, in accordance with the applicable provisions of this Indenture.


 


Any Guarantor not released from its obligations
under its Note Guarantee as provided in this Section 10.05 will remain liable for the full amount of principal of, premium
on, if any, and interest and Additional Interest, if any, on, the Notes and for the other obligations of any Guarantor under this
Indenture as provided in this Article 10.


 


ARTICLE 11


SATISFACTION AND DISCHARGE


 


Section
11.01.     Satisfaction and Discharge.


 


This Indenture will be discharged and will
cease to be of further effect as to all Notes issued hereunder, when:


 


(1)         either:


 


(A)        all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Company or discharged from such trust, have been cancelled
or delivered to the Trustee for cancellation; or


 


(B)         all
such Notes have become due and payable at final maturity or by reason of the mailing of a notice of redemption or will become due
and payable within one year or will be redeemed within one year under arrangements satisfactory to the Trustee for the
giving of a notice of redemption in the name and at the expense of the Company and the Company or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S.
dollars in an amount, non-callable Government Securities, the scheduled payments of principal of and interest thereon will be in
an amount, or a combination thereof in amounts, as will


 




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be sufficient (in case Government
Securities have been deposited, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent
public accountants), without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such
Notes for principal of, premium on, if any, and interest and Additional Interest if any, on, the Notes to the date of maturity
or redemption;


 


(2)         the Company or any Guarantor
has paid or caused to be paid all sums payable by it under this Indenture; and


 


(3)         the Company has delivered
irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity
or on the redemption date, as the case may be.


 


In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and
discharge have been satisfied and meeting the requirements of Section 12.05.


 


Notwithstanding the satisfaction and discharge
of this Indenture, if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section 11.01,
the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be deemed
to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this
Indenture.


 


Upon satisfaction of the conditions set
forth herein and upon written request of the Company, the Trustee shall acknowledge in writing the satisfaction and discharge of
the Indenture.


 


Section
11.02.     Application of Trust Money.


 


Subject to the provisions of Section 8.06
hereof, all money and non-callable Government Securities (including the proceeds thereof) 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 Company acting as its own Paying Agent) as the Trustee
may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest and Additional Interest, if any,
for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except
to the extent required by law.


 


If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 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 Company’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Company has made any payment
of principal of, premium on, if any, or interest or Additional Interest, if any, on, any Notes because of the reinstatement of
its Obligations, the Company shall be subrogated to the rights of the


 




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Holders of such Notes to receive such payment from the money
or Government Securities held by the Trustee or Paying Agent.


 


The Company will pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant
to Section 11.01 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of the outstanding Notes.


 


Notwithstanding anything in this Article 11
to the contrary, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or
non-callable Government Securities held by it as provided in Section 11.01 hereof which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of
the amount thereof that would then be required to be deposited to effect a discharge in accordance with this Article 11.


 


ARTICLE 12


MISCELLANEOUS


 


Section
12.01.     Trust Indenture Act Controls.


 


If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties will control.


 


Section
12.02.     Notices.


 


Any notice or communication by the Company,
any Guarantor or the Trustee to the others or to them by the Holders is duly given if in writing and delivered in Person or by
first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing
next day delivery, to the others’ address:


 


If to the Company and/or any Guarantor:


 


BioScrip, Inc.


100 Clearbrook Road


Elmsford, New York 10523


Attention: Hai Tran


Telephone: (914) 460-1600


 


With a copy to:


 


Dechert, LLP


1095 Avenue of the Americas


New York, NY 10036


Attention: Scott M. Zimmerman


Facsimile: (212) 698-3613


 


If to the Trustee:


 




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U.S. Bank National Association


Global Corporate Trust Services


One Federal Street, 3rd Floor


Boston, MA 02110


Facsimile No.: (617) 603-6667


Attention: Todd R. DiNezza


 


The Company, any Guarantor or the Trustee,
by notice to the others, may designate additional or different addresses for subsequent notices or communications.


 


All notices and communications (other than
those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business days
after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by facsimile or e-mail;
and the next Business day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery.


 


Any notice or communication to a Holder
will be 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 register kept by the Registrar. Any notice or communication will also be so
mailed to any Person described in TIA §313(c), to the extent required by the TIA. Failure to mail a notice or communication
to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.


 


Notwithstanding any other provision of this
Indenture or any Note, where this Indenture or any Note provides for notice of any event (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 DTC
(or its designee) pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with
accepted practices at DTC.


 


If a notice or communication is mailed in
the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.


 


If the Company mails a notice or communication
to Holders, it will mail a copy to the Trustee and each Agent at the same time.


 


Section
12.03.     Communication by Holders of Notes with Other Holders of Notes.


 


Holders may communicate pursuant to TIA
§312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA §312(c).


 


Section
12.04.     Certificate and Opinion as to Conditions Precedent.


 


Upon any request or application by the Company
or a Guarantor to the Trustee to take any action under this Indenture, the Company or such Guarantor, as applicable, shall furnish
to the Trustee:


 




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(1)         an Officers’ Certificate
in form reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating
that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to
the proposed action have been satisfied; and


 


(2)         an Opinion of Counsel in
form reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating
that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.


 


Section
12.05.     Statements Required in Certificate or Opinion.


 


Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to TIA §314(a)(4)
or Section 4.04(a) hereof) must comply with the provisions of TIA §314(e) and must include:


 


(1)         a statement that the Person
making such certificate or opinion has read such covenant or condition;


 


(2)         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;


 


(3)         a statement that, in the
opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an
informed opinion as to whether or not such covenant or condition has been satisfied; and


 


(4)         a statement as to whether
or not, in the opinion of such Person, such condition or covenant has been satisfied.


