Exhibit 4.1


 


BWX TECHNOLOGIES, INC.



as Issuer



THE GUARANTORS NAMED HEREIN



and



U.S. BANK NATIONAL ASSOCIATION



as Trustee, Paying Agent and Note Registrar
 


INDENTURE


 


Dated as of April 13, 2021




$400,000,000


 


4.125% Senior Notes due 2029


 






     


     


    

 


Table of Contents


 




	ARTICLE One 



DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 
	SECTION 101.   	Rules of Construction	1
	SECTION 102.   	Definitions	2
	SECTION 103.   	Compliance Certificates and Opinions	35
	SECTION 104.   	Form of Documents Delivered to Trustee	35
	SECTION 105.   	Acts of Holders	36
	SECTION 106.   	Notices, Etc., to Trustee, Issuer, any Guarantor and Agent	36
	SECTION 107.   	Notice to Holders; Waiver	37
	SECTION 108.   	Effect of Headings and Table of Contents	37
	SECTION 109.   	Successors and Assigns	37
	SECTION 110.   	Severability Clause	38
	SECTION 111.   	Benefits of Indenture	38
	SECTION 112.   	Governing Law	38
	SECTION 113.   	Legal Holidays	38
	SECTION 114.   	No Personal Liability of Directors, Managers, Officers, Employees and Stockholders	38
	SECTION 115.   	Trust Indenture Act Controls	38
	SECTION 116.   	Counterparts	38
	SECTION 117.   	USA PATRIOT Act	38
	SECTION 118.   	Waiver of Jury Trial	38
	SECTION 119.   	Force Majeure	39
	 	 
	ARTICLE Two 



NOTE FORMS
	 
	SECTION 201.   	Form and Dating	39
	SECTION 202.   	Execution, Authentication, Delivery and Dating	39
	 	 
	ARTICLE Three 



THE NOTES
	 
	SECTION 301.   	Title and Terms	41
	SECTION 302.   	Note Registrar, Transfer Agent and Paying Agent	41
	SECTION 303.   	Denominations	42
	SECTION 304.   	Temporary Notes	42
	SECTION 305.   	Registration of Transfer and Exchange	42
	SECTION 306.   	Mutilated, Destroyed, Lost and Stolen Notes	43
	SECTION 307.   	Payment of Interest; Interest Rights Preserved	43
	SECTION 308.   	Persons Deemed Owners	44
	SECTION 309.   	Cancellation	44
	SECTION 310.   	Computation of Interest	44
	SECTION 311.   	Transfer and Exchange	45
	SECTION 312.   	CUSIP, ISIN and Common Code Numbers	45
	SECTION 313.   	Issuance of Additional Notes	45
	SECTION 314.   	Global Securities	45



 






    -i-


     


    

 


	 	 	Page
	ARTICLE Four 



SATISFACTION AND DISCHARGE
	 
	SECTION 401.   	Satisfaction and Discharge of Indenture	45
	SECTION 402.   	Application of Trust Money	46
	 	 
	ARTICLE Five 



REMEDIES
	 
	SECTION 501.   	Events of Default	47
	SECTION 502.   	Acceleration of Maturity; Rescission and Annulment	48
	SECTION 503.   	Collection of Indebtedness and Suits for Enforcement by Trustee	50
	SECTION 504.   	Trustee May File Proofs of Claim	51
	SECTION 505.   	Trustee May Enforce Claims Without Possession of Notes	51
	SECTION 506.   	Application of Money Collected	51
	SECTION 507.   	Limitation on Suits	52
	SECTION 508.   	Unconditional Right of Holders to Receive Principal, Premium and Interest	52
	SECTION 509.   	Restoration of Rights and Remedies	52
	SECTION 510.   	Rights and Remedies Cumulative	52
	SECTION 511.   	Delay or Omission Not Waiver	53
	SECTION 512.   	Control by Holders	53
	SECTION 513.   	Waiver of Past Defaults	53
	SECTION 514.   	Waiver of Stay or Extension Laws	53
	SECTION 515.   	Undertaking for Costs	53
	 	 
	ARTICLE Six 



THE TRUSTEE
	 
	SECTION 601.   	Duties of the Trustee	54
	SECTION 602.   	Notice of Defaults	54
	SECTION 603.   	Certain Rights of Trustee	55
	SECTION 604.   	Trustee Not Responsible for Recitals or Issuance of Notes	56
	SECTION 605.   	May Hold Notes	56
	SECTION 606.   	Money Held in Trust	56
	SECTION 607.   	Compensation and Reimbursement	56
	SECTION 608.   	Corporate Trustee Required; Eligibility	57
	SECTION 609.   	Resignation and Removal; Appointment of Successor	57
	SECTION 610.   	Acceptance of Appointment by Successor	58
	SECTION 611.   	Merger, Conversion, Consolidation or Succession to Business	58
	SECTION 612.   	Appointment of Authenticating Agent	59
	 	 
	ARTICLE Seven 



HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUER
	 
	SECTION 701.   	Issuer to Furnish Trustee Names and Addresses	60
	SECTION 702.   	Reports by Trustee	60



 






    -ii-


     


    

 


	 	 	Page
	ARTICLE Eight 



MERGER, CONSOLIDATION OR SALE OF ALL OR SUBSTANTIALLY ALL ASSETS
	 
	SECTION 801.   	Issuer May Consolidate, Etc., Only on Certain Terms	60
	SECTION 802.   	Guarantors May Consolidate, Etc., Only on Certain Terms	61
	SECTION 803.   	Successor Substituted	62
	 	 
	ARTICLE Nine 



SUPPLEMENTAL INDENTURES
	 
	SECTION 901.   	Amendments or Supplements Without Consent of Holders	62
	SECTION 902.   	Amendments, Supplements or Waivers with Consent of Holders	63
	SECTION 903.   	Execution of Amendments, Supplements or Waivers	64
	SECTION 904.   	Effect of Amendments, Supplements or Waivers	64
	SECTION 905.   	Compliance with Trust Indenture Act	64
	SECTION 906.   	Reference in Notes to Supplemental Indentures	64
	SECTION 907.   	Notice of Supplemental Indentures	64
	 	 
	ARTICLE Ten 



COVENANTS
	 
	SECTION 1001.   	Payment of Principal, Premium, if any, and Interest	65
	SECTION 1002.   	Maintenance of Office or Agency	65
	SECTION 1003.   	Money for Notes Payments to Be Held in Trust	65
	SECTION 1004.   	[Reserved]	66
	SECTION 1005.   	[Reserved]	66
	SECTION 1006.   	[Reserved]	66
	SECTION 1007.   	[Reserved]	66
	SECTION 1008.   	Statement by Officer as to Default	66
	SECTION 1009.   	Reports and Other Information	66
	SECTION 1010.   	Limitation on Restricted Payments	68
	SECTION 1011.   	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock	74
	SECTION 1012.   	Liens	79
	SECTION 1013.   	Limitations on Transactions with Affiliates	79
	SECTION 1014.   	Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	81
	SECTION 1015.   	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	83
	SECTION 1016.   	Change of Control	83
	SECTION 1017.   	Asset Sales	85
	SECTION 1018.   	Suspension of Covenants	89
	SECTION 1019.   	Financial Calculations for Limited Condition Acquisitions	90
	 	 
	ARTICLE Eleven 



REDEMPTION OF NOTES
	 
	SECTION 1101.   	Right of Redemption	90
	SECTION 1102.   	Applicability of Article	91
	SECTION 1103.   	Election to Redeem; Notice to Trustee	91
	SECTION 1104.   	Selection by Trustee of Notes to Be Redeemed	91
	SECTION 1105.   	Notice of Redemption	91
	SECTION 1106.   	Deposit of Redemption Price	93
	SECTION 1107.   	Notes Payable on Redemption Date	93
	SECTION 1108.   	Notes Redeemed in Part	93



 






    -iii-


     


    

 


	 	 	Page
	SECTION 1109.   	[Reserved]	93
	SECTION 1110.   	Mandatory Redemption	93
	ARTICLE Twelve 



GUARANTEES
	 
	SECTION 1201.   	Guarantees	93
	SECTION 1202.   	Severability	94
	SECTION 1203.   	Restricted Subsidiaries	94
	SECTION 1204.   	Limitation of Guarantors’ Liability	95
	SECTION 1205.   	Contribution	95
	SECTION 1206.   	Subrogation	95
	SECTION 1207.   	Reinstatement	95
	SECTION 1208.   	Release of a Guarantor	95
	SECTION 1209.   	Benefits Acknowledged	96
	 	 
	ARTICLE Thirteen 



LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 
	SECTION 1301.   	Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance	96
	SECTION 1302.   	Legal Defeasance and Discharge	96
	SECTION 1303.   	Covenant Defeasance	96
	SECTION 1304.   	Conditions to Legal Defeasance or Covenant Defeasance	97
	SECTION 1305.   	Deposited Money and Government Securities To Be Held in Trust Other Miscellaneous Provisions	98
	SECTION 1306.   	Reinstatement	98


 


APPENDIX & EXHIBITS


 


ANNEX I – Rule 144A / Regulation S / IAI Appendix


 


EXHIBIT 1 to Rule 144A / Regulation S / IAI Appendix – Form of
Initial Note


EXHIBIT 2 to Rule 144A / Regulation S / IAI Appendix – Form of
Transferee Letter of Representation


EXHIBIT A – Form of Supplemental Indenture to Be Delivered by
Subsequent Guarantors


EXHIBIT B – Form of Incumbency Certificate


 






    -iv-


     


    

 



 


INDENTURE dated as of April 13, 2021 (this “Indenture”),
among BWX TECHNOLOGIES, INC., a Delaware corporation (the “Issuer”), the Guarantors (as defined herein) listed on the
signature pages hereto, and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as Trustee (the “Trustee”
and as Paying Agent and Note Registrar (as defined herein)).


 


RECITALS OF THE ISSUER


 


The Issuer has duly authorized the creation of
an issue of 4.125% Senior Notes due 2029 issued on the date hereof (the “Initial Notes”) and to provide therefor the
Issuer has duly authorized the execution and delivery of this Indenture.


 


All things necessary have been done to make the
Initial Notes, when executed by the Issuer and authenticated and delivered hereunder and duly issued by the Issuer, the valid and legally
binding obligations of the Issuer and to make this Indenture a valid and legally binding agreement of the Issuer and the Guarantors, in
accordance with their and its terms.


 


Each of the parties hereto is entering into this
Indenture for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined below) of (i) the Issuer’s
Initial Notes and (ii) any Additional Notes (as defined herein) that may be issued from time to time under this Indenture.


 


NOW, THEREFORE, THIS INDENTURE WITNESSETH:


 


For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and ratable benefit of all Holders,
as follows:


 


ARTICLE
One



DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION


 


SECTION 101.        
Rules of Construction.


 


(a)           For
all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires:


 


(1)       the
terms defined in this Article One have the meanings assigned to them in this Article One, and words in the singular include the plural
and words in the plural include the singular;


 


(2)       all
accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP (as herein defined);


 


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


 


(4)       all
references to Articles, Sections, Exhibits and Appendices shall be construed to refer to Articles and Sections of, and Exhibits and Appendices
to, this Indenture;


 


(5)       “or”
is not exclusive;


 


(6)       “including”
means including without limitation; and


 


(7)         all
references to the date the Notes were originally issued shall refer to the Issue Date.


 


(b)           This Indenture incorporates certain provisions of the TIA by reference.


 






     


     


    

 


The following TIA terms have the following meanings:


 


(1)       “Commission”
means the SEC;


 


(2)       “indenture
securities” means the Notes and the Guarantees;


 


(3)       “indenture
security holder” means a Holder;


 


(4)       “indenture
to be qualified” means this Indenture;


 


(5)       “indenture
trustee” or “institutional trustee” means the Trustee; and


 


(6)       “obligor”
on the indenture securities means the Issuer, each Guarantor and any other obligor on the indenture securities.


 


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


 


SECTION 102.        
Definitions.


 


“Acceptable Commitment” has
the meaning specified in Section 1017(b)(2) of this Indenture.


 


“ACH” means Automated Clearing
House or any successor thereto.


 


“Acquired Indebtedness” 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 Restricted Subsidiary of such specified
Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming
a Restricted Subsidiary of such specified Person, and


 


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


 


“Act” when used with respect
to any Holder, has the meaning specified in Section 105 of this Indenture.


 


“Additional Notes” means any
Notes issued by the Issuer pursuant to Section 313.


 


“Adjusted Net Assets” has the
meaning specified in Section 1205 of this Indenture.


 


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


 


“Affiliate Transaction” has
the meaning specified in Section 1013 of this Indenture.


 


“Agent” means any Note Registrar,
Transfer Agent, co-registrar, Paying Agent or other agent appointed in accordance with this Indenture to perform any function that this
Indenture authorized such agent to perform.


 


“Appendix” has the meaning specified
in Section 201 of this Indenture.


 


“Applicable AML Law” has the
meaning specified in Section 117 of this Indenture.


 








    -2-


     


    

 


“Applicable Calculation Date”
means the applicable date of calculation for (i) the Consolidated Secured Debt Ratio, (ii) the Consolidated Total Debt Ratio, (iii) the
Fixed Charge Coverage Ratio or (iv) EBITDA.


 


“Applicable Measurement Period”
means the most recently ended four fiscal quarters immediately preceding the Applicable Calculation Date for which internal financial
statements are available.


 


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


 


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


 


(2)       the
excess, if any, of:


 


(A)       the
present value at such Redemption Date of (i) the Redemption Price (such redemption price being set forth in the table appearing in Section
1101) of such Note at April 15, 2024, plus (ii) all required interest payments due on such Note (excluding accrued but unpaid interest
to the Redemption Date) through April 15, 2024 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 such Note.


 


Calculation of the Applicable Premium will be made
by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that such calculation or the verification
of such calculation shall not be a duty or obligation of the Trustee.


 


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


 


“Asset Sale” means:


 


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


 


(2)       the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than preferred stock of Restricted Subsidiaries issued in compliance
with the covenant described under Section 1011), whether in a single transaction or a series of related transactions.


 


Notwithstanding the preceding, the following
items shall not be deemed to be Asset Sales:


 


(A)       any
disposition of cash or Cash Equivalents or Investment Grade Securities or, excess, obsolete, damaged, unnecessary, unsuitable or worn
out property, equipment or other assets in the ordinary course of business, or any disposition of property or assets in connection with
scheduled turnarounds, maintenance and equipment and facility updates or any disposition of any inventory, immaterial assets or goods
(or other assets) held for sale or no longer used in the ordinary course of business or any disposition resulting from the liquidation
or dissolution of any Restricted Subsidiary that is dormant or no longer used in the Issuer’s ordinary course of business to the
extent made ratably in accordance with the relative equity interests held by, or capital accounts of, the owners thereof;


 


(B)       the
disposition of all or substantially all of the assets of the Issuer or any Guarantor in a manner permitted pursuant to Section 801 or
any disposition that constitutes a Change of Control pursuant to this Indenture;


 






    -3-


     


    

 


(C)       the
making of any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 1010;


 


(D)       any
disposition of property or other assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series
of transactions with an aggregate Fair Market Value of less than $25.0 million;


 


(E)       any
disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted
Subsidiary to another Restricted Subsidiary;


 


(F)       to
the extent allowable under Section 1031 of the Internal Revenue Code of 1986, or any comparable or successor provision, any exchange of
like property (excluding any boot thereon) for use in a Similar Business;


 


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


 


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


 


(I)       foreclosures,
condemnation, eminent domain or any similar action on assets;


 


(J)       sales
or discounts of accounts receivable, or participations therein, in connection with any Receivables Facility;


 


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


 


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


 


(M)       the
sale, lease, assignment, license, sublease or discount of inventory, equipment, accounts receivable, notes receivable or other current
assets in the ordinary course of business or the conversion of accounts receivable to notes receivable or other dispositions of accounts
receivable in connection with the collection or compromise thereof;


 


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


 


(O)       the
unwinding of any Hedging Obligations;


 


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


 


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


 


(R)       the
issuance of directors’ qualifying shares and shares issued to foreign nationals or other third parties as required by applicable
law;


 






    -4-


     


    

 


(S)       dispositions
of assets (including, without limitation, assets of acquired Subsidiaries) after the acquisition thereof (or, as applicable, the acquisition
of such acquired Subsidiary) if such assets are not used or useful in the core or principal business of the Issuer and its Restricted
Subsidiaries; and


 


(T)       any
disposition deemed to occur with creating, granting or perfecting a Lien not otherwise prohibited by this Indenture.


 


“Asset Sale Offer” has the meaning
specified in Section 1017(c) of this Indenture.


 


“Authenticating Agent” has the
meaning specified in Section 612 of this Indenture.


 


“Bankruptcy Law” means Title
11, United States Bankruptcy Code of 1978, as amended, or any similar United States Federal or state law and the law of any other jurisdiction
relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment to, succession
to or change in any such law.


 


“Board of Directors” means,
for any Person, the board of directors or other governing body of such Person or, if such Person does not have such a board of directors
or other governing body and is owned or managed by a single entity, the board of directors or other governing body of such entity, or,
in either case, any committee thereof duly authorized to act on behalf of such board of directors or other governing body.


 


“Board Resolution” means with
respect to the Issuer, a duly adopted resolution of the Board of Directors of the Issuer or any committee of such Board of Directors.


 


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


 


“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such
time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with
GAAP; provided, however, that for purposes of determining whether a capital lease is required to be capitalized and reflected
as a liability on a balance sheet (excluding the footnotes thereto), such determination will be made using GAAP as in effect on May 24,
2018. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any determination
thereof is to be made as determined in accordance with GAAP, and the stated maturity thereof will be the date of the last payment of rent
or any other amount due under such lease prior to the first date such lease may be terminated without penalty.


 


“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 or membership interests (whether general or limited), and


 


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




 


“Cash Equivalents” means:


 


(1)       United
States dollars,


 


(2)       Canadian
dollars,


 






    -5-


     


    

 


(3)       (A)
euro, pounds sterling or any national currency of any participating member state in the European Union, or (B) local currencies held from
time to time in the ordinary course of business,


 


(4)       securities
issued or directly and fully and unconditionally guaranteed or insured by the U.S. government, Canada, the Province of Ontario, or any
country that is a member state of the European Union or any agency or instrumentality thereof the securities of which are unconditionally
guaranteed as a full faith and credit obligation of such government with maturities of 24 months or less from the date of acquisition,


 


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


 


(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 rated at least P-2 by Moody’s or at least A-2 by S&P and in each case maturing within 24 months after the date of creation
thereof,


 


(8)       marketable
short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency)
and in each case maturing within 24 months after the date of creation thereof,


 


(9)       investment
funds investing 95% of their assets in securities of the types described in clauses (1) through (8) above, and (10) through (14) below,


 


(10)    direct
obligations issued by any state, commonwealth or territory of the United States of America or any political subdivision or taxing authority
thereof having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 24 months or
less from the date of acquisition,


 


(11)     Indebtedness
or preferred stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s
with maturities of 24 months or less from the date of acquisition,


 


(12)     Investments
with average maturities of 24 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof)
or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s,


 


(13)    in
the case of Investments by any Restricted Subsidiary that is a Foreign Subsidiary, Investments of comparable tenor and credit quality
to those described in the foregoing clauses (1) through (12) customarily utilized in countries in which such Foreign Subsidiary operates
for short term cash management purposes, and


 


(14)    Indebtedness
issued by Persons with a rating of “BBB-” or higher from S&P or “Baa3” or higher from Moody’s with maturities
of one year or less from the date of acquisition in an aggregate amount not to exceed $30.0 million at any time.


 


Notwithstanding the foregoing, Cash Equivalents
shall include amounts denominated in currencies other than those set forth in clauses (1) through (3) above; provided that such
amounts are converted into any currency listed in clauses (1) through (3) above, as promptly as practicable and in any event within (ten)
10 Business Days following the receipt of such amounts.


 






    -6-


     


    

 


“Cash Management Services” means
any of the following to the extent not constituting a line of credit (other than an overnight overdraft facility that is not in default):
ACH transactions, treasury and/or cash management services, including, without limitation, controlled disbursement services, overdraft
facilities, foreign exchange facilities, deposit and other accounts and merchant services.


 


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


 


(1)       the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Issuer and its Subsidiaries,
taken as a whole, to any Person other than a Permitted Holder in connection with which any Person other than one or more Permitted Holders,
is or becomes the beneficial owner (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), directly or
indirectly, of more than 50% of the total voting power of the Voting Stock of the transferee Person in such sale, lease or transfer of
assets, as the case may be, provided that (x) so long as such transferee Person is a Subsidiary of a Permitted Parent, no Person
shall be deemed to be or become a beneficial owner of more than 50% of the total voting power of the Voting Stock of such transferee Person
unless such Person shall be or become a beneficial owner of more than 50% of the total voting power of the Voting Stock of such Permitted
Parent and (y) any Voting Stock of which any Permitted Holder is the beneficial owner shall not in any case be included in the calculation
of any Voting Stock of which any such Person first referred to above in this clause (1) is the beneficial owner; or


 


(2)       at any time, the Issuer
becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or
otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or
any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning
of Rule 13d-5(b)(1) under the Exchange Act, or any successor provision), other than the Permitted Holders, in a single transaction or
in a related series of transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership
of 50% or more of the total voting power of the Voting Stock of the Issuer or any direct or indirect parent company of the Issuer; provided
that (x) so long as the Issuer is a Subsidiary of a parent company, no Person shall be deemed to be or become a beneficial owner of
more than 50% of the total voting power of the Voting Stock of the Issuer unless such Person shall be or become a beneficial owner of
more than 50% of the total voting power of the Voting Stock of such parent company and (y) any Voting Stock of which any Permitted Holder
is the beneficial owner shall not in any case be included in calculating the Voting Stock of which any such Person first referred to above
in this clause (2) is the beneficial owner.


 


“Change of Control Offer” has
the meaning specified in Section 1016(a) of this Indenture.


 


“Change of Control Payment”
has the meaning specified in Section 1016(a) of this Indenture.


 


“Change of Control Payment Date”
has the meaning specified in Section 1016(a)(2) of this Indenture.


 


“consolidated” or “Consolidated”
means, with respect to any Person, such Person on a consolidated basis in accordance with GAAP, but excluding from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person.


 


“Consolidated Depreciation and Amortization
Expense” means, with respect to any Person for any period, the total amount of depreciation and amortization expense, including
the amortization of deferred financing fees or costs, debt issuance costs, commissions, fees and expenses, capitalized expenditures, customer
acquisition costs and incentive payments, conversion costs and contract acquisition costs of such Person and its Restricted Subsidiaries
for such period on a consolidated basis and otherwise determined in accordance with GAAP.


 






    -7-


     


    

 


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


 


(1)       consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not added
back) in computing Consolidated Net Income (including (a) amortization of original issue discount or premium resulting from the issuance
of Indebtedness at less than or greater than par, as applicable, (b) all commissions, discounts and other fees and charges owed with respect
to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable
to the movement in the mark to market valuation of Indebtedness or derivative instruments pursuant to GAAP), (d) the interest component
of Capitalized Lease Obligations and (e) net payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness,
and excluding (r) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (s) penalties
and interest relating to taxes, (t) accretion or accrual of discounted liabilities not constituting Indebtedness, (u) interest expense
attributable to a parent entity resulting from push-down accounting, (v) any expense resulting from the discounting of Indebtedness in
connection with the application of recapitalization or purchase accounting, (w) any “additional interest” owing pursuant to
a registration rights agreement, (x) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, and
original issue discount with respect to Indebtedness issued in connection with the Transactions or any intercompany Indebtedness, (y)
any expensing of bridge, commitment and other financing fees and (z) commissions, discounts, yield and other fees and charges (including
any interest expense) related to any Receivables Facility); plus


 


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


 


(3)       interest
income for such period.


 


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


 


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


 


(1)       any
after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses
(including relating to the Transactions), severance, relocation costs, curtailments or modifications to pension and post-retirement employee
benefits plans, start-up, transition, integration and other restructuring and business optimization costs, charges, reserves or expenses
(including related to acquisitions after the Issue Date and to the start-up, closure and/or consolidation of facilities), new product
introductions, and one-time compensation charges shall be excluded,


 


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


 


(3)       any
net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations shall be excluded,


 


(4)       any
after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions or abandonments other
than in the ordinary course of business, as determined in good faith by the Issuer, shall be excluded,


 


(5)       solely
for the purpose of determining the amount available for Restricted Payments under clause (C)(1) of Section 1010(a), the Net Income for
such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent the declaration or
payment of dividends or similar distributions by that Restricted Subsidiary of its Net Income is not at the date of determination permitted
without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted
Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or similar distributions has been legally
waived; provided that Consolidated Net Income of the Issuer will be increased by the amount of dividends or other distributions
or other payments actually paid in cash (or to the extent converted into cash) or Cash Equivalents to the Issuer or a Restricted Subsidiary
in respect of such period, to the extent not already included therein,


 






    -8-


     


    

 


(6)       effects
of adjustments (including the effects of such adjustments pushed down to the Issuer and its Restricted Subsidiaries) in any line item
in such Person’s consolidated financial statements in accordance with GAAP resulting from the application of purchase accounting,
including in relation to the Transactions, or the amortization or write-off of any amounts thereof, net of taxes, shall be excluded,


 


(7)       (i)
any after-tax effect of income (loss) from the early extinguishment of Indebtedness or Hedging Obligations or other derivative instruments
(including deferred financing costs written off and premiums paid), (ii) any non-cash income (or loss) related to currency gains or losses
related to Indebtedness, intercompany balances and other balance sheet items and to Hedging Obligations pursuant to Financial Accounting
Standards Codification No. 815—Derivatives and Hedging and its related pronouncements and interpretations (or any successor provision)
and (iii) any non-cash expense, income or loss attributable to the movement in mark-to-market valuation of foreign currencies, Indebtedness
or derivative instruments pursuant to GAAP, shall be excluded,


 


(8)       any
impairment charge, asset write-off or write-down in each case pursuant to GAAP shall be excluded,


 


(9)       (i)
any non-cash compensation expense recorded from grants of stock appreciation or similar rights, phantom equity, stock options, restricted
stock, units or other rights to officers, directors, managers or employees and (ii) non-cash income (loss) attributable to deferred compensation
plans or trusts, shall be excluded,


 


(10)       any
fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition, Investment,
recapitalization, Asset Sale, issuance or repayment of Indebtedness (including, without limitation, the Notes), issuance of Equity Interests,
refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated
prior to the Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred
during such period as a result of any such transaction shall be excluded,


 


(11)       accruals
and reserves, contingent liabilities and any gains or losses on the settlement of any pre-existing contractual or non-contractual relationships
that are established or adjusted within twelve months after the Issue Date that are so required to be established as a result of the Transactions
in accordance with GAAP shall be excluded,


 


(12)       to
the extent covered by insurance or indemnification and actually reimbursed, or, so long as the Issuer has made a determination that there
exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that
such amount is (a) not denied by the applicable carrier or indemnifying party in writing within 180 days and (b) in fact reimbursed within
365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days),
losses and expenses with respect to liability or casualty events or business interruption shall be excluded, and


 


(13)       any
deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions, or the release of
any valuation allowance related to such item, shall be excluded.


 






    -9-


     


    

 


Notwithstanding the foregoing, for the purpose
of Section 1010 only (other than clause (C)(4) of Section 1010(a)), there shall be excluded from Consolidated Net Income any income arising
from any sale or other disposition of Restricted Investments made by the Issuer and the Restricted Subsidiaries, any repurchases and redemptions
of Restricted Investments from the Issuer and the Restricted Subsidiaries, any repayments of loans and advances which constitute Restricted
Investments by the Issuer or any Restricted Subsidiary, any sale of the stock of an Unrestricted Subsidiary or any distribution or dividend
from an Unrestricted Subsidiary, in each case only to the extent such amounts increase the amount of Restricted Payments permitted under
such covenant pursuant to clause (C)(4) of Section 1010(a).


 


“Consolidated Secured Debt Ratio”
means, as of any date of determination, the ratio of (1) Consolidated Total Secured Indebtedness minus cash and Cash Equivalents
of the Issuer and the Guarantors, in each case, as of the end of the most recent fiscal period for which internal financial statements
are available immediately preceding the Applicable Calculation Date to (2) EBITDA of the Issuer for the Applicable Measurement Period,
with such pro forma adjustments to Consolidated Total Secured Indebtedness, cash and Cash Equivalents and EBITDA as are appropriate
and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio.”


 


“Consolidated Total Debt Ratio”
means, as of any date of determination, the ratio of (1) Consolidated Total Indebtedness minus cash and Cash Equivalents of the
Issuer and its Restricted Subsidiaries, in each case, as of the end of the most recent fiscal period for which internal financial statements
are available immediately preceding the Applicable Calculation Date to (2) EBITDA of the Issuer for the Applicable Measurement Period,
with such pro forma adjustments to Consolidated Total Indebtedness, cash and Cash Equivalents and EBITDA as are appropriate and
consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio” (other
than as set forth in the proviso to the first paragraph thereof).


 


“Consolidated Total Indebtedness”
means, as at any date of determination, an amount equal to the sum of (1) the aggregate amount of all outstanding Indebtedness of the
Issuer and its Restricted Subsidiaries on a consolidated basis consisting of Indebtedness for borrowed money, Obligations in respect of
Capitalized Lease Obligations and debt obligations evidenced by promissory notes and similar instruments (and excluding, for the avoidance
of doubt, Hedging Obligations) and (2) the aggregate amount of all outstanding Disqualified Stock of the Issuer and all preferred stock
of the Restricted Subsidiaries, with the amount of such Disqualified Stock and preferred stock equal to the greater of their respective
voluntary or involuntary liquidation preferences and their Maximum Fixed Repurchase Prices, in each case in clauses (1) and (2) above,
determined on a consolidated basis in accordance with GAAP.


 


For purposes hereof, the “Maximum Fixed
Repurchase Price” of any Disqualified Stock or preferred stock means the price at which such Disqualified Stock or preferred
stock could be redeemed or repurchased by the issuer thereof in accordance with its terms or, if such Disqualified Stock or preferred
stock cannot be so redeemed or repurchased, the Fair Market Value of such Disqualified Stock or preferred stock, in each case, determined
on any date on which Consolidated Total Indebtedness shall be required to be determined.


 


“Consolidated Total Secured Indebtedness”
means, as at any date of determination, the amount of Consolidated Total Indebtedness that is Secured Indebtedness as of such date.


 






    -10-


     


    

 



 


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


 


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


 


(2)       to
advance or supply funds


 


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


 


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


 


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


 


“Corporate Trust Office” means
the corporate trust office of the Trustee, at which at any particular time its corporate trust business in relation to this Indenture
shall be administered, which office at the date of execution of this Indenture is located at U.S. Bank National Association, James Center
II 1021 E. Cary Street, Suite 1850, Richmond, VA 23219, Attention: Global Corporate Trust Services, except that with respect to presentation
of the Notes for payment or for registration of transfer or exchange, such term shall mean the office or agency of the Trustee which,
at any particular time, its corporate agency business in relation to this Indenture shall be conducted, which office at the date of execution
of this Indenture is located at U.S. Bank National Association, 111 Fillmore Ave E, St. Paul, MN 55107, Attention: Global Trust Services.


 


“Covenant Defeasance” has the
meaning specified in Section 1303 of this Indenture.


 


“Covenant Suspension Event”
has the meaning specified in Section 1018(a) of this Indenture.


 


“Credit Facilities” means, with
respect to the Issuer or any Restricted Subsidiary, one or more debt facilities, including the Senior Credit Facility, or other financing
arrangements (including, without limitation, commercial paper facilities with banks or other institutional lenders or investors or indentures)
providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness, including any notes, mortgages, guarantees,
collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions,
renewals, restatements or refundings thereof and any indentures or credit facilities or commercial paper facilities with banks or other
institutional lenders or investors that Refinance any part of the loans, notes or other securities, other credit facilities or commitments
thereunder, including any such Refinancing facility or indenture that increases the amount permitted to be borrowed thereunder or alters
the maturity thereof (provided that such increase in borrowings is permitted under Section 1011) or adds Restricted Subsidiaries
as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders.


 


“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.


 


“Defaulted Interest” has the
meaning specified in Section 307(b) of this Indenture.


 


“Depository” means The Depository
Trust Company, its nominees and their respective successors.


 


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


 


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


 






    -11-


     


    

 


“Designated Preferred
Stock” means preferred stock of the Issuer, any Restricted Subsidiary or any direct or indirect parent company of the
Issuer (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted Subsidiary or an employee
stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and is so designated as Designated Preferred
Stock, pursuant to an Officer’s Certificate executed by the principal financial officer of the Issuer or such parent company
thereof, as the case may be, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in
clause (C) of Section 1010(a).


 


“Directing Holder” has the meaning
specified in Section 502(c) of this Indenture.


 


“Disqualified Stock” means,
with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible
or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable, other than as a
result of a change of control, asset sale or casualty or condemnation event, pursuant to a sinking fund obligation or otherwise, or is
redeemable at the option of the holder thereof, other than as a result of a change of control, asset sale or casualty or condemnation
event, in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of the Notes or the date the
Notes are no longer outstanding; provided that if such Capital Stock is issued to any plan for the benefit of employees of the
Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because
it may be required to be repurchased by the Issuer or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.


 


“Dividing Person” has the meaning
assigned to it in the definition of “Division.”


 


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


 


“Division Successor” means any
Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or obligations
previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of
its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.