 


provided that an issuer of an Opinion of Counsel may
rely as to matters of fact on an Officers’ Certificate or a certificate of a public official.


 


Section
12.06.     Rules by Trustee and Agents.


 


The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for
its functions.


 


Section
12.07.     No Personal Liability of Directors, Officers, Employees and Stockholders.


 


No director, officer, employee, incorporator
or stockholder of the Company or any Guarantor, as such, will have any liability for any Obligations of the Company or the Guarantors
under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such Obligations
or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities
laws.


 




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Section
12.08.    Governing Law.


 


THE INTERNAL LAW OF THE STATE OF NEW YORK
WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.


 


Section
12.09.    No Adverse Interpretation of Other Agreements.


 


This Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.


 


Section
12.10.    Successors.


 


All agreements of the Company in this Indenture
and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements
of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof.


 


Section
12.11.    Severability.


 


In case any provision in this Indenture
or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will
not in any way be affected or impaired thereby.


 


Section
12.12.    Counterpart Originals.


 


The parties may sign any number of copies
of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. Delivery of an
executed counterpart of a signature page to this Indenture by facsimile, email or other electronic means shall be effective as
delivery of a manually executed counterpart of this Indenture.


 


Section
12.13.    Table of Contents, Headings, etc.


 


The Table of Contents, Cross-Reference Table
and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.


 


Section
12.14.    Force Majeure.


 


In no event shall the Trustee be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are


 




    	116



    	 



    

 


consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.


 


Section
12.15.     Waiver of Jury Trial.


 


EACH OF THE COMPANY, THE GUARANTORS AND
THE TRUSTEE 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, THE NOTE GUARANTEES OR THE TRANSACTION CONTEMPLATED
HEREBY.


 


[Signatures on following page]


 




    	117



    	 



    

 


	 	 	BIOSCRIP, INC.
	 	 	 
	 	By:	/s/ Kimberlee C. Seah
	 	 	Name:  Kimberlee C. Seah
	 	 	Title: Senior Vice President and General Counsel


 


[Signature Page to Indenture]


 




    	 



    	 



    

 


GUARANTORS:


 


	Applied Health Care, LLC	InfuCenters, LLC
	 	 
	BioScrip Infusion Management, LLC	InfuScience HHA, LLC 
	 	 
	BioScrip Infusion Services, Inc. 	InfuScience, Inc.
	 	 
	BioScrip Infusion Services, LLC	InfuScience South Carolina, LLC
	 	 
	BioScrip Medical Supply Services, LLC	InfuScience Subs, Inc.
	 	 
	BioScrip Nursing Services, LLC	Infusion Partners of Brunswick, LLC 
	 	 
	BioScrip PBM Services, LLC 	Infusion Partners of Melbourne, LLC
	 	 
	BioScrip Pharmacy (NY), Inc.	Infusion Partners, LLC
	 	 
	BioScrip Pharmacy (Puerto Rico), Inc.	Infusion Solutions, Inc.
	 	 
	BioScrip Pharmacy Services, Inc. 	Infusion Therapy Specialists, Inc.
	 	 
	BioScrip Pharmacy, Inc. 	Knoxville Home Therapies, LLC
	 	 
	Bradhurst Specialty Pharmacy, Inc.	National Health Infusion, Inc.
	 	 
	Cedar Creek Home Health Care Agency, LLC 	Natural Living, Inc.
	 	 
	Chronimed, LLC	New England Home Therapies, Inc. 
	 	 
	CHS Holdings, Inc.	Option Health, Ltd.
	 	 
	Critical Homecare Solutions, Inc.	Professional Home Care Services, Inc.
	 	 
	Deaconess Enterprises, LLC 	Regional Ambulatory Diagnostics, Inc.
	 	 
	Deaconess HomeCare, LLC 	Scott-Wilson, Inc.
	 	 
	East Goshen Pharmacy, Inc.	South Mississippi Home Health, Inc.
	 	 
	Elk Valley Health Services, LLC	South Mississippi Home Health, Inc. – Region I 
	 	 
	Elk Valley Home Health Care Agency, LLC 	South Mississippi Home Health, Inc. – Region II 
	 	 
	Elk Valley Professional Affiliates, Inc.	South Mississippi Home Health, Inc. – Region III 
	 	 
	Gericare, LLC	Specialty Pharma, Inc.
	 	 
	HomeChoice Partners, Inc.	Wilcox Medical, Inc.
	 	 
	Infusal Partners	 


 


	 	By:	/s/ Kimberlee C. Seah
	 	 	Name: Kimberlee C. Seah
	 	 	Title: Senior Vice President and General Counsel


 




    	 



    	 



    

 


	 	U.S. BANK NATIONAL ASSOCIATION, as trustee
	 	 	 
	 	By:	/s/ Todd R. DiNezza
	 	 	Name: Todd R. DiNezza
	 	 	Title: Assistant Vice President


 


[Signature Page to Indenture]


 




    	 



    	 



    

 


EXHIBIT A1


 


[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]


 




    	A1-1



    	 



    

 


CUSIP/CINS


ISIN


 


8.875% Senior Note due 2021


 


No. 144A-1


 


$         


 


BIOSCRIP, INC.


 


promises to pay to              
or registered assigns,              the principal sum of              
DOLLARS [or such other principal sum as shall be set forth in the Schedule of Exchanges of Interests in the Global Note attached
hereto]* on February 15, 2021.


 


Interest Payment Dates: February 15 and August 15


 


Record Dates: February 1 and August 1


 


Dated:             ,
20[  ]


 


	 	BIOSCRIP, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:


 


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


 


U.S. BANK NATIONAL ASSOCIATION, as Trustee


 


	By:  	 
	 	Authorized Signatory


 


 



		*	Insert in Global Notes only



 




    	A1-2



    	 



    

 


Back of Note


8.875% Senior Notes due 2021


 


Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.


 


(1)         Interest.
BioScrip, Inc., a Delaware corporation (the “Company”) promises to pay or cause to be paid interest on the principal
amount of this Note at the rate of 8.875% per annum from February 11, 2014 until maturity and shall pay the Additional Interest,
if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest,
if any, semi-annually in arrears on February 15 and August 15 of each year (each, an “Interest Payment
Date”), or if any such day is not a Business day, on the next succeeding Business day. Interest on the
Notes will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid
or duly provided for, from the date of original issuance; [provided that, if this Note is authenticated between a record
date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date;] provided further that the first Interest Payment Date shall be August 15, 2014. The Company
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate
that is 1% higher than the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any (without
regard to any applicable grace period), at the same stepped-up rate to the extent lawful.


 


Interest will be computed on the basis of
a 360-day year comprised of twelve 30-day months.


 


(2)         Method
of Payment. The Company will pay interest on the Notes (except defaulted interest) and Additional Interest, if any,
to the Persons who are registered Holders of Notes at the close of business on the February 1 and August 1 immediately
preceding the Interest Payment Date (whether or not a Business day), even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be payable as to principal, premium, if any, and interest and Additional Interest, if any, at the office
or agency of the Paying Agent and Registrar within the City and State of New York, or, at the option of the Company, payment of
interest and Additional Interest, if any, due on an Interest Payment Date may be made by check mailed to the Holders at their addresses
set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required
with respect to principal of, premium, if any, on, and interest and Additional Interest, if any, on, all Global Notes and, with
respect to interest and Additional Interest, if any, due on an Interest Payment Date, all other Notes the Holders of which will
have provided wire transfer instructions to the Paying Agent at least five Business days prior to the Interest Payment Date.
Such payments will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts.


 


(3)         Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Company may change


 




    	A1-3



    	 



    

 


the Paying Agent or Registrar without prior
notice to the Holders of the Notes. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.


 


(4)         Indenture.
The Company issued the Notes under an Indenture dated as of February 11, 2014 (the “Indenture”) among the Company,
the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement
of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit
the aggregate principal amount of Notes that may be issued thereunder.


 


(5)         Optional
Redemption.


 


(a)         At any time prior to February
15, 2017, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under
the Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 108.875% of the principal
amount of the Notes redeemed, plus accrued and unpaid interest and Additional Interest, if any, to the date of redemption (subject
to the rights of Holders of Notes on a relevant record date to receive interest on an Interest Payment Date occurring on or prior
to the redemption date) with the net cash proceeds of an Equity Offering by the Company or contribution to the Company’s
common equity capital made with the net cash proceeds of a concurrent Equity Offering by any direct or indirect parent company
of the Company; provided that:


 


(A)        at least 65% of the aggregate
principal amount of Notes originally issued under the Indenture (excluding Notes held by the Company, any direct or indirect parent
of the Company and its Affiliates) remain outstanding immediately after the occurrence of such redemption; and


 


(B)         the redemption occurs within
90 days of the date of the closing of such Equity Offering.


 


(b)         At any time prior to February 15,
2017, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’
notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and
accrued and unpaid interest and Additional Interest, if any, to the redemption date, subject to the rights of Holders on a relevant
record date to receive interest due on an Interest Payment Date occurring on or prior to the redemption date.


 


(c)         Except pursuant to the
preceding paragraphs (a) and (b), the Notes will not be redeemable at the Company’s option prior to February 15, 2017.


 


(d)         On or after February 15,
2017, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth


 




    	A1-4



    	 



    

 


below, plus accrued and unpaid interest
and Additional Interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed during the 12-month period
beginning on February 15 of the years indicated below, subject to the rights of Holders on a relevant record date to
receive interest due on an Interest Payment Date occurring on or prior to the redemption date:


 


	Year	 	Percentage	 
	2017	 	 	106.656	%
	2018	 	 	104.438	%
	2019	 	 	102.219	%
	2020 and thereafter	 	 	100.000	%



 


In connection with any redemption of the
Notes (including with the net cash proceeds of an Equity Offering), any such redemption may, at the Company’s discretion,
be subject to one or more conditions precedent.


 


Unless the Company defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.


 


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


 


(7)         Repurchase
at Option Of Holder.


 


(a)         If there is a Change of
Control, the Company will be required to make an offer (a “Change of Control Offer”) to each Holder to repurchase
all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof; provided that any unpurchased portion
of a Note must be in a minimum denomination of $2,000) of each Holder’s Notes at a purchase price in cash (the “Change
of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional
Interest, if any, thereon to the date of purchase, subject to the rights of Holders on a relevant record date to receive interest
due on an Interest Payment Date occurring on or prior to the purchase date (the “Change of Control Payment Date”)
(it being understood that to the extent any cash proceeds of a Change of Control are required to prepay the Obligations under the
Credit Agreement pursuant to the terms thereof, the Company will be required to first apply such cash proceeds to prepay such Obligations
under the Credit Agreement but the Company will still be required to make a Change of Control Offer). Within 30 days following
any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control
Offer as required by the Indenture.


 


(b)         Following the occurrence
of certain Asset Sales, the Company may be required to offer to repurchase the Notes as required by the Indenture.