 


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


 


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


 


(1)       increased
(without duplication) by:


 


(A)       provision
for taxes based on income or profits or capital gains, including, without limitation, U.S. federal, state, non-U.S., franchise, excise,
value added and similar taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties
and interest relating to such taxes or arising from any tax examinations deducted (and not added back) in computing Consolidated Net Income,
plus


 


(B)       Fixed
Charges of such Person for such period (including (x) net losses on Hedging Obligations or other derivative instruments entered into for
the purpose of hedging interest rate risk and (y) costs of surety bonds in connection with financing activities, in each case, to the
extent included in Fixed Charges), together with items excluded from the definition of “Consolidated Interest Expense” pursuant
to clauses (1)(r) through (1)(z) thereof, to the extent the same were deducted (and not added back) in calculating such Consolidated Net
Income, plus


 


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


 






    -12-


     


    

 


(D)       any
fees, expenses, charges or losses (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment,
acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by this Indenture (including a refinancing
thereof) (whether or not successful), including (i) such fees, expenses or charges related to the offering of the Notes and the Senior
Credit Facility and (ii) any amendments or other modification of the Notes, the Senior Credit Facility or other Indebtedness and, in each
case, deducted (and not added back) in computing Consolidated Net Income, plus


 


(E)       any
other non-cash charges, including any write offs, write downs, expenses, losses or items to the extent the same were deducted (and not
added back) in computing Consolidated Net Income (provided that if any such non-cash charges represent an accrual or reserve for
potential cash items in any future period, the cash payment in respect thereof in such future period shall be deducted from EBITDA to
such extent, and excluding amortization of a prepaid cash item that was paid in a prior period), plus


 


(F)       the
amount of any minority interest expense consisting of net income attributable to non-controlling interests of third parties in any non-Wholly-Owned
Subsidiary deducted (and not added back) in such period in calculating Consolidated Net Income, plus


 


(G)       [reserved],
plus


 


(H)       costs
of surety bonds incurred in such period in connection with financing activities, plus


 


(I)        the
amount of net cost savings, operating expense reductions, operating improvements and initiatives and synergies projected by the Issuer
in good faith to be realized as a result of specified actions taken or to be taken (which cost savings or synergies shall be calculated
on a pro forma basis as though such cost savings, operating expense reductions or synergies had been realized on the first day
of such period), net of the amount of actual benefits realized during such period from such actions; provided that (A) such cost
savings, operating expense reductions or synergies are reasonably identifiable and factually supportable and (B) such actions have been
taken or are to be taken within 24 months after the date of determination to take such action, plus


 


(J)       the
amount of loss or discount on sales of receivables and related assets to the Receivables Subsidiary in connection with a Receivables Facility,
plus


 


(K)       any
costs or expense incurred by the Issuer or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost
or expenses are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance of Equity Interests
of the Issuer (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation set forth
in clause (C) of Section 1010(a); and have not been relied on for purposes of any incurrence of Indebtedness pursuant to clause (12)(A)
of Section 1011(b), plus


 


(L)       the
amount of expenses relating to payments made to option holders of any direct or indirect parent company of the Issuer or any of its direct
or indirect parent companies in connection with, or as a result of, any distribution being made to shareholders of such Person or its
direct or indirect parent companies, which payments are being made to compensate such option holders as though they were shareholders
at the time of, and entitled to share in, such distribution, in each case to the extent permitted under this Indenture, plus


 


(M)       with
respect to any joint venture that is not a Restricted Subsidiary, an amount equal to the proportion of those items described in
clauses (A) and (C) above relating to such joint venture corresponding to the Issuer’s and the Restricted Subsidiaries’
proportionate share of such joint venture’s Consolidated Net Income (determined as if such joint venture were a Restricted
Subsidiary), plus


 






    -13-


     


    

 


(N)       [reserved],
plus


 


(O)       cash
receipts (or any netting arrangements resulting in reduced cash expenses) not included in EBITDA in any period to the extent non-cash
gains relating to such receipts were deducted in the calculation of EBITDA pursuant to clause (2) below for any previous period and not
added back, plus


 


(P)       any
non-cash loss, charge, or expense relating to the incurrence of obligations in respect of any “earn out” or other similar
contingent obligations, but only for so long as such loss, charge or expense remains a non-cash contingent obligation, and


 


(2)       decreased
by (without duplication) non-cash gains increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains
which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period;
provided that, to the extent non-cash gains are deducted pursuant to this clause (2) for any previous period and not otherwise
added back to EBITDA, EBITDA shall be increased by the amount of any cash receipts (or any netting arrangements resulting in reduced cash
expenses) in respect of such non-cash gains received in subsequent periods to the extent not already included therein, and


 


(3)       increased
or decreased by (without duplication):


 


(A)      any
net gain or loss resulting in such period from currency gains or losses related to Indebtedness, intercompany balances and other balance
sheet items, plus or minus, as the case may be, and


 


(B)       any
net gain or loss resulting in such period from Hedging Obligations, and the application of Financial Accounting Standards Codification
No. 815—Derivatives and Hedging, and its related pronouncements and interpretations (or any successor provision).


 


“Equity Interest” means Capital
Stock and all warrants, options or other rights, including, without limitation, restricted stock, restricted stock units or performance
units to acquire Capital Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock.


 


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


 


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


 


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


 


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


 


“euro” means the single currency
of participating member states of the Economic and Monetary Union of the European Union.


 


“Event of Default” has the meaning
specified in Section 501 of this Indenture.


 


“Excess Proceeds” has the meaning
specified in Section 1017(c) of this Indenture.


 


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


 






    -14-


     


    

 


“Excluded Contribution” means
net cash proceeds, the Fair Market Value of marketable securities or the Fair Market Value of Qualified Proceeds received by the Issuer
from:


 


(1)       contributions
to its common equity capital, and


 


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


 


in each case designated as Excluded Contributions pursuant to an Officer’s
Certificate of the Issuer on the date such capital contributions are made or the date such Equity Interests are sold, as the case may
be, which are excluded from the calculation set forth in clause (C) of Section 1010(a).


 


“Existing Indebtedness” means
Indebtedness of the Issuer or any Restricted Subsidiary in existence on the Issue Date, plus interest accruing (or the accretion
of discount) thereon.


 


“Fair Market Value” means, with
respect to any Investment, asset or property, the fair market value of such Investment, asset or property, determined in good faith by
senior management or the Board of Directors of the Issuer, whose determination will be conclusive for all purposes under this Indenture
and the Notes.


 


“Fixed Charge Coverage Ratio”
means, with respect to any Person as of any Applicable Calculation Date, the ratio of (1) EBITDA of such Person for the Applicable Measurement
Period to (2) the Fixed Charges of such Person for such Applicable Measurement Period. In the event that the Issuer or any Restricted
Subsidiary incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness or issues or redeems Disqualified Stock or preferred
stock subsequent to the commencement of the Applicable Measurement Period but on or prior to the Applicable Calculation Date, then the
Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption,
retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or preferred stock (in each case, including
a pro forma application of the net proceeds therefrom), as if the same had occurred at the beginning of the Applicable Measurement
Period; provided, however, that the pro forma calculation shall not give effect to any Indebtedness incurred on such
determination date pursuant to the provisions described in Section 1011(b) (other than Indebtedness incurred pursuant to Section 1011(b)(14));
provided, further, that, for purposes of the calculation of the Fixed Charge Coverage Ratio, in connection with the incurrence
of any Indebtedness pursuant to Section 1011(a) the Issuer may elect, pursuant to an Officer’s Certificate delivered to the Trustee,
to treat all or any portion of the commitment under any Indebtedness which is to be incurred, as being incurred as of the Applicable Calculation
Date and any subsequent incurrence of Indebtedness under such commitment that was so treated shall not be deemed, for purposes of this
calculation, to be an incurrence of additional Indebtedness.


 


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


 






    -15-


     


    

 


For purposes of this definition, whenever pro
forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible
financial or accounting officer of the Issuer (and may include, for the avoidance of doubt and without duplication, cost savings and
operating expense reductions resulting from such Investment, acquisition, merger or consolidation which is being given pro forma effect
that have been or are expected to be realized). If any Indebtedness bears a floating rate of interest and is being given pro
forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Applicable Calculation Date
had been the applicable rate for the entire period (taking into account for such entire period, any Hedging Obligation applicable to
such Indebtedness with a remaining term of 12 months or longer, and in the case of any Hedging Obligation applicable to such
Indebtedness with a remaining term of less than 12 months, taking into account such Hedging Obligation to the extent of its
remaining term). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a
responsible financial or accounting officer of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation
in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under revolving
credit facilities computed on a pro forma basis shall be computed based upon the average daily balance of such Indebtedness
during the applicable period; or, if lower, the maximum commitments under such revolving credit facilities as of the Applicable
Calculation Date. Interest on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or
similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate.


 


“Fixed Charges” means, with
respect to any Person for any period, the sum of:


 


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


 


(2)       all
cash dividend payments (excluding items eliminated in consolidation) on any series of preferred stock (including any Designated Preferred
Stock) or any Refunding Capital Stock of such Person made during such period, and


 


(3)       all
cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock made during such period.


 


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


 


“Funding Guarantor” has the
meaning specified in Section 1205 of this Indenture.


 


“GAAP” means generally accepted
accounting principles in the United States which were in effect on May 24, 2018. At any time after the Issue Date, the Issuer may elect
to apply International Financial Reporting Standards (“IFRS”) accounting principles in lieu of GAAP and, upon any such
election, references herein to GAAP and GAAP concepts shall thereafter be construed to refer to IFRS and corresponding IFRS concepts (except
as otherwise provided in this Indenture); provided that any such election, once made, shall be irrevocable; provided, further,
any calculation or determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters ended
prior to the Issuer’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Issuer
shall give written notice of any such election made in accordance with this definition to the Trustee and the Holders. For the avoidance
of doubt, solely making an election (without any other action) referred to in this definition will not be treated as an incurrence of
Indebtedness.


 


“Government Securities” means
direct obligations of, or obligations guaranteed by, the United States, Canada, the Province of Ontario, a member state of the European
Union or any agency or instrumentality thereof, and the payment for which such government pledges its full faith and credit, and shall
also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to
any such Government Securities or a specific payment of principal or interest on any such Government Securities held by such custodian
for the account of the holder of such depositary receipt; provided that (except as required by law) such custodian is not authorized
to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect
of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depositary
receipt.


 






    -16-


     


    

 


“guarantee” means a guarantee
(other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner
(including letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations;
provided that the term “guarantee” shall not include reimbursement or other obligations with respect to unmatured or
undrawn, as applicable, Performance Guarantees.


 


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


 


“Guarantor” means each Restricted
Subsidiary that guarantees the Notes under this Indenture.


 


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


 


“Holder” means a holder of the
Notes.


 


“IFRS” has the meaning assigned
to it in the definition of “GAAP.”


 


“incur” has the meaning specified
in Section 1011(a) of this Indenture.


 


“incurrence” has the meaning
specified in Section 1011(a) of this Indenture.


 


“Indebtedness” means, with respect
to any Person,


 


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


 


(A)      in
respect of borrowed money,


 


(B)       evidenced
by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without double counting, reimbursement
agreements in respect thereof),


 


(C)       representing
the balance, deferred and unpaid, of the purchase price of any property (including Capitalized Lease Obligations), except (i) any such
balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business
and (ii) any earn-out obligation until such obligation, after 60 days of becoming due and payable, that has not been paid and is reflected
as a liability on the balance sheet of such Person in accordance with GAAP, or


 


(D)       representing
any Hedging Obligations,


 


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


 


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


 






    -17-


     


    

 


(3)       to
the extent not otherwise included, the obligations of the type referred to in clause (1) of another Person secured by a Lien on any assets
owned by such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of
such Indebtedness will be the lesser of: (a) the Fair Market Value of such assets at such date of determination, and (b) the amount
of such Indebtedness of such other Person;


 


provided that notwithstanding the foregoing, Indebtedness shall
be deemed not to include (A) Contingent Obligations incurred in the ordinary course of business; (B) obligations under or in respect of
Receivables Facilities; or (C) unmatured or undrawn Performance Guarantees or any reimbursement or other obligations with respect
to unmatured or undrawn, as applicable, Performance Guarantees.


 


“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto entered
into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture,
the provisions of the Trust Indenture Act that are deemed to be part of and govern this instrument and any such supplemental indenture,
respectively.


 


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


 


“Initial Notes” has the meaning
set forth in the first recital of this Indenture.


 


“Initial Purchasers” means Morgan
Stanley & Co. LLC, Wells Fargo Securities, LLC, J.P. Morgan Securities LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc.,
PNC Capital Markets LLC, Citizens Capital Markets, Inc., SunTrust Robinson Humphrey, Inc. and BNP Paribas Securities Corp.


 


“Interest Payment Date” means
the Stated Maturity of an installment of interest on the Notes.


 


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


 


“Investment Grade Securities”
means:


 


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


 


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


 


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


 


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


 


“Investments” means, with respect
to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees), advances
or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel and similar advances
to officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of
Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified
on the balance sheet (excluding the footnotes) of such Person in the same manner as the other investments included in this definition
to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted
Subsidiary” and Section 1010:


 






    -18-


     


    

 


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


 


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


 


(B)       the
portion (proportionate to the Issuer’s Equity Interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary
at the time of such redesignation; and


 


(2)       any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer.


 


The amount of any Investment outstanding at any
time shall be the original cost of such Investment, reduced by any dividend, distribution, interest payment, return of capital, repayment
or other amount received in cash by the Issuer or a Restricted Subsidiary in respect of such Investment. For the avoidance of doubt, the
term “Investment” shall not include reimbursement or other obligations with respect to unmatured or undrawn, as applicable,
Performance Guarantees.


 


“Issue Date” means April 13,
2021.


 


“Issuer” has the meaning set
forth in the preamble hereto.


 


“Issuer Request” or “Issuer
Order” means a written request or order signed in the name of the Issuer by two Officers or one Officer and either an Assistant
Treasurer or an Assistant Secretary of the Issuer, and delivered to the Trustee.


 


“Legal Defeasance” has the meaning
specified in Section 1302 of this Indenture.


 


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


 


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


 


“Limited Condition Acquisition”
means any acquisition or any other Investment, including by way of merger, amalgamation or consolidation, by the Issuer or one or more
of its Restricted Subsidiaries whose consummation is not conditioned upon the availability of, or on obtaining, third party financing;
provided that the Consolidated Net Income (and any other financial term derived therefrom), other than for purposes of calculating
any ratios in connection with the Limited Condition Acquisition, shall not include any Consolidated Net Income of or attributable to the
target company or assets associated with any such Limited Condition Acquisition unless and until the closing of such Limited Condition
Acquisition shall have actually occurred.


 


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


 






    -19-


     


    

 


“Maturity” when used with respect
to any Note, means the date on which the principal of such Note or an installment of principal becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption or otherwise.


 


“Maximum Fixed Repurchase Price”
has the meaning assigned to it in the definition of “Consolidated Total Indebtedness.”


 


“Moody’s” means Moody’s
Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.


 


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


 


“Net Proceeds” means the aggregate
cash proceeds and the Fair Market Value of any Cash Equivalents received by the Issuer or a Restricted Subsidiary in respect of any Asset
Sale, including any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale,
net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration, including legal,
accounting and investment banking fees, and brokerage and sales commissions, any relocation expenses incurred as a result thereof, other
fees, including title and recordation expenses, taxes paid or payable as a result thereof (including in connection with any repatriation
of funds and after taking into account any available tax credits or deductions and any tax sharing arrangements), amounts required to
be applied to the repayment of principal, premium, if any, and interest on Senior Indebtedness or Indebtedness of any Restricted Subsidiary
required (other than pursuant to Section 1017(b)(1)) to be paid as a result of such transaction, any costs associated with unwinding any
related Hedging Obligations in connection with such transaction and any deduction of appropriate amounts to be provided by the Issuer
or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated with the asset disposed
of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale or other disposition thereof,
including pension and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification
obligations associated with such transaction.


 


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


 


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


 


“Note Register” and “Note
Registrar” have the respective meanings specified in Section 302.


 


“Noteholder Direction” has the
meaning specified in Section 502(c) of this Indenture.


 


“Notes” has the meaning stated
in the first recital of this Indenture and more particularly means any Notes authenticated and delivered under this Indenture, including
the Initial Notes and the Additional Notes, all of which shall be treated as a single class for all purposes of this Indenture, and unless
the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes; provided that
Additional Notes will not be issued with the same CUSIP, if any, as Initial Notes unless such Additional Notes are fungible with Initial
Notes for U.S. Federal income tax purposes.


 


“Notes Custodian” means the
custodian with respect to a Global Note (as appointed by the Depository) or any successor Person thereto, who shall initially be the Trustee.


 






    -20-


     


    

 


“Obligations” means any
principal, interest, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters
of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any
Indebtedness; provided that notwithstanding the foregoing, Obligations shall be deemed not to include unmatured or undrawn
Performance Guarantees or any reimbursement or other obligations with respect to unmatured or undrawn, as applicable, Performance
Guarantees.


 


“Offering Document” means the
confidential offering memorandum dated March 29, 2021, pursuant to which the Initial Notes were offered to potential purchasers.


 


“Officer” means the Chairman
of the Board, any Manager or Director, the Chief Executive Officer, the Chief Financial Officer, the President, any Executive Vice President,
Senior Vice President or Vice President, the Treasurer, the Chief Accounting Officer, the Controller or the Secretary of the Issuer or
any other Person, as the case may be.


 


“Officer’s Certificate”
means a certificate signed by an Officer of the Issuer or any other Person, as the case may be, who must be a Manager or Director, the
principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Issuer (or of a
Subsidiary of the Issuer acting in such capacity for the Issuer and its Subsidiaries, as determined by the Issuer) or such other Person,
that meets the requirements set forth in this Indenture.


 


“Opinion of Counsel” means a
written opinion acceptable to the Trustee from legal counsel (which may be subject to customary assumptions and exclusions). The counsel
may be an employee of or counsel to the Issuer, or other counsel, which is reasonably acceptable to the Trustee.


 


“Outstanding,” when used with
respect to Notes, means, as of the date of determination, all Notes theretofore authenticated and delivered under this Indenture, except:


 


(1)       Notes
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;


 


(2)       Notes,
or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or
any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own
Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, written notice of such redemption
has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;


 


(3)       Notes,
except to the extent provided in Sections 1302 and 1303, with respect to which the Issuer has effected Legal Defeasance or Covenant Defeasance
as provided in Article Thirteen; and


 


(4)       Notes
which have been paid pursuant to this Indenture or in exchange for or in lieu of which other Notes have been authenticated and delivered
pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory
to it that such Notes are held by a Protected Purchaser in whose hands the Notes are valid obligations of the Issuer;


 


provided that, in determining whether the Holders of the requisite
principal amount of Outstanding Notes have given any request, demand, authorization, direction, consent, notice or waiver hereunder, and
for the purpose of making the calculations required by TIA Section 316, Notes owned by the Issuer or any other obligor upon the Notes
or any Affiliate of the Issuer or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded.


 


“Pari Passu Indebtedness” has
the meaning specified in Section 1017(c) of this Indenture.


 






    -21-


     


    

 


“Paying Agent” means any Person
(including the Issuer acting as Paying Agent) authorized by the Issuer to pay the principal of (and premium, if any) or interest on any
Notes on behalf of the Issuer. The Issuer initially appoints the Trustee as Paying Agent.


 


“Performance Guarantee” of any
Person means (a) any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation issued
for the account of such Person to support only trade payables or nonfinancial performance obligations of such Person, (b) any letter of
credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation issued for the account of such Person
to support any letter of credit, bankers acceptance, surety bond, performance bond, bank guarantee or other similar obligation issued
for the account of a Restricted Subsidiary, a joint venture or a consortium of such Person to support only trade payables or non-financial
performance obligations of such Restricted Subsidiary, joint venture or consortium, and (c) any parent company guarantee or other direct
or indirect liability, contingent or otherwise, of such Person with respect to trade payables or non-financial performance obligations
of a Restricted Subsidiary, a joint venture or a consortium of such Person, if the purpose of such Person in incurring such liability
is to provide assurance to the obligee that such contractual obligation will be performed, or that any agreement relating thereto will
be complied with.


 


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


 


“Permitted Asset Swap” means
the concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business Assets and cash or Cash Equivalents
between the Issuer or a Restricted Subsidiary and another Person; provided that any cash or Cash Equivalents received must be applied
in accordance with Section 1017.


 


“Permitted Holders” means any
Permitted Parent. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a
Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute
an additional Permitted Holder.


 


“Permitted Investments” means:


 


(1)       any
Investment in the Issuer or any Restricted Subsidiary, including, without limitation, a repurchase or retirement of the Notes, the Issuer’s
5.375% senior notes due 2026 or the Issuer’s 4.125% senior notes due 2028;


 


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


 


(3)       any
Investment by the Issuer or any Restricted Subsidiary in a Person that is engaged in a Similar Business if as a result of such Investment:


 


(A)      such
Person becomes a Restricted Subsidiary, or


 


(B)       such
Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys,
including by means of a Division, substantially all of its assets to, or is liquidated into, the Issuer or a Restricted Subsidiary, and,
in each case, any Investment held by such Person; provided that such Investment was not acquired by such Person in contemplation
of such acquisition, merger, consolidation or transfer;


 


(4)       any
Investment in securities or other assets not constituting cash, Cash Equivalents or Investment Grade Securities and received in connection
with an Asset Sale made pursuant to Section 1017, or any other disposition of assets not constituting an Asset Sale;


 


(5)       any
Investment existing on the Issue Date or made pursuant to legally binding commitments in existence on the Issue Date, and any extension,
modification or renewal of such existing Investments or binding commitment existing on the Issue Date;


 






    -22-


     


    

 


(6)       any
Investment acquired by the Issuer or any Restricted Subsidiary:


 


(A)       (x)
in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with or
as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or the obligor with respect
to such accounts receivable or (y) in good faith settlement of delinquent obligations of, and other disputes with, customers, trade debtors,
licensors, licensees and suppliers arising in the ordinary course, or;


 


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


 


(7)       Hedging
Obligations permitted under Section 1011(b)(10);


 


(8)       any
Investment in a Similar Business having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this
clause (8) that are at that time outstanding, not to exceed the greater of (x) $100.0 million and (y) 25% of EBITDA for the Applicable
Measurement Period at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without
giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (8) is
made in any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes
a Restricted Subsidiary after such date, such investment shall thereafter be deemed to have been made pursuant to clause (1) above and
shall cease to have been made pursuant to this clause (8) for so long as such Person continues to be a Restricted Subsidiary;


 


(9)       Investments
the payment for which consists of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer (exclusive of
Disqualified Stock); provided that such Equity Interests will not increase the amount available for Restricted Payments under clause
(C) of Section 1010(a);


 


(10)     (x)
guarantees of Indebtedness permitted under Section 1011 and (y) Performance Guarantees in the ordinary course of business;


 


(11)     any
transaction to the extent it constitutes an Investment that is permitted and made in accordance with Section 1013(b) (except transactions
described in Sections 1013(b)(2), (5), (9) and (15));


 


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


 


(13)     additional
Investments having an aggregate Fair Market Value, taken together with all other Investments made pursuant to this clause (13) that are
at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not
consist of cash or marketable securities), not to exceed the greater of (x) $200.0 million and (y) 50% of EBITDA for the Applicable Measurement
Period at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving
effect to subsequent changes in value); provided, however, that if any Investment pursuant to this clause (13) is made in
any Person that is not a Restricted Subsidiary of the Issuer at the date of the making of such Investment and such Person becomes a Restricted
Subsidiary after such date, such investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease
to have been made pursuant to this clause (13) for so long as such Person continues to be a Restricted Subsidiary;


 


(14)     Investments
relating to any Receivables Subsidiary that, in the good faith determination of the Board of Directors of the Issuer, are necessary or
advisable to effect such Receivables Facility or any repurchases in connection therewith;


 






    -23-


     


    

 


(15)     loans
and advances to, or guarantees of Indebtedness of, employees of the Issuer or a Restricted Subsidiary in the aggregate not to exceed at
any one time outstanding the greater of (x) $15.0 million and (y) 4.0% of EBITDA for the Applicable Measurement Period at the time of
such advance or guarantee;


 


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


 


(17)     advances,
loans, rebates or extensions of trade credit in the ordinary course of business by the Issuer or any of the Restricted Subsidiaries;


 


(18)     intercompany
current liabilities owed to Unrestricted Subsidiaries or joint ventures incurred in the ordinary course of business in connection with
the cash management operations of the Issuer and its Subsidiaries;


 


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


 


(20)     Investments
in joint ventures and Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made
pursuant to this clause (20) that are at that time outstanding, not to exceed the greater of (x) $200.0 million and (y) 50% of EBITDA
for the Applicable Measurement Period at the time of such Investment (with the Fair Market Value of each Investment being measured at
the time made and without giving effect to subsequent changes in value);


 


(21)     the
acquisition of assets or Capital Stock solely in exchange for the issuance of common equity securities of the Issuer;


 


(22)     Investments
by any captive insurance Restricted Subsidiary (x) in the ordinary course of business, of a nature and type described under Cash Equivalents,
provided that the maturity of such Investments from the date of acquisition does not exceed five years, or (y) in existence on
the Issue Date;


 


(23)     Investments
in respect of, including by way of contribution to, any employee benefit plan or arrangement (including pension and retirement plans);
and


 


(24)     any
Investment; provided that on a pro forma basis after giving effect to such Investment (x) the Consolidated Total Debt Ratio
would be equal to or less than 3.50 to 1.00 and (y) no Event of Default shall have occurred and be continuing or would occur as a consequence
thereof.


 


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


 


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


 






    -24-


     


    

 


(2)       Liens
imposed by law or regulation, such as carriers’, warehousemen’s, materialmen’s, repairmen’s, mechanics’,
contractors’, architects’ and other similar Liens, in each case for sums not yet overdue for a period of more than 30 days
or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with
respect to which such Person shall then be proceeding with an appeal or other proceedings for review if adequate reserves with respect
thereto are maintained on the books of such Person in accordance with GAAP;


 


(3)       Liens
for taxes, assessments or other governmental charges not yet overdue for a period of more than 30 days or which are being contested in
good faith by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of such
Person in accordance with GAAP, or for property taxes on property the Issuer or one of its Subsidiaries has determined to abandon if the
sole recourse for such tax, assessment, charge, levy or claim is to such property;


 


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


 


(5)       minor
survey exceptions, minor encumbrances, ground leases, easements or reservations of, or rights of others for, licenses, rights-of-way,
servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar
purposes, or zoning, building codes or other restrictions (including, without limitation, minor defects or irregularities in title and
similar encumbrances) as to the use of real properties or Liens incidental, to the conduct of the business of such Person or to the ownership
of its properties which were not incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect
the value of said properties or materially impair their use in the operation of the business of such Person;


 


(6)       Liens
securing Indebtedness permitted to be incurred pursuant to Section 1011(b)(1), (2), (4), (12), or (18); provided that, (x) in the
case of Section 1011(b)(4), such Lien may not extend to any property or equipment (or assets affixed or appurtenant thereto) other than
the property or equipment being financed or Refinanced under such Section 1011(b)(4), and (y) in the case of Section 1011(b)(18), such
Lien may not extend to any assets other than the assets owned by the Restricted Subsidiaries incurring such Indebtedness;


 


(7)       Liens
existing on the Issue Date (other than Liens incurred in connection with the Senior Credit Facility);


 


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


 


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


 


(10)     Liens
securing Indebtedness or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary permitted to
be incurred in accordance with Section 1011 hereof;


 






    -25-


     


    

 



 


(11)       Liens
securing Hedging Obligations and Cash Management Services so long as the related Indebtedness is, and is permitted under this Indenture
to be, secured by a Lien on the same property securing such Hedging Obligations;


 


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


 


(13)       leases,
subleases, licenses or sublicenses (including, without limitation, real property and intellectual property) granted to others in the ordinary
course of business which do not materially interfere with the ordinary conduct of the business of the Issuer or any Restricted Subsidiary
and do not secure any Indebtedness;


 


(14)       Liens
arising from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases or consignments entered
into by the Issuer or any Restricted Subsidiary in the ordinary course of business;


 


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


 


(16)       Liens
on inventory or equipment of the Issuer or any Restricted Subsidiary granted in the ordinary course of business to the Issuer’s
or such Restricted Subsidiaries’ client at which such inventory or equipment is located;


 


(17)       Liens
on accounts receivable and related assets incurred in connection with a Receivables Facility;


 


(18)       Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals or
replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6) (solely with respect to Liens
securing Indebtedness permitted to be incurred pursuant to clause (2), (4), (12) or (18) of Sections 1011(b)), (7), (8), (9), (10), (18)
and (20) of this definition of “Permitted Liens”; provided that (A) such new Lien shall be limited to all or part of
the same property that secured the original Lien (plus accessions, additions and improvements on such property), and (B) the Indebtedness
secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater,
committed amount of the Indebtedness described under clauses (6) (solely with respect to Liens securing Indebtedness permitted to be incurred
pursuant to clause (2), (4), (12) or (18) of Sections 1011(b)), (7), (8), (9), (10), (18) and (20) at the time the original Lien became
a Permitted Lien under this Indenture, and (ii) an amount necessary to pay any fees and expenses, including premiums, and accrued and
unpaid interest related to such refinancing, refunding, extension, renewal or replacement;


 


(19)       deposits
made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance arrangements in the ordinary
course of business;


 


(20)       Liens
to secure Indebtedness incurred pursuant to the covenant described under Section 1011; provided that (x) no Event of Default shall
have occurred and be continuing at the time of the incurrence of such Indebtedness or after giving effect thereto and (y) the Consolidated
Secured Debt Ratio, calculated on a pro forma basis after giving effect to the incurrence of such Lien, the related Indebtedness
and the application of net proceeds therefrom, would be no greater than 3.00 to 1.00;


 


(21)       other
Liens securing obligations which obligations at any one time outstanding do not exceed the greater of (x) $200.0 million and (y) 50% of
EBITDA for the Applicable Measurement Period at the time of incurrence;


 


(22)       Liens
securing judgments for the payment of money not constituting an Event of Default under Section 501(5) so long as such Liens are adequately
bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally
terminated or the period within which such proceedings may be initiated has not expired;


 






    -26-


     


    

 


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


 


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


 


(25)       Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 1011; provided that such Liens
do not extend to any assets other than those that are the subject of such repurchase agreement;


 


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


 


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


 


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


 


(29)       the
rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by the Issuer or any of its
Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, franchise, grant or permit, or to require annual
or periodic payments as a condition to the continuance thereof;


 


(30)       restrictive
covenants affecting the use to which real property may be put; provided that the covenants are complied with;


 


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


 


(32)       zoning
by-laws and other land use restrictions, including, without limitation, site plan agreements, development agreements and contract zoning
agreements;


 


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


 


(34)       any
Lien granted pursuant to a security agreement between the Issuer or any Restricted Subsidiary and a licensee of their intellectual property
to secure the damages, if any, of such licensee resulting from the rejection by the Issuer or such Restricted Subsidiary of such licensee
in a bankruptcy, reorganization or similar proceeding with respect to the Issuer or such Restricted Subsidiary; provided that such
Liens do not cover any assets other than the intellectual property subject to such license;


 






    -27-


     


    

 


(35)       Liens
on the Equity Interests of Unrestricted Subsidiaries;


 


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


 


(37)       Liens
on property or assets used to defease or to irrevocably satisfy and discharge Indebtedness; provided that such defeasance or satisfaction
and discharge is not prohibited by this Indenture;


 


(38)       (i)
mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been placed by any developer,
landlord or other third party on property over which the Issuer or any Restricted Subsidiary of the Issuer has easement rights or on any
leased property and subordination or similar agreements relating thereto and (ii) any condemnation or eminent domain proceedings affecting
any real property;


 


(39)       Liens
on property or assets under construction (and related rights) in favor of a contractor or developer arising from progress or partial payments
by a third party relating to such property or assets;


 


(40)       Liens
arising as a result of a Sale and Lease-Back Transaction;


 


(41)       Liens
on equipment, inventory and goods, including supplies, materials and work in process, created in the ordinary course of business in favor
of a governmental entity by operation of the Federal Acquisition Regulation, any amendments, supplements or updates thereto and any similar
laws, in connection with the performance by the Issuer and its Subsidiaries of contracts with a governmental entity;


 


(42)       Liens
on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements in respect of the disposition of such
assets;


 


(43)       Liens
on property necessary to defease Indebtedness that was not incurred in violation of this Indenture;


 


(44)       Liens
securing reimbursement obligations of any Foreign Subsidiary in respect of Performance Guarantees (including any obligation to make payments
in connection with such performance, but excluding obligations for the payment of borrowed money) issued by a Person that is not the Issuer
or an Affiliate of the Issuer; provided such Liens shall be limited to (x) any contract as to which such Performance Guarantee
provides credit support, (y) any accounts receivable arising out of such contract and (iii) the deposit account into which such accounts
receivable are deposited; and


 


(45)       Liens
on cash or Cash Equivalents securing reimbursement obligations in respect of Performance Guarantees and other similar obligations (including
any obligation to make payments in connection with such performance, but excluding obligations for the payment of borrowed money); provided
that the aggregate outstanding amount of all such obligations and liabilities secured by such Liens shall not exceed $200.0 million at
any time.


 


For purposes of determining compliance with this
definition, (x) a Lien need not be incurred solely by reference to one category of Permitted Liens described in this definition but may
be incurred under any combination of such categories (including in part under one such category and in part under any other such category),
(y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted Liens, the Issuer
shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition,
and (z) in the event that a portion of Indebtedness secured by a Lien could be classified as secured in part pursuant to clause (20) of
this definition (giving effect to the incurrence of such portion of such Indebtedness), the Issuer, in its sole discretion, may classify
such portion of such Indebtedness (and any Obligations in respect thereof) as having been secured pursuant to clause (20) of this definition
and thereafter the remainder of the Indebtedness as having been secured pursuant to one or more of the other clauses of this definition.


 






    -28-


     


    

 


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


 


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


 


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


 


“Predecessor Note” of any particular
Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes
of this definition, any Note authenticated and delivered under Section 306 in exchange for a mutilated Note or in lieu of a destroyed,
lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note.


 


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


 


“primary obligations” has the
meaning specified in the definition of “Contingent Obligations.”


 


“primary obligor” has the meaning
specified in the definition of “Contingent Obligations.”


 


“Position Representation” has
the meaning specified in Section 502(c) of this Indenture.


 


“Protected Purchaser” has the
meaning specified in Section 306 of this Indenture.


 


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


 


“Qualifying Trustee” has the
meaning specified in Section 1355 of this Indenture.