 


(8)         Notice
of Redemption. At least 30 days but not more than 60 days before a redemption date, the Company will mail
or cause to be mailed, by first class mail, a notice of


 




    	A1-5



    	 



    

 


redemption to each Holder whose Notes are
to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption
date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant
to Articles 8 or 11 thereof. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000
in excess thereof (provided, that any unpurchased portion of a Note must be in a minimum denomination of $2,000); except
that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder
shall be redeemed or purchased.


 


(9)         Denominations,
Transfer, Exchange. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents in connection
with a transfer of Notes. Holders will be required to pay all taxes due on transfer. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed.


 


This Regulation S Temporary Global
Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the termination of the 40-day distribution
compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion
of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global
Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.


 


(10)        Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. Only registered Holders
have rights under the Indenture.


 


(11)        Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may be amended
or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
including Additional Notes, if any, voting as a single class (including, without limitation, consents obtained in connection with
a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event of Default (other than a Default
or Event of Default in the payment of the principal of, premium on, if any, or interest or Additional Interest, if any, on the
Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the
Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Notes including Additional Notes, if any, voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Without the consent of any
Holder of Notes, the Indenture, the Notes or the Note Guarantees may be amended or supplemented to cure any ambiguity, mistake,
defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for the
assumption of the Company’s or any Guarantor’s obligations to Holders of the Notes and Note Guarantees by a successor
to the Company or such Guarantor pursuant to the Indenture; to make any change that would provide any additional rights or benefits
to the


 




    	A1-6



    	 



    

 


Holders of the Notes or that does not adversely
affect the legal rights under the Indenture of any Holder in any material respects; to comply with the requirements of the SEC
in order to effect or maintain the qualification of the Indenture under the TIA; to conform the text of the Indenture, the Notes
or the Note Guarantees to any provision of the “Description of the Notes” section of the Offering Memorandum; to provide
for the issuance of the Exchange Notes pursuant to the Registration Rights Agreement and the issuance of Additional Notes in accordance
with the limitations set forth in the Indenture as of the Issue Date; to allow any Guarantor to execute a supplemental indenture
to the Indenture and/or a Note Guarantee with respect to the Notes, to add security to or for the benefit of the Notes, or to confirm
and evidence the release, termination or discharge of any Note Guarantee or Lien with respect to or securing the Notes when such
release, termination or discharge is provided for under the Indenture; or to evidence and provide for the acceptance and appointment
under the Indenture of a successor trustee pursuant to the requirements therefor.


 


(12)        Defaults
and Remedies. The Notes are subject to the Defaults and Events of Default set forth in Section 6.01 of the Indenture.
The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on
behalf of the Holders of all the Notes, rescind an acceleration or waive an existing Default or Event of Default and its respective
consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of, premium on, if
any, or interest or Additional Interest, if any, on, the Notes (except nonpayment of principal, premium, if any, or interest on
the Notes that became due solely because of the acceleration of the Notes). The Company and the Guarantors are required to deliver
to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of
any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.


 


(13)        Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were
not the Trustee.


 


(14)        No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note
Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.


 


(15)        Authentication.
This Note will not be valid until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating
agent.


 


(16)        Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).


 




    	A1-7



    	 



    

 


(17)        Additional
Rights of Holders. In addition to the rights provided to Holders of Notes under the Indenture, Holders of the Notes
will have all the rights set forth in the Registration Rights Agreement dated as of February 11, 2014, among the Company, the Guarantors
and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders thereof will have the rights
set forth in one or more registration rights agreements, if any, among the Company, the Guarantors and the other parties thereto,
relating to rights given by the Company and the Guarantors to the purchasers of any Additional Notes.


 


(18)        Cusip
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.


 


(19)        Governing
Law. The Internal Law of The State of New York Will Govern and be Used to Construe the Indenture, this Note and the Note Guarantees
without Giving Effect to Applicable Principles of Conflicts of Law to The Extent that the Application of the Laws of Another Jurisdiction
Would be Required Thereby.


 


(20)        Successor
Entity. When a successor entity assumes, in accordance with the Indenture, all the obligations of its predecessor under
the Notes and the Indenture, and immediately before and thereafter no Default or Event of Default exists and all other conditions
of the Indenture are satisfied, the predecessor entity will be released from those obligations.


 


The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to:


 


BioScrip, Inc.


100 Clearbrook Road


Elmsford, NY 10523


Attention: [___________]


 




    	A1-8



    	 



    

 


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 	 


attorney to transfer this Note on the books
of the Company. The attorney 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).


 




    	A1-9



    	 



    

 


Option
of Holder to Elect Purchase


 


If you want to elect to have this Note purchased
by the Company pursuant to Section 4.10 or Section 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
the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect
to have purchased:


 


$         ($1,000 or an integral multiple of
$1,000 in excess thereof, provided that the unpurchased portion of the Note shall be in a minimum principal amount of $2,000)


 


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).


 




    	A1-10



    	 



    

 


Schedule
of Exchanges of Interests in the Global Note*


 


The following exchanges of a part of this
Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive
Note for an interest in this Global Note, have been made:


 


	
        Date of Exchange
	
 

	
        Amount of

        decrease in

        Principal Amount

        of this Global Note
	
 

	
        Amount of 

        increase in

        Principal Amount

        of this Global Note
	
 

	
        Principal Amount

        of this Global Note

        following such

        decrease 

        (or increase)
	
 

	
        Signature of

        authorized officer

        of Trustee or

        Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 


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



 


    	A1-11



    	 



    

 


EXHIBIT A2


 


[Insert the Regulation S Temporary Global Note Legend,
if applicable pursuant to the provisions of the Indenture]


 


[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]


 




    	A2-1



    	 



    

 


CUSIP/CINS


ISIN


 


8.875% Senior Note due 2021


 


No. S-1


 


$         


 


BIOSCRIP, INC.