 


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


 


“Receivables Facility” means
any of one or more receivables financing facilities, as amended, supplemented, modified, extended, renewed, restated or refunded from
time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities made
in connection with such facilities) to the Issuer and the Restricted Subsidiaries (other than a Receivables Subsidiary) pursuant to which
the Issuer or any Restricted Subsidiary sells its accounts receivable to either (a) a Person that is not a Restricted Subsidiary or (b)
a Receivables Subsidiary that in turn funds such purchase by purporting to sell its accounts receivable to a Person that is not a Restricted
Subsidiary or by borrowing from such a Person or from another Receivables Subsidiary that in turn funds itself by borrowing from such
a Person.


 


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


 


“Receivables Subsidiary” means
any Subsidiary formed for the purpose of facilitating or entering into one or more Receivables Facilities, and in each case engages only
in activities reasonably related or incidental thereto.


 






    -29-


     


    

 


“Redemption Date,” when used
with respect to any Note to be redeemed, in whole or in part, means the date fixed for such redemption by or pursuant to this Indenture.


 


“Redemption Price,” when used
with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.


 


“Refinance” means, in respect
of any Indebtedness, Disqualified Stock or preferred stock, to refinance, extend, renew, refund, repay, prepay, purchase, redeem, defease
or retire, or to issue other Indebtedness, Disqualified Stock or preferred stock in exchange or replacement for, such Indebtedness, Disqualified
Stock or preferred stock, in whole or in part. “Refinanced” and “Refinancing” shall have correlative
meanings.


 


“Refinancing Indebtedness” has
the meaning specified in Section 1011(b)(13) of this Indenture.


 


“Refunding Capital Stock” has
the meaning specified in Section 1010(b) of this Indenture.


 


“Regular Record Date” has the
meaning specified in Section 301 of this Indenture.


 


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


 


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


 


“Responsible Officer,” means
any director, vice president, assistant vice president, associate, or any other officer of the Trustee within the corporate trust department
customarily performing functions similar to those performed by any of the above designated officers, and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with
the particular subject and, in each case, who shall have direct responsibility for the administration of this Indenture.


 


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


 


“Restricted Payments” has the
meaning specified in Section 1010(a) of this Indenture.


 


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


 


“Retired Capital Stock” has
the meaning specified in Section 1010(b) of this Indenture.


 


“Reversion Date” has the meaning
specified in Section 1018(a) of this Indenture.


 


“S&P” means S&P Global
Ratings (a division of S&P Global Inc.) or any successor to the rating agency business thereof.


 






    -30-


     


    

 


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


 


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


 


“SEC” means the Securities and
Exchange Commission.


 


“Second Change of Control Payment Date”
has the meaning specified in Section 1016(g) of this Indenture.


 


“Second Commitment” has the
meaning specified in Section 1017(b)(2) of this Indenture.


 


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


 


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


 


“Senior Credit Facility” means
the Credit Facility provided under the credit agreement dated as of May 24, 2018 among the Issuer, the other borrowers and guarantors
party thereto, the lenders party thereto from time to time in their capacities as lenders thereunder, and Wells Fargo Bank, National Association,
as administrative agent and collateral agent, including any notes, mortgages, guarantees, collateral documents, instruments and agreements
executed in connection therewith, and any amendments, supplements, modifications, extensions, replacements, renewals, restatements, refundings
or refinancings thereof and any one or more indentures or credit facilities or commercial paper facilities with banks or other institutional
lenders or investors that extend, replace, refund, refinance, renew or defease any part of the loans, notes, other credit facilities or
commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable
thereunder or alters the maturity thereof or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether
by the same or any other agent, lender or group of lenders.


 


“Senior Indebtedness” means
with respect to any Person:


 


(1)       Indebtedness
of such Person, whether outstanding on the Issue Date or thereafter incurred; and


 


(2)       all
other Obligations of such Person (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause
(1) above,


 


in the case of both clauses (1) and (2), to the extent
permitted to be incurred under the terms of this Indenture, unless, in the case of clauses (1) and (2), in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is provided that such Indebtedness or other Obligations are
subordinated in right of payment to the Notes or the Guarantee of such Person, as the case may be; provided that Senior Indebtedness
shall not include:


 


(1)       any
obligation of such Person to the Issuer or any Subsidiary of the Issuer;


 


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


 






    -31-


     


    

 


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


 


(4)       any
Capital Stock;


 


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


 


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


 


“Senior Secured Indebtedness”
means Senior Indebtedness that is Secured Indebtedness.


 


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


 


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


 


“Similar Business” means any
business or other activities conducted or proposed to be conducted by the Issuer and its Restricted Subsidiaries on the Issue Date or
any business or other activities conducted by any entity that is similar, reasonably related, complementary, incidental or ancillary thereto
or a reasonable extension, development or expansion thereof.


 


“Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307.


 


“Stated Maturity,” when used
with respect to any Note or any installment of principal thereof or interest thereon, means the date specified in such Notes as the fixed
date on which the principal of such Notes or such installment of principal or interest is due and payable.


 


“Subordinated Indebtedness”
means:


 


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


 


(2)       with
respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment to the Guarantee of
such Guarantor under this Indenture.


 


“Subsidiary” means, with respect
to any Person,


 


(1)       any
corporation, association, or other business entity (other than a partnership, joint venture, limited liability company or similar entity)
of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly,
by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and


 


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


 






    -32-


     


    

 


(A)       more
than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests,
as the case may be, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person
or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and


 


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


 


provided that any reference in this Indenture to a “Subsidiary”
of the Issuer shall exclude any Person whose financial statements are not consolidated with the financial statements of the Issuer in
accordance with GAAP.


 


“Successor Company” has the
meaning specified in Section 801(a)(1)(x) of this Indenture.


 


“Successor Person” has the meaning
specified in Section 802(1)(A)(x) of this Indenture.


 


“Suspended Covenants” has the
meaning specified in Section 1018(a) of this Indenture.


 


“Suspension Date” has the meaning
specified in Section 1018(a) of this Indenture.


 


“Suspension Period” has the
meaning specified in Section 1018(a) of this Indenture.


 


“Transactions” means the issuance
of the Notes, prepayment of the existing term loans and a portion of the revolving borrowings under the Senior Credit Facility, and payment
of fees and expenses in connection with the foregoing.


 


“Transfer Agent” has the meaning
specified in Section 302 of this Indenture.


 


“Treasury Rate” means, as of
any applicable Redemption Date, as determined by the Issuer, the weekly average rounded to the nearest 1/100th of a percentage point (for
the most recently completed week for which such information is available as of the date that is two Business Days prior to the applicable
Redemption Date) of the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in
the Federal Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical Release is no
longer published or available, any publicly available source of similar market data selected by the Issuer) most nearly equal to the period
from the applicable Redemption Date to April 15, 2024; provided, however, that if the period from the applicable Redemption
Date to April 15, 2024 is not equal to the constant maturity of a United States Treasury security for which such a yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one twelfth of a year) from the weekly average yields
of United States Treasury securities for which such yields are given, except that if the period from the applicable Redemption Date to
April 15, 2024 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant
maturity of one year will be used.


 


“Trust Indenture Act” or “TIA”
means the Trust Indenture Act of 1939 as in force at the date as of which this Indenture was executed.


 


“Trustee” means U.S. Bank National
Association until a successor replaces it and, thereafter, means the successor.


 


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


 


“Unrestricted Subsidiary” means:


 


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


 


(2)       any
Subsidiary of an Unrestricted Subsidiary.


 






    -33-


     


    

 


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


 


(1)       any
Unrestricted Subsidiary must be an entity of which the Equity Interests entitled to cast at least a majority of the votes that may be
cast by all Equity Interests having ordinary voting power for the election of directors or other governing body are owned, directly or
indirectly, by the Issuer,


 


(2)       such
designation complies with Section 1010, and


 


(3)       each
of


 


(A)       the
Subsidiary to be so designated and


 


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


 


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


 


(1)       the
Issuer could incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test described under Section
1011(a), or


 


(2)       the
Fixed Charge Coverage Ratio for the Issuer and the Restricted Subsidiaries would be equal to or greater than such ratio for the Issuer
and the Restricted Subsidiaries immediately prior to such designation,


 


in each case on a pro forma basis taking into
account such designation.


 


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


 


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


 


“Verification Covenant” has
the meaning specified in Section 502(c) of this Indenture.


 


“Vice President,” when used
with respect to the Issuer or the Trustee, means any vice president, whether or not designated by a number or a word or words added before
or after the title “vice president.”


 


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


 


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


 






    -34-


     


    

 


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


 


(2)       
the amount of such payment, by the sum of all such payments.


 


“Wholly-Owned Subsidiary” of
any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than
directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of such Person.


 


SECTION 103.        
Compliance Certificates and Opinions. Upon any application or request by the Issuer to the Trustee to take or refrain from
taking any action under this Indenture, the Issuer shall furnish to the Trustee an Officer’s Certificate stating that all conditions
precedent, if any, provided for in this Indenture (including any covenant compliance with which constitutes a condition precedent) relating
to the proposed action have been complied with and, other than in connection with the addition of a new Guarantor or parent guarantor,
an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except
that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision
of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished.


 


Every certificate or opinion with respect to compliance
with a condition or covenant provided for in this Indenture (other than pursuant to Section 1008(a)) shall include:


 


(1)               
a statement that each individual signing such certificate or opinion has read such covenant or condition and the definitions herein
relating thereto;


 


(2)               
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;


 


(3)               
a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable
him to express an informed opinion as to whether or not such covenant or condition has been complied with; and


 


(4)               
a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with.


 


SECTION 104.        
Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by
an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one
such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect
to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.


 


Any certificate or opinion of an officer of the
Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect
to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer stating that
the information with respect to such factual matters is in the possession of the Issuer, unless such counsel knows, or in the exercise
of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.


 


Where any Person is required to make, give or execute
two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.


 






    -35-


     


    

 


SECTION 105.        Acts
of Holders.


 


(a)                
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective
when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument
or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act”
of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuer, if made in the manner provided
in this Section 105.


 


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


 


(c)                
The principal amount and serial numbers of Notes held by any Person, and the date of holding the same, shall be proved by the Note
Register.


 


(d)               
If the Issuer shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act,
the Issuer may, at its option, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Issuer shall have no obligation to do so. Such record date shall be a date not
earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith and not later than the date
such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver
or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date
shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of Outstanding Notes have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the
Outstanding Notes shall be computed as of such record date; provided, that no such authorization, agreement or consent by the Holders
on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later
than eleven months after the record date. Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder
of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof
or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, the Issuer or any
Guarantor in reliance thereon, whether or not notation of such action is made upon such Note.


 


SECTION 106.        
Notices, Etc., to Trustee, Issuer, any Guarantor and Agent. Any request, demand, authorization, direction, notice, consent,
waiver or other Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed
with,


 


(1)               
the Trustee by any Holder or by the Issuer or any Guarantor shall be sufficient for every purpose hereunder if made, given, furnished
or filed in writing via facsimile, email in PDF format or mailed, first class postage prepaid, or delivered by recognized overnight courier,
to or with the Trustee at the Corporate Trust Office; or


 


(2)               
the Issuer or any Guarantor by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein
expressly provided) if made, given, furnished or delivered in writing via facsimile, or email in PDF or mailed, first class postage prepaid,
or delivered by recognized overnight courier, to the Issuer or such Guarantor addressed to BWX Technologies, Inc., 800 Main Street, 4th
Floor, Lynchburg, VA 24504, or at any other address previously furnished in writing to the Trustee by the Issuer or such Guarantor.


 






    -36-


     


    

 


All notices, approvals, consents, requests and
any communications hereunder must be in writing (provided that any communication sent to the Trustee hereunder must be in the form
of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider
as specified in writing to the Trustee by the authorized representative), in English. The Issuer agrees to assume all risks arising out
of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.


 


A copy of all notices to any Agent shall be sent
to the Trustee at the address show above. Any Person may change its address by giving notice of such change as set forth herein.


 


SECTION 107.        
Notice to Holders; Waiver. Where this Indenture provides for notice of any event to Holders by the Issuer or the Trustee,
such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and delivered electronically or mailed,
first class postage prepaid, to each Holder affected by such event, at his address as it appears in the Note Register, not later than
the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Holders
is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect
the sufficiency of such notice with respect to other Holders. Notices given by publication shall be deemed given on the first date on
which publication is made, notices given by first-class mail, postage prepaid, shall be deemed given five calendar days after mailing;
notices sent by overnight delivery service will be deemed given when delivered; and notices given electronically shall be deemed given
when sent. Any notices required to be given to the holders of Notes that are in global form will be given to the Depository.


 


The Trustee agrees to accept and act upon instructions
or directions pursuant to this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar unsecured electronic methods,
provided, however, that the Trustee shall have received an incumbency certificate listing Persons designated to give such
instructions or directions and containing specimen signatures of such designated Persons, which such incumbency certificate shall be amended
and replaced whenever a Person is to be added or deleted from the listing. If the Issuer elects to give the Trustee e-mail or facsimile
instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions,
the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs
or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding
such instructions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees to assume all risks arising out
of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the
Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties.


 


In case by reason of the suspension of or irregularities
in regular mail service or by reason of any other cause, it shall be impracticable to mail notice of any event to Holders when such notice
is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to
the Trustee shall be deemed to be a sufficient giving of such notice for every purpose hereunder.


 


Where this Indenture provides for notice in any
manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not
be a condition precedent to the validity of any action taken in reliance upon such waiver.


 


SECTION 108.        
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents and the reconciliation
and tie between the TIA and this Indenture are for convenience of reference only, are not intended to be considered a part hereof and
shall not affect the construction hereof.


 


SECTION 109.        
Successors and Assigns. All agreements of the Issuer 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 1208 hereof.


 






    -37-


     


    

 


SECTION 110.        
Severability Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.


 


SECTION 111.        
Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than
the parties hereto, any Paying Agent, any Note Registrar and their successors hereunder and the Holders any benefit or any legal or equitable
right, remedy or claim under this Indenture.


 


SECTION 112.        
Governing Law. This Indenture, the Notes and any Guarantee shall be governed by and construed in accordance with the laws
of the State of New York. This Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of this
Indenture and shall, to the extent applicable, be governed by such provisions. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION
OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES.


 


SECTION 113.        
Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity or Maturity of any Note
shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal (or premium,
if any) or interest need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the Interest Payment Date, Redemption Date, or at the Stated Maturity or Maturity; provided, that no interest shall
accrue for purposes of such payment for the period from and after such Interest Payment Date, Redemption Date, Stated Maturity or Maturity,
as the case may be.


 


SECTION 114.        
No Personal Liability of Directors, Managers, Officers, Employees and Stockholders. No director, manager, officer, employee,
incorporator, member or stockholder of the Issuer or any Guarantor or any of their parent companies shall have any liability for any obligations
of the Issuer or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based on, in respect of, or by reason
of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability to the fullest extent permitted
by applicable law.


 


SECTION 115.        
Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which
is required to be included in this Indenture by the TIA, the provision required by the TIA shall control. If any provision of this Indenture
modifies or excludes any provision of the TIA that may be so modified or excluded, the latter provision shall be deemed to apply to this
Indenture as so modified or excluded, as the case may be.


 


SECTION 116.        
Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be original; but such counterparts
shall together constitute but one and the same instrument. One signed copy is enough to prove this Indenture. The exchange of copies of
this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture
as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted
by facsimile or PDF shall be deemed to be their original signatures for all purposes.


 


SECTION 117.        
USA PATRIOT Act. In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable
to banking institutions, including, without limitation, those relating to the funding of terrorist activities and money laundering, including
Section 326 of the USA PATRIOT Act of the United States (“Applicable AML Law”), the Trustee is required to obtain,
verify, record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee.
Accordingly, each of the parties agree to provide to the Trustee, upon its request from time to time such identifying information and
documentation as may be available for such party in order to enable the Trustee to comply with Applicable AML Law.


 


SECTION 118.        
Waiver of Jury Trial. EACH OF THE ISSUER, ANY GUARANTOR AND THE TRUSTEE AND EACH HOLDER, BY ITS ACCEPTANCE THEREOF, THEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR ANY OF THE TRANSACTIONS CONTEMPLATED THEREBY OR HEREBY.


 






    -38-


     


    

 


SECTION 119.        
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 that are consistent with accepted practices in the banking industry to resume performance as
soon as practicable under the circumstances.


 


ARTICLE
Two



NOTE FORMS


 


SECTION 201.        
Form and Dating. Provisions relating to the Initial Notes are set forth in Annex I attached hereto (the “Appendix”)
which is hereby incorporated in, and expressly made part of, this Indenture. The Initial Notes and the Trustee’s certificate of
authentication shall be substantially in the form of Exhibit 1 to the Appendix which is hereby incorporated in, and expressly made a part
of, this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the
Issuer is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form reasonably acceptable
to the Issuer). Each Note shall be dated the date of its authentication. The terms of the Note set forth in the Appendix are part of the
terms of this Indenture.


 


SECTION 202.        
Execution, Authentication, Delivery and Dating. The Notes shall be executed on behalf of the Issuer by at least one Officer.
The signature of any Officer on the Notes may be manual or facsimile signatures of the present or any future such authorized officer and
may be imprinted or otherwise reproduced on the Notes.


 


Notes bearing the manual or facsimile signature
of an individual who was at any time the proper officer of the Issuer shall bind the Issuer, notwithstanding that such individual has
ceased to hold such office prior to the authentication and delivery of such Notes or did not hold such office at the date of such Notes.


 


At any time and from time to time after the execution
and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee for authentication, together with an
Issuer Order for the authentication and delivery of such Notes, and the Trustee in accordance with such Issuer Order shall authenticate
and deliver such Notes.


 


On the Issue Date, the Issuer shall deliver the
Initial Notes in the aggregate principal amount of $400,000,000 executed by the Issuer to the Trustee for authentication, together with
an Issuer Order for the authentication and delivery of such Notes, specifying the principal amount and registered holder of each Note,
directing the Trustee to authenticate the Notes and deliver the same to the Persons named in such Issuer Order and the Trustee in accordance
with such Issuer Order shall authenticate and deliver such Initial Notes. At any time and from time to time after the Issue Date, the
Issuer may deliver Additional Notes executed by the Issuer to the Trustee for authentication, together with an Issuer Order for the authentication
and delivery of such Additional Notes, specifying the principal amount of and registered holder of each Note, directing the Trustee to
authenticate the Additional Notes and deliver the same to the Persons in such Issuer Order and the Trustee in accordance with such Issuer
Order shall authenticate and deliver such Additional Notes. In each case (other than the issuance of the Initial Notes), the Trustee shall
receive an Officer’s Certificate and an Opinion of Counsel of the Issuer that it may reasonably require in connection with such
authentication of Notes. Such Issuer Order shall specify the date on which the original issue of Notes is to be authenticated. In authenticating
Additional Notes and accepting the additional responsibilities under this Indenture in relation to such Additional Notes, the Trustee
shall receive, and be fully protected in relying on:


 


(a)
       A copy of the resolution or resolutions of the Board of Directors in or pursuant to which the terms and form of the Notes were
established, certified by the Secretary or an Assistant Secretary of the Issuer as having been duly adopted by the Board of
Directors and to be in full force and effect as of the date of such certificate, or if the terms and form of such Notes are
established by an Officer’s Certificate pursuant to general authorization of the Board of Directors, such Officer’s
Certificate;


 






    -39-


     


    

 


(b)
       an executed supplemental indenture, if any;


 


(c)
       an Officer’s Certificate delivered in accordance with Section 103; and


 


(d)
      an Opinion of Counsel which shall state:


 


(1)
      that the form and terms of such Notes have been established in conformity with the other provisions of this Indenture; and


 


(2)
      that such Notes, when authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any
conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuer, enforceable in
accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to
or affecting the enforcement of creditors’ rights and to general equity principles.


 


Each Note shall be dated the date of its authentication.


 


No Note shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially
in the form provided for herein duly executed by the Trustee by manual signature of an authorized signatory, and such certificate upon
any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder and is
entitled to the benefits of this Indenture.


 


In case the Issuer or any Guarantor, pursuant to
Article Eight of this Indenture, shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise
dispose of its properties and assets substantially as an entirety to any Person, and the successor Person resulting from such consolidation,
or surviving such merger, or into which the Issuer or such Guarantor shall have been merged, or the Person which shall have received a
conveyance, transfer, lease or other disposition as aforesaid, shall have executed a supplemental indenture hereto with the Trustee pursuant
to Article Eight of this Indenture, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer,
lease or other disposition may, from time to time, at the request of the successor Person, be exchanged for other Notes executed in the
name of the successor Person with such changes in phraseology and form as may be appropriate, but otherwise in substance of like tenor
as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon Issuer Request of the successor Person,
shall authenticate and deliver Notes as specified in such request for the purpose of such exchange. If Notes shall at any time be authenticated
and delivered in any new name of a successor Person pursuant to this Section 202 in exchange or substitution for or upon registration
of transfer of any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange
of all Notes at the time Outstanding for Notes authenticated and delivered in such new name.


 


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


 






    -40-


     


    

 



 


ARTICLE
Three


 


THE NOTES


 


SECTION 301.        
Title and Terms. The aggregate principal amount of Notes which may be authenticated and issued under this Indenture is not
limited; provided that any Additional Notes issued under this Indenture are issued in accordance with Sections 202, 312 and 1011
hereof, as part of the same series as the Initial Notes.


 


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


 


The Notes shall be known and designated as the
 “4.125% Senior Notes due 2029” of the Issuer. The Stated Maturity of the Notes shall be April 15, 2029, and the Notes shall
bear interest at the rate of 4.125% per annum from the Issue Date, or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, payable on October 15, 2021 and semi-annually thereafter on April 15 and October 15 in each year and at
said Stated Maturity, until the principal thereof is paid or duly provided for and to the Person in whose name the Note (or any Predecessor
Note) is registered at the close of business on April 1 and October 1 immediately preceding such Interest Payment Date (each, a “Regular
Record Date”).


 


The principal of (and premium, if any) and interest
on the Notes shall be payable at the offices or agencies of the Issuer set forth in Section 302, or, at the option of the Issuer, payment
of interest may be made by check mailed to the Holders of the Notes at their respective addresses set forth in the Note Register of Holders;
provided that all payments of principal, premium, if any, and interest with respect to Notes represented by one or more permanent
Global Notes registered in the name of or held by the Depository or its nominee will be made by wire transfer of immediately available
funds to the Depository.


 


Holders shall have the right to require the Issuer
to purchase their Notes, in whole or in part, in the event of a Change of Control pursuant to Section 1016. The Notes shall be subject
to repurchase pursuant to an Asset Sale Offer as provided in Section 1017.


 


The Notes shall be redeemable as provided in Article
Eleven.


 


The due and punctual payment of principal of (and
premium, if any) and interest on the Notes payable by the Issuer is irrevocably unconditionally guaranteed, to the extent set forth herein,
by each of the Guarantors.


 


SECTION 302.        
Note Registrar, Transfer Agent and Paying Agent. The Issuer shall maintain one or more Paying Agents for the Notes in New
York. The Issuer hereby appoints the Trustee as the initial Paying Agent.


 


The Issuer shall be responsible for making calculations
called for under the Notes, including but not limited to determination of redemption price or other amounts payable on the Notes. The
Issuer will make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders.
The Issuer will provide a schedule of its calculations to the Trustee when requested by the Trustee, and the Trustee is entitled to rely
conclusively on the accuracy of the Issuer’s calculations without independent verification. The Trustee shall forward the Issuer’s
calculations to any Holder of the Notes upon the written request of such Holder.


 


The Issuer will also maintain one or more registrars
(each, a “Note Registrar”) with offices in New York. The Issuer will also maintain a transfer agent (each, a “Transfer
Agent”) in New York. The Issuer hereby appoints the Trustee as the initial Note Registrar and Transfer Agent. The Note Registrar
and the Transfer Agent shall keep a register of the Notes and of their transfer and exchange (the register maintained in such office and
in any other office or agency designated pursuant to Section 1002 being herein sometimes referred to as the “Note Register”).
The Note Register shall be in written form or any other form capable of being converted into written form within a reasonable time. At
all reasonable times, the Note Register shall be open to inspection by the Trustee. The Issuer may change the Paying Agents, the Note
Registrars or the Transfer Agents without prior notice to the Holders. The Issuer may have one or more co-registrars and one or more additional
paying agents. The term “Note Registrar” includes any co-registrars.


 


The Issuer shall enter into an appropriate agency
agreement with any Note Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this
Indenture that relate to such agent.


 






    -41-


     


    

 


The Issuer shall notify the Trustee in writing of the name and address
of any such agent. If the Issuer fails to maintain a Note Registrar or Paying Agent, the Trustee shall act as such and shall be entitled
to appropriate compensation therefor pursuant to Section 607. The Issuer or any Affiliate thereof may act as Paying Agent or Note Registrar.


 


The Issuer acknowledges that neither the Trustee
nor any Agent makes any representations as to the interpretation or characterization of the transactions herein undertaken for tax or
any other purpose, in any jurisdiction.


 


SECTION 303.        
Denominations. The Notes shall be issuable only in registered form without coupons and only in denominations of $2,000 and
any integral multiples of $1,000 in excess thereof.


 


SECTION 304.        
Temporary Notes. Pending the preparation of definitive Notes, the Issuer may execute, and upon Issuer Order the Trustee
shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any
authorized denomination, substantially of the tenor of the definitive Notes in lieu of which they are issued and with such appropriate
insertions, omissions, substitutions and other variations as the officers executing such Notes may determine, as conclusively evidenced
by their execution of such Notes.


 


If temporary Notes are issued, the Issuer will
cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall
be exchangeable for definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer designated for such purpose
pursuant to Section 1002, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Notes, the Issuer
shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as
definitive Notes.


 


SECTION 305.        
Registration of Transfer and Exchange. Upon surrender for registration of transfer of any Note at the office or agency of
the Issuer designated pursuant to Section 1002, the Issuer shall execute, and the Trustee shall authenticate and deliver, in the name
of the designated transferee or transferees, one or more new Notes of any authorized denomination or denominations of a like aggregate
principal amount.


 


At the option of the Holder, Notes may be exchanged
for other Notes of any authorized denomination and of a like aggregate principal amount, upon surrender of the Notes to be exchanged at
such office or agency together with endorsement, instrument of exchange and such other required deliverables in form satisfactory to the
Issuer, the Note Registrar and the Trustee. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and upon receipt
of an Issuer Order, the Trustee shall authenticate and deliver in accordance with such Issuer Order, the Notes which the Holder making
the exchange is entitled to receive.


 


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


 


Every Note presented or surrendered for registration
of transfer or for exchange shall (if so required by the Issuer, the Note Registrar or the Trustee) be duly endorsed, or be accompanied
by written instruments of transfer, in form satisfactory to the Issuer, the Note Registrar and the Trustee, duly executed by the Holder
thereof or his attorney duly authorized in writing.


 


No service charge shall be made for any registration
of transfer or exchange or redemption of Notes, but the Issuer may require payment of a sum sufficient to cover any taxes, fees or other
governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant
to Section 202, 304, 906, 1016, 1017 or 1108 not involving any transfer.


 


The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable
law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants or
beneficial owners of interests in any Notes in global form) 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.


 






    -42-


     


    

 





SECTION 306.        
Mutilated, Destroyed, Lost and Stolen Notes. If (1) any mutilated Note is surrendered to the Trustee, or (2) the Issuer
and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note, and there is delivered to the Issuer
and the Trustee such security and/or indemnity to save each of them harmless from any claim, loss, cost or liability resulting from such
lost or stolen Note, then, in the absence of written notice to the Issuer or the Trustee that such Note has been acquired by a Protected
Purchaser (as defined in Section 8-303 of the Uniform Commercial Code) (a “Protected Purchaser”), the Issuer shall
execute and upon Issuer Order the Trustee shall authenticate and deliver, in exchange for any such mutilated Note or in lieu of any such
destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously outstanding.


 


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


 


Upon the issuance of any new Note under this Section
306, the Issuer may require the payment of a sum sufficient to cover any tax 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
306 in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer
and each Guarantor, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall
be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.


 


The provisions of this Section 306 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes.


 


SECTION 307.        
Payment of Interest; Interest Rights Preserved.


 


(a)          
Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid
to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record
Date for such interest at the office or agency of the Issuer maintained for such purpose pursuant to Section 1002; provided that,
subject to Section 301 hereof, each installment of interest may at the Issuer’s option be paid by (1) mailing a check for such interest,
payable to or upon the written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears
in the Note Register or (2) transfer to an account maintained by the payee; provided that payment by wire transfer of immediately
available funds shall be required with respect to principal of, premium on, if any, and interest on, all Notes in global form and all
other Notes the Holders of which shall have provided wire transfer instructions to the Issuer and the Paying Agent. If paying principal,
premium, or interest on a global note, not later than 10:00 a.m. (New York City time) on the due date of any principal of or interest
on any Notes of a series, or any redemption or purchase price of the Notes, the Issuer will deposit with the Paying Agent (and the Paying
Agent shall have received such funds by such time) money in immediately available funds sufficient to pay such amounts, provided
that if the Issuer, a Guarantor or any of their Subsidiaries is acting as paying agent, it will, on or before each due date, segregate
and hold in a separate trust fund for the benefit of the Holders of the Notes of such series a sum of money sufficient to pay such amounts
until paid to such Holders or otherwise disposed of as provided in this Indenture.


 


(b)         
Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall
forthwith cease to be payable to the Holder on the Regular Record Date by virtue of having been such Holder, and such defaulted interest
and (to the extent lawful) interest on such defaulted interest at the rate borne by the Notes (such defaulted interest and interest thereon
herein collectively called “Defaulted Interest”) may be paid by the Issuer, at its election in each case, as provided
in clause (1) or (2) below:


 






    -43-


     


    

 


(1)        
 the Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective Predecessor
Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed
in the following manner. The Issuer shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each
Note and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to
the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee
for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause (1) provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and
not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Issuer
of such Special Record Date, and in the name and at the expense of the Issuer, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be given in the manner provided for in Section 107, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so given,
such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered at
the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2); and


 


(2)        
the Issuer may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice
given by the Issuer to the Trustee of the proposed payment pursuant to this clause (2), such manner of payment shall be deemed practicable
by the Trustee.


 


(c)         
Subject to the foregoing provisions of this Section 307, each Note delivered under this Indenture upon registration of transfer
of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Note.


 


SECTION 308.        
Persons Deemed Owners. Prior to the due presentment of a Note for registration of transfer, the Issuer, any Guarantor, the
Trustee and any agent of the Issuer or the Trustee may treat the Person in whose name such Note is registered as the owner of such Note
for the purpose of receiving payment of principal of (and premium, if any) and (subject to Sections 305 and 307) interest on such Note
and for all other purposes whatsoever, whether or not such Note be overdue, and none of the Issuer, the Trustee or any agent of the Issuer
or the Trustee shall be affected by notice to the contrary.


 


SECTION 309.        
Cancellation. All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and shall be cancelled by the Trustee in accordance with its customary
procedures. The Issuer may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder
which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the
Trustee) for cancellation any Notes previously authenticated hereunder which the Issuer has not issued and sold, and all Notes so delivered
shall be cancelled by the Trustee in accordance with its customary procedures. If the Issuer shall so acquire any of the Notes, however,
such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until the
same are surrendered to the Trustee for cancellation. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled
as provided in this Section 309, except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed
of by the Trustee in accordance with its customary procedures. Evidence or confirmation of the cancellation of such Notes shall be delivered
to the Issuer by the Trustee upon the Issuer’s request. The Note Registrar shall maintain a record of all cancelled Notes in accordance
with its customary procedures. The Note Registrar shall provide the Issuer a list of all Notes that have been cancelled from time to time
as requested by the Issuer.


 


SECTION 310.        
Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months.


 






    -44-


     


    

 


SECTION 311.        
Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender of
a Note for registration of transfer. When a Note is presented to the Note Registrar or a co-registrar with a request to register a transfer,
the Note Registrar shall register the transfer as requested if the requirements of this Indenture and Section 8-401(a) of the Uniform
Commercial Code are met. When Notes are presented to the Note Registrar or a co-registrar with a request to exchange them for an equal
principal amount of Notes of other denominations, the Note Registrar shall make the exchange as requested if the same requirements are
met.


 


The Issuer shall not be required, and without the
prior written consent of the Issuer, the Note Registrar shall not be required, to register the transfer of or exchange of any Note (1)
during a period beginning at the opening of business 15 days before provision of a notice of redemption of Notes and ending at the close
of business on the day of such provision, (2) selected for redemption in whole or in part, (3) that has been tendered in a Change of Control
Offer, Asset Sale Offer or other tender offer and (4) beginning at the opening of business on any record date and ending on the close
of business on the related Interest Payment Date.


 


SECTION 312.        
CUSIP, ISIN and Common Code Numbers. The Issuer in issuing the Notes may use CUSIP, ISINs and “Common Code”
numbers (in each case, if then generally in use) in addition to serial numbers, and, if so, the Trustee shall use such CUSIP, ISINs and
 “Common Code” numbers in addition to serial numbers in notices of redemption, repurchase or other notices to Holders as a
convenience to Holders; provided that the Trustee shall have no liability for any defect in such numbers as they appear on any
Note, notice or elsewhere, and provided, further, that any such notice may state that no representation is made as to the
correctness of such CUSIP, ISINs and “Common Code” numbers either as printed on the Notes or as contained in any notice of
a redemption or repurchase and that reliance may be placed only on the serial or other identification numbers printed on the Notes, and
any such redemption or repurchase shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify
the Trustee in writing of any change in the CUSIP, ISINs and “Common Code” numbers applicable to the Notes.


 


SECTION 313.        
Issuance of Additional Notes. The Issuer may, subject to Section 1011 of this Indenture, issue additional Notes having identical
terms and conditions to the Initial Notes issued on the Issue Date (the “Additional Notes”). The Initial Notes issued
on the Issue Date and any Additional Notes subsequently issued shall be treated as a single class for all purposes under this Indenture;
provided, that Additional Notes will not be issued with the same CUSIP number, if any, as Initial Notes unless such Additional
Notes are fungible with Initial Notes for U.S. Federal income tax purposes.


 


SECTION 314.        
Global Securities.


 


Neither the Trustee nor any Agent shall have any
responsibility or liability for any actions taken or not taken by the Depository.