 


promises to pay to                  
or registered assigns,               the principal sum of                  
DOLLARS [or such other principal sum as shall be set forth in the Schedule of Exchanges of Interests in the Global Note attached
hereto]* on February 15, 2021.


 


Interest Payment Dates: February 15 and August 15


 


Record Dates: February  1 and August 1


 


Dated:             ,
20[  ]


 


	 	BIOSCRIP, INC.
	 	 
	 	By:  	 
	 	 	Name:
	 	 	Title:


 


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


 


U.S. BANK NATIONAL ASSOCIATION, as Trustee


 


	By:  	 
	 	Authorized Signatory


 


 



*         Insert in Global Notes only


 




    	A2-2



    	 



    

 


Back of Regulation S Temporary Global
Note


8.875% Senior Notes due 2021


 


Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.


 


(1)         Interest.
BioScrip, Inc., a Delaware corporation (the “Company”), promises to pay or cause to be paid interest on the
principal amount of this Note at the rate of 8.875% per annum from February 11, 2014 until maturity and shall pay the Additional
Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company will pay interest and Additional
Interest, if any, semi-annually in arrears on February 15 and August 15 of each year (each, an “Interest
Payment Date”), or if any such day is not a Business day, on the next succeeding Business day. Interest
on the Notes will accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has
been paid or duly provided for, from the date of original issuance; [provided that, if this Note is authenticated between
a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next
succeeding Interest Payment Date] provided further that the first Interest Payment Date shall be August 15, 2014. The Company
will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at a rate
that is 1% higher than the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any (without
regard to any applicable grace period), at the same stepped-up rate to the extent lawful.


 


Interest will be computed on the basis of
a 360-day year comprised of twelve 30-day months.


 


Until this Regulation S Temporary Global
Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be entitled to receive
payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other respects
be entitled to the same benefits as other Notes under the Indenture.


 


(2)         Method
of Payment. The Company will pay interest on the Notes (except defaulted interest) and Additional Interest, if any,
to the Persons who are registered Holders of Notes at the close of business on the February 1 and August 1 immediately
preceding the Interest Payment Date (whether or not a Business day), even if such Notes are canceled after such record date
and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be payable as to principal, premium, if any, and interest and Additional Interest, if any, at the office
or agency of the Paying Agent and Registrar within the City and State of New York, or, at the option of the Company, payment of
interest and Additional Interest, if any, due on an Interest Payment Date may be made by check mailed to the Holders at their addresses
set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required
with respect to principal of, premium, if any, on, and interest and Additional Interest, if any, on, all Global Notes and, with
respect to interest and Additional Interest, if any, due on an Interest Payment Date, all other Notes the Holders of which will
have provided wire transfer instructions to the


 




    	A2-3



    	 



    

 


Paying Agent at least five Business days
prior to the Interest Payment Date. Such payments will be in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts.


 


(3)          Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Company may change the Paying Agent or Registrar without prior notice to the Holders of the Notes. The
Company or any of its Subsidiaries may act as Paying Agent or Registrar.


 


(4)          Indenture.
The Company issued the Notes under an Indenture dated as of February 11, 2014 (the “Indenture”) among the Company,
the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement
of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions
of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. The Indenture does not limit
the aggregate principal amount of Notes that may be issued thereunder.


 


(5)          Optional
Redemption.


 


(a)         At any time prior to February
15, 2017, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under
the Indenture, upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to 108.875% of the principal
amount of the Notes redeemed, plus accrued and unpaid interest and Additional Interest, if any, to the date of redemption (subject
to the rights of Holders of Notes on a relevant record date to receive interest on an Interest Payment Date occurring on or prior
to the redemption date) with the net cash proceeds of an Equity Offering by the Company or contribution to the Company’s
common equity capital made with the net cash proceeds of a concurrent Equity Offering by any direct or indirect parent company
of the Company; provided that:


 


(A)        at least 65% of the aggregate
principal amount of Notes originally issued under the Indenture (excluding Notes held by the Company, any direct or indirect parent
of the Company and its Affiliates) remain outstanding immediately after the occurrence of such redemption; and


 


(B)         the redemption occurs within
90 days of the date of the closing of such Equity Offering.


 


(b)         At any time prior to February
15, 2017, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’
notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and
accrued and unpaid interest and Additional Interest, if any, to the redemption date, subject to the rights of Holders on a relevant
record date to receive interest due on an Interest Payment Date occurring on or prior to the redemption date.


 




    	A2-4



    	 



    

 


(c)         Except pursuant to the
preceding paragraphs (a) and (b), the Notes will not be redeemable at the Company’s option prior to February 15,
2017.


 


(d)         On or after February 15,
2017, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 30 nor more than 60 days’
notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest
and Additional Interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed during the 12-month period
beginning on February 15 of the years indicated below, subject to the rights of Holders on a relevant record date to
receive interest due on an Interest Payment Date occurring on or prior to the redemption date:


 


	Year	 	Percentage	 
	2017	 	 	106.656	%
	2018	 	 	104.438	%
	2019	 	 	102.219	%
	2020 and thereafter	 	 	100.000	%



 


In connection with any redemption of the
Notes (including with the net cash proceeds of an Equity Offering), any such redemption may, at the Company’s discretion,
be subject to one or more conditions precedent.


 


Unless the Company defaults in the payment
of the redemption price, interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable
redemption date.


 


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


 


(7)         Repurchase
at Option Of Holder.