 


ARTICLE
Four


 


SATISFACTION AND DISCHARGE


 


SECTION 401.        
Satisfaction and Discharge of Indenture. This Indenture will be discharged and will cease to be of further effect and the
Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture when:


 


(1)         
either,


 


(A)        
all Notes theretofore authenticated and delivered (other than (i) Notes which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 306 and (ii) Notes for whose payment money has theretofore been deposited in trust with the
Trustee or any Paying Agent or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or


 






    -45-


     


    

 


(B)        
 all such Notes not theretofore delivered to the Trustee for cancellation,


 


(i)          
have become due and payable by reason of the making of a notice of redemption pursuant to Section 1105 or otherwise, or


 


(ii)         
will become due and payable at their Stated Maturity within one year, or


 


(iii)        
are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Issuer,


 


and the Issuer or any Guarantor, in the case of (i), (ii) or
(iii) above, has irrevocably deposited or caused to be deposited with the Trustee in trust solely for the benefit of the Holders of the
Notes, cash in U.S. dollars, U.S. dollar-denominated Government Securities, or a combination thereof, in such amounts as will be sufficient
without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered
to the Trustee for cancellation, for principal, premium, if any, and accrued interest to the Stated Maturity or Redemption Date, as the
case may be;


 


(2)        
no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar
and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect
to this Indenture or the Notes issued hereunder shall have occurred and be continuing on the date of such deposit or shall occur as a
result of such deposit and such deposit shall not result in a breach or violation of, or constitute a default under the Senior Credit
Facility or any other material agreement or instrument (other than this Indenture) to which the Issuer or any Guarantor is a party or
by which the Issuer or any Guarantor is bound (other than that resulting from borrowing funds to be applied to make such deposit and any
similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith);


 


(3)        
the Issuer has paid or caused to be paid all sums payable by it under this Indenture;


 


(4)        
the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of such Notes at the Stated Maturity or the Redemption Date, as the case may be; and


 


(5)        
the Issuer must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent
herein to the satisfaction and discharge of this Indenture have been satisfied.


 


Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Issuer to the Trustee under Section 607, the obligations of the Issuer to any Authenticating
Agent under Section 612 and, if money or Government Securities shall have been deposited with the Trustee pursuant to subclause (B) of
clause (1) of this Section 401, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive
such satisfaction and discharge.


 


SECTION 402.        
Application of Trust Money. Subject to the provisions of the last paragraph of Section 1003, all money or U.S. dollar-denominated
Government Securities deposited with the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with
the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting
as its own Paying Agent) of the principal (and premium, if any) and interest for whose payment such money or U.S. dollar-denominated Government
Securities has been deposited with the Trustee; but such money or U.S. dollar-denominated Government Securities need not be segregated
from other funds except to the extent required by law.


 






    -46-


     


    

 


If the Trustee or Paying Agent is unable to apply
any money or U.S. dollar-denominated Government Securities in accordance with Section 401 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the
Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section 401 until such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. dollar-denominated
Government Securities in accordance with Section 401; provided that if the Issuer has made any payment of principal of (and premium,
if any) or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the
Holders of such Notes to receive such payment from the money or U.S. dollar-denominated Government Securities held by the Trustee or Paying
Agent.


 


ARTICLE
Five



REMEDIES


 


SECTION 501.        
Events of Default. “Event of Default,” wherever used herein, means any one of the following events (whatever
the reason for such Event of Default and whether it be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):


 


(1)        
default in payment when due and payable, upon redemption, acceleration or otherwise, of principal of, or premium, if any, on the
Notes issued under this Indenture;


 


(2)        
default for 30 days or more in the payment when due of interest on or with respect to the Notes issued under this Indenture;


 


(3)        
failure by the Issuer or any Restricted Subsidiary for 60 days after the receipt of written notice given by the Trustee or the
Holders of not less than 25% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with any of its
obligations, covenants or agreements (other than a default referred to in clauses (1) and (2) above) contained in this Indenture or the
Notes;


 


(4)        
default under any mortgage, indenture or instrument under which there is issued or by which there is secured or evidenced any Indebtedness
for money borrowed by the Issuer or any Restricted Subsidiary or the payment of which is guaranteed by the Issuer or any Restricted Subsidiary,
other than Indebtedness owed to the Issuer or any Restricted Subsidiary, whether such Indebtedness or guarantee now exists or is created
after the issuance of the Notes, if both:


 


(A)        such default either results from the failure to pay any principal of such Indebtedness at its stated final maturity (after giving
effect to any applicable grace periods) or relates to an obligation other than the obligation to pay principal of any such Indebtedness
at its stated final maturity and results in the holder or holders of such Indebtedness causing such Indebtedness to become due prior to
its stated maturity, and


 


(B)         the principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been so
accelerated, aggregate $75.0 million or more at any one time outstanding;


 


(5)        
failure by the Issuer or any Significant Subsidiary to pay final judgments aggregating in excess of $75.0 million (net of amounts
covered by insurance policies issued by reputable insurance companies), which final judgments remain unpaid, undischarged and unstayed
for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement
proceeding has been commenced by any creditor upon such judgment or decree which is not promptly stayed;


 






    -47-


     


    

 


(6)        
 any of the following events with respect to the Issuer or any Significant Subsidiary:


 


(A)       
the Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:


 


(i)         
commences a voluntary case;


 


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


 


(iii)       
consents to the appointment of a custodian of it or for any substantial part of its property;


 


(iv)       
takes any comparable action under any foreign laws relating to insolvency; or


 


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


 


(i)         
is for relief against the Issuer or any Significant Subsidiary in an involuntary case;


 


(ii)        
appoints a custodian of the Issuer or any Significant Subsidiary or for any substantial part of its property; or


 


(iii)       
orders the winding up or liquidation of the Issuer or any Significant Subsidiary; and


 


(iv)       
the order or decree remains unstayed and in effect for 60 days; or


 


(7)        
the Guarantee of any Guarantor that is a Significant Subsidiary shall for any reason cease to be in full force (except as contemplated
by the terms thereof or hereof) and effect or be declared null and void or any responsible officer of any Guarantor that is a Significant
Subsidiary denies that it has any further liability under its Guarantee or gives notice to such effect, other than by reason of the termination
of the related Indenture or the release of any such Guarantee in accordance with this Indenture.


 


SECTION 502.        
Acceleration of Maturity; Rescission and Annulment.


 


(a)         
If any Event of Default (other than an Event of Default specified in Section 501(6) above with respect to the Issuer) occurs and
is continuing under this Indenture, the Trustee or the Holders of at least 25% in principal amount of the Outstanding Notes issued under
this Indenture may declare the principal, premium, if any, interest and any other monetary obligations on all the Outstanding Notes to
be due and payable immediately, by a notice to the Issuer (and to the Trustee if given by Holders).


 


(b)        
Upon the effectiveness of a declaration under 502(a), such principal and interest will be due and payable immediately. Notwithstanding
the foregoing, in the case of an Event of Default arising under Section 501(6) with respect to the Issuer, all Outstanding Notes will
become due and payable without further action or notice. The Trustee may withhold from the Holders notice of any continuing Default or
Event of Default, except a Default or Event of Default relating to the payment of principal, premium, if any, or interest if it determines
that withholding notice is in the interest of the Holders. In addition, the Trustee shall have no obligation to accelerate the Notes if
the Trustee determines acceleration is not in the best interest of the Holders of the Notes.


 


(c)          Any
notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or
take any other action (a “Noteholder Direction”) provided by any one or more Holders (other than a Regulated
Bank) (each a “Directing Holder”) must be accompanied by a written representation from each such Holder delivered
to the Issuer and the Trustee that such Holder is not (or, in the case such Holder is the Depository or its nominee, that such
Holder is being instructed solely by beneficial owners that are not) Net Short (a “Position Representation”),
which representation, in the case of a Noteholder Direction relating to the delivery of a notice of Default shall be deemed a
continuing representation until the resulting Event of Default is cured or otherwise ceases to exist or the notes are accelerated.
In addition, each Directing Holder is deemed, at the time of providing a Noteholder Direction, to covenant to provide the Issuer
with such other information as the Issuer may reasonably request from time to time in order to verify the accuracy of such
Holder’s Position Representation within five (5) Business Days of request therefor (a “Verification
Covenant”). In any case in which the Holder is the Depository or its nominee, any Position Representation or Verification
Covenant required hereunder shall be provided by the beneficial owner of the notes in lieu of the Depository or its nominee.


 






    -48-


     


    

 


(d)         
If, following the delivery of a Noteholder Direction, but prior to acceleration of the Outstanding Notes, the Issuer determines
in good faith that there is a reasonable basis to believe a Directing Holder was, at any relevant time, in breach of its Position Representation
and provides to the Trustee an Officer’s Certificate stating that the Issuer has initiated litigation in a court of competent jurisdiction
seeking a determination that such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate
any Event of Default that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically
stayed and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final
and non-appealable determination of a court of competent jurisdiction on such matter. Until such time as the Trustee has received an Officer’s
Certificate certifying such final and non-appealable determination, the Trustee shall have no duty or obligation to act with respect to
such Noteholder Direction. If, following the delivery of a Noteholder Direction, but prior to acceleration of the Outstanding Notes, the
Issuer provides to the Trustee an Officer’s Certificate stating that a Directing Holder failed to satisfy its Verification Covenant,
the cure period with respect to such Default shall be automatically stayed and the cure period with respect to any Event of Default that
resulted from the applicable Noteholder Direction shall be automatically reinstituted and any remedy stayed pending satisfaction of such
Verification Covenant. Upon receipt of an Officer’s Certificate in accordance with this Section 502, the Trustee shall have no duty
or obligation to act with respect to such Noteholder Direction. Any breach of the Position Representation shall result in such Holder’s
participation in such Noteholder Direction being disregarded; and, if, without the participation of such Holder, the percentage of Outstanding
Notes held by the remaining Holders that provided such Noteholder Direction would have been insufficient to validly provide such Noteholder
Direction, such Noteholder Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never
to have occurred, acceleration voided and the Trustee shall be deemed not to have received such Noteholder Direction or any notice of
such Default or Event of Default.


 


(e)         
Notwithstanding anything in the preceding Sections 502(c) and (d) to the contrary, any Noteholder Direction delivered to the Trustee
during the pendency of an Event of Default as the result of a bankruptcy or similar proceeding shall not require compliance with the foregoing
clauses. In addition, for the avoidance of doubt, the preceding Sections 502(c) and (d) shall not apply to any Holder that is a Regulated
Bank, and the Trustee shall have no duty to verify or determine whether a Holder is a Regulated Bank.


 


(f)         
For the avoidance of doubt, the Trustee shall be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance
with this Section 502, shall have no duty to inquire as to or investigate the accuracy of any representation, including any Position Representation,
enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or otherwise
make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short
Derivative Instruments or otherwise. The Trustee shall have no liability to the Issuer, any Holder or any other Person in acting in good
faith on a Noteholder Direction or a direction provided by the Issuer in accordance with Section 5.02(d).


 


(g)        
At any time after a declaration of acceleration has been made and before a judgment or decree for payment of the money due has
been obtained by the Trustee as hereinafter provided in this Article Five, the Holders of a majority in aggregate principal amount of
the Outstanding Notes, by notice to the Trustee, may rescind and annul such declaration and its consequences, so long as such rescission
and annulment would not conflict with any judgment of a court of competent jurisdiction, if:


 






    -49-


     


    

 


(1)         
 the Issuer has paid or deposited with the Trustee a sum sufficient to pay:


 


(A)        
all overdue interest on all Outstanding Notes,


 


(B)        
all unpaid principal of (and premium, if any, on) any Outstanding Notes which has become due otherwise than by such declaration
of acceleration, and interest on such unpaid principal at the rate borne by the Notes,


 


(C)         
to the extent that payment of such interest is lawful, interest on overdue interest at the rate borne by the Notes, and


 


(D)        
all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel; and


 


(2)         
Events of Default, other than the non-payment of amounts of principal of (or premium, if any, on) or interest on Notes, which have
become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513,


 


no such rescission shall affect any subsequent default or impair any
right consequent thereon.


 


(h)         
Notwithstanding the preceding paragraph, in the event of any Event of Default specified in Section 501(4) above, such Event of
Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration of the Notes) shall
be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 20 days after such Event
of Default arose,


 


(1)         
the Indebtedness or guarantee that is the basis for such Event of Default has been discharged, or


 


(2)         
the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event
of Default, or


 


(3)          
if the default that is the basis for such Event of Default has been cured.


 


SECTION 503.        
Collection of Indebtedness and Suits for Enforcement by Trustee. The Issuer covenants that if:


 


(1)         
default is made in the payment of any installment of interest on any Note when such interest becomes due and payable and such default
continues for a period of 30 days, or


 


(2)         
default is made in the payment of the principal of (or premium, if any, on) any Note at the Maturity thereof, the Issuer will,
upon demand of the Trustee, pay to the Trustee for the benefit of the Holders of such Notes, the whole amount then due and payable on
such Notes for principal (and premium, if any) and interest, and interest on any overdue principal (and premium, if any) and, to the extent
that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the rate borne by the Notes,
and, in addition thereto, 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.


 


If the Issuer fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name as trustee of an express trust, may institute a judicial proceeding for the collection
of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer,
any Guarantor or any other obligor upon the Notes and collect the moneys adjudged or decreed to be payable in the manner provided by law
out of the property of the Issuer, any Guarantor or any other obligor upon the Notes, wherever situated.


 






    -50-


     


    

 


If an Event of Default occurs and is continuing,
the Trustee may proceed to protect and enforce its rights and the rights of the Holders under this Indenture and the Guarantees by such
appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, including seeking recourse
against any Guarantor, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of
any power granted herein, or to enforce any other proper remedy, including seeking recourse against any Guarantor.


 


SECTION 504.        
Trustee May File Proofs of Claim. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any other obligor including any Guarantor,
upon the Notes or the property of the Issuer or of such other obligor or their creditors, the Trustee (irrespective of whether the principal
of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Issuer for the payment of overdue principal, premium, if any, or interest) shall be entitled and empowered,
by intervention in such proceeding or otherwise,


 


(1)         
to file and prove a claim for the whole amount of principal (and premium, if any) and interest owing and unpaid in respect of the
Notes and to file such 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 of the Holders
allowed in such judicial proceeding, and


 


(2)         
to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same;


 


and any custodian, receiver, assignee, trustee, liquidator, sequestrator
or similar official 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 the Trustee any amount due 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 607.


 


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 thereof, or to authorize the Trustee to vote in respect of the claim of
any Holder in any such proceeding. The Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar
official and be a member of a creditors’ committee or other similar committee.


 


SECTION 505.        
Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes
may be prosecuted and enforced by the Trustee without the possession of any of the Notes or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in its own name and as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered.


 


SECTION 506.        
Application of Money Collected. Any money or property collected by the Trustee pursuant to this Article Five shall be applied
in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal
(or premium, if any) or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid:


 


FIRST: To the payment of all amounts
due the Trustee and its Agents (including any predecessor Trustee) under Section 607;


 


SECOND: To the payment of the
amounts then due and unpaid for principal of (and premium, if any) and interest on the Notes in respect of which or for the benefit of
which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on
such Notes for principal (and premium, if any) and interest, respectively; and


 






    -51-


     


    

 


THIRD: The balance, if any, to
the Issuer or as a court of competent jurisdiction may direct in writing; provided that all sums due and owing to the Holders and
the Trustee have been paid in full as required by this Indenture.


 


The Trustee may fix a record date and payment date
for any payment to Holders of Notes pursuant to this Section 506.


 


SECTION 507.        
Limitation on Suits. Except to enforce the right to receive payment of principal, premium, if any, or interest when due,
no Holder shall pursue any remedy with respect to this Indenture or the Notes, unless:


 


(1)           
such Holder has previously given the Trustee notice that an Event of Default is continuing;


 


(2)           
Holders of at least 25% in principal amount of the Outstanding Notes have requested the Trustee to pursue the remedy;


 


(3)           
such Holders have provided the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense;


 


(4)           
the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security and/or indemnity
satisfactory to it against any loss, liability or expense; and


 


(5)           
Holders of a majority in principal amount of the Outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period,


 


it being understood and intended that no one or more Holders shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture or the Guarantees to affect, disturb
or prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference over any other Holders or to enforce
any right under this Indenture or the Guarantees, except in the manner herein provided and for the equal and ratable benefit of all the
Holders (it being further understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances
are unduly prejudicial to such Holders).


 


SECTION 508.        
Unconditional Right of Holders to Receive Principal, Premium and Interest. Notwithstanding any other provision in this Indenture,
the Holder shall have the right, which is absolute and unconditional, to receive payment, as provided herein (including, if applicable,
Article Eleven) and in such Note of the principal of (and premium, if any) and (subject to Section 307) interest on such Note on the respective
Stated Maturities expressed in such Note (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement
of any such payment on or after such respective dates, and such rights shall not be impaired without the consent of such Holder.


 


SECTION 509.        
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture or the Guarantees and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, any Guarantor,
any other obligor of the Notes, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder
and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted.


 


SECTION 510.         Rights
and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Notes in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.


 






    -52-


     


    

 


SECTION 511.        
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or
an acquiescence therein. Every right and remedy given by this Article Five or by law to the Trustee or to the Holders may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.


 


SECTION 512.        
Control by Holders. The Holders of a majority in principal amount of the Outstanding Notes shall have the right to direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee, or of exercising any trust or power conferred
on the Trustee with respect to the Notes; provided that:


 


(1)         
such direction shall not be in conflict with any rule of law or with this Indenture, and such Holders have complied with Section
603(f),


 


(2)         
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and


 


(3)         
the Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the Holders not consenting
(it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or inactions are unduly
prejudicial to such Holders).


 


SECTION 513.        
Waiver of Past Defaults. Subject to Sections 508 and 902, the Holders of not less than a majority in principal amount of
the Outstanding Notes by written notice to the Trustee may on behalf of the Holders of all such Notes waive any existing Default or Event
of Default and its consequences hereunder (except (1) a continuing Default or Event of Default in the payment of interest on, premium,
if any, or the principal of any such Note held by a non-consenting Holder, or (2) in respect of a covenant or provision hereof or in any
Guarantee which under Article Nine cannot be modified or amended without the consent of the Holder of each Outstanding Note affected which
shall require the consent of all Holder of the Notes) and rescind any acceleration and its consequences with respect to the Notes; provided
such rescission would not conflict with any judgment of a court of competent jurisdiction.


 


Upon any such waiver, such Default shall cease
to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture, but no such
waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.


 


SECTION 514.        
Waiver of Stay or Extension Laws. Each of the Issuer, the Guarantors and any other obligor on the Notes covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit
or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or
the performance of this Indenture; and each of the Issuer, the Guarantors and any other obligor on the Notes (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not 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 had been enacted.


 


SECTION 515.        
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
attorney’s 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 515 does not apply to a suit by the Trustee, a suit by a Holder relating to right
to payment hereof, or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes.


 






    -53-


     


    

 


ARTICLE
Six


 


THE TRUSTEE


 


SECTION 601.        
Duties of the Trustee.


 


(a)           
Except during the continuance of an Event of Default,


 


(1)         
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, 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;
but in the case of any such certificates or opinions specifically required by any provision hereof to be provided to it, the Trustee shall
be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture, but not to verify
the contents thereof.


 


(b)           
If an Event of Default has occurred and is continuing of which a Responsible Officer has actual knowledge or of which written notice
of such Event of Default shall have been given to a Responsible Officer by the Issuer, any other obligor of the Notes or by Holders of
at least 25% of the aggregate principal amount of the Notes, the Trustee shall exercise such of the rights and powers vested in it by
this Indenture, and use the same degree of care and skill in their exercise, as a prudent Person would exercise or use under the circumstances
in the conduct of such Person’s own affairs.


 


(c)           
No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent
failure to act, or its own willful misconduct, except that


 


(1)         
this clause (c) shall not be construed to limit the effect of clause (a) of this Section 601;


 


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


 


(3)         
the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with
the direction of the Holders of a majority in aggregate principal amount of the Outstanding Notes relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture;


 


(d)          
Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of this Section 601 and to the provisions of the TIA.


 


(e)           
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers vested in it by this Indenture, if
it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it.


 


SECTION 602.         Notice
of Defaults. Within 90 days after the earlier of receipt from the Issuer of notice of the occurrence of any Default or Event of
Default hereunder or the date when such Default or Event of Default becomes known to the Trustee, the Trustee shall transmit, in the
manner and to the extent provided in TIA Section 313(c), notice of such Default or Event of Default hereunder known to the Trustee,
unless such Default or Event of Default shall have been cured or waived; provided that, except in the case of a Default or
Event of Default in the payment of the principal of (or premium, if any, on) or interest on any Note, the Trustee shall be protected
in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the best
interest of the Holders.


 






    -54-


     


    

 


SECTION 603.        
Certain Rights of Trustee.


 


(a)           
The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or document (whether in original or facsimile form) believed by it to be genuine and to have been signed or presented by
the proper party or parties.


 


(b)          
Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order and
any resolution of the Board of Directors may be sufficiently evidenced by a certified Board Resolution.


 


(c)           
Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior
to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, request and conclusively rely upon an Officer’s Certificate or Opinion of Counsel.


 


(d)          
The Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Notes unless a written notice
of such Default or Event of Default shall have been given to a responsible officer of the Trustee by the Issuer or any Holder of the Notes.


 


(e)          
The Trustee may consult with counsel of its own selection and the advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in accordance
with the advice or opinion of such counsel or Opinion of Counsel.


 


(f)           
The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request
or direction of any of the Holders of the Notes pursuant to this Indenture, unless such Holders shall have offered to the Trustee security
and/or indemnity satisfactory to it against any loss, liability or expense.


 


(g)          
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other
paper or document, or inquire as to the performance by the Issuer or the Guarantors of any of their covenants in this Indenture or inquire
as to the performance by the Issuer or the Guarantors of any of their covenants in this Indenture, but the Trustee, may make such further
inquiry or investigation into such facts or matters, and, if the Trustee shall determine to make such further inquiry or investigation,
it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney at the expense of the
Issuer and shall incur no liability of any kind by reason of such inquiry or investigation.


 


(h)          
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.


 


(i)            
The Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and believed by it to be authorized
or within the discretion or rights or powers conferred upon it by this Indenture.


 


(j)            
The rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder whether as an Agent or otherwise, and each agent, custodian
and other Person employed to act hereunder.


 






    -55-


     


    

 



  


(k)               
The Trustee may request that the Issuer deliver an Incumbency Certificate substantially in the form of Exhibit B hereto setting
forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture,
which Incumbency Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified
as so authorized in any such certificate previously delivered and not superseded.


 


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


 


(m)              
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 reasonable control, including, without limitation, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunction of
utilities, third-party communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable
efforts which are consistent with accepted practices to resume performance as soon as practicable under the circumstances.


 


(n)              
The permissive right of the Trustee to take actions permitted by this Indenture shall not be construed as an obligation or duty
to do so.


 


(o)               
In no event shall the Trustee be responsible or liable for special, punitive, indirect, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.


 


SECTION 604.        
Trustee Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except for the
Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor any Agent
assumes responsibility for their correctness. Neither the Trustee nor any Agent makes representations as to the validity or sufficiency
of this Indenture or of the Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder. Neither the Trustee nor any Agent shall be accountable for the use or application
by the Issuer of Notes or the proceeds thereof or the Offering Document or any other documents used in connection with the sale or distribution
of the Notes.


 


SECTION 605.        
May Hold Notes. The Trustee, any Paying Agent, any Note Registrar or any other agent of the Issuer or of the Trustee, in
its individual or any other capacity, may become the owner or pledgee of Notes and, subject to TIA Sections 310(b) and 311, may otherwise
deal with the Issuer with the same rights it would have if it were not the Trustee, Paying Agent, Note Registrar or such other agent;
provided that if it acquires any “conflicting interest” (within the meaning of TIA Section 310(b)), it must eliminate
such conflict within 90 days, apply to the SEC for permission to continue or resign.


 


SECTION 606.        
Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the
extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise
agreed in writing with the Issuer.


 


SECTION 607.        
Compensation and Reimbursement. The Issuer and the Guarantors, jointly and severally, agree:


 


(1)               
to pay to the Trustee from time to time such compensation as shall be agreed in writing between the Issuer and the Trustee for
all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of
a trustee of an express trust);


 


(2)                except
as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and
advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation
and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall be
determined to have been caused by its own negligence or willful misconduct; and


 






    -56-


     


    

 


(3)               
 to indemnify the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all loss, liability, claim,
damage or expense, including taxes (other than the taxes based on the income of the Trustee) incurred without negligence or willful misconduct
on its part arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and expenses
of defending itself against any claim regardless of whether the claim is asserted by the Issuer, a Guarantor, a Holder or any other Person
or liability in connection with the exercise or performance of any of its powers or duties hereunder, including the reasonable costs and
expenses of enforcing this Indenture or a Guarantee against the Issuer or a Guarantor (including this Section 607).


 


The Trustee shall notify the Issuer promptly of
any claim asserted against the Trustee or any of its agents for which it may seek indemnity. Failure to provide such notice shall not
relieve the Issuer of its obligations in this Section 607 unless the failure to notify the Issuer impairs the Issuer’s ability to
defend such claim. The Issuer may, at the request of the Trustee, defend the claim and the Trustee shall cooperate in the defense; provided
that the Trustee and its agents subject to the claim may have separate counsel and the Issuer shall pay the reasonable fees and expenses
of such counsel; provided, however, that the Issuer shall not be required to pay such fees and expenses if the Issuer assumes
the Trustee’s defense and there is no conflict of interest between the Issuer and the Trustee and its agents subject to the claim
in connection with such defenses, as reasonably determined by the Trustee. The Issuer need not pay for any settlement made without its
written consent.


 


The obligations of the Issuer and the Guarantors
under this Section 607 to compensate the Trustee, to pay or reimburse the Trustee for expenses, disbursements and advances and to indemnify
and hold harmless the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this
Indenture and resignation or removal of the Trustee. As security for the performance of such obligations of the Issuer, the Trustee shall
have a claim prior to the Notes upon all property and funds held or collected by the Trustee as such, except funds held in trust solely
for the benefit of the Holders entitled thereto for the payment of principal of (and premium, if any) or interest on particular Notes.


 


When the Trustee incurs expenses or renders services
in connection with an Event of Default specified in Section 501(6), the expenses (including the reasonable charges and expenses of its
counsel) of and the compensation for such services are intended to constitute expenses of administration under any applicable Bankruptcy
Law. “Trustee” for the purposes of this Section 607 shall include any predecessor Trustee and the Trustee in each of its capacities
hereunder and each agent, custodian and other Person employed to act hereunder as permitted by this Indenture; provided, however,
that the negligence or willful misconduct of any predecessor Trustee hereunder shall not affect the rights of any other successor Trustee
hereunder (other than a successor Trustee that is successor by merger or consolidation to such predecessor Trustee).


 


The provisions of this Section 607 shall survive
the satisfaction and discharge of this Indenture and resignation or removal of the Trustee.


 


SECTION 608.        
Corporate Trustee Required; Eligibility. There shall be at all times a Trustee hereunder which shall be eligible to act
as Trustee under TIA Section 310(a)(1) and shall have a combined capital and surplus of at least $50,000,000. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements of federal, State, territorial or District of Columbia
supervising or examining authority, then for the purposes of this Section 608, the combined capital and surplus of such corporation shall
be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section 607, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article Six.


 


SECTION 609.        
Resignation and Removal; Appointment of Successor.


 


(a)                
No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article Six shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 610.


 


(b)               
The Trustee may resign at any time by giving written notice thereof to the Issuer. Upon receiving such notice of resignation,
the Issuer shall promptly appoint a successor trustee by written instrument, a copy of which shall be delivered to the resigning
Trustee and a copy to the successor Trustee. If the instrument of acceptance by a successor Trustee required by Section 610 shall not
have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition,
at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee.


 






    -57-


     


    

 


(c)               
The Trustee may be removed at any time by the Act of the Holders of not less than a majority in principal amount of the Outstanding
Notes, delivered to the Trustee and to the Issuer. If the instrument of acceptance by a successor Trustee required by Section 610 shall
not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition,
at the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee.


 


(d)              
The Trustee shall comply with TIA Section 310(b); provided that, there shall be excluded from the operation of TIA Section
310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of
the Issuer are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met.


 


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


 


(f)                
If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, the Issuer shall promptly appoint a successor Trustee. If, within one year after such resignation, removal or incapability,
or the occurrence of such vacancy, a successor Trustee shall be appointed by the Act of the Holders of a majority in principal amount
of the Outstanding Notes delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede the successor Trustee appointed by the Issuer. If no successor
Trustee shall have been so appointed by the Issuer or the Holders and accepted appointment in the manner hereinafter provided, any Holder
who has been a bona fide Holder for at least six months may, on behalf of himself and all others similarly situated, petition any court
of competent jurisdiction for the appointment of a successor Trustee.


 


(g)              
The Issuer shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to
the Holders in the manner provided for in Section 107. Each notice shall include the name of the successor Trustee and the address of
its Corporate Trust Office.


 


SECTION 610.        
Acceptance of Appointment by Successor.


 


(a)               
Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of
the retiring Trustee; but, on request of the Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. Upon
request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and confirming
to such successor Trustee all such rights, powers and trusts.


 


(b)               
No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article Six.


 


SECTION 611.        
Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted
or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee
shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be
the successor of the Trustee hereunder; provided such corporation shall be otherwise qualified and eligible under this Article
Six, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes
shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation
to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor
Trustee had itself authenticated such Notes. In case at that time any of the Notes shall not have been authenticated, any successor Trustee
may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor Trustee. In all such cases
such certificates shall have the full force and effect which this Indenture provides for the certificate of authentication of the Trustee
shall have; provided that, the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate
Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.


 






    -58-


     


    

 


SECTION 612.        
Appointment of Authenticating Agent. At any time when any of the Notes remain Outstanding, the Trustee may appoint one or
more agents (each an “Authenticating Agent”) with respect to the Notes which shall be authorized to act on behalf of
the Trustee to authenticate Notes and the Trustee shall give written notice of such appointment to all Holders of Notes with respect to
which such Authenticating Agent will serve, in the manner provided for in Section 107. Notes so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Any such appointment
shall be evidenced by an instrument in writing signed by an authorized signatory of the Trustee, and a copy of such instrument shall be
promptly furnished to the Issuer. Wherever reference is made in this Indenture to the authentication and delivery of Notes by the Trustee
or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Issuer.


 


Any corporation into which an Authenticating Agent
may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which such Authenticating Agent shall be a party, or any corporation succeeding to all or substantially all the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent; provided such corporation shall
be otherwise eligible under this Section 612, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.


 


An Authenticating Agent may resign at any time
by giving written notice thereof to the Trustee and to the Issuer. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section 612, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall give written
notice of such appointment to all Holders of Notes, in the manner provided for in Section 107. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with
like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section 612.


 


The Issuer agrees to pay to each Authenticating
Agent from time to time such compensation for its services under this Section 612 as shall be agreed in writing between the Issuer and
such Authenticating Agent.


 


If an appointment is made pursuant to this Section
612, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate certificate of
authentication in the following form:


 


This is one of the Notes designated therein referred
to in the within-mentioned Indenture.


 


	 	U.S. BANK NATIONAL ASSOCIATION,
	 	  as Trustee
	 	 




	Date:  	 	 	By:	 
	 	 	as Authenticating Signatory
	 	 




 






    -59-


     


    

 


ARTICLE
Seven


 


HOLDERS LISTS AND REPORTS BY TRUSTEE AND ISSUER


 


SECTION 701.        
Issuer to Furnish Trustee Names and Addresses. The Issuer will furnish or cause to be furnished to the Trustee:


 


(1)               
semiannually, not more than 10 days after each Regular Record Date, a list, in such form as the Trustee may reasonably require,
of the names and addresses of the Holders as of such Regular Record Date; and


 


(2)               
at such other times as the Trustee may reasonably request in writing, within 30 days after receipt by the Issuer of any such request,
a list of similar form and content to that in clause (1) hereof as of a date not more than 15 days prior to the time such list is furnished;


 


provided that, if and so long as the Trustee shall be a Note
Registrar, no such list need be furnished.


 


SECTION 702.        
Reports by Trustee. Within 60 days after December 31 of each year commencing with December 31, 2020, the Trustee shall transmit
to the Holders of Notes (with a copy to the Issuer at the address specified in Section 106), in the manner and to the extent provided
in TIA Section 313(c), a brief report dated as of such December 31 that complies with TIA Section 313(a). The Trustee also shall comply
with TIA Section 313(b). A copy of each such report shall, at the time of such transmission to Holders, be filed by the Trustee with
each stock exchange, if any, upon which the Notes are listed, with the Commission and with the Issuer. The Issuer will promptly notify
the Trustee in writing when the Notes are listed on any stock exchange and any delisting thereof.


 


ARTICLE
Eight



MERGER, CONSOLIDATION OR SALE

OF ALL OR SUBSTANTIALLY ALL ASSETS


 


SECTION 801.        
Issuer May Consolidate, Etc., Only on Certain Terms.


 


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


 


(1)               
(x) the Issuer is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than the
Issuer) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a Person organized
or existing under the laws of the United States, any state or territory thereof or the District of Columbia (such Person, as the case
may be, being herein called the “Successor Company”, or (y) in the case of a Division where the Issuer is the Dividing
Person, either all Division Successors shall become co-issuers of the Notes or the Division, as to any Division Successor that will not
be a co-issuer of the Notes, is permitted by Section 1010;


 


(2)               
(x) the Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under this Indenture and
the Notes pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee or (y)
in the case of a Division where the Issuer is the Dividing Person, any applicable Division Successor shall remain or become a co-issuer
of the Notes pursuant to, if necessary, a supplemental indenture or other documents or instruments in form reasonably satisfactory to
the Trustee;


 


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


 






    -60-


     


    

 


(4)               
 immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions
had occurred at the beginning of the Applicable Measurement Period,


 


(A)              
the Successor Company or the Division Successor(s) to the Issuer would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in Section 1011(a) or


 


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


 


(5)               
if the Successor Company or Division Successor(s) is other than the Issuer, each Guarantor, unless it is the other party to the
transactions described above, in which case Section 802(1)(B) below shall apply, shall have by supplemental indenture confirmed that its
Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and


 


(6)               
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such
consolidation, merger or transfer and such supplemental indentures, if any, comply with this Indenture.