 


(a)         If there is a Change of
Control, the Company will be required to make an offer (a “Change of Control Offer”) to each Holder to repurchase
all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof; provided that any unpurchased portion of
a Note must be in a minimum denomination of $2,000) of each Holder’s Notes at a purchase price in cash (the “Change
of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional
Interest, if any, thereon to the date of purchase, subject to the rights of Holders on a relevant record date to receive interest
due on an Interest Payment Date occurring on or prior to the purchase date (the “Change of Control Payment Date”)
(it being understood that to the extent any cash proceeds of a Change of Control are required to prepay the Obligations under the
Credit Agreement pursuant to the terms thereof, the Company will be required to first apply such cash proceeds to prepay such Obligations
under the Credit Agreement but the Company will still be required to make a Change of Control Offer). Within 30 days following
any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control
Offer as required by the Indenture.


 




    	A2-5



    	 



    

 


(b)         Following the occurrence
of certain Asset Sales, the Company may be required to offer to repurchase the Notes as required by the Indenture.


 


(8)         Notice
of Redemption. At least 30 days but not more than 60 days before a redemption date, the Company will mail
or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered
address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 11
thereof. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof (provided,
that any unpurchased portion of a Note must be in a minimum denomination of $2,000); except that if all of the Notes of a Holder
are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased.


 


(9)         Denominations,
Transfer, Exchange. The Notes are in registered form in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents in connection
with a transfer of Notes. Holders will be required to pay all taxes due on transfer. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed
in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed.


 


This Regulation S Temporary Global
Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the termination of the 40-day distribution
compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion
of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global
Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.


 


(10)       Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. Only registered Holders
have rights under the Indenture.


 


(11)       Amendment,
Supplement And Waiver. Subject to certain exceptions, the Indenture, the Notes or the Note Guarantees may be amended
or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes
including Additional Notes, if any, voting as a single class (including, without limitation, consents obtained in connection with
a tender offer or exchange offer for, or purchase of, the Notes), and any existing Default or Event of Default (other than a Default
or Event of Default in the payment of the principal of, premium on, if any, or interest or Additional Interest, if any, on the
Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the
Indenture or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Notes including Additional Notes, if any, voting as a single class (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Without the consent of any
Holder of Notes, the Indenture, the Notes or the Note


 




    	A2-6



    	 



    

 


Guarantees may be amended or supplemented
to cure any ambiguity, mistake, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated
Notes; to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of the Notes and Note
Guarantees by a successor to the Company or such Guarantor pursuant to the Indenture; to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture
of any Holder in any material respects; to comply with the requirements of the SEC in order to effect or maintain the qualification
of the Indenture under the TIA; to conform the text of the Indenture, the Notes or the Note Guarantees to any provision of the
“Description of the Notes” section of the Offering Memorandum; to provide for the issuance of the Exchange Notes pursuant
to the Registration Rights Agreement and the issuance of Additional Notes in accordance with the limitations set forth in the Indenture
as of the Issue Date; to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Note Guarantee with
respect to the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence the release, termination or
discharge of any Note Guarantee or Lien with respect to or securing the Notes when such release, termination or discharge is provided
for under the Indenture; or to evidence and provide for the acceptance and appointment under the Indenture of a successor trustee
pursuant to the requirements therefor.


 


(12)       Defaults
and Remedies. The Notes are subject to the Defaults and Events of Default set forth in Section 6.01 of the Indenture.
The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on
behalf of the Holders of all the Notes, rescind an acceleration or waive an existing Default or Event of Default and its respective
consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of, premium on, if
any, or interest or Additional Interest, if any, on, the Notes (except nonpayment of principal, premium, if any, or interest on
the Notes that became due solely because of the acceleration of the Notes). The Company and the Guarantors are required to deliver
to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required, upon becoming aware of
any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.


 


(13)       Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were
not the Trustee.


 


(14)       No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor,
as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note
Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. The waiver may not be effective to waive liabilities under the federal securities laws.


 


(15)       Authentication.
This Note will not be valid until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating
agent.


 




    	A2-7



    	 



    

 


(16)       Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).


 


(17)       Additional
Rights of Holders. In addition to the rights provided to Holders of Notes under the Indenture, Holders of the Notes
will have all the rights set forth in the Registration Rights Agreement dated as of February 11, 2014, among the Company, the Guarantors
and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders thereof will have the rights
set forth in one or more registration rights agreements, if any, among the Company, the Guarantors and the other parties thereto,
relating to rights given by the Company and the Guarantors to the purchasers of any Additional Notes.


 


(18)       Cusip
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as
a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained
in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon.


 


(19)       Governing
Law. The Internal Law of The State of New York will Govern and be Used to Construe the Indenture, this Note and the Note Guarantees
without Giving Effect to Applicable Principles of Conflicts of Law to the Extent that the Application of the Laws of Another Jurisdiction
Would be Required Thereby.


 


(20)       Successor
Entity. When a successor entity assumes, in accordance with the Indenture, all the obligations of its predecessor under
the Notes and the Indenture, and immediately before and thereafter no Default or Event of Default exists and all other conditions
of the Indenture are satisfied, the predecessor entity will be released from those obligations.


 


The Company will furnish to any Holder upon
written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to:


 


BioScrip, Inc.


100 Clearbrook Road


Elmsford, NY 10523


Attention: [______________]


 




    	A2-8



    	 



    

 


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 	 


attorney to transfer this Note on the books
of the Company. The attorney 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).


 




    	A2-9



    	 



    

 


Option
of Holder to Elect Purchase


 


If you want to elect to have this Note purchased by the Company
pursuant to Section 4.10 or Section 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 the Note purchased
by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:


 


$         ($1,000 or an integral multiple of $1,000 in excess thereof,
provided that the unpurchased portion of the Note shall be in a minimum principal amount of $2,000)


 


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).