 


(b)               
The Successor Company or the Division Successor(s) to the Issuer shall succeed to, and be substituted for, the Issuer under this
Indenture and the Notes and the Issuer will automatically be released and discharged from its obligations under this Indenture and the
Notes. Notwithstanding the foregoing clauses (3) and (4) of Section 801(a),


 


(1)               
any Restricted Subsidiary may consolidate with, merge into or sell, assign, transfer, lease, convey or otherwise dispose (including
pursuant to a Division) of all or part of its properties and assets to the Issuer or any Restricted Subsidiary; and


 


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


 


SECTION 802.        
Guarantors May Consolidate, Etc., Only on Certain Terms. Subject to Section 1208, no Guarantor shall, and the Issuer shall
not permit any such Guarantor to, consummate a Division as the Dividing Person (whether or not such Guarantor is the surviving Person)
consolidate or merge with or into or dissolve (whether or not such Guarantor is the surviving Person), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or assets, in one or more related transactions, to any Person
unless:


 


(1)               
(A) such Guarantor (x) is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other
than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person
organized or existing under the laws of the United States, any state thereof, the District of Columbia or any territory thereof (such
Guarantor or such Person, as the case may be, being herein called the “Successor Person”), or (y) in the case of a
Division where such Guarantor is the Dividing Person, is the Division Successor or such Division is permitted by Section 1017, as applicable;


 


(B)               
the
Successor Person or the Division Successor(s), as applicable, if other than such Guarantor, expressly assumes all the obligations of such
Guarantor under this Indenture and such Guarantor’s related Guarantee pursuant to a supplemental indenture or other documents or
instruments in form reasonably satisfactory to the Trustee;


 


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


 


(D)               
the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger or transfer and such supplemental indentures, if any, comply with this Indenture; or


 






    -61-


     


    

 


(2)               
the transaction is an Asset Sale that is made in compliance with Section 1017.


 


Subject to Section 1208, the Successor Person or
the Division Successor(s), as applicable, shall succeed to, and be substituted for, such Guarantor under this Indenture and such Guarantor’s
Guarantee and such Guarantor will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s
Guarantee. Notwithstanding the foregoing, any Guarantor may (i) merge into or transfer all or part of its properties and assets (including
pursuant to a Division) to another Guarantor or the Issuer, (ii) merge with an Affiliate of the Issuer solely for the purpose of reincorporating
or reorganizing the Guarantor in the United States, any state thereof, the District of Columbia or any territory thereof so long as the
amount of Indebtedness of the Issuer and its Restricted Subsidiaries is not increased thereby or (iii) convert into a Person organized
or existing under the laws of a jurisdiction in the United States.


 


SECTION 803.        
Successor Substituted. Upon any consolidation or merger, or any sale, assignment, conveyance, transfer, lease or disposition
of all or substantially all of the assets of the Issuer or any Guarantor in accordance with Sections 801 and 802 hereof, the successor
Person formed by such consolidation or into which the Issuer or such Guarantor, as the case may be, is merged or the successor Person
to which such sale, assignment, conveyance, transfer, lease or disposition is made, shall succeed to, and be substituted for, and may
exercise every right and power of, the Issuer or such Guarantor, as the case may be, under this Indenture or the Guarantees, as the case
may be, with the same effect as if such successor Person had been named as the Issuer or such Guarantor, as the case may be, herein or
the Guarantees, as the case may be. When a successor Person assumes all obligations of its predecessor hereunder, the Notes or the Guarantees,
as the case may be, such predecessor shall be released from all obligations; provided that in the event of a transfer or lease,
the predecessor shall not be released from the payment of principal and interest or other obligations on the Notes or the Guarantees,
as the case may be.


 


ARTICLE
Nine



SUPPLEMENTAL INDENTURES


 


SECTION 901.        
Amendments or Supplements Without Consent of Holders. Without the consent of any Holder, the Issuer, any Guarantor (with
respect to any amendment relating to its Guarantee) and the Trustee may amend or supplement this Indenture, the Notes and any related
Guarantee, in form satisfactory to the Trustee, for any of the following purposes:


 


(1)               
to cure any ambiguity, omission, mistake, defect or inconsistency;


 


(2)               
to provide for uncertificated Notes in addition to or in place of certificated Notes;


 


(3)               
to comply with Article Eight hereof;


 


(4)               
to provide for the assumption of the Issuer’s or any Guarantor’s obligations to Holders;


 


(5)               
to make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights under this Indenture of any such Holder;


 


(6)               
to secure the Notes or add covenants for the benefit of the Holders of Notes or to surrender any right or power conferred upon
the Issuer or any Guarantor;


 


(7)               
to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements
of Sections 609 and 610 hereof;


 


(8)               
to provide for the issuance of Additional Notes, in accordance with this Indenture;


 






    -62-


     


    

 


(9)               
 to add a Guarantor or a parent guarantor under this Indenture, provided that only the Trustee and the Guarantor or parent
guarantor being added need to sign any such supplement or amendment;


 


(10)            
to conform the text of this Indenture, Guarantees or the Notes to any provision of the “Description of the Notes” section
of the Offering Document;


 


(11)            
to amend the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including,
without limitation, to facilitate the issuance and administration of the Notes; provided that, (A) compliance with this Indenture
as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (B)
such amendment does not materially and adversely affect the rights of Holders to transfer Notes; or


 


(12)            
to comply with the rules of any applicable securities depositary.


 


SECTION 902.        
Amendments, Supplements or Waivers with Consent of Holders.


 


(a)                
With the consent of the Holders of at least a majority in principal amount of the Outstanding Notes, by the Act of said Holders
delivered to the Issuer and the Trustee, the Issuer, any Guarantor (with respect to any Guarantee to which it is a party or this Indenture)
and the Trustee may amend or supplement this Indenture, any Guarantee or the Notes for the purpose of adding any provisions hereto or
thereto, changing in any manner or eliminating any of the provisions or of modifying in any manner the rights of the Holders hereunder
or thereunder (including consents obtained in connection with a purchase of, or tender offer the Notes) and any existing Default or Event
of Default or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of not less than
a majority in principal amount of the Outstanding Notes, including consents obtained in connection with a purchase of or tender offer
for Notes, other than Notes beneficially owned by the Issuer or its Affiliates; provided that, without consent of the Holder of
each Outstanding Note affected thereby, no such amendment, supplement or waiver shall, 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 as confirmed in an Officer’s
Certificate to the Trustee,


 


(2)               
reduce the principal of or change the Maturity of any such Note or reduce the premium payable upon the redemption of any Note or
change the time at which any Note may be redeemed pursuant to Section 1101,


 


(3)               
reduce the rate of or change the time for payment of interest on any Note,


 


(4)               
waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Notes issued under this
Indenture, except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the
Notes and a waiver of the payment default that resulted from such acceleration, or in respect of a covenant or provision contained in
this Indenture or any Guarantee which cannot be amended or modified without the consent of all Holders of the Notes,


 


(5)               
make any Note payable in money other than that stated in the Notes,


 


(6)               
make any change in Section 513 or the rights of Holders of the Notes to receive payments of principal of or premium, if any, or
interest on the Notes,


 


(7)               
make any change in these amendment and waiver provisions,


 


(8)               
impair the right of any Holder to receive payment of principal of, or interest on such Holder’s Notes on or after the due
dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes, or


 


(9)               
 make any change to or modify the ranking of any Note or related Guarantee that would adversely affect the Holders.


 


For purposes of determining whether any Holder shall
be disregarded for purposes of such consent, only Notes which a Responsible Officer of the Trustee actually knows to be beneficially owned
by the Issuer or its Affiliates shall be disregarded.


 






    -63-


     


    

 


(b)               
It shall not be necessary for the consent of Holders under this Section 902 to approve the particular form of any proposed amendment
or waiver, and it shall be sufficient if such consent approves the substance thereof.


 


(c)                
[Reserved].


 


(d)               
Neither the Issuer nor any of its Restricted Subsidiaries may, directly or indirectly, pay or cause to be paid any consideration
to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this
Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders that are “qualified institutional
buyers” within the meaning of Rule 144A of the Securities Act, Non-U.S. Persons or IAI, in each case, who, upon request, confirm
that they are “qualified institutional buyers” Non-U.S. Persons or IAI and consent, waive or agree to amend in the time frame
set forth in solicitation documents relating to such consent, waiver or amendment.


 


SECTION 903.        
Execution of Amendments, Supplements or Waivers. In executing, or accepting the additional trusts created by, any amendment,
supplement or waiver permitted by this Article Nine or the modifications thereby of the trusts created by this Indenture, the Trustee
shall be provided with, and shall be fully protected in relying upon, an Officer’s Certificate and (other than in the case of an
amendment or supplement for the purpose of adding a Guarantor or a parent guarantor under this Indenture in accordance with Section 901(9))
Opinion of Counsel stating that the execution of such amendment, supplement or waiver is authorized and permitted by this Indenture, complies
with the provisions hereof, and is the legal, valid and binding obligation of the Issuer and Guarantor, enforceable against the Issuer
and Guarantor in accordance with its terms. Guarantors may, but shall not be required to, execute supplemental indentures that do not
modify such Guarantor’s Guarantee. The Trustee may, but shall not be obligated to, enter into any such amendment, supplement or
waiver which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.


 


SECTION 904.        
Effect of Amendments, Supplements or Waivers. Upon the execution of any supplemental indenture under this Article Nine,
this Indenture shall be modified in accordance therewith, and such amendment, supplement or waiver shall form a part of this Indenture
for all purposes; and every Holder of Notes theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.


 


SECTION 905.        
Compliance with Trust Indenture Act. Every supplemental indenture executed pursuant to the Article shall comply with the
requirements of the Trust Indenture Act as then in effect.


 


SECTION 906.        
Reference in Notes to Supplemental Indentures. Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article Nine may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as
to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Notes so modified as to conform, in the
opinion of the Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated
and delivered by the Trustee in exchange for Outstanding Notes.


 


SECTION 907.        
Notice of Supplemental Indentures. Promptly after the execution by the Issuer, any Guarantor and the Trustee of any supplemental
indenture pursuant to the provisions of Section 902, the Issuer shall give notice thereof to the Holders of each Outstanding Note affected,
in the manner provided for in Section 107, setting forth in general terms the substance of such supplemental indenture.


 






    -64-


     


    

 


ARTICLE
Ten


 


COVENANTS


 


SECTION 1001.     
Payment of Principal, Premium, if any, and Interest. The Issuer covenants and agrees for the benefit of the Holders that
it will duly and punctually pay the principal of (and premium on, if any) the Notes in accordance with the terms of the Notes and this
Indenture.


 


The Issuer shall pay interest on overdue principal
at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent
lawful.


 


SECTION 1002.     
Maintenance of Office or Agency. The Issuer will maintain in The City of New York, an office or agency where Notes may be
presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Issuer in respect of the Notes and this Indenture may be served. The designated office of the Trustee shall be such office
or agency of the Issuer in The City of New York, unless the Issuer shall designate and maintain some other office or agency for one or
more of such purposes. The Issuer will give prompt written notice to the Trustee of any change in the location of such office or agency.
If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the
Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.


 


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


 


SECTION 1003.     
Money for Notes Payments to Be Held in Trust. If the Issuer shall at any time act as its own Paying Agent, it will, on or
before each due date of the principal of (or premium, if any) on any of the Notes, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal of (or premium, if any) or interest so becoming due until such sums shall
be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to
act.


 


Whenever the Issuer shall have one or more Paying
Agents for the Notes, it will, on or before each due date of the principal of (or premium, if any) or interest on any Notes in accordance
with Section 1001, deposit with a Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming due,
such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless such Paying Agent
is the Trustee) the Issuer will promptly notify the Trustee in writing of such action or any failure so to act.


 


Each Paying Agent agrees:


 


(1)               
that it will hold all sums received by it as Paying Agent for the payment of the principal of or interest on any Notes in trust
for the benefit of the Holders or of the Trustee;


 


(2)               
that it will give the Trustee notice of any failure by the Issuer to make any payment of the principal of or interest on any Notes
and any other payments to be made by or on behalf of the Issuer under this Indenture or the Notes when the same shall be due and payable;
and


 


(3)               
that it will pay any such sums so held in trust by it to the Trustee forthwith upon the Trustee’s written request at any
time during the continuance of the failure referred to in clause (2) above.


 


The Issuer may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Issuer or such Paying Agent, such sums to be held by the Trustee upon the
same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent
to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums.


 






    -65-


     


    

 


Any money deposited with the Trustee or any Paying
Agent, or then held by the Issuer, in trust for the payment of the principal of (or premium, if any) or interest on any Note and remaining
unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on Issuer Request,
or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Issuer as Trustee thereof, shall thereupon cease; provided, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of general circulation in the Borough of Manhattan, The City of
New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.


 


SECTION 1004.     
[Reserved].


 


SECTION 1005.     
[Reserved].


 


SECTION 1006.     
[Reserved].


 


SECTION 1007.     
[Reserved].


 


SECTION 1008.     
Statement by Officer as to Default.


 


(a)                
The Issuer will deliver to the Trustee within 120 days after the end of each fiscal year, an Officer’s Certificate stating
that a review of the activities of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing officer with a view to determining whether it has kept, observed, performed and fulfilled, and has caused each
of its Restricted Subsidiaries to keep, observe, perform and fulfill its obligations under this Indenture and further stating that, to
the best of his or her knowledge, the Issuer during such preceding fiscal year has kept, observed, performed and fulfilled, and has caused
each of its Restricted Subsidiaries to keep, observe, perform and fulfill each and every such covenant contained in this Indenture and
no Default or Event of Default occurred during such year and at the date of such certificate there is no Default or Event of Default which
has occurred and is continuing or, if such signers do know of such Default or Event of Default, the certificate shall describe its status,
with particularity and that, to the best of his or her knowledge, no event has occurred and remains by reason of which payments on the
account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event
and what action each is taking or proposes to take with respect thereto. The Officer’s Certificate shall also notify the Trustee
should the Issuer elect to change the manner in which it fixes its fiscal year end. For purposes of this Section 1008(a), such compliance
shall be determined without regard to any period of grace or requirement of notice under this Indenture.


 


(b)               
When any Default or Event of Default has occurred and is continuing under this Indenture, the Issuer shall deliver to the Trustee
an Officer’s Certificate specifying such event, notice or other action within ten Business Days of becoming aware of such occurrence.


 


SECTION 1009.     
Reports and Other Information.


 


(a)                
Whether or not the Issuer is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any Notes
are outstanding, the Issuer will furnish to the Holder, within fifteen (15) Business Days after filing, or in the event no such filing
is required, within fifteen (15) Business Days after the end of the time periods specified in those sections and any extension period
granted under Section 12b-25 of the Exchange Act:


 


(1)                (x)
all annual and quarterly financial statements that would be required to be contained in a filing with the SEC on Forms 10-K and 10-Q
(or any successor or comparable forms) of the Issuer, if the Issuer were required to file such forms, plus a
 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section; and (y) with
respect to the annual financial statements only, a report on the annual financial statements by the Issuer’s independent
registered public accounting firm; and


 


(2)               
all information that would be required to be contained in filings with the SEC on Form 8-K under Items 1.01 (including furnishing
any material debt agreements that would be required to be described in such Form 8-K), 1.02, 1.03, 2.01, 2.05, 2.06, 4.01, 4.02, 5.01
and 5.02(b) and (c) (other than with respect to information otherwise required or contemplated by Item 402 of Regulation S-K) as in effect
on the Issue Date if the Issuer were required to file such reports; provided, however, that no such current report shall
be required to include as an exhibit, or to include a summary of the terms of, any employment or compensatory arrangement agreement, plan
or understanding between the Issuer (or any of its Subsidiaries) and any director, manager or executive officer, of the Issuer (or any
of its Subsidiaries).


 


The Issuer shall make available such information
and such reports (as well as the details regarding the conference call described below) to the Trustee under this Indenture, to any Holder
and, upon request, to any beneficial owner of the Notes, in each case, by (a) filing such reports with the SEC (and such reports are publicly
available) or (b) posting such reports on the Issuer’s website and issuing a press release in respect thereof. The Issuer will hold
a quarterly conference call for all Holders and securities analysts (to the extent providing analysis of investment in the Notes) to discuss
such financial information (including a customary Q&A session) no later than five (5) Business Days after distribution of such financial
information.


 






    -66-


     


    

 


(b)               
The Issuer shall provide S&P and Moody’s (and their respective successors) with information on a periodic basis as S&P
or Moody’s, as the case may be, shall reasonably require in order to maintain public ratings of the Notes. To the extent not satisfied
by the foregoing, the Issuer shall also furnish to Holders, securities analysts (to the extent providing analysis of investment in the
Notes) and prospective investors in the Notes upon request the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act, so long as the Notes are not freely transferable under the Securities Act.


 


(c)                
If the Issuer has designated any of its Subsidiaries as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group
of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of the Issuer, then the annual
and quarterly information required by clause (1) of the first paragraph of this covenant shall include a reasonably detailed presentation,
either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations of the
Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries.


 


(d)               
Notwithstanding the foregoing, the financial statements, information and other documents required to be provided as described above,
may be those of (i) the Issuer or (ii) any direct or indirect parent of the Issuer rather than those of the Issuer; provided that
the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating
to such parent, on the one hand, and the information relating to the Issuer and the Restricted Subsidiaries on a standalone basis, on
the other hand.


 


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


 


The Trustee shall not be obligated to monitor or
confirm, on a continuing basis or otherwise, our compliance with the covenants or with respect to this Indenture or any reports or other
documents filed with the SEC under this Indenture.


 






    -67-


     


    

 


SECTION 1010.     
Limitation on Restricted Payments.


 


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


 


(1)               
declare or pay any dividend or make any payment or distribution on account of the Issuer’s or any Restricted Subsidiary’s
Equity Interests, including any dividend or distribution payable in connection with any merger or consolidation, other than:


 


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


 


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


 


(2)               
purchase, redeem, defease or otherwise acquire or retire for value any Equity Interests of the Issuer or any direct or indirect
parent company of the Issuer, including in connection with any merger or consolidation, in each case held by a Person other than the Issuer
or a Restricted Subsidiary;


 


(3)               
make any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value in each case, prior to any
scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Issuer or any Restricted Subsidiary, other
than:


 


(A)              
Indebtedness permitted under clauses (7) and (8) of Section 1011(b); or


 


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


 


(4)               
make any Restricted Investment;


 


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


 


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


 


(B)               
immediately
after giving effect to such transaction on a pro forma basis, the Issuer could incur $1.00 of additional Indebtedness under Section
1011(a); and


 


(C)               
such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and the Restricted Subsidiaries
subsequent to May 24, 2018 (including Restricted Payments permitted by clauses (1) and (6)(C) of Section 1010(b), but excluding all other
Restricted Payments permitted by Section 1010(b)), is less than the sum of (without duplication):


 


(1)       50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) from April 1, 2018 to the end of the Issuer’s
most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment, or, in
the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit, plus


 






    -68-


     


    

 


(2)       100%
of the aggregate net cash proceeds and the Fair Market Value of marketable securities or other property received by the Issuer subsequent
to May 24, 2018 (other than net cash proceeds to the extent such net cash proceeds have been used to incur Indebtedness, Disqualified
Stock or preferred stock pursuant to Section 1011(b)(12)(A) from the issue or sale of:


 


(x)       Equity
Interests of the Issuer, including Retired Capital Stock (as defined below), but excluding cash proceeds and the Fair Market Value of
marketable securities or other property received from the sale of:


 


(A)       Equity
Interests to any employee, director, manager or consultant of the Issuer, any direct or indirect parent company of the Issuer and the
Issuer’s Subsidiaries subsequent to May 24, 2018 to the extent such amounts have been applied to Restricted Payments made in accordance
with Section 1010(b)(4) and


 


(B)       Designated
Preferred Stock


 


and to the extent such net cash proceeds are actually contributed
to the Issuer, Equity Interests of any direct or indirect parent company of the Issuer (excluding contributions of the proceeds from the
sale of Designated Preferred Stock of such companies or contributions to the extent such amounts have been applied to Restricted Payments
made in accordance with Section 1010(b)(4)); or


 


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


 


provided that this clause (2) shall not include the
proceeds from (a) Refunding Capital Stock (as defined below), (b) Equity Interests (or Indebtedness that has been converted or exchanged
for Equity Interests) of the Issuer sold to a Restricted Subsidiary or the Issuer, as the case may be, (c) Disqualified Stock (or Indebtedness
that has been converted or exchanged into Disqualified Stock) or (d) Excluded Contributions, plus


 


(3)       100%
of the aggregate amount of cash and the Fair Market Value of marketable securities or other property contributed to the capital of the
Issuer or that becomes part of the capital of the Issuer or a Restricted Subsidiary through consolidation or merger subsequent to May
24, 2018 (other than net cash proceeds to the extent such net cash proceeds (i) have been used to incur Indebtedness, Disqualified Stock
or preferred stock pursuant to Section 1011(b)(12)(A), (ii) are contributed by a Restricted Subsidiary or (iii) constitute Excluded Contributions),
plus


 


(4)       100%
of the aggregate amount received in cash and the Fair Market Value of marketable securities or other property received by means of:


 


(A)       the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of Restricted Investments made by the Issuer and the Restricted
Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer and the Restricted Subsidiaries and repayments
of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Issuer or its Restricted Subsidiaries,
in each case, subsequent to May 24, 2018 or


 


(B)       the
sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a distribution from an
Unrestricted Subsidiary (other than in each case to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer
or a Restricted Subsidiary pursuant to clause (7) of Section 1010(b) or to the extent such Investment constituted a Permitted
Investment) or a dividend from an Unrestricted Subsidiary subsequent to May 24, 2018, plus


 






    -69-


     


    

 


(5)       in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary subsequent to May 24, 2018, the Fair Market Value
of the Investment in such Unrestricted Subsidiary at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary,
other than to the extent the Investment in such Unrestricted Subsidiary was made by the Issuer or a Restricted Subsidiary pursuant to
clause (7) of Section 1010(b) or to the extent such Investment constituted a Permitted Investment; plus


 


(6)       $75.0
million.


 


(b)               
The foregoing provisions shall not prohibit:


 


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


 


(2)               
(A)    the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital Stock”)
or Subordinated Indebtedness of the Issuer or any Restricted Subsidiary, or any Equity Interests of any direct or indirect parent company
of the Issuer, in exchange for, or out of the proceeds of a substantially concurrent sale (other than to a Restricted Subsidiary) of,
Equity Interests of the Issuer or any direct or indirect parent company of the Issuer to the extent contributed to the Issuer (in each
case, other than any Disqualified Stock) (“Refunding Capital Stock”) and


 


(B)       if
immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was permitted under clause
(6)(A) or (B) of this Section 1010(b), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital
Stock the proceeds of which were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect
parent company of the Issuer) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that was declarable
and payable on such Retired Capital Stock immediately prior to such retirement;


 


(3)               
the prepayment, exchange, redemption, defeasance, repurchase or other acquisition or retirement for value of (i) Subordinated Indebtedness
of the Issuer or a Restricted Subsidiary made in exchange for, or out of the proceeds of a substantially concurrent sale of, new Indebtedness
of the Issuer, or a Restricted Subsidiary, or (ii) Disqualified Stock of the Issuer or a Restricted Subsidiary made in exchange for, or
out of the proceeds of a substantially concurrent sale of, Disqualified Stock of the Issuer or a Restricted Subsidiary, that, in each
case is incurred in compliance with Section 1011 so long as:


 


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


 


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


 






    -70-


     


    

 






 


(C)              
 such new Indebtedness or Disqualified Stock has a final scheduled maturity date, or mandatory redemption date, as applicable,
equal to or later than (x) the final scheduled maturity date, or mandatory redemption date, as applicable, of the Subordinated Indebtedness
or Disqualified Stock being so prepaid, exchanged, redeemed, defeased, repurchased, exchanged, acquired or retired or (y) one year after
the final stated maturity of the Notes, and


 


(D)              
such new Indebtedness or Disqualified Stock has a Weighted Average Life to Maturity equal to or greater than (x) the remaining
Weighted Average Life to Maturity of the Subordinated Indebtedness or Disqualified Stock being so redeemed, defeased, repurchased, exchanged,
acquired or retired or (y) one year after the final stated maturity of the Notes;


 


(4)            the repurchase, retirement or other acquisition or retirement for value of Equity Interests (other than Disqualified Stock) of
the Issuer or any direct or indirect parent company of the Issuer held by any future, present or former employee, director, manager or
consultant of the Issuer, any of its Subsidiaries or any direct or indirect parent company of the Issuer or their estates or the beneficiary
of such estates, pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement,
or any stock subscription or shareholder agreement (including, for the avoidance of doubt, any principal and interest payable on any notes
issued by the Issuer or any direct or indirect parent company of the Issuer in connection with such repurchase, retirement or other acquisition);
provided, that the aggregate Restricted Payments made under this clause (4) do not exceed in any calendar year $25.0 million (with
unused amounts in any calendar year being carried over to succeeding calendar years subject to a maximum (without giving effect to the
following proviso) of $50.0 million in any calendar year); provided, further, that such amount in any calendar year may
be increased by an amount not to exceed:


 


(A)              
the cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer and, to the extent contributed
to the Issuer, the cash proceeds from the sale of Equity Interests of any direct or indirect parent company of the Issuer, in each case
to any future, present or former employees, directors, managers or consultants of the Issuer, any of its Subsidiaries or any direct or
indirect parent company of the Issuer that occurred subsequent to May 24, 2018, to the extent the cash proceeds from the sale of such
Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clause (C) of Section 1010(a); plus


 


(B)              
the cash proceeds of key man life insurance policies received by the Issuer and the Restricted Subsidiaries subsequent to May 24,
2018; less


 


(C)              
the amount of any Restricted Payments previously made pursuant to clauses (A) and (B) of this Section 1010(b)(4); provided
that the Issuer may elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and (B) of this Section 1010(b)(4)
in any calendar year;


 


and provided, further, that cancellation of
Indebtedness owing to the Issuer or any Restricted Subsidiary from any future, present or former employees, directors, managers or consultants
of the Issuer (or any permitted transferee thereof), any direct or indirect parent company of the Issuer or any Restricted Subsidiary
in connection with a repurchase of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer shall not be
deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Indenture;


 


(5)           the
declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuer or any Restricted Subsidiary
or any class or series of preferred stock of any Restricted Subsidiary, in each case, issued in accordance with the covenant described
under Section 1011 to the extent such dividends are included in the definition of “Fixed Charges”;


 


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


 






    -71-


     


    

 


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


 


(C)               the
declaration and payment of dividends on Refunding Capital Stock in excess of the dividends declarable and payable thereon pursuant to
Section 1010(b)(2);


 


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


 


(7)               
Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made
pursuant to this clause (7) that are at the time outstanding, without giving effect to the sale of an Unrestricted Subsidiary to the extent
the proceeds of such sale do not consist of cash, Cash Equivalents or marketable securities, not to exceed the greater of (x) $100.0 million
and (y) 25% of EBITDA for the Applicable Measurement Period at the time of such Investment (with the Fair Market Value of each Investment
being measured at the time made and without giving effect to subsequent changes in value);


 


(8)               
the purchase, repurchase, redemption, acquisition or retirement for value of any Equity Interest of the Issuer or any Restricted
Subsidiary deemed to occur upon (a) the exercise of warrants, stock options or similar rights if such Equity Interests represent a portion
of the exercise price thereof, (b) the withholding of Equity Interests in connection with an arrangement to satisfy withholding or similar
taxes required by the exercise of warrants, stock options or vesting or settlement of other awards or (c) the cancellation of stock options,
warrants or other equity awards;


 


(9)                the
declaration and payment of regular quarterly dividends (or dividend equivalents) on the Issuer’s common stock or other Equity Interests
or the repurchase, retirement, or other acquisition of Equity Interests in an aggregate not to exceed $150.0 million in any fiscal year;


 


(10)            
Restricted Payments in an amount that does not exceed the amount of Excluded Contributions made since the Issue Date;


 


(11)            
other Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause
(11) not to exceed the greater of (x) $100.0 million and (y) 25% of EBITDA for the Applicable Measurement Period at the time made;


 


(12)            
distributions or payments of Receivables Fees;


 


(13)            
any Restricted Payment made in connection with the Transactions and the fees and expenses related thereto or used to fund amounts
owed to Affiliates (including dividends to any direct or indirect parent company of the Issuer to permit payment by such parent of such
amount), to the extent permitted by Section 1013;


 


(14)            
the repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Indebtedness in accordance
with the provisions similar to those of Section 1016 and Section 1017; provided that all Notes tendered by Holders of the Notes
in connection with a Change of Control Offer or an Asset Sale Offer, as the case may be, have been repurchased, redeemed, defeased or
acquired or retired for value;


 






    -72-


     


    

 


(15)              the declaration and payment of dividends by the Issuer to, or the making of loans to, any direct or indirect parent company of
the Issuer in amounts required for any direct or indirect parent company to pay:


 


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


 


    (B)              
foreign, federal, state and local income and similar taxes (including any interest or penalties related thereto), to the extent
such taxes are attributable to the income, revenue, receipts, capital or margin of the Issuer and the Restricted Subsidiaries and, to
the extent of the amount actually received from its Unrestricted Subsidiaries, in amounts required to pay such taxes to the extent attributable
to the income of such Unrestricted Subsidiaries; provided that in each case the amount of such payments in any fiscal year does
not exceed the amount that the Issuer, its Restricted Subsidiaries and its Unrestricted Subsidiaries (to the extent described above) would
be required to pay in respect of such foreign, federal, state and local income taxes for such fiscal year had the Issuer, its Restricted
Subsidiaries and its Unrestricted Subsidiaries (to the extent described above) been a stand-alone taxpayer (separate from any such direct
or indirect parent company of the Issuer) for all fiscal years ending after the Issue Date,


 


    (C)              
customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers, employees, directors and
managers and consultants of any direct or indirect parent company of the Issuer to the extent such salaries, bonuses, benefits and indemnities
are attributable to the ownership or operation of the Issuer and the Restricted Subsidiaries, including the Issuer’s proportionate
share of such amount relating to such parent company being a public company,


 


    (D)              
general corporate or other operating (including, without limitation, expenses related to auditing or other accounting matters)
and overhead costs and expenses of any direct or indirect parent company of the Issuer to the extent such costs and expenses are attributable
to the ownership or operation of the Issuer and the Restricted Subsidiaries, including the Issuer’s proportionate share of such
amount relating to such parent company being a public company,


 


    (E)               
fees and expenses incurred by any direct or indirect parent company of the Issuer related to (i) the maintenance by such parent
entity of its corporate or other entity existence and (ii) transactions of such parent company of the Issuer of the type described in
clause (11) of the definition of “Consolidated Net Income,” and


 


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


 


(16)            
the repurchase, redemption or other acquisition for value of Equity Interests of the Issuer deemed to occur in connection with,
and the payment of, cash in lieu of fractional shares of such Equity Interests in connection with a share dividend, distribution, share
split, reverse share split, merger, consolidation, amalgamation or other business combination of the Issuer, in each case, permitted under
this Indenture;


 


(17)            
the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted Subsidiary
by, Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash Equivalents);


 


(18)            
any Restricted Payment; provided that on a pro forma basis after giving effect to such Restricted Payment (x) the
Consolidated Total Debt Ratio would be equal to or less than 3.50 to 1.00 and (y) no Event of Default shall have occurred and be continuing
or would occur as a consequence thereof; and


 


(19)            
 payments or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, merger or transfer
of assets that complies with Article Eight; provided that at the time of, and after giving effect to, any Restricted Payment permitted
under clauses (11) and (17) of this Section 1010(b), no Event of Default shall have occurred and be continuing or would, with the passage
of time, occur as a consequence thereof.


 






    -73-


     


    

 


(c)                
As of the Issue Date, all of the Issuer’s Subsidiaries shall be Restricted Subsidiaries. The Issuer shall not permit any
Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the second to last sentence of the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by
the Issuer and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated shall be deemed to be Restricted
Payments or Permitted Investments in an amount determined as set forth in the second to last sentence of the definition of “Investments.”
Such designation shall be permitted only if a Restricted Payment or Permitted Investment in such amount would be permitted at such time,
whether pursuant to Section 1010(a) or under clauses (7), (10) or (11) of Section 1010(b), or pursuant to the definition of “Permitted
Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries shall
not be subject to any of the restrictive covenants set forth in this Indenture.


 


(d)               
For purposes of determining compliance with this Section 1010, in the event that a proposed Restricted Payment or Investment (or
a portion thereof) meets the criteria of clauses (1) through (19) of Section 1010(b) or is entitled to be made pursuant to Section 1010(a)
and/or one or more of the exceptions contained in the definition of “Permitted Investments” in Section 102, the Issuer shall
be entitled to classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment
or Investment (or portion thereof) among such clauses (1) through (19) of Section 1010(b), Section 1010(a) and/or one or more of the exceptions
contained in the definition of “Permitted Investments” in Section 102 in a manner that otherwise complies with this Section
1010.


 


SECTION 1011.     
Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock.


 


(a)                
The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively,
an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the Issuer shall not issue
any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or, in the case
of Restricted Subsidiaries that are not the Issuer or Guarantors, preferred stock; provided that the Issuer may incur Indebtedness
(including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary may incur Indebtedness (including
Acquired Indebtedness), issue shares of Disqualified Stock and issue shares of preferred stock, if, after giving effect thereto, the Fixed
Charge Coverage Ratio of the Issuer and the Restricted Subsidiaries would be at least 2.00 to 1.00; provided, further, that
the amount of Indebtedness (including Acquired Indebtedness), Disqualified Stock and preferred stock that may be incurred pursuant to
the foregoing, together with any amounts incurred under clause (14)(x) of Section 1011(b) by Restricted Subsidiaries that are not Guarantors
shall not exceed the greater of (x) $200.0 million and (y) 50% of EBITDA for the Applicable Measurement Period at any one time outstanding.


 


(b)               
The foregoing limitations shall not apply to:


 


     (1)               
Indebtedness incurred pursuant to Credit Facilities by the Issuer or any Restricted Subsidiary; provided that immediately
after giving effect to any such incurrence, the then-outstanding aggregate principal amount of all Indebtedness incurred under this clause
(1) does not exceed at any one time (x) $1,500.0 million plus (y) an additional amount if, after giving pro forma effect
to the incurrence of such additional amount and the application of net proceeds therefrom, the Consolidated Secured Debt Ratio is equal
to or less than 3.00:1.00; provided, further, that, for purposes of determining the amount of Indebtedness that may be incurred
under clause (1)(y), all Indebtedness incurred under this clause (1) shall be treated as Secured Indebtedness;


 


     (2)               
Indebtedness represented by the Notes (including any Guarantee thereof, but excluding Indebtedness represented by Additional Notes,
if any, or guarantees with respect thereto);


 






    -74-


     


    

 


(3)               
 Existing Indebtedness (other than Indebtedness incurred pursuant to clauses (1) and (2) above);


 


(4)               
Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and preferred stock incurred by the Issuer or any Restricted
Subsidiary, to finance the purchase, lease, construction, development, installation or improvement of property (real or personal), equipment
or other fixed or capital assets that are used or useful in a Similar Business, whether through the direct purchase of assets or the Capital
Stock of any Person owning such assets and Indebtedness arising from the conversion of the obligations of the Issuer or any Restricted
Subsidiary under or pursuant to any “synthetic lease” transactions to on-balance sheet Indebtedness of the Issuer or such
Restricted Subsidiary, in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount of
all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this clause (4), and all Refinancing
Indebtedness incurred to Refinance any other Indebtedness, Disqualified Stock and preferred stock incurred pursuant to this clause (4),
does not exceed the greater of (x) $175.0 million and (y) 45% of EBITDA for the Applicable Measurement Period at the time of incurrence;
provided that such Indebtedness that exists at the date of such purchase, lease, construction, installation or improvement or is
created within 365 days of the completion thereof incurred by the Issuer or any Restricted Subsidiary pursuant to this clause (4) in connection
with a Sale and Lease-Back Transaction shall not be subject to the foregoing limitation so long as the proceeds of such Sale and Lease-Back
Transaction are used by the Issuer or such Restricted Subsidiary to permanently repay outstanding Indebtedness of the Issuer and the Restricted
Subsidiaries;


 


(5)               
Indebtedness incurred by the Issuer or any Restricted Subsidiary constituting reimbursement obligations with respect to letters
of credit, bankers’ acceptances, bank guarantees, warehouse receipts or similar facilities issued or entered into in the ordinary
course of business, including letters of credit in respect of workers’ compensation claims, performance, surety, appeal or similar
bonds, completion guarantees or supporting indemnity, bid, warranty, health, disability or other employee benefits or property, casualty
or liability insurance or self-insurance or other Indebtedness with respect to reimbursement type obligations regarding workers’
compensation claims, performance or surety bonds, health, disability or other employee benefits or property, casualty or liability insurance
or self-insurance;


 


(6)               
Indebtedness arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase
price, earn-out or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or
a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or a
Subsidiary for the purpose of financing such acquisition; provided that such Indebtedness is not reflected as Indebtedness on the
balance sheet of the Issuer or any Restricted Subsidiary (contingent obligations referred to in a footnote to financial statements and
not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (6));


 


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


 


(8)               
Indebtedness of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary; provided that if a Guarantor
incurs such Indebtedness owing to a Restricted Subsidiary that is not the Issuer or a Guarantor, such Indebtedness is subordinated in
right of payment to the Guarantee of the Notes of such Guarantor; provided, further, that any subsequent transfer of any
such Indebtedness (except to the Issuer or another Restricted Subsidiary) shall be deemed to be an incurrence of such Indebtedness not
permitted by this clause (8);


 


(9)                shares
of preferred stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any
subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to
be a Restricted Subsidiary or any other subsequent transfer of any such shares of preferred stock (except to the Issuer or another
Restricted Subsidiary) shall be deemed in each case to be an issuance of such shares of preferred stock not permitted by this clause
(9);


 






    -75-


     


    

 


(10)            
Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes);


 


(11)            
Indebtedness and obligations in respect of (x) self-insurance, performance, bid, appeal and surety bonds and completion guarantees
and similar obligations provided by the Issuer or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees
or similar instruments related thereto, in each case, in the ordinary course of business and (y) deferred compensation or other similar
arrangements incurred by the Issuer or any of its Restricted Subsidiaries;


 


(12)            
(A) Indebtedness, Disqualified Stock and preferred stock of the Issuer or any Restricted Subsidiary in an aggregate principal amount
or liquidation preference up to 100% of the net cash proceeds received by the Issuer since immediately after the Issue Date from the issue
or sale of Equity Interests of the Issuer or cash contributed to the capital of the Issuer (in each case, other than Excluded Contributions
or proceeds of Disqualified Stock or sales of Equity Interests to the Issuer or any of its Subsidiaries) as determined in accordance with
clauses (C)(2) and (C)(3) of Section 1010(a) to the extent such net cash proceeds or cash have not been applied pursuant to such clauses
to make Restricted Payments or to make other Investments, payments or exchanges pursuant to Section 1010(b) or to make Permitted Investments
(other than Permitted Investments specified in clauses (1), (2) and (3) of the definition thereof) and


 


    (B)              
Indebtedness, Disqualified Stock or preferred stock of the Issuer or any Restricted Subsidiary not otherwise permitted hereunder
in an aggregate principal amount or liquidation preference, which when aggregated with the principal amount and liquidation preference
of all other Indebtedness, Disqualified Stock and preferred stock then outstanding and incurred pursuant to this clause (12)(B), does
not at any one time outstanding exceed the greater of (x) $200.0 million and (y) 50% of EBITDA for the Applicable Measurement Period at
the time of incurrence (it being understood that any Indebtedness, Disqualified Stock or preferred stock incurred pursuant to this clause
(12)(B) shall cease to be deemed incurred or outstanding for purposes of this clause (12)(B) but shall be deemed incurred for the purposes
of Section 1011(a) from and after the first date on which the Issuer or such Restricted Subsidiary could have incurred such Indebtedness,
Disqualified Stock or preferred stock under Section 1011(a) without reliance on this clause (12)(B));


 


(13)            
the incurrence or issuance by the Issuer or any Restricted Subsidiary of Indebtedness, Disqualified Stock or preferred stock which
serves to Refinance any Indebtedness, Disqualified Stock or preferred stock incurred as permitted under Section 1011(a) and clauses (1),
(2), (3) (4), 12(A), this clause (13) and clause (14) below or any Indebtedness, Disqualified Stock or preferred stock issued to so Refinance
such Indebtedness, Disqualified Stock or preferred stock (the “Refinancing Indebtedness”) prior to its respective maturity;
provided that such Refinancing Indebtedness:


 


    (A)              
has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than (x) the
remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or preferred stock being Refinanced or (y) one
year after the final stated maturity of the Notes;


 


    (B)              
to the extent such Refinancing Indebtedness Refinances (i) Indebtedness subordinated to the Notes or any Guarantee of the Notes,
such Refinancing Indebtedness is subordinated to the Notes or such Guarantee at least to the same extent as the Indebtedness being Refinanced
or (ii) Disqualified Stock or preferred stock, such Refinancing Indebtedness must be Disqualified Stock or preferred stock, respectively;


 






    -76-


     


    

 


    (C)              
 shall not include Indebtedness, Disqualified Stock or preferred stock of a Subsidiary of the Issuer that is not a Guarantor that
Refinances Indebtedness, Disqualified Stock or preferred stock of the Issuer or a Guarantor; and


 


    (D)              
shall not include Indebtedness, Disqualified Stock or preferred stock of a Restricted Subsidiary that refinances Indebtedness,
Disqualified Stock or preferred stock of an Unrestricted Subsidiary;


 


and provided, further, that subclause (A) above
of this clause (13) shall not apply to any refunding or refinancing of any Secured Indebtedness outstanding;


 


(14)            
Indebtedness, Disqualified Stock or preferred stock of (x) the Issuer or a Restricted Subsidiary incurred or issued to finance
an acquisition or (y) Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into or consolidated with the Issuer
or a Restricted Subsidiary in accordance with the terms of this Indenture (including designating an Unrestricted Subsidiary a Restricted
Subsidiary); provided that after giving effect to such acquisition, merger or consolidation, either:


 


    (A)              
the Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test
set forth in Section 1011(a), or


 


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


 


provided, further, that the amount of Indebtedness,
Disqualified Stock and preferred stock that may be incurred pursuant to this clause (14), together with any amounts incurred under the
first paragraph of this covenant by Restricted Subsidiaries that are not Guarantors shall not exceed the greater of (x) $200.0 million
and (y) 50% of EBITDA for the Applicable Measurement Period at any one time outstanding;


 


(15)            
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business;


 


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


 


(17)            
(A)              any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary
so long as, in the case of a guarantee by a Restricted Subsidiary that is not a Guarantor, such Indebtedness could have been incurred
directly by the Restricted Subsidiary providing such guarantee, or


 


    (B)              
any guarantee by a Restricted Subsidiary of Indebtedness of the Issuer, provided that such guarantee is incurred in accordance
with Section 1015;


 


(18)            
Indebtedness of Restricted Subsidiaries that are not Guarantors at any one time outstanding not to exceed, in the aggregate, the
greater of (x) $150.0 million and (y) 40% of EBITDA for the Applicable Measurement Period at the time of incurrence (it being understood
that any Indebtedness incurred pursuant to this clause (18) shall cease to be deemed incurred or outstanding for purposes of this clause
(18) but shall be deemed incurred for the purposes of Section 1011(a) from and after the first date on which such Restricted Subsidiary
could have incurred such Indebtedness under Section 1011(a) without reliance on this clause (18));


 


(19)            
Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii)
take or pay obligations contained in supply arrangements, in each case incurred in the ordinary course of business;


 






    -77-


     


    

 


(20)            
 Indebtedness of the Issuer or any of its Restricted Subsidiaries undertaken in connection with cash management and related activities
with respect to any Subsidiary or joint venture in the ordinary course of business;


 


(21)            
Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to future, current or former
officers, directors, managers and employees thereof, their respective estates, spouses or former spouses, in each case to finance the
purchase or redemption of Equity Interests of the Issuer or any direct or indirect parent company of the Issuer to the extent described
in Section 1010(b)(4);


 


(22)              Indebtedness
of the Issuer (and Guarantees thereof by any Guarantor) to the extent that the net proceeds thereof are promptly deposited to defease,
redeem or to satisfy and discharge the Notes or repurchase the Notes tendered in an offer made pursuant to the terms of this Indenture;


 


(23)              Indebtedness
(and any Refinancing of such Indebtedness) incurred by a Foreign Subsidiary which, when aggregated with the principal amount of all other
Indebtedness incurred pursuant to this clause (23) and then outstanding, does not exceed the greater of (x) $200.0 million and (y) 50%
of EBITDA for the Applicable Measurement Period;


 


(24)              Indebtedness
(and any Refinancing of such Indebtedness) incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures not to
exceed the greater of (x) $100.0 million and (y) 25% of EBITDA for the Applicable Measurement Period;


 


(25)              Indebtedness
in respect of matured or drawn Performance Guarantees, but only so long as such Indebtedness is reimbursed or extinguished within five
(5) Business Days of being matured or drawn; and


 


(26)              Indebtedness
in respect of matured or drawn Performance Guarantees, in each case that would appear as indebtedness on a consolidated balance sheet
of the Issuer prepared in accordance with GAAP, in an aggregate amount not to exceed $150.0 million at any time outstanding;


 


(c)            For purposes of determining compliance with this Section 1011,


 


(1)               
in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) meets the criteria of
more than one of the categories of permitted Indebtedness, Disqualified Stock or preferred stock described in clauses (1) through (26)
of Section 1011(b) or is entitled to be incurred pursuant to Section 1011(a), the Issuer, in its sole discretion, may divide, classify
or reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and shall only be required to
include the amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses of this Section 1011(b);
provided that all Indebtedness outstanding under the Senior Credit Facility on the Issue Date after giving effect to the Transactions
will, as long as such Indebtedness is outstanding, be treated as incurred on the Issue Date under Section 1011(b)(1); and


 


(2)               
at the time of incurrence, the Issuer shall be entitled to divide and classify an item of Indebtedness in more than one of the
types of Indebtedness described in Sections 1011(a) and (b) above.


 


Accrual of interest or dividends, the accretion
of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional
Indebtedness, Disqualified Stock or preferred stock shall not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred
stock for purposes of this Section 1011. Any Refinancing Indebtedness and any Indebtedness incurred to refinance Indebtedness incurred
pursuant to clauses (1) and (12) of Section 1011(b) above shall be permitted to include additional Indebtedness, Disqualified Stock or
preferred stock incurred to pay premiums (including reasonable tender premiums), defeasance costs, accrued and unpaid interest, fees and
expenses in connection with such Refinancing.


 






    -78-


     


    

 


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 another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred,
in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred
to Refinance other Indebtedness denominated in another currency, and such Refinancing would cause the applicable U.S. dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such Refinancing, such U.S. dollar-denominated
restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed
(i) the principal amount of such Indebtedness being Refinanced plus (ii) the aggregate amount of fees, underwriting discounts,
premiums and other costs and expenses incurred in connection with such Refinancing.


 


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


 


SECTION 1012.     
Liens. The Issuer shall not, and shall not permit any Guarantor to, directly or indirectly, create, incur, assume or suffer
to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness or any related Guarantee on any asset or property
of the Issuer or any Guarantor, or any income or profits therefrom, or assign or convey any right to receive income therefrom, unless
the Notes (or the related Guarantee in the case of Liens of a Guarantor) are equally and ratably secured with (or, in the event the Lien
relates to Subordinated Indebtedness, are secured on a senior basis to) the obligations so secured. Any Lien created for the benefit of
the Holders of the Notes pursuant to this Section 1012 will provide by its terms that such Lien shall be automatically and unconditionally
released and discharged upon the release and discharge of the Lien that gave rise to the obligation to secure the Notes.


 


SECTION 1013.     
Limitations on Transactions with Affiliates.


 


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


 


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


 


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


 


(b)           The
foregoing provisions shall not apply to the following:


 


(1)               
(i) transactions between or among the Issuer and/or any of its Restricted Subsidiaries or any entity that becomes a Restricted
Subsidiary as a result of such transaction and (ii) any merger or consolidation of the Issuer or any direct or indirect parent of the
Issuer; provided that such parent company shall have no material liabilities and no material assets other than cash, Cash Equivalents
and the Capital Stock of the Issuer and such merger or consolidation is otherwise in compliance with the terms of this Indenture;


 


(2)               
Permitted Investments and Restricted Payments permitted by Section 1010;


 






    -79-


     


    

 


(3)               
 transactions pursuant to compensatory, benefit and incentive plans and similar agreements with officers, directors, managers or
employees of the Issuer or any of its Restricted Subsidiaries;


 


(4)               
the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment and severance
arrangements provided on behalf of, or for the benefit of, former, current or future officers, directors, managers, employees or consultants
of the Issuer, any direct or indirect parent company of the Issuer or any Restricted Subsidiary;


 


(5)               
transactions in which the Issuer or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or
stating that the terms are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than those that would have
been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person on an arm’s-length
basis;


 


(6)               
any agreement or arrangement in effect as of the Issue Date, or any amendment, modification, or supplement thereto or replacement
thereof (so long as any such amendment, modification, supplement or replacement is not disadvantageous in any material respect to the
Holders when taken as a whole as compared to the applicable agreement as in effect on the Issue Date) or any transaction or payments contemplated
thereby;


 


(7)               
the existence of, or the performance by the Issuer or any Restricted Subsidiary of its obligations under the terms of, any stockholders
agreement or the equivalent (including any registration rights agreement or purchase agreement related thereto) to which it is a party
as of the Issue Date and any similar agreements which it may enter into thereafter; provided that the existence of, or the performance
by the Issuer or any Restricted Subsidiary of, obligations under any future amendment to any such existing agreement or under any similar
agreement entered into after the Issue Date shall only be permitted by this clause (7) to the extent that the terms of any such amendment
or new agreement are not otherwise disadvantageous to the Holders in any material respect when taken as a whole;


 


(8)               
the Transactions and the payment of all fees and expenses related to the Transactions, in each case, as contemplated in the Offering
Document;


 


(9)               
transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in each
case in the ordinary course of business and otherwise in compliance with the terms of this Indenture which are fair to the Issuer and
its Restricted Subsidiaries, in the reasonable determination of the Board of Directors of the Issuer or the senior management thereof,
or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;


 


(10)            
the issuance or transfer of Equity Interests (other than Disqualified Stock) of the Issuer and the granting and performance of
customary registration rights;


 


(11)            
sales of accounts receivable, or participations therein, in connection with any Receivables Facility;


 


(12)            
payments, loans, advances or guarantees (or cancellation of loans, advances or guarantees) to future, current or former employees,
officers, directors, managers or consultants of the Issuer, any direct or indirect parent company of the Issuer or any Restricted Subsidiary
and employment agreements, stock option plans and other similar arrangements with such employees, directors, manager or consultants which,
in each case, are approved by the Issuer in good faith;


 


(13)            
any transaction in which the only consideration paid by the Issuer or any Restricted Subsidiary consists of Equity Interests (other
than Disqualified Stock) of the Issuer;


 






    -80-


     


    

 


(14)            
 payments to any future, current or former employee, director, manager, officer, manager or consultant of the Issuer, any of its
Subsidiaries or any direct or indirect parent company of the Issuer pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement; and any employment or severance
agreements, stock option plans, severance plans and other compensatory arrangements (and any successor plans thereto) and any supplemental
executive retirement benefit plans or arrangements with any such employees, directors, officers, managers or consultants that are, in
each case, approved by the Issuer in good faith;


 


(15)            
any transaction with a Person (other than an Unrestricted Subsidiary) which would constitute an Affiliate Transaction solely because
the Issuer or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person;


 


(16)            
payments by the Issuer (and any direct or indirect parent company of the Issuer) and its Subsidiaries pursuant to tax sharing agreements
among the Issuer (and any direct or indirect parent company of the Issuer) and its Subsidiaries; provided that in each case the
amount of such payments in any fiscal year does not exceed the amount that the Issuer, its Restricted Subsidiaries and its Unrestricted
Subsidiaries (to the extent of the amount received from Unrestricted Subsidiaries) would be required to pay in respect of foreign, federal,
state and local taxes for such fiscal year were the Issuer, its Restricted Subsidiaries and its Unrestricted Subsidiaries (to the extent
described above) to pay such taxes separately from any such direct or indirect parent company of the Issuer;


 


(17)            
any lease entered into between the Issuer or any Restricted Subsidiary and any Affiliate of the Issuer in the ordinary course of
business;


 


(18)            
intellectual property licenses in the ordinary course of business;


 


(19)            
transactions between the Issuer or any of its Restricted Subsidiaries and any Person that would constitute an Affiliate Transaction
solely because a director of which is also a director of the Issuer or any other direct or indirect parent of the Issuer; provided,
however, that such director abstains from voting as a director of the Issuer or such direct or indirect parent of the Issuer, as
the case may be, on any matter involving such other Person;


 


(20)            
pledges of Equity Interests of Unrestricted Subsidiaries;


 


(21)            
transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary course
of business; and


 


(22)            
any merger, consolidation or reorganization of the Issuer or Restricted Subsidiary with an Affiliate of the Issuer or Restricted
Subsidiary solely for the purpose of reincorporating the Issuer or Restricted Subsidiary in a new jurisdiction.


 


SECTION 1014.     
Limitations on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. The Issuer shall not, and shall
not permit any of its Restricted Subsidiaries that are not Guarantors to, directly or indirectly, create or otherwise cause or suffer
to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to:


 


(a)            (1)
pay dividends or make any other distributions to the Issuer or any Restricted Subsidiary on its Capital Stock or with respect to any other
interest or participation in, or measured by, its profits, or (2) pay any Indebtedness owed to the Issuer or any Restricted Subsidiary;


 


(b)            make
loans or advances to the Issuer or any Restricted Subsidiary; or


 


(c)            sell,
lease or transfer any of its properties or assets to the Issuer or any Restricted Subsidiary, except (in each case) for such encumbrances
or restrictions existing under or by reason of:


 


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


 






    -81-


     


    

 


(2)     this
Indenture, the Notes and the Guarantees;


 


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


 


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


 


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


 


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


 


(7)     Secured
Indebtedness otherwise permitted to be incurred pursuant to Sections 1011 and 1012 that limit the right of the debtor to dispose of the
assets securing such Indebtedness;


 


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


 


(9)     other
Indebtedness, Disqualified Stock or preferred stock of Restricted Subsidiaries permitted to be incurred subsequent to the Issue Date
pursuant to Section 1011;


 


(10)   customary
provisions in joint venture agreements or arrangements and other similar agreements or arrangements relating solely to such joint venture
and asset sale agreements and Sale and Lease-Back Transaction agreements;


 


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


 


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


 


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


 


(14)   any
encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above 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 (13) above; provided that such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are, in the good faith judgment of the Issuer’s Board of Directors, no more restrictive
in any material respect with respect to such encumbrance and other restrictions taken as a whole than those prior to such amendment,
modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.


 






    -82-


     


    

 


(d)          For
purposes of determining compliance with the covenants set forth in this Section 1014: (i) the priority of any preferred stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed
a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to the Issuer
or a Restricted Subsidiary of the Issuer to other Indebtedness incurred by the Issuer or any such Restricted Subsidiary shall not be deemed
a restriction on the ability to make loans or advances.


 


SECTION 1015.     
Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer shall not permit any of its Wholly-Owned
Subsidiaries that are Restricted Subsidiaries (and non-Wholly-Owned Subsidiaries if such non-Wholly-Owned Subsidiaries guarantee other
capital markets debt securities of the Issuer or a Guarantor or the Issuers or a Guarantor’s obligations under the Senior Credit
Facility), other than a Guarantor, a Foreign Subsidiary or a Receivables Subsidiary, to guarantee the payment of any Indebtedness of the
Issuer or any Guarantor (other than Indebtedness payable to the Issuer or a Restricted Subsidiary) unless:


 


(1)               
such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this Indenture providing for a Guarantee
by such Restricted Subsidiary the form of which is attached as Exhibit A hereto; provided that, if such Indebtedness is by its
express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the Notes, any such guarantee of such
Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary’s
Guarantee with respect to the Notes substantially to the same extent as such Indebtedness is subordinated to the Notes; and


 


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


 


provided that this Section 1015 shall not be applicable to any
guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred in connection
with, or in contemplation of, such Person becoming a Restricted Subsidiary.


 


SECTION 1016.     
Change of Control.


 


(a)                
If a Change of Control occurs after the Issue Date, unless the Issuer has, prior to or concurrently with the time the Issuer is
required to make a Change of Control Offer (as defined below), delivered electronically or mailed a redemption notice with respect to
all the Outstanding Notes pursuant to Section 401 and Section 1105, the Issuer shall make an offer to purchase all of the Notes pursuant
to the offer described below (the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”)
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to, but excluding the date of
purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment
Date. No later than 30 days following any Change of Control, the Issuer shall send notice of such Change of Control Offer by first class
mail or overnight mail or electronic delivery, with a copy to the Trustee sent in the same manner, to each Holder to the address of such
Holder appearing in the security register or otherwise in accordance with the procedures of the Depository, with the following information:


 


(1)               
 that a Change of Control Offer is being made pursuant to this Section 1016 and that all Notes properly tendered pursuant to such
Change of Control Offer shall be accepted for payment by the Issuer;


 






    -83-


     


    

 


(2)               
the purchase price and the purchase date, which shall be no earlier than 15 days nor later than 60 days from the date such notice
is mailed (the “Change of Control Payment Date”);


 


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


 


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


 


(5)               
that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender such Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified
in the notice at the address specified in the notice prior to the close of business on the 3rd (third) Business Day preceding the Change
of Control Payment Date;


 


(6)               
that Holders shall be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such Notes;
provided that the Paying Agent receives, not later than the expiration time of the Change of Control Offer, electronic transmission
(in PDF), facsimile transmission or letter (sent in the same manner provided in the Change of Control Offer) setting forth the name of
the Holder of the Notes, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered
Notes and its election to have such Notes purchased;


 


(7)               
that if the Issuer is purchasing less than all of the Notes held by any Holder, the Holder will be issued new Notes and such new
Notes will be equal in principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must
be equal to $2,000 or an integral multiple of $1,000 in excess thereof;


 


(8)               
if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional
on the occurrence of such Change of Control and if applicable, shall state that, in the Issuer’s discretion, the Change of Control
Payment Date may be delayed until such time as the Change of Control shall occur, or that such redemption may not occur and such notice
may be rescinded in the event that the Issuer shall determine that such condition will not be satisfied by the Change of Control Payment
Date, or by the Change of Control Payment as so delayed; and


 


(9)               
the other instructions, as determined by us, consistent with this Section 1016, that a Holder must follow.


 


(b)               
While the Notes are in global form and the Issuer makes an offer to purchase all of the Notes pursuant to the Change of Control
Offer, a Holder may exercise its option to elect for the purchase of the Notes through the facilities of the Depository, subject to its
rules and regulations.


 


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


 


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


 


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


 


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


 


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


 






    -84-


     


    

 


(e)                In
the event that the Issuer makes a Change of Control Payment, the Paying Agent shall promptly deliver or mail to each Holder of the Notes
the Change of Control Payment received by the Paying Agent for such Notes, and upon receipt of written direction from the Issuer, the
Trustee shall promptly authenticate a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.
The Issuer shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control
Payment Date.


 


(f)                 The
Issuer shall not be required to make a Change of Control Offer following a Change of Control if (i) a third party makes the Change of
Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to
a Change of Control Offer made by the Issuer and purchases all such Notes validly tendered and not withdrawn under such Change of Control
Offer or (ii) a notice of redemption has been given pursuant to Section 1105. Notwithstanding anything to the contrary herein, a Change
of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is
in place for the Change of Control at the time of the making of such Change of Control Offer.


 


(g)               
If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such
Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer as described
above, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right,
upon not less than 15 days nor more than 60 days’ prior notice, provided that such notice is given not more than 30 days
following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes that remain outstanding following
such purchase on a specified date (the “Second Change of Control Payment Date”) at a price in cash equal to the applicable
Change of Control Payment in respect of the Second Change of Control Payment Date.


 


(h)               
The provisions of this Section 1016, including the definition of “Change of Control,” may be waived or modified with
the written consent of the Holders of a majority in principal amount of the Notes.


 


SECTION 1017.     
Asset Sales.


 


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


 


(1)               
the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal
to the Fair Market Value (as determined at the time of contractually agreeing to such Asset Sale) of the assets sold or otherwise disposed
of; and


 






    -85-


     


    





 


(2)               
except in the case of a Permitted Asset Swap, at least 75% of the consideration from such Asset Sale and all other Asset Sales
since May 24, 2018, on a cumulative basis received by the Issuer or such Restricted Subsidiary, as the case may be, is in the form of
cash or Cash Equivalents; provided that the amount of:


 


(A)               any
liabilities (as reflected on the Issuer’s most recent consolidated balance sheet or in the footnotes thereto, or if incurred
or accrued subsequent to the date of such balance sheet, such liabilities that would have been reflected on the Issuer’s
consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such
balance sheet, as determined in good faith by the Issuer) of the Issuer, other than liabilities that are by their terms subordinated
to the Notes, that are assumed by the transferee of any such assets (or are otherwise extinguished in connection with the
transactions relating to such Asset Sale) and for which the Issuer and all such Restricted Subsidiaries have been validly released
by all applicable creditors in writing,


 






    -85- 


     


    

 


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


 


(C)               any
Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate Fair
Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C) that is at that
time outstanding, not to exceed the greater of (x) $100.0 million and (y) 25% of EBITDA for the Applicable Measurement Period at the
time of the receipt of such Designated Non-cash Consideration, with the Fair Market Value of each item of Designated Non-cash
Consideration being measured at the time received and without giving effect to subsequent changes in value, shall be deemed to be
cash for purposes of this provision and for no other purpose.


 






    -86- 


     


    

 


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


 


(1)               
to permanently repay or reduce:


 


(A)              
Secured Indebtedness under Credit Facilities to the extent such Indebtedness was incurred under Section 1011(b)(1), and to correspondingly
reduce any outstanding commitments with respect thereto;


 


(B)              
Obligations under Senior Secured Indebtedness of the Issuer or a Guarantor, and to correspondingly reduce any outstanding commitments
with respect thereto;


 


(C)              
Obligations under the Notes or any other Senior Indebtedness of the Issuer or any Restricted Subsidiary (and, in the case of other
Senior Indebtedness, to correspondingly reduce any outstanding commitments with respect thereto, if applicable); provided that
if the Issuer or any Restricted Subsidiary shall so repay any such Senior Indebtedness other than the Notes, the Issuer or such Restricted
Subsidiary shall reduce Obligations under the Notes on a pro rata basis by, at its option, either (A) redeeming Notes as described
under Section 1101 or (B) purchasing Notes through open market purchases, at a price equal to or higher than 100% of the principal amount
thereof, in a manner that complies with this Indenture and applicable securities law or make an offer (in accordance with the procedures
set forth below for an Asset Sale Offer) to all Holders to purchase their Notes on a ratable basis with such other Senior Indebtedness
for no less than 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, thereon up to the
principal amount of Notes to be repurchased; or


 


(D)              
Indebtedness of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Issuer or another Restricted
Subsidiary;


 






    -87- 


     


    

 


(2)                to
make (a) an Investment in any one or more businesses; provided that such Investment in any business is in the form of the
acquisition of Capital Stock and results in the Issuer or a Restricted Subsidiary, as the case may be, owning an amount of the
Capital Stock of such business such that it constitutes or continues to constitute a Restricted Subsidiary, (b) capital expenditures
or (c) acquisitions of other property or assets, in the case of each of clauses (a), (b) and (c), either (i) used or useful in a
Similar Business or (ii) that replace the businesses, properties and/or assets that are the subject of such Asset Sale; provided that
the Issuer and its Restricted Subsidiaries shall be deemed to have complied with this clause (2) if and to the extent that, within
450 days after the Asset Sale that generated the Net Proceeds, the Issuer or such Restricted Subsidiary has entered into and not
abandoned or rejected a binding agreement to consummate any such investment described in this clause (2) with the good faith
expectation that such Net Proceeds will be applied to satisfy such commitment within 180 days of such commitment (an
 “Acceptable Commitment”) and, in the event any Acceptable Commitment is later cancelled or terminated for any
reason before the Net Proceeds are applied in connection therewith, the Issuer or such Restricted Subsidiary enters into another
Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination; provided, further,
that if any Second Commitment is later cancelled or terminated for any reason before such Net Proceeds are applied, then such Net
Proceeds shall constitute Excess Proceeds; or


 


(3)               
any combination of the foregoing.


 


(c)                
Any Net Proceeds from any Asset Sale that are not invested or applied in accordance with Section 1017(b) within the time set forth
therein will be deemed to constitute “Excess Proceeds.” Within ten (10) Business Days after the date that the
aggregate amount of Excess Proceeds exceeds $25.0 million, the Issuer shall make an offer to all Holders of the Notes, and, if required
by the terms of any Indebtedness that is pari passu with the Notes (“Pari Passu Indebtedness”), to the holders
of such Pari Passu Indebtedness (an “Asset Sale Offer”), to purchase the maximum aggregate principal amount of Notes
and such Pari Passu Indebtedness, and with respect to the Notes only in denominations of $2,000 initial principal amount and multiples
of $1,000 thereafter, that may be purchased out of the Excess Proceeds at an offer price, in the case of the Notes, in cash in an amount
equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date fixed for the closing of such
offer, in accordance with the procedures set forth in this Indenture. In the event that the Issuer or a Restricted Subsidiary prepays
any Pari Passu Indebtedness that is outstanding under a revolving credit or other committed loan facility pursuant to an Asset Sale Offer,
the Issuer or such Restricted Subsidiary shall cause the related loan commitment to be reduced in an amount equal to the principal amount
so prepaid.


 


The Issuer shall commence an Asset Sale Offer by
transmitting electronically or by mailing the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. To
the extent that the aggregate amount of Notes and, if applicable, Pari Passu Indebtedness tendered pursuant to an Asset Sale Offer is
less than the Excess Proceeds (or, in the case of an Asset Sale Offer being effected in advance of being required to do so by this Indenture,
the amount of Net Proceeds the Issuer is offering to apply in such Asset Sale Offer), the Issuer may use any remaining Excess Proceeds
(or such amount offered) in any manner not prohibited by this Indenture. If the aggregate principal amount of Notes and, if applicable,
Pari Passu Indebtedness surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to
be purchased or repaid on a pro rata basis and in accordance with the procedures of the Depository; provided that no Notes
of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset
at zero, and in the case of an Asset Sale Offer being effected in advance of being required to do so by this Indenture, the amount of
Net Proceeds the Issuer is offering to apply in such Asset Sale Offer shall be excluded in subsequent calculations of Excess Proceeds.


 


(d)               
Pending the final application of any Net Proceeds pursuant to this Section 1017, the Issuer or the applicable Restricted Subsidiary
may apply such Net Proceeds temporarily to reduce Indebtedness outstanding under a revolving credit facility or otherwise invest such
Net Proceeds in any manner not prohibited by this Indenture.


 


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


 






    -88- 


     


    

 


(f)                 
 The provisions under this Indenture relative to the Issuer’s obligation to make an offer to repurchase the Notes as a result
of an Asset Sale may be waived or modified with the written consent of the Holders of a majority in principal amount of the Notes.


 


(g)               
Notices of purchase or redemption shall be delivered electronically or mailed by first-class mail, postage prepaid, at least 15
but not more than 60 days before the purchase or Redemption Date to the Trustee and each Holder of Notes at such Holder’s registered
address or otherwise in accordance with the procedures of the Depository, 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. If any Note is to be purchased or redeemed in part only, any notice of purchase or redemption that relates to such Note shall
state the portion of the principal amount thereof that has been or is to be purchased or redeemed.


 


(h)               
If any Notes are to be purchased or redeemed in part only, the Issuer shall issue a new Note in principal amount equal to the unredeemed
portion of the original Note in the name of the Holder thereof upon cancellation of the original Note. Notes called for redemption become
due on the date fixed for redemption, unless such redemption is conditioned on the happening of a future event. On and after the Redemption
Date, unless the Issuer defaults in payment of the Redemption Price, interest shall cease to accrue on Notes or portions thereof called
for redemption, unless such redemption is conditioned on the happening of a future event.