 




    	A2-10



    	 



    

 


Schedule
of Exchanges of Interests in the Regulation S Temporary Global Note


 


The following exchanges of a part of this
Regulation S Temporary Global Note for an interest in another Global Note, or exchanges of a part of another Restricted Global
Note for an interest in this Regulation S Temporary Global Note, have been made:


 


	
        Date of Exchange
	
 

	
        Amount of

        decrease in

        Principal Amount

        of this Global Note
	
 

	
        Amount of 

        increase in

        Principal Amount

        of this Global Note
	
 

	
        Principal Amount

        of this Global Note

        following such

        decrease 

        (or increase)
	
 

	
        Signature of

        authorized officer

        of Trustee or

        Custodian

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 


 




    	A2-11



    	 



    

 


EXHIBIT B


 


FORM OF CERTIFICATE OF TRANSFER


 


BioScrip, Inc.


100 Clearbrook Road


Elmsford, New York 10523


Attention: [_____________]


 


U.S. Bank National Association


Global Corporate Trust Services


One Federal Street, 3rd Floor


Boston, MA 02110


Facsimile No.: (617) 603-6667


Attention: Todd R. DiNezza


 


		Re:	8.875% Senior Notes due 2021



 


Reference is hereby made to the Indenture,
dated as of February 11, 2014 (the “Indenture”), among BioScrip, Inc., a Delaware corporation (the “Company”),
as issuer, the Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.


 


              ,
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $         in such Note[s] or interests (the “Transfer”),
to             (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:


 


[CHECK ALL THAT APPLY]


 


1.          ̈
Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant
to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing
the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the Indenture and
the Securities Act.


 


2.          ̈
Check if Transferee will take delivery of a beneficial interest in the Regulation S Temporary Global Note, the Regulation S
Permanent Global Note or a 


 




    	B-1



    	 



    

 


Restricted 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 under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted
Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than the 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 Private Placement Legend printed
on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note
and in the Indenture and the Securities Act.


 


3.             ̈
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted 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 Company 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;


 


or


 


(d)          ̈
such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the meaning of


 




    	B-2



    	 



    

 


Regulation D under the Securities
Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or
Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate
executed by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor
or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in 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 be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and 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)          ̈
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


 




    	B-3



    	 



    

 


on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.


 


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


 


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


 


Dated:


 




    	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          ), or



 


		(ii)	 ̈ Regulation S
Global Note (CUSIP          ), or



 


		(iii)	 ̈ IAI Global
Note (CUSIP          ), 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          ), or



 


		(ii)	 ̈ Regulation S
Global Note (CUSIP          ), or



 


		(iii)	 ̈ IAI Global
Note (CUSIP          ), or



 


		(iv)	 ̈ Unrestricted
Global Note (CUSIP          ); or



 


		(b)	 ̈ a Restricted Definitive Note; or



 


		(c)	 ̈ an Unrestricted Definitive Note,



 


in accordance with the terms of the Indenture.


 




    	B-5



    	 



    

 


EXHIBIT C


 


FORM OF CERTIFICATE OF EXCHANGE


 


BioScrip, Inc.


100 Clearbrook Road


Elmsford, New York 10523


Attention: [________________]


 


U.S. Bank National Association


Global Corporate Trust Services


One Federal Street, 3rd Floor


Boston, MA 02110


Facsimile No.: (617) 603-6667


Attention: Todd R. DiNezza


 


		Re:	8.875% Senior Notes due 2021



 


(CUSIP [      ])


 


Reference is hereby made to the Indenture,
dated as of February 11, 2014 (the “Indenture”), among BioScrip, Inc., a Delaware corporation (the “Company”),
as issuer, the Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.


 


         (the “Owner”) owns and proposes to exchange
the Note[s] or interest in such Note[s] specified herein, in the principal amount of $         in such Note[s] or interests (the “Exchange”).
In connection with the Exchange, the Owner hereby certifies that:


 


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 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.


 


(b)          ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection
with the Exchange of the


 




    	C-1



    	 



    

 


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


 




    	C-2



    	 



    

 


Restricted Definitive Note for a
beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈
Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount,
the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer
and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the 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.


 




    	C-3



    	 



    

 


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


 


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


 


Dated:


 




    	C-4



    	 



    

 


EXHIBIT D


 


FORM OF CERTIFICATE FROM


ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR


 


BioScrip, Inc.


100 Clearbrook Road


Elmsford, New York 10523


Attention: [________________]


 


U.S. Bank National Association


Global Corporate Trust Services


One Federal Street, 3rd Floor


Boston, MA 02110


Facsimile No.: (617) 603-6667


Attention: Todd R. DiNezza


 


		Re:	8.875% Senior Notes due 2021



 


Reference is hereby made to the Indenture,
dated as of February 11, 2014 (the “Indenture”), among BioScrip, Inc., a Delaware corporation (the “Company”),
as issuer, the Guarantors party thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.


 


In connection with our proposed purchase
of $         aggregate principal amount of:


 


(a)        ̈
a beneficial interest in a Global Note, or


 


(b)        ̈
a Definitive Note, we confirm that:


 


1.         We understand that any subsequent
transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and
the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except
in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).


 


2.         We understand that the offer and sale
of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered
or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are
acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company
or any Subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional
buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior
to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter
substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Company to the effect that
such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of
Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or


 




    	D-1



    	 



    

 


(F) pursuant to an effective registration
statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial
interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this paragraph a
notice advising such purchaser that resales thereof are restricted as stated herein.


 


3.         We understand that, on any proposed
resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications,
legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with
the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect.


 


4.         We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such
knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of our investment
in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment.


 


5.         We are acquiring the Notes or beneficial
interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.


 


You and the Company are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative
or legal proceedings or official inquiry with respect to the matters covered hereby.


 


	 	 	 
	 	 	[Insert Name of Accredited Investor]
	 	 	 
	 	By:  	 
	 	 	Name:  
	 	 	Title:


 


Dated:


 




    	D-2



    	 



    

 


EXHIBIT E


 


[FORM OF NOTATION OF GUARANTEE]


 


For value received, each Guarantor (which
term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set
forth in the Indenture and subject to the provisions in the Indenture dated as of February 11, 2014 (the “Indenture”)
among BioScrip, Inc., a Delaware corporation (the “Company”), the Guarantors party thereto and U.S. Bank National
Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium
on, if any, and interest and Additional Interest, if any, on, the Notes, whether at maturity, by acceleration, redemption or otherwise,
the due and punctual payment of interest on overdue principal of, premium on, if any, and interest and Additional Interest, if
any, on, the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Company to the Holders
or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal
of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. The obligations of the Guarantors
to the Holders of the Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 10
of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee.


 


Each Guarantor agrees that this is a Guarantee
of payment and not a Guarantee of collection. As set forth in Section 10.02 of the Indenture, the obligations of such Guarantor
will be limited to the maximum amount that 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 Article 10 of the Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a
fraudulent transfer or conveyance.


 


No director, officer, employee, incorporator
or stockholder of any Guarantor, as such, shall have any liability for any obligations of the Guarantors under the Notes, the Note
Guarantees, the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder
by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes.


 


Capitalized terms used but not defined herein
have the meanings given to them in the Indenture unless otherwise indicated.


 




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	 	[Name Of Guarantor(s)]
	 	 	 
	 	By:  	 
	 	 	Name:  
	 	 	Title:


 


Dated:


 




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EXHIBIT F


 


[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 BioScrip, Inc. (or its permitted successor),
a Delaware corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred
to herein) and U.S. Bank National Association, as trustee under the Indenture referred to below (the “Trustee”).


 


WITNESSETH


 


WHEREAS, the Company has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of February 11, 2014 providing for the
issuance of 8.875% Senior Notes due 2021 (the “Notes”);


 


WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to
which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the Notes and the
Indenture on the terms and conditions set forth herein and under the Indenture (the “Note Guarantee”);


 


WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture; and


 


WHEREAS, all things necessary to make this
Supplemental Indenture a valid indenture and agreement according to its terms have been done.


 


NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary,
the Company, the other Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders
of the Notes 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.


 


(a)         Each Guaranteeing Subsidiary
hereby becomes a party to the Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations
and agreements of a Guarantor under the Indenture, effective upon the execution and delivery of this Supplemental Indenture.


 


(b)         The Guaranteeing Subsidiary
hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee
and in the Indenture including but not limited to Article 10 thereof.


 




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3.          No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as
such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
The waiver may not be effective to waive liabilities under the federal securities laws.


 


4.          New
York Law to Govern. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.


 


5.          Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement.


 


6.          Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.


 


7.          The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency
of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by
the Guaranteeing Subsidiary, the other Guarantors and the Company.


 


8.          Benefits
Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions 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.


 


9.          Successors.
All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its successors, except as otherwise provided
in the Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors.


 




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IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.


 


Dated:


 


	 	[Guaranteeing Subsidiary]
	 	 	 
	 	By:  	 
	 	 	Name:  
	 	 	Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as
	 	Trustee
	 	 
	 	By:  	 
	 	 	Name:  
	 	 	Title:


 




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EXHIBIT G


 


CERTIFICATE OF BENEFICIAL OWNERSHIP


 


U.S. Bank National Association


Global Corporate Trust Services


One Federal Street, 3rd Floor


Boston, MA 02110


Facsimile No.: (617) 603-6667


Attention: Todd R. DiNezza


 


Re: $200,000,000 aggregate principal amount
of 8.875% Senior Notes due 2021 (the “Notes”) of BioScrip, Inc. (the “Company”).


 


Ladies and Gentlemen:


 


This is to certify that based solely on
certifications we have received in writing, by tested telex or by electronic transmission from institutions appearing in our records
as persons being entitled to a portion of the principal amount of Notes represented by a Regulation S Temporary Global Note
issued under the Indenture, dated as of February 11, 2014, among the Company and U.S. Bank National Association, as trustee, as
supplemented, that as of the date hereof, $          principal amount of Notes represented by the Regulation S Temporary Global
Note being submitted herewith for exchange is beneficially owned by persons that are either (i) non-U.S. persons (within the
meaning of Regulation S under the Securities Act of 1933, as amended) or (ii) U.S. persons that purchased the Notes in
a transaction that did not require registration under the Securities Act of 1933, as amended.


 


We further certify that (i) we are
not submitting herewith for exchange any portion of such Regulation S Temporary Global Note excepted in such certifications
and (ii) as of the date hereof we have not received any notification from any institution to the effect that the statements
made by such institution with respect to any portion of such Regulation S Temporary Global Note submitted herewith for exchange
are no longer true and cannot be relied upon as of the date hereof.


 


You and the Company are entitled to rely
upon this certificate and are irrevocably authorized to produce this certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.


 




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	 	Yours faithfully,
	 	 
	 	[Name of DTC Participant]
	 	 
	 	By:  	 
	 	 	Name:  
	 	 	Title:
	 	 	Address:


 


Dated:


 




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