 


SECTION 1018.     
Suspension of Covenants.


 


(a)                
During any period of time that: (1) the Notes have Investment Grade Ratings from both Rating Agencies and (2) no Default or Event
of Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (1) and
(2) being collectively referred to as a “Covenant Suspension Event”), the Issuer and the Restricted Subsidiaries shall
not be subject to the following provisions of this Indenture:


 


(A)     
clause (a)(4) of Section 801;


 


(B)     Section 1010;


 


(C)     Section 1011;


 


(D)     Section 1013;


 


(E)     Section 1014;


 


(F)     Section 1015; and


 


(G)     Section 1017;


 


(collectively, the “Suspended Covenants”).
Upon the occurrence of a Covenant Suspension Event (the date of such occurrence, the “Suspension Date”), the
amount of Excess Proceeds from Net Proceeds shall be set at zero. In the event that the Issuer and the Restricted Subsidiaries are
not subject to the Suspended Covenants for any period of time as a result of the foregoing, and on any subsequent date (the
 “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or downgrades the
rating assigned to the Notes below an Investment Grade Rating, then the Issuer and the Restricted Subsidiaries will thereafter again
be subject to the Suspended Covenants with respect to future events. The period of time between the Suspension Date and the
Reversion Date is referred to in this description as the “Suspension Period.” Notwithstanding that the Suspended
Covenants may be reinstated, no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the
Notes or the Guarantees with respect to the Suspended Covenants, and none of the Issuer or any of its Subsidiaries shall bear any
liability for any actions taken or events occurring during the Suspension Period, or any actions taken at any time pursuant to any
contractual obligation arising prior to the Reversion Date, as a result of a failure to comply with the Suspended Covenants during
the Suspension Period (or upon termination of the Suspension Period or after that time based solely on events that occurred during
the Suspension Period). The Issuer shall provide an Officer’s Certificate to the Trustee indicating the occurrence of any
Suspension Date or Reversion Date. The Trustee shall have no obligation to independently determine or verify if such events have
occurred or notify the Holders of any Suspension Date or Reversion Date. The Trustee may provide a copy of such Officer’s
Certificate to any Holder upon request.


 






    -89- 


     


    

 


(b)               
On the Reversion Date, all Indebtedness incurred, or Disqualified Stock issued, during the Suspension Period shall be deemed to
have been outstanding on the Issue Date, so that they are classified to have been incurred or issued pursuant to Section 1011(b)(3). On
the Reversion Date, all Liens created, incurred or assumed during the Suspension Period in compliance with this Indenture will be deemed
to have been outstanding on the Issue Date, so that they are classified as permitted under clause (7) of the definition of “Permitted
Liens.” Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 1010
shall be made as though Section 1010 had been in effect since the Issue Date and throughout the Suspension Period, but with the actions
taken by the Issuer and its Restricted Subsidiaries during the Suspension Period having no effect on such calculation. No Subsidiaries
shall be designated as Unrestricted Subsidiaries during any Suspension Period. Any Affiliate Transaction entered into after the Reversion
Date pursuant to an agreement entered into during any Suspension Period shall be deemed to be permitted pursuant Section 1013(b)(6). Any
encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Guarantor to take any action described in Sections
1014(a) through (c) that becomes effective during any Suspension Period shall be deemed to be permitted pursuant to Section 1014(c)(1).


 


SECTION 1019.     
Financial Calculations for Limited Condition Acquisitions.When calculating the availability under any basket or ratio
under this Indenture, in each case in connection with a Limited Condition Acquisition, the date of determination of such basket or ratio
and of any Default or Event of Default may, at the option of the Issuer, be the date the definitive agreements for such Limited Condition
Acquisition are entered into and such baskets or ratios shall be calculated with such pro forma adjustments as are appropriate
and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge Coverage Ratio”
after giving effect to such Limited Condition Acquisition and the other transactions to be entered into in connection therewith (including
any incurrence of Indebtedness and the use of proceeds thereof) as if they occurred at the beginning of the applicable period for purposes
of determining the ability to consummate any such Limited Condition Acquisition (and not for purposes of any subsequent availability of
any basket or ratio), and, for the avoidance of doubt, (x) if any of such baskets or ratios are exceeded as a result of fluctuations
in such basket or ratio (including due to fluctuations in EBITDA of the Issuer or the target company) subsequent to such date of determination
and at or prior to the consummation of the relevant Limited Condition Acquisition, such baskets or ratios will not be deemed to have been
exceeded as a result of such fluctuations solely for purposes of determining whether the Limited Condition Acquisition and related transactions
are permitted hereunder and (y) such baskets or ratios shall not be tested at the time of consummation of such Limited Condition
Acquisition or related transactions; provided, further, that if the Issuer elects to have such determinations occur at the
time of entry into such definitive agreement, any such transactions (including any incurrence of Indebtedness and the use of proceeds
thereof) shall be deemed to have occurred on the date the definitive agreements are entered into and outstanding thereafter for purposes
of calculating any baskets or ratios under this Indenture after the date of such agreement and before the consummation of such Limited
Condition Acquisition, unless and until such Limited Condition Acquisition has been abandoned or such definitive agreement has expired
or been terminated prior to consummation thereof.


 


ARTICLE
Eleven



REDEMPTION OF NOTES


 


SECTION 1101.     
Right of Redemption. At any time prior to April 15, 2024, the Issuer may redeem all or a part of the Notes, upon notice
as set forth in Section 1105, at a Redemption Price equal to 100% of the principal amount of Notes redeemed plus the Applicable
Premium as of, and accrued and unpaid interest, if any, to, but excluding, the Redemption Date, subject to the rights of Holders of record
of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date.


 


On and after April 15, 2024, the Issuer may
redeem the Notes, in whole or in part, upon notice as set forth in Section 1105, at the Redemption Prices (expressed as percentages
of principal amount of Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon, if any, to, but
excluding, the applicable Redemption Date, subject to the right of Holders of record of Notes on the relevant Regular Record Date to
receive interest due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on April 15 of each
of the years indicated below:


 






    -90- 


     


    

 


	Year	 	Percentage	 
	2024	 	 	102.063	%
	2025	 	 	101.031	%
	2026 and thereafter	 	 	100.000	%





 


In addition, until April 15, 2024, the Issuer may,
at its option, upon notice as set forth in Section 1105, on one or more occasions redeem up to 40% of the aggregate principal amount of
Notes issued under this Indenture at a Redemption Price equal to 104.125% of the aggregate principal amount thereof, plus accrued
and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of record of Notes
on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds of one or
more Equity Offerings to the extent such net cash proceeds are received by or contributed to the Issuer; provided that at least
50% of the sum of the aggregate principal amount of Notes originally issued under this Indenture (including any Additional Notes issued
under this Indenture after the Issue Date) remains outstanding immediately after the occurrence of each such redemption; provided,
further, that each such redemption occurs within 120 days of the date of closing of each such Equity Offering.


 


SECTION 1102.     
Applicability of Article. Redemption of Notes at the election of the Issuer or otherwise, as permitted or required by any
provision of this Indenture, shall be made in accordance with such provision and this Article Eleven.


 


SECTION 1103.     
Election to Redeem; Notice to Trustee. In case of any redemption at the election of the Issuer, the Issuer shall, at least
three Business Days before notice of redemption is required to be sent to Holders pursuant to Section 1105 hereof (unless a shorter notice
shall be satisfactory to the Trustee) but not more than 60 days before a Redemption Date, notify the Trustee of such Redemption Date and
of the principal amount of Notes to be redeemed and, if required, shall deliver to the Trustee such documentation and records as shall
enable the Trustee to select the Notes to be redeemed pursuant to Section 1104.


 


SECTION 1104.     
Selection by Trustee of Notes to Be Redeemed. With respect to any partial redemption or repurchase of Notes made pursuant
to this Indenture, if less than all of the Notes are to be redeemed at any given time, selection of such Notes for redemption will be
made by the Trustee on a pro rata basis, by lot or by such other method, all in accordance with the procedures of the Depository;
provided that no Notes of $2,000 or less shall be redeemed or repurchased in part.


 


Notices of purchase or redemption shall be delivered
electronically or mailed by first-class mail, postage prepaid, at least 15 but not more than 60 days before the purchase or Redemption
Date to the Trustee and each Holder at such Holder’s registered address or otherwise in accordance with the procedures of the Depository,
except that redemption notices may be delivered electronically or mailed more than 60 days prior to a Redemption Date if the notice is
issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture. If any Note is to be purchased
or redeemed in part only, any notice of purchase or redemption that relates to such Note shall state the portion of the principal amount
thereof that has been or is to be purchased or redeemed.


 


If any Notes are to be purchased or redeemed in
part only, the Issuer will issue a new Note in principal amount equal to the unredeemed portion of the original Note in the name of the
Holder thereof upon cancellation of the original Note. Notes called for redemption become due on the date fixed for redemption, unless
such redemption is conditioned on the happening of a future event. On and after the Redemption Date, unless the Issuer defaults in payment
of the Redemption Price, interest shall cease to accrue on Notes or portions thereof called for redemption, unless such redemption is
conditioned on the happening of a future event.


 


SECTION 1105.     
Notice of Redemption. Notice of redemption shall be given in the manner provided for in Section 107 not less than 15 nor
more than 60 days prior to the Redemption Date, to each Holder to be redeemed.


 






    -91- 


     


    

 


All notices of redemption shall state:


 


(1)               
the Redemption Date,


 


(2)               
the Redemption Price and the amount of accrued interest to the Redemption Date payable as provided in Section 1107, if any,


 


(3)               
if less than all Outstanding Notes are to be redeemed, the identification (and, in the case of a partial redemption, the principal
amounts) of the particular Notes to be redeemed,


 


(4)               
in case any Note is to be redeemed in part only, the notice which relates to such Note shall state that on and after the Redemption
Date, upon surrender of such Note, the Holder will receive, without charge, a new Note or Notes of authorized denominations for the principal
amount thereof remaining unredeemed,


 


(5)               
that on the Redemption Date the Redemption Price (and accrued interest, if any, to the Redemption Date payable as provided in Section
1107) will become due and payable upon each such Note, or the portion thereof, to be redeemed, and that interest thereon will cease to
accrue on and after said date,


 


(6)               
any condition precedent to the redemption;


 


(7)               
the place or places where such Notes are to be surrendered for payment of the Redemption Price and accrued interest, if any,


 


(8)               
the name and address of the Paying Agent,


 


(9)               
that Notes called for redemption must be surrendered to the Paying Agent to collect the Redemption Price,


 


(10)            
CUSIP, ISIN or “Common Code” number and that no representation is made as to the accuracy or correctness of the CUSIP,
ISIN or “Common Code” number, if any, listed in such notice or printed on the Notes, and


 


(11)            
the paragraph of the Notes pursuant to which the Notes are to be redeemed.


 


Notice of redemption of Notes to be redeemed at
the election of the Issuer shall be given by the Issuer or, at the Issuer’s request and provision of such notice information two
Business Days (unless a shorter notice shall be agreed to by the Trustee) prior to the date notice is to be given, by the Trustee in the
name and at the expense of the Issuer.


 


Any redemption may, at the Issuer’s discretion,
be subject to one or more conditions precedent, which shall be set forth in the related notice of redemption, including, but not limited
to, completion of an Equity Offering, other offering or other transaction or event. In addition, if such redemption or purchase is subject
to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that,
in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied,
or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions shall not have
been satisfied by the Redemption Date, or by the Redemption Date as so delayed.


 


If any such condition precedent has not been satisfied
prior to the Redemption Date, the Issuer shall provide prompt notice to the Trustee. Upon receipt of such notice, the notice of redemption
shall either be rescinded and the redemption of the Notes shall not occur or the Redemption Date shall be delayed. Upon receipt, the Trustee
shall provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given.


 






    -92- 


     


    

 


The Issuer and its Affiliates may acquire the Notes
by means other than a redemption pursuant to this Article Eleven, whether by tender offer, open market purchases, negotiated transactions
or otherwise.


 


SECTION 1106.     
Deposit of Redemption Price. Prior to any Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent
(or, if the Issuer is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money sufficient
to pay the Redemption Price of, and accrued interest on, all the Notes which are to be redeemed on that date.


 


SECTION 1107.     
Notes Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Notes to be redeemed shall, on
the Redemption Date, become due and payable, unless such redemption is conditioned on the happening of a future event, at the Redemption
Price therein specified (together with accrued interest to the Redemption Date), and from and after such date (unless the Issuer shall
default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest. Upon surrender of any such
Note for redemption in accordance with said notice, such Note shall be paid by the Issuer at the Redemption Price, together with accrued
interest to the Redemption Date and such Notes shall be cancelled by the Trustee; provided, that installments of interest whose
Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Notes, or one or more Predecessor Notes,
registered as such at the close of business on the relevant record dates according to their terms and the provisions of Section 307.


 


If any Note called for redemption shall not be
so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest from the Redemption
Date at the rate borne by the Notes, unless such redemption is conditioned on the happening of a future event.


 


SECTION 1108.     
Notes Redeemed in Part. Any Note which is to be redeemed only in part (pursuant to the provisions of this Article Eleven)
shall be surrendered at an office or agency of the Issuer maintained for such purpose pursuant to Section 1002 (with, if the Issuer or
the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly
executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and the Issuer shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination
as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the
Note so surrendered.


 


SECTION 1109.     
[Reserved].


 


SECTION 1110.     
Mandatory Redemption. The Issuer shall not be required to make any mandatory redemption or sinking fund payments with respect
to the Notes.


 


ARTICLE
Twelve



GUARANTEES


 


SECTION 1201.     
Guarantees. The Notes will be guaranteed, on a full, joint and several basis, by the Issuer’s present and future domestic
Wholly-Owned Subsidiaries that are obligors under the Senior Credit Facility. Subject to this Article Twelve, each Guarantor, as primary
obligors and not merely as sureties, hereby jointly and severally, unconditionally and irrevocably guarantees, on a senior unsecured basis,
the Notes and obligations of the Issuer hereunder and thereunder, and guarantees to each Holder authenticated and delivered by the Trustee,
and to the Trustee for itself and on behalf of such Holder, that: (1) the principal of (and premium, if any) and interest on the Notes
will be paid in full when due, whether at Stated Maturity, by acceleration or otherwise (including the amount that would become due but
for the operation of the automatic stay under Section 362(a) of the Bankruptcy Law), together with interest on the overdue principal,
if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Issuer to the Holders or the Trustee
hereunder or thereunder will be 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 of any such other obligations, the same shall be paid in full when due or performed
in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise, subject, however,
in the case of clauses (1) and (2) above, to the limitation set forth in Section 1204 hereof.


 






    -93- 


     


    

 


Each Guarantor hereby agrees (to the extent permitted
by applicable law) that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of
the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions
hereof or thereof, any release of any other Guarantor, the recovery of any judgment against the Issuer, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.


 


Each Guarantor hereby waives (to the extent permitted
by law) the benefits of diligence, presentment, demand for payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Issuer, any right to require a proceeding first against the Issuer or any other Person, protest, notice and all demands whatsoever
and covenants that the Guarantee of such Guarantor shall not be discharged as to any Note except by complete performance of the obligations
contained in such Note, this Indenture and such Guarantee. Each Guarantor acknowledges that the Guarantee is a guarantee of payment, performance
and compliance when due and not of collection. Each of the Guarantors hereby agrees that, in the event of a default in payment of principal
(or premium, if any) or interest on such Note, whether at its Stated Maturity, by acceleration, purchase or otherwise, legal proceedings
may be instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture,
directly against each of the Guarantors to enforce such Guarantor’s Guarantee without first proceeding against the Issuer or any
other Guarantor. Each Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or
any of the Holders are prevented by applicable law from exercising their respective rights to accelerate the Maturity of the Notes, to
collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall pay
to the Trustee for the account of the Holder, upon demand therefor, the amount that would otherwise have been due and payable had such
rights and remedies been permitted to be exercised by the Trustee or any of the Holders.


 


If any Holder or the Trustee is required by any
court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in
relation to either the Issuer or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Guarantee of each of
the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that,
as between each Guarantor, on the one hand, and the Holders and the Trustee on the other hand, (1) subject to this Article Twelve, the
Maturity of the obligations guaranteed hereby may be accelerated as provided in Article Five hereof for the purposes of the Guarantee
of such Guarantor notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any acceleration of such obligation as provided in Article Five hereof, such obligations (whether
or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Guarantee of such Guarantor.


 


Each Guarantee shall remain in full force and effect
and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization, should the Issuer
become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant
part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the
case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on the Notes, whether as a “voidable preference,” “fraudulent transfer”
or otherwise, all as though such payment or performance had not been made. In the event that any payment or any part thereof, is rescinded,
reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such
amount paid and not so rescinded, reduced, restored or returned.


 


SECTION 1202.     
Severability. In case any provision of any Guarantee shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby to the extent permitted by applicable
law.


 


SECTION 1203.      Restricted
Subsidiaries. The Issuer shall cause any Restricted Subsidiary required to guarantee payment of the Notes pursuant to the terms
and provisions of Section 1015 to execute and deliver to the Trustee any amendment or supplement to this Indenture in accordance
with the provisions of Article Nine of this Indenture pursuant to which such Restricted Subsidiary shall guarantee all of the
obligations on the Notes, whether for principal, premium, if any, interest (including interest accruing after the filing of, or
which would have accrued but for the filing of, a petition by or against the Issuer under any Bankruptcy Law, whether or not such
interest is allowed as a claim after such filing in any proceeding under such law) and other amounts due in connection therewith
(including any fees, expenses and indemnities), on an unsecured senior basis. Upon the execution of any such amendment or
supplement, the obligations of the Guarantors and any such Restricted Subsidiary under their respective Guarantees shall become
joint and several and each reference to the “Guarantor” in this Indenture shall, subject to Section 1208, be deemed to
refer to all Guarantors, including such Restricted Subsidiary. Such Guarantee shall be released in accordance with Section 803 and
Section 1208.


 






    -94- 


     


    

 


SECTION 1204.     
Limitation of Guarantors’ Liability. Each Guarantor and by its acceptance hereof each Holder confirms that it is the
intention of all such parties that the guarantee by each such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer
or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law or the provisions of its local law relating to fraudulent transfer or conveyance. To effectuate the foregoing intention,
the Holders and each such Guarantor hereby irrevocably agree that the obligations of such Guarantor under its Guarantee shall be limited
to the maximum amount that will not, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving
effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor
under its Guarantee or pursuant to this Section 1204, result in the obligations of such Guarantor under its Guarantee constituting such
fraudulent transfer or conveyance.


 


SECTION 1205.     
Contribution. In order to provide for just and equitable contribution among the Guarantors, the Guarantors agree that in
the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under a Guarantee, such Funding
Guarantor shall be entitled to a contribution from all other Guarantors in a pro rata amount based on the Adjusted Net Assets (as
defined below) of each Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor
in discharging the Issuer’s obligations with respect to the Notes or any other Guarantor’s obligations with respect to the
Guarantee of such Guarantor. “Adjusted Net Assets” of such Guarantor at any date shall mean the lesser of (1) the amount
by which the fair value of the property of such Guarantor exceeds the total amount of liabilities, including contingent liabilities (after
giving effect to all other fixed and contingent liabilities incurred or assumed on such date), but excluding liabilities under the Guarantee
of such Guarantor at such date and (2) the amount by which the present fair salable value of the assets of such Guarantor at such date
exceeds the amount that will be required to pay the probable liability of such Guarantor on its debts (after giving effect to all other
fixed and contingent liabilities incurred or assumed on such date), excluding debt in respect of the Guarantee of such Guarantor, as they
become absolute and matured.


 


SECTION 1206.     
Subrogation. Each Guarantor shall be subrogated to all rights of Holders against the Issuer in respect of any amounts paid
by any Guarantor pursuant to the provisions of Section 1201; provided that, if an Event of Default has occurred and is continuing,
no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts
then due and payable by the Issuer under this Indenture or the Notes shall have been paid in full.


 


SECTION 1207.     
Reinstatement. Each Guarantor hereby agrees (and each Person who becomes a Guarantor shall agree) that the Guarantee provided
for in Section 1201 shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof,
of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Issuer upon the bankruptcy or insolvency
of the Issuer or any Guarantor.


 


SECTION 1208.     
Release of a Guarantor. Any Guarantee by a Guarantor of the Notes shall be automatically and unconditionally released and
discharged upon:


 


(1)               
 


 


(A)              
any sale, exchange or transfer (by merger or otherwise) of (i) the Capital Stock of such Guarantor (including any sale, exchange
or transfer) after which the applicable Guarantor is no longer a Restricted Subsidiary or (ii) all the assets of such Guarantor, which
sale, exchange or transfer is made in compliance with the applicable provisions of this Indenture;


 


(B)               the
release or discharge of the guarantee by, or direct obligation of, such Guarantor with respect to the Senior Credit Facility or the
guarantee or direct obligation which resulted in the creation of such Guarantee, except a discharge or release by or as a result of
payment under such guarantee or direct obligation;


 






    -95- 


     


    

 


(C)              
the designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the applicable
provisions of this Indenture;


 


(D)              
the exercise of the Legal Defeasance of the Notes under Section 1302 hereof, and the Covenant Defeasance of the Notes under Section
1303 hereof, or if the Issuer’s obligations under this Indenture are discharged in accordance with Section 401 of this Indenture;


 


(E)               
the merger or consolidation of any Guarantor with and into the Issuer or another Guarantor that is the surviving Person in such
merger or consolidation, or upon the liquidation of such Guarantor following the transfer of all of its assets to the Issuer or another
Guarantor; or


 


(F)               
as described under Section 901 or 902; and


 


(2)               
such Guarantor delivering to the Trustee an Officer’s Certificate stating that all conditions precedent herein provided for
relating to such transaction have been complied with.


 


SECTION 1209.     
Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Indenture and from its guarantee and waivers pursuant to its Guarantees under this Article Twelve.


 


ARTICLE
Thirteen



LEGAL DEFEASANCE AND COVENANT DEFEASANCE


 


SECTION 1301.     
Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option, at any time, with
respect to the Notes, elect to have either Section 1302 or Section 1303 be applied to all Outstanding Notes upon compliance with the conditions
set forth below in this Article Thirteen.


 


SECTION 1302.     
Legal Defeasance and Discharge. Upon the Issuer’s exercise under Section 1301 of the option applicable to this Section
1302, each of the Issuer and the Guarantors shall be deemed to have been discharged from its respective obligations with respect to all
Outstanding Notes on the date the conditions set forth in Section 1304 are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, such Legal Defeasance means that each of the Issuer and the Guarantors shall be deemed to have paid and discharged the
entire indebtedness represented by the Outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the
purposes of Section 1305 and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all
its other obligations under such Notes and this Indenture insofar as such Notes are concerned (and the Trustee, at the expense of the
Issuer, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated
or discharged hereunder: (1) the rights of Holders of Outstanding Notes to receive payments in respect of the principal of (and premium,
if any, on) and interest on such Notes when such payments are due, solely out of the trust described in Section 1304, (2) the Issuer’s
obligations with respect to such Notes under Sections 304, 305, 306, 1002 and 1003, (3) the rights, powers, trusts, duties and immunities
of the Trustee hereunder, and the obligations of each of the Guarantors and the Issuer in connection therewith and (4) this Article Thirteen.
Subject to compliance with this Article Thirteen, the Issuer may exercise its option under this Section 1302 notwithstanding the prior
exercise of its option under Section 1303 with respect to the Notes.


 


SECTION 1303.      Covenant
Defeasance. Upon the Issuer’s exercise under Section 1301 of the option applicable to this Section 1303, each of the
Issuer and the Guarantors shall be released from its respective obligations under any covenant contained in Sections 801 and 802 and
in Sections 1009 through and including 1019 with respect to the Outstanding Notes on and after the date the conditions set forth
below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not to be
 “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of Holders (and the consequences
of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes
hereunder. For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Notes, the Issuer or any
Guarantor, as applicable, may omit to comply with and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply
shall not constitute a Default or an Event of Default under Sections 501(3), 501(4), 501(5), and 501(7) and, with respect to only
any Significant Subsidiary and not the Issuer, Section 501(6), but, except as specified above, the remainder of this Indenture and
such Notes shall be unaffected thereby.


 






    -96- 


     


    

 


SECTION 1304.     
Conditions to Legal Defeasance or Covenant Defeasance. The following shall be the conditions to application of either Section
1302 or Section 1303 to the Outstanding Notes:


 


(1)               
the Issuer shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements
of Section 608 who shall agree to comply with the provisions of this Article Thirteen applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefit of the Holders of
such Notes (A) cash in U.S. dollars, or (B) Government Securities, or (C) a combination thereof, in such amounts as will be sufficient,
in the written opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge,
the principal of (and premium, if any) and interest on the Outstanding Notes at the Stated Maturity (or Redemption Date, if applicable
and so indicated to the Trustee in writing); provided that the Trustee shall have been irrevocably instructed to apply such cash
or the proceeds of such Government Securities or combination thereof to said payments with respect to the Notes. Before such a deposit,
the Issuer may give to the Trustee, in accordance with Section 1103 hereof, a notice of its election to redeem all of the Outstanding
Notes at a future date in accordance with Article Eleven hereof, which notice shall be irrevocable. Such irrevocable redemption notice,
if given, shall be given effect in applying the foregoing;


 


(2)               
in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States acceptable
to the Trustee confirming that, subject to customary assumptions and exclusions,


 


(A)              
the Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or


 


(B)              
since the issuance of the Notes, there has been a change in the applicable U.S. Federal income tax law,


 


in either case to the effect that, and based thereon such
Opinion of Counsel in the United States shall confirm that, subject to customary assumptions and exclusions, the beneficial owners 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 Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States acceptable
to the Trustee confirming that, subject to customary assumptions and exclusions, the beneficial owners 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 times as would have been the case if such Covenant Defeasance
had not occurred;


 


(4)               
no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar
and simultaneous deposit relating to other Indebtedness, and, in each case the granting of Liens in connection therewith) with respect
to the Notes issued hereunder shall have occurred and be continuing on the date of such deposit;


 






    -97- 


     


    

 


(5)               
 such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Senior
Credit Facility or any other material agreement or instrument (other than this Indenture) to which, the Issuer or any Guarantor is a party
or by which the Issuer or any Guarantor is bound (other than that resulting from borrowing funds to be applied to make such deposit and
any similar and simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith);


 


(6)               
the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that, as of the date of such opinion and subject
to customary assumptions and exclusions following the deposit, the trust funds will not be subject to the effect of Section 547 of Title
11 of the United States Code;


 


(7)               
the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer
with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others; and


 


(8)               
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.


 


SECTION 1305.     
Deposited Money and Government Securities To Be Held in Trust Other Miscellaneous Provisions. Subject to the provisions
of the last paragraph of Section 1003, all cash and Government Securities (including the proceeds thereof) deposited with the Trustee
(or other qualifying trustee, collectively for purposes of this Section 1305, the “Qualifying Trustee”) pursuant to
Section 1304 in respect of the Outstanding Notes shall be held in trust and applied by the Qualifying Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting
as its own Paying Agent) as the Qualifying Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon
in respect of principal (and premium, if any) and interest, but such money or Government Securities need not be segregated from other
funds except to the extent required by law.


 


The Issuer shall pay and indemnify the Qualifying
Trustee against any tax, fee or other charge imposed on or assessed against the Government Securities deposited pursuant to Section 1304
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.


 


Anything in this Article Thirteen to the contrary
notwithstanding, the Qualifying Trustee shall deliver or pay to the Issuer from time to time upon Issuer Request any money or Government
Securities held by it as provided in Section 1304 which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Qualifying Trustee, are in excess of the amount thereof which would then
be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance, as applicable, in accordance with this Article
Thirteen.


 


SECTION 1306.     
Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or Government Securities in accordance with
Section 1305 by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Issuer’s and each Guarantor’s obligations under this Indenture and the Outstanding Notes shall
be revived and reinstated as though no deposit had occurred pursuant to Section 1302 or 1303, as the case may be, until such time as the
Trustee or Paying Agent is permitted to apply all such money or Government Securities in accordance with Section 1305; provided that,
if the Issuer makes any payment of principal of (or premium, if any) or interest on any Note following the reinstatement of its obligations,
the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities
held by the Trustee or Paying Agent.


 


[Signature Pages Follow]


 






    -98-


     


    

 


IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed manually or by way of a DocuSign digital signature effective as of the day and year first above written.


 


	 	BWX TECHNOLOGIES,
    INC.
	 	 
	 	By:	/s/ Kirt. J. Kubbs
	 	 	Name: Kirt J. Kubbs
	 	 	Title:   Vice President, Treasurer
	 	 
	 	Guarantors:
	 	 
	 	 	BWXT Commercial Group, Inc. 


	 	 	BWXT Investment Company 
	 	 	BWXT Government Group, Inc.
	 	 
	 	 	By:	/s/ Kirt. J. Kubbs
	 	 	 	Name: Kirt J. Kubbs
	 	 	 	Title:   Vice President, Treasurer
	 	 
	 	

    BWXT Isotope Technology Group, Inc.
	 	 
	 	 	By: 	/s/ Kirt. J. Kubbs
	 	 	 	Name: Kirt J. Kubbs
	 	 	 	Title:   Vice President, Treasurer



 


[Signature Page to Indenture]


 






     


     


    

 


	 	BWXT
    Nuclear Maintenance Services, Inc.
	 	BWXT
    Advanced Technologies LLC 
	 	BWXT
    Nuclear Energy, Inc.
	 	BWXT
    International Technical Services, Inc.
	 	BWXT
    NOG Technologies, Inc.
	 	BWXT
    Nuclear Operations Group, Inc.
	 	BWXT
    Technical Services Group, Inc.
	 	BWXT
    Federal Services, Inc.
	 	BWXT
    Washington, Inc.
	 	Marine
    Mechanical Corporation NOG-Erwin Holdings, Inc.
	 	NFS
    Holdings, Inc. 
	 	Nuclear
    Fuel Services, Inc.
	 	BWXT
    Mt. Athos, LLC
	 	 
	 	By: 	/s/ Kirt. J. Kubbs
	 	 	Name:	Kirt J. Kubbs
	 	 	Title:	Treasurer



 






     


     


    

 


The undersigned agrees to act as Trustee, Paying Agent, Note Registrar
and Transfer Agent:


 


	 	U.S. BANK NATIONAL
    ASSOCIATION, as Trustee
	 	 
	 	By:	/s/ Melody M. Scott
	 	 	Name: 	Melody M. Scott
	 	 	Title: 	Assistant Vice President



 


[Signature Page to Indenture]


 






     


     


    

 



 





Annex 1 - Rule 144A / Regulation S Appendix


 


PROVISIONS RELATING TO INITIAL NOTES AND ADDITIONAL
NOTES


 


1.       Definitions


 


1.1     Definitions.


 


For the purposes of this Appendix the following
terms shall have the meanings indicated below:


 


“Applicable Procedures” means, with
respect to any transfer or transaction involving a Temporary Regulation S Global Note or beneficial interest therein, the rules and procedures
of the Depository for such a Temporary Regulation S Global Note, to the extent applicable to such transaction and as in effect from time
to time.


 


“Depository” means The Depository Trust
Company, its nominees and their respective successors.


 


“Definitive Note” means a certificated
Note bearing, if required, the appropriate restricted notes legend set forth in Section 2.3(e).


 


“Distribution Compliance Period,” with
respect to any Notes, means the period of 40 consecutive days beginning on and including the latest of (i) the Issue Date, (ii) with respect
to Additional Notes, the original issue date of any Additional Notes and (iii) the date on which any such Notes (or any predecessor of
such Notes) were first offered to Persons other than distributors (as defined in Rule 902 of Regulation S) in reliance on Regulation S.


 


“IAI” means an institutional “accredited
investor,” as defined in Rule 501(a)(1), (2), (3) and (7) of Regulation D under the Securities Act.


 


“Initial Purchasers” means (1) with
respect to the Notes issued on the Issue Date, Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, Wells Fargo Securities, LLC,
PNC Capital Markets LLC, TD Securities (USA) LLC, U.S. Bancorp Investments, Inc., BNP Paribas Securities Corp., Citizens Capital Markets,
Inc. and Truist Securities, Inc. and (2) with respect to each issuance of Additional Notes, the Persons purchasing such Additional Notes
under the related Purchase Agreement.


 


“Notes” means (1) $400,000,000 aggregate
principal amount of the Issuer’s 4.125% Senior Notes due 2029 issued on the Issue Date and (2) Additional Notes, if any.


 


“Notes Custodian” means the custodian
with respect to a Global Note (as appointed by the Depository), or any successor Person thereto and shall initially be the Trustee.


 


“Purchase Agreement” means (1) with
respect to the Notes issued on the Issue Date, the Purchase Agreement dated March 29, 2021, among the Issuer, the Guarantors party thereto
and the Representative on behalf of the Initial Purchasers, and (2) with respect to each issuance of Additional Notes, the purchase agreement
or underwriting agreement among the Issuer, the Guarantors and the Persons purchasing such Additional Notes.


 


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


 


“Representative” means Morgan Stanley
 & Co. LLC, as representative of the Initial Purchasers.


 


“Rule 144A Notes” means all Notes offered
and sold to QIBs in reliance on Rule 144A.


 


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


 


“Transfer Restricted Notes” means Notes
that bear or are required to bear the legend relating to restrictions on transfer relating to the Securities Act set forth in Section
2.3(e) hereto.


 






     


     


    

 





1.2     Other
Definitions.


 


	

Term	
    Defined in

    Section:

	“Agent Members” 	2.1(b)
	“Global Notes” 	2.1(a)
	“Regulation S” 	2.1(a)
	“Regulation S Global Note” 	2.1(a)
	“Rule 144A” 	2.1(a)
	“Rule 144A Global Note” 	2.1(a)


 


2.       The
Notes.


 


2.1     (a)
Form and Dating. The Notes will be offered and sold by the Issuer pursuant to a Purchase Agreement. The Notes will be resold initially
only to (i) QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and (ii) Persons other than U.S. Persons
(as defined in Regulation S) in reliance on Regulation S under the Securities Act (“Regulation S”). Notes may thereafter be
transferred to, among others, QIBs, IAIs and purchasers in reliance on Regulation S, subject to the restrictions on transfer set forth
herein. Notes initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent global notes in fully
registered form (collectively, the “Rule 144A Global Note”); and Notes initially resold pursuant to Regulation S shall be
issued initially in the form of one or more global notes in fully registered form (collectively, the “Regulation S Global Note”),
in each case without interest coupons and with the global notes legend and the applicable restricted notes legend set forth in Exhibit
1 hereto, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Notes Custodian and registered
in the name of the Depository, duly executed by the Issuer and authenticated by the Trustee as provided in this Indenture. Except as set
forth in this Section 2.1(a), beneficial ownership interests in the Regulation S Global Note will not be exchangeable for interests in
a Rule 144A Global Note, or any other Note prior to the expiration of the Distribution Compliance Period and then, after the expiration
of the Distribution Compliance Period, may be exchanged for interests in a Rule 144A Global Note, or a Definitive Note only (i) upon certification
in form reasonably satisfactory to the Trustee that beneficial ownership interests in such Regulation S Global Note are owned either by
Non-U.S. Persons or U.S. Persons who purchased such interests in a transaction that did not require registration under the Securities
Act and (ii) in the case of an exchange for a Definitive Note, in compliance with the requirements of Section 2.4(a) hereof.


 


Beneficial interests in Regulation S Global Notes
may be exchanged for interests in Rule 144A Global Notes if (1) such exchange occurs in connection with a transfer of Notes in compliance
with Rule 144A and (2) the transferor of the beneficial interest in the Regulation S Global Note, first delivers to the Trustee a written
certificate (in a form satisfactory to the Trustee) to the effect that the beneficial interest in the Regulation S Global Note is being
transferred to a Person (a) whom the transferor reasonably believes to be a QIB, (b) purchasing for its own account or the account of
a QIB in a transaction meeting the requirements of Rule 144A, and (c) in accordance with all applicable securities laws of the States
of the United States and other jurisdictions.


 


Beneficial interests in a Rule 144A Global Note
may be transferred to a Person who takes delivery in the form of an interest in a Regulation S Global Note, whether before or after the
expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the form
provided in this Indenture) to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation S or Rule
144 (if applicable).


 


The Rule 144A Global Note and the Regulation S
Global Note are collectively referred to herein as “Global Notes.” The aggregate principal amount of the Global Notes may
from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter
provided.


 


(b)     Book-Entry
Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the Depository.


 


The Issuer shall execute and the Trustee
shall, in accordance with this Section 2.1(b), authenticate and deliver initially one or more Global Notes that (a) shall be
registered in the name of the Depository and (b) shall be delivered by the Trustee to such Depository or pursuant to such
Depository’s instructions or held by the Trustee as custodian for the Depository.


 






     


     


    

 


Members of, or participants in the Depository (“Agent
Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository or by
the Trustee as the custodian of the Depository or under such Global Note, and the Issuer, the Trustee and any agent of the Issuer or the
Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding
the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depository or impair as between the Depository and its Agent Members,
the operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any
Global Note.


 


(c)     Definitive
Notes. Except as provided in this Section 2.1, 2.3 or 2.4, owners of beneficial interests in Global Notes shall not be entitled to
receive physical delivery of Definitive Notes.


 


2.2     Authentication.
The Trustee shall authenticate and deliver: (1) on the Issue Date, an aggregate principal amount of $400,000,000 of the Issuer’s
4.125% Senior Notes due 2029 and (2) any Additional Notes for an original issue in an aggregate principal amount specified in the written
order of the Issuer pursuant to Section 202 of this Indenture, in each case upon a written order of the Issuer signed by two Officers
or by an Officer and either an Assistant Treasurer or an Assistant Secretary of the Issuer. Such order shall specify the amount of the
Notes to be authenticated and the date on which the original issue of Notes is to be authenticated and, in the case of any issuance of
Additional Notes pursuant to Section 313 of this Indenture, shall certify that such issuance is in compliance with Section 1011 of this
Indenture.


 


2.3     Transfer
and Exchange.


 


(a)     Transfer
and Exchange of Definitive Notes. When Definitive Notes are presented to the Note Registrar with a request:


 


(x)       to
register the transfer of such Definitive Notes; or


 


(y)       to
exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations,


 


the Note Registrar shall register the transfer or make the exchange
as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Notes surrendered
for transfer or exchange:


 


(i)        shall
be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the Note Registrar,
duly executed by the Holder thereof or its attorney duly authorized in writing; and


 


(ii)       if
such Definitive Notes are required to bear a restricted notes legend, they are being transferred or exchanged pursuant to an effective
registration statement under the Securities Act, pursuant to Section 2.3(b) or pursuant to clause (A), (B) or (C) below, and are accompanied
by the following additional information and documents, as applicable:


 


(A)       if
such Definitive Notes are being delivered to the Note Registrar by a Holder for registration in the name of such Holder, without transfer,
a certification from such Holder to that effect; or


 


(B)       if
such Definitive Notes are being transferred to the Issuer, a certification to that effect; or


 






     


     


    

 


(C)       if
such Definitive Notes are being transferred (x) pursuant to an exemption from registration in accordance with Rule 144A, Regulation
S or Rule 144 under the Securities Act; or (y) in reliance upon another exemption from the requirements of the Securities Act: (i) a
certification to that effect (in the form set forth on the reverse of the Note) and (ii) if the Issuer so requests, an opinion of
counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set forth
in Section 2.3(e)(i).


 


(b)      Restrictions
on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial
interest in a Rule 144A Global Note or a Regulation S Global Note except upon satisfaction of the requirements set forth below. Upon receipt
by the Trustee of a Definitive Note, duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the
Trustee, together with:


 


(i)       certification,
in the form set forth on the reverse of the Note, that such Definitive Note is either (A) being transferred to a QIB in accordance with
Rule 144A or (B) being transferred to an IAI or (C) being transferred after expiration of the Distribution Compliance Period by a Person
who initially purchased such Note in reliance on Regulation S to a buyer who elects to hold its interest in such Note in the form of a
beneficial interest in the Regulation S Global Note; and


 


(ii)      written
instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on its books and records with respect
to such Rule 144A Global Note (in the case of a transfer pursuant to clause (b)(i)(A)) or Regulation S Global Note (in the case of a transfer
pursuant to clause (b)(i)(C)) to reflect an increase in the aggregate principal amount of the Notes represented by the Rule 144A Global
Note or Regulation S Global Note, as applicable, such instructions to contain information regarding the Agent Member account to be credited
with such increase,


 


then the Trustee shall cancel such Definitive Note and cause, or direct
the Notes Custodian to cause, in accordance with the standing instructions and procedures of the Depository and the Notes Custodian, the
aggregate principal amount of Notes represented by the Rule 144A Global Note or Regulation S Global Note, as applicable, to be increased
by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the
Person specified in such instructions a beneficial interest in the Rule 144A Global Note or Regulation S Global Note, as applicable, equal
to the principal amount of the Definitive Note so cancelled. If no Rule 144A Global Notes or Regulation S Global Notes, as applicable,
are then outstanding, the Issuer shall issue and the Trustee shall authenticate, upon written order of the Issuer in the form of an Officer’s
Certificate of the Issuer, a new Rule 144A Global Note or Regulation S Global Note, as applicable, in the appropriate principal amount.


 


(c)     Transfer
and Exchange of Global Notes.


 


(i)      The
transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance with this
Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor
of a beneficial interest in a Global Note shall deliver to the Note Registrar a written order given in accordance with the Depository’s
procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the
Global Note. The Note Registrar shall, in accordance with such instructions instruct the Depository to credit to the account of the Person
specified in such instructions a beneficial interest in the Global Note and to debit the account of the Person making the transfer the
beneficial interest in the Global Note being transferred.


 


(ii)     If
the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global Note, the Note
Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest
is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Note Registrar shall reflect
on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is
being transferred.


 


(iii)    Notwithstanding
any other provisions of this Appendix (other than the provisions set forth in Section 2.4), a Global Note may not be transferred as a
whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of
the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository.


 






     


     


    

 





(iv)    In
the event that a Global Note is exchanged for a Definitive Note pursuant to Section 2.4 of this Appendix, such Notes may be exchanged
only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification
requirements set forth on the reverse of the Notes intended to ensure that such transfers comply with Rule 144A, Regulation S or another
applicable exemption under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the
Issuer.


 


(v)     During
the Distribution Compliance Period, beneficial ownership interests in Regulation S Global Notes may only be sold, pledged or transferred
in accordance with the Applicable Procedures and only (i) to the Issuer, (ii) in an offshore transaction in accordance with Regulation
S or (iii) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any applicable securities
laws of any State of the United States.


 


(e)     Legend.


 


(i)      Except
as permitted by the following paragraphs (ii), (iii) and (iv), each Note certificate evidencing the Global Notes (and all Notes issued
in exchange therefor or in substitution thereof), in the case of Notes offered otherwise than in reliance on Regulation S shall bear a
legend in substantially the following form:


 


THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR
OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR
FOR THE ACCOUNT OR BENEFIT OF, ANY PERSON EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A)
IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), OR (B) IT IS NOT A U.S.
PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT UNTIL THE DATE THAT IS [IN THE
CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY
ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE
ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S]
OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN
 “ACCREDITED INVESTOR”) THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER DEALER)
TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THE
NOTES (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM SUCH TRUSTEE), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN
COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE
144 UNDER THE SECURITIES ACT (IF AVAILABLE) (PROVIDED THAT PRIOR TO SUCH TRANSFER, THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL THAT
SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT (PROVIDED THAT PRIOR TO SUCH TRANSFER THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH
CASE DESCRIBED IN CLAUSES (A) THROUGH (G), IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF THE UNITED STATES OR ANY OTHER
JURISDICTION AND (3) AGREES FOR THE BENEFIT OF THE ISSUER THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A
NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED
STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.


 






     


     


    

 


Each certificate evidencing a Note offered in reliance on Regulation
S shall, in addition to the foregoing, bear a legend in substantially the following form:


 


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


 


Each Definitive Note shall also bear the following additional legend:


 


IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE
TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.


 


(ii)     Upon
any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a Global Note) pursuant to Rule
144 under the Securities Act, the Note Registrar shall permit the transferee thereof to exchange such Transfer Restricted Note for a certificated
Note that does not bear the legend set forth above and rescind any restriction on the transfer of such Transfer Restricted Note, if the
transferor thereof certifies in writing to the Note Registrar that such sale or transfer was made in reliance on Rule 144 (such certification
to be in the form set forth on the reverse of the Note).


 


(f)      Cancellation
or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged for Definitive
Notes, redeemed, purchased or cancelled, such Global Note shall be returned to the Depository for cancellation or retained and cancelled
by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes,
redeemed, purchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall
be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note,
by the Trustee or the Notes Custodian, to reflect such reduction.


 


(g)     No
Obligation of the Trustee.


 


(i)      The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the
Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or
member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member,
beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of
any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be
made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the
Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only
through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully
protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial
owners.


 






     


     


    

 


(ii)     The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among
the Depository 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.


 


2.4     Definitive
Notes.


 


(a)     A
Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to Section 2.1 shall be transferred
to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such
Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 hereof and (i) the Depository notifies
the Issuer that it is unwilling or unable to continue as Depository for such Global Note or if at any time such Depository ceases to be
a “clearing agency” registered under the Exchange Act and, in each case, a successor depository is not appointed by the Issuer
within 90 days of such notice, or (ii) a Default has occurred and is continuing or (iii) the Issuer, in its sole discretion, notifies
the Trustee in writing that it elects to cause the issuance of Definitive Notes under this Indenture.


 


(b)     Any
Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the Depository
to the Trustee located at its principal Corporate Trust Office in the Borough of Manhattan, The City of New York, to be so transferred,
in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion
of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note
transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations of $2,000 principal amount
and any integral multiple of $1,000 in excess thereof and registered in such names as the Depository shall direct. Any Definitive Note
delivered in exchange for an interest in the Transfer Restricted Note shall, except as otherwise provided by Section 2.3(e) hereof, bear
the applicable restricted notes legend and definitive notes legend set forth in Exhibit 1 hereto.


 


(c)     Subject
to the provisions of Section 2.4(b) hereof, the registered Holder of a Global Note shall be entitled to grant proxies and otherwise authorize
any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled
to take under this Indenture or the Notes.


 


(d)     In
the event of the occurrence of one of the events specified in Section 2.4(a) hereof, the Issuer shall promptly make available to the Trustee
a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In the event that such Definitive
Notes are not issued, the Issuer expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to this Indenture,
including pursuant to Section 507, the right of any beneficial owner of Notes to pursue such remedy with respect to the portion of the
Global Note that represents such beneficial owner’s Notes as if such Definitive Notes had been issued.


 



     


     


    

 





EXHIBIT 1

to Annex 1


 


[FORM OF FACE OF INITIAL NOTE]

[Global Notes Legend]


 


UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS 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.


 


TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.


 


[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS
AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS
DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE
THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.


 


[Restricted Notes Legend]


 


THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES
OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY PERSON EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS
FOR THE BENEFIT OF THE ISSUER THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT), OR (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES, FOR THE
BENEFIT OF THE ISSUER, THAT IT WILL NOT UNTIL THE DATE THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR
ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S
NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES
AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS
DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S] OFFER, SELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE
ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER
THE SECURITIES ACT, (C) INSIDE THE UNITED STATES TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE
501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT) (AN “ACCREDITED INVESTOR”) THAT, PRIOR TO SUCH TRANSFER, FURNISHES
(OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THE NOTES (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM SUCH TRUSTEE), (D)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E)
PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) (PROVIDED THAT PRIOR TO
SUCH TRANSFER, THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT), (F) IN
ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (PROVIDED THAT PRIOR TO SUCH TRANSFER,
THE ISSUER MAY REQUIRE AN OPINION OF COUNSEL THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT), OR (G) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE DESCRIBED IN CLAUSES (A) THROUGH (G), IN ACCORDANCE WITH
ANY APPLICABLE SECURITIES LAWS OF THIS UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION, AND (3) AGREES, FOR THE BENEFIT OF THE
ISSUER, THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.
AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE
MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.


 






    Exh. 1-1-1


     


    

 


Each certificate evidencing a Note offered in reliance on Regulation
S shall, in addition to the foregoing, bear a legend in substantially the following form:


 


[Restricted Notes Legend for
Notes Offered in Reliance on Regulation S]


 


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


 


[Definitive Notes Legend]


 


IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL
DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM
THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.


 



    


     


    

 


	No.                                     	 		$                    


 


[CUSIP No.] / [ISIN]


 


BWX Technologies, Inc., a Delaware corporation,
promises to pay to [●]1, or registered
assigns, the principal sum of $[●]2
on April 15, 2029.


 


Interest Payment Dates: April 15 and October 15.


 


Regular Record Dates: April 1 and October 1.


 


Additional provisions of this Note are set forth
on the other side of this Note.


 


BWX TECHNOLOGIES, INC.


 


	 	By: 	 	 
	 	Name:	 	 
		Title:	 	 


 


TRUSTEE’S CERTIFICATE OF AUTHENTICATION


 


Dated:


 


This is one of the Notes designated therein referred to in the within-mentioned
Indenture.


 


U.S. BANK NATIONAL ASSOCIATION, as Trustee,


 


	By: 	 	 
		  Authorized Signatory	 


 





 



 


1           For
Global Notes insert: Cede & Co.




 


2           For
Global Notes insert: set forth on the Schedule of Increases or Decreases of Global Note attached hereto.


 



    


     


    

 



 


[FORM
OF REVERSE SIDE OF INITIAL NOTE]


4.125% Senior Note due 2029


 


	1.	Principal and Interest.



 


The Issuer will pay the principal of this Note
on April 15, 2029.


 


The Issuer promises to pay interest on the principal
amount of this Note on each Interest Payment Date, as set forth below, at the rate of 4.125% per annum (subject to adjustment as provided
below).


 


Interest will be payable semi-annually (to the
Holders of record of the Notes (or any Predecessor Notes) at the close of business on April 1 or October 1 immediately preceding the Interest
Payment Date) on each Interest Payment Date, commencing October 15, 2021.


 


Interest on this Note will accrue from the most
recent date to which interest has been paid or, if no interest has been paid, from April 13, 2021; provided that, if there is no
existing default in the payment of interest and if this Note is authenticated between a Regular Record Date referred to on the face hereof
and the next succeeding Interest Payment Date, interest shall accrue from such Interest Payment Date. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.


 


The Issuer shall pay interest on overdue principal
and premium, if any, and interest on overdue installments of interest, to the extent lawful, at a rate per annum equal to the rate of
interest applicable to the Notes.


 


	2.	Method of Payment.



 


The Issuer will pay interest (except Defaulted
Interest) on the principal amount of the Notes on each April 15 and October 15 to the Persons who are Holders (as reflected in the Note
Register at the close of business on April 1 and October 1 immediately preceding the Interest Payment Date), in each case, even if the
Note is cancelled on registration of transfer or registration of exchange after such Regular Record Date; provided that, with respect
to the payment of principal, the Issuer will make payment to the Holder that surrenders this Note to any Paying Agent on or after April
15, 2029.


 


The Issuer will pay principal (and premium, if
any) and interest in U.S. dollars. However, the Issuer may pay principal (and premium, if any) and interest by its check payable in such
money. The Issuer may pay interest on the Notes either (a) by mailing a check for such interest to a Holder’s registered address
(as reflected in the Note Register) or (b) by wire transfer to an account located in the United States maintained by the payee. If a payment
date is a date other than a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a
Business Day and no interest shall accrue for the intervening period.


 


	3.	Paying Agent and Note Registrar.



 


The Issuer initially appoints U.S. Bank National
Association, in New York as Paying Agent and Note Registrar. The Issuer may change any Paying Agent or Note Registrar upon written notice
thereto. The Issuer, any Subsidiary or any Affiliate of any of them may act as Paying Agent, Note Registrar or co-registrar.


 


	4.	Indenture.



 


The Issuer issued the Notes under an Indenture
dated as of April 13, 2021 (the “Indenture”), among the Issuer, the Guarantors and the Trustee. Capitalized terms herein
are used as defined in the Indenture unless otherwise indicated. The terms of the Notes include those stated in the Indenture and those
made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred
to the Indenture and the Trust Indenture Act (to the extent applicable) for a statement of all such terms. To the extent permitted by
applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture
shall control.


 


The Notes are unsecured senior obligations of the
Issuer. The Indenture does not limit the aggregate principal amount of the Notes.




 



     


     


    

 


	5.	Redemption.



 


Optional Redemption. At any time prior to
April 15, 2024, the Issuer may redeem all or a part of the Notes, upon notice as described in Section 1105 of the Indenture, at a Redemption
Price equal to 100% of the principal amount of Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest,
if any, to, but excluding, the Redemption Date, subject to the rights of Holders of record of Notes on the relevant Regular Record Date
to receive interest due on the relevant Interest Payment Date.


 


On and after April 15, 2024, the Issuer may redeem
the Notes, in whole or in part, upon notice as described in Section 1105 of the Indenture, at the Redemption Prices (expressed as percentages
of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding,
the applicable Redemption Date, subject to the right of Holders of record of Notes on the relevant Regular Record Date to receive interest
due on the relevant Interest Payment Date, if redeemed during the twelve-month period beginning on April 15 of each of the years indicated
below:


 


	Year	 	Percentage	 
	2024	 	 	102.063	%
	2025	 	 	101.031	%
	2026 and thereafter	 	 	100.000	%



 


In addition, until April 15, 2024, the Issuer may,
at its option, upon notice as described in Section 1105 of the Indenture, on one or more occasions redeem up to 40% of the aggregate principal
amount of Notes issued under the Indenture at a Redemption Price equal to 104.125% of the aggregate principal amount thereof, plus
accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders of
record of Notes on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date, with the net cash proceeds
of one or more Equity Offerings to the extent such net cash proceeds are received by or contributed to the Issuer; provided that
at least 50% of the sum of the aggregate principal amount of Notes originally issued under the Indenture (including any Additional Notes
issued under the Indenture after the Issue Date) remains outstanding immediately after the occurrence of each such redemption; provided,
further, that each such redemption occurs within 120 days of the date of closing of each such Equity Offering.


 


	6.	Repurchase upon a Change of Control and Asset Sales.



 


Upon the occurrence of (a) a Change of Control,
the Holders of the Notes will have the right to require that the Issuer purchase such Holder’s outstanding Notes, in whole or in
part, at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding,
the date of purchase and (b) Asset Sales, the Issuer may be obligated to make offers to purchase Notes and Senior Indebtedness of the
Issuer with a portion of the Net Proceeds of such Asset Sales at a Redemption Price of 100% of the principal amount thereof plus
accrued and unpaid interest, if any, to, but excluding, the date of purchase.


 


	7.	Denominations; Transfer; Exchange.



 


The Notes are in registered form without coupons
in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange Notes
in accordance with the Indenture. The Note Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the
Indenture. The Issuer is not required to transfer or exchange any Notes selected for redemption or tendered (and not withdrawn) for repurchase
in connection with a Change of Control Offer, an Asset Sale Offer or other tender offer. Also, the Issuer is not required to transfer
or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed or within 15 days before an Interest Payment
Date.


 






     


     


    

 


	8.	Persons Deemed Owners.



 


A registered Holder shall be treated as the owner
of a Note for all purposes.


 


	9.	Unclaimed Money.



 


If money for the payment of principal (premium,
if any) or interest remains unclaimed for two years, the Trustee and the Paying Agent will pay the money back to the Issuer at its written
request. After that, Holders entitled to the money must look to the Issuer for payment, unless an abandoned property law designates another
Person, and all liability of the Trustee and such Paying Agent with respect to such money shall cease.


 


	10.	Discharge and Defeasance Prior to Redemption or Maturity.



 


If the Issuer irrevocably deposits, or causes to
be deposited, with the Trustee money or Government Securities sufficient to pay the then outstanding principal of (premium, if any) and
accrued interest on the Notes (a) to the Redemption Date or Maturity, the Issuer will be discharged from its obligations under the Indenture
and the Notes, except in certain circumstances for certain covenants thereof, and (b) to the Stated Maturity, the Issuer will be discharged
from certain covenants set forth in the Indenture.


 


	11.	Amendment; Supplement; Waiver.



 


Subject to certain exceptions, the Indenture, the
Notes and any related Guarantee may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal
amount of the Outstanding Notes, including consents obtained in connection with a purchase of, or tender offer or exchange offer for the
Notes, and any existing Default or Event of Default or compliance with any provision of the Indenture or the Notes may be waived with
the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes, including consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes, other than Notes beneficially owned by the Issuer or its Affiliates.
Without notice to or the consent of any Holder, the parties thereto may amend or supplement the Indenture or the Notes to, among other
things, cure any ambiguity, omission, mistake, defect or inconsistency and make any change that does not adversely affect the rights of
any Holder. For purposes of determining whether any Holder shall be disregarded for purposes of such consent, only Notes which a Responsible
Officer of the Trustee actually knows to be beneficially owned by the Issuer or its Affiliates shall be disregarded.


 


	12.	Restrictive Covenants.



 


The Indenture contains certain covenants, including
covenants with respect to the following matters: (i) Restricted Payments; (ii) incurrence of Indebtedness and Issuance of Disqualified
Stock; (iii) Liens; (iv) transactions with Affiliates; (v) dividend and other payment restrictions affecting Restricted Subsidiaries;
(vi) guarantees of Indebtedness by Restricted Subsidiaries; (vii) merger and certain transfers of assets; (viii) purchase of Notes upon
a Change of Control; and (ix) disposition of proceeds of Asset Sales. Within 120 days (or the successor time period then in effect under
the rules and regulations of the Exchange Act) after the end of each fiscal year, the Issuer must report to the Trustee on compliance
with such limitations.


 


	13.	Successor Persons.



 


When a successor Person or other entity assumes
all the obligations of its predecessor under the Notes and the Indenture, the predecessor Person will be released from those obligations.


 






     


     


    

 


	14.	Remedies for Events of Default.



 


If an Event of Default, as
defined in the Indenture, occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
Outstanding Notes may declare all the Notes to be immediately due and payable. If a bankruptcy or insolvency default with respect to
the Issuer occurs and is continuing, the Notes automatically become immediately due and payable. Subject to the provisions of the
Indenture relating to the duties of the Trustee, in case an Event of Default occurs and is continuing, the Trustee shall be under no
obligation to exercise any rights or powers under the Indenture at the request or direction of any of the Holders of the Notes
unless such Holders have offered indemnity or security against any loss, liability or expense satisfactory to the Trustee. Subject
to certain restrictions, the Holders of a majority in principal amount of the Outstanding Notes are given the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that
the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal
liability.


 


	15.	Guarantees.



 


The Issuer’s obligations under the Notes
are fully, irrevocably and unconditionally guaranteed on a senior unsecured basis, to the extent set forth in the Indenture, by each of
the Guarantors.


 


	16.	Trustee Dealings with Issuer.



 


The Trustee under the Indenture, in its individual
or any other capacity, may become the owner or pledgee of Notes and may make loans to, accept deposits from, perform services for, and
otherwise deal with, the Issuer and its Affiliates as if it were not the Trustee.


 


	17.	Authentication.



 


This Note shall not be valid until the Trustee
manually signs the certificate of authentication on the other side of this Note.


 


	18.	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).


 


	19.	CUSIP Numbers.



 


Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee
may use CUSIP numbers in notices 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 and reliance may be placed only on the other identification numbers placed thereon.


 


	20.	Governing Law.



 


THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THE PARTIES HERETO AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL
OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
THIS SECURITY OR THE INDENTURE.


 


The Issuer will furnish to any Holder upon written
request and without charge a copy of the Indenture. Requests may be made to BWX Technologies, Inc., 800 Main Street, 4th Floor,
Lynchburg, VA 24504.


 


Capitalized terms used herein but not defined herein
shall have the meanings given to such terms in the Indenture.


 






     


     


    

 


ASSIGNMENT FORM


 


To assign this Note, fill in the form below:


 


I or we assign and transfer this Note to


 


(Print or type assignee’s name, address and
zip code)


 


(Insert assignee’s soc. sec. or tax I.D.
No.)


 


and irrevocably appoint                 
agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.


 


                                                                                                                 


 


	Date:	 	 	Your Signature:	 	 




 


Sign exactly
as your name appears on the other side of this Note.


 


In connection with any transfer of any of the Notes evidenced by this
certificate occurring prior to the date that is one year after the later of the date of original issuance of such Notes and the last date,
if any, on which such Notes were owned by the Issuer or any “Affiliate” of the Issuer within the meaning of the Securities
Act of 1933, as amended (the “Securities Act”), the undersigned confirms that such Notes are being transferred in accordance
with its terms:


 


CHECK ONE BOX BELOW


 


	 ̈	to the Issuer; or



 


		(1)	  ̈	 pursuant to an effective registration statement under the Securities Act;
                                                               or



 


		(2)	  ̈	 inside the United States to 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 whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance
                                                               with Rule 144A under the Securities Act; or



 


		(3)	  ̈	 outside the United States in an offshore transaction within the meaning of
                                                               Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act; or



 


		(4)	  ̈	 pursuant to the exemption from registration provided by Rule 144 under the
                                                               Securities Act; or



 


		(5)	  ̈	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2),
(3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and agreements
relating to the transfer of this Note (the form of which can be obtained from the Trustee) and, if such transfer is in respect of an
aggregate principal amount of Notes less than $250,000, an opinion of counsel acceptable to the Issuer that such transfer is in compliance
with the Securities Act.



 


Unless one of the boxes is checked, the Trustee will refuse to
register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof; provided,
that if box (4) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the Notes, such
legal opinions, certifications and other information as the Issuer has reasonably requested to confirm that such transfer is being
made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act, such as
the exemption provided by Rule 144 under such Act.


 






     


     


    

 


	 	 	 
	Signature	 	 
	 	 	 
	Signature Guarantee:	 	 
	 	 	 
	 	 	 
	Signature must be guaranteed 	 	Signature




 


Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in
the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.


 






     


     


    

 


TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.


 


The undersigned represents and warrants that it
is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act, and is aware
that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuer
as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the
transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided
by Rule 144A.


 


	Dated:	 	 	 
	 	 	Notice: To be executed by
	 	 	an executive officer




 






     


     


    

 


[TO BE ATTACHED TO GLOBAL NOTES]


 


SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE


The following increases or decreases in this Global Note have been made:


 


	Date of
 Exchange	 	Amount of decrease
 in Principal amount of
 this Global Note	 	Amount of increase
 in Principal amount 
 of this Global Note	 	Principal amount 
 of this Global 
 Note following
 such decrease or 
 increase	 	Signature of authorized
 signatory of Trustee
 or Notes Custodian
	 	 	 	 	 	 	 	 	 



 






     


     


    

 


OPTION OF HOLDER TO ELECT PURCHASE


 


If you want to elect to have this Note purchased
by the Issuer pursuant to Section 1016 or 1017 of the Indenture, check the box:  ̈


 


 ̈                  
If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 1016 or 1017 of the Indenture,
state the amount in principal amount: $


 


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




 


	Signature Guarantee:	                     	 
	 	(Signature must be guaranteed)	 




 


Signatures must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.


 






     


     


    

 



 


EXHIBIT 2

to Annex 1


 


Form of


Transferee Letter of Representation


 


BWX Technologies, Inc.


800 Main Street


4th Floor


Lynchburg, VA 24504


 


U.S. Bank National Association

EP-MN-WS3C


60 Livingston Avenue


Saint Paul, MN 55107


Attention: Global Corporate Trust Services


 


Ladies and Gentlemen:


 


This certificate is delivered to request a transfer
of $______ principal amount of the 4.125% Senior Notes due 2029 (the “Notes”) of BWX Technologies, Inc., a Delaware
corporation (the “Issuer”).


 


Upon transfer, the Notes would be registered in
the name of the new beneficial owner as follows:


 


	Name:	 	 



 


	Address:	 	 



 


	Taxpayer ID Number:	 	 




 


The undersigned represents and warrants to you
that:


 


1.       We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933,
as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited
investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes not with a view to, or for offer or sale
in connection with, any distribution in violation of the Securities Act. We 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 invest in or purchase securities similar
to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk
of our or its investment.


 


2.       We
understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as permitted
in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer,
sell or otherwise transfer such Notes prior to the date that is two years after the later of the date of original issue and the last date
on which the Issuer or any affiliate of the Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction
Termination Date”) only (i) to the Issuer or any subsidiary thereof, (ii) in the United States to a person whom the seller reasonably
believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A, (iii) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is an institutional accredited investor
purchasing for its own account or for the account of an institutional accredited investor, in each case in a minimum principal amount
of the Notes of $250,000, (iv) outside the United States in a transaction complying with the provisions of Regulation S under the Securities
Act, (v) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if available) or (vi) pursuant to an
effective registration statement under the Securities Act, in each of cases (i) through (vi) subject to any requirement of law that the
disposition of our property or the property of such investor account or accounts be at all times within our or their control and in compliance
with any applicable securities law of any state of the United States or other jurisdiction.


 






    Exh. 2-1-1 


     


    

 


The foregoing restrictions on resale will not apply subsequent to the
Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (iii) above
prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form
of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for
investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuer and the Trustee
reserve the right prior to the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to
clause (iii), (iv) or (v) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to
the Issuer and the Trustee.


 


		TRANSFEREE:		,



 


		By: 	



 






     


     


    

 


FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS


 


SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), dated as of ______________, 20__, among BWX Technologies, Inc. (the “Issuer”), (__________________),
(the “Guaranteeing Subsidiary”), a subsidiary of the Issuer and U.S. Bank National Association, as trustee under the
Indenture referred to below (the “Trustee”).


 


W I T N E S S E T H


 


WHEREAS, the Issuer has heretofore executed and
delivered to the Trustee an indenture (the “Indenture”), dated as of April 13, 2021 providing for the issuance of 4.125%
Senior Notes due 2029 (the “Notes”);


 


WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing
Subsidiary shall unconditionally guarantee all of the Issuer’s Obligations under the Notes and the Indenture on the terms and conditions
set forth herein (the “Guarantee”); and


 


WHEREAS, pursuant to Section 901 of the Indenture,
the Trustee is authorized to execute and deliver this Supplemental Indenture.


 


NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary 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. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions
set forth in the Indenture including but not limited to Article 12 thereof.


 


3.       NO
RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing
Subsidiary, as such, shall have any liability for any obligations of the Issuer or any Guaranteeing Subsidiary under the Notes, any Guarantees,
the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of the 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. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view
of the SEC that such a waiver is against public policy.


 


4.       GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE PARTIES
HERETO AGREE TO SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY
OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.


 


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. The exchange of copies of the Supplemental Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of the Supplemental Indenture as to the parties hereto and may be used in lieu of the
original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.


 


6.       EFFECT
OF HEADINGS. The Section headings herein are for convenience or reference only and are not intended to be considered a part hereof 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
and the Issuer.




 



    Exh. A-1 


     


    

 


IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed, all as of the date first above written.


 


Dated:_____________________, 20___


 


		BWX TECHNOLOGIES, INC.




 


		By:	



		 	Name:
		 	Title:



 


		[GUARANTEEING SUBSIDIARY]




 


		By:	



		 	Name:
		 	Title:



 


		U.S. BANK NATIONAL ASSOCIATION, as Trustee




 


		By:	



		 	Name:
		 	Title:



 






     


     


    

 


EXHIBIT B


 


INCUMBENCY CERTIFICATE


 


The undersigned,_______________________, being
the __________________of ___________________ (the “Issuer”) does hereby certify that the individuals listed below
are qualified and acting officers of the Issuer and the signatures appearing in the right column opposite the name of each such officer
is a true specimen of the genuine signature of such officer and such individuals have the authority to execute documents to be delivered
to, or upon the request of, U.S. Bank National Association, as Trustee under the Indenture dated as of April 13, 2021, by and among the
Issuer, the Guarantors party thereto and U.S. Bank National Association.


 


	Name	 	Title:	 	Signature
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 



 


IN WITNESS WHEREOF, the undersigned has duly executed
and delivered this Certificate as of the _______ day of ______________________, 20__.


 


	 	 	 
		 	Name:
		 	Title:



 






    Exh. B-1