Document:

Confidential treatment requested by the registrant
    for its submission of this draft registration	MIC-147
	 	statement pursuant to Securities and Exchange Commission Rule
    83	 

 

Exhibit 10.8

 

EXECUTION VERSION

 

 

 

MILLICOM
INTERNATIONAL CELLULAR S.A.

as the
Issuer

 

$750,000,000
6.25% SENIOR NOTES DUE 2029

 

 

 

INDENTURE

 

Dated
as of March 25, 2019

 

 

 

CITIBANK,
N.A., LONDON BRANCH

as Trustee,
Transfer Agent and Paying Agent

 

CITIGROUP
GLOBAL MARKETS EUROPE AG

as Registrar

 

 

 

    	 	 	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-148

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	29
	Section 1.03	[Reserved]	29
	Section 1.04	Rules of Construction	29
	 	 	 
	ARTICLE 2 THE NOTES	30
	 	 	 
	Section 2.01	Form and Dating	30
	Section 2.02	Execution and Authentication	31
	Section 2.03	Paying Agent, Registrars and Transfer Agents	32
	Section 2.04	Paying Agent to Hold Money	32
	Section 2.05	Holder Lists	32
	Section 2.06	Transfer and Exchange	33
	Section 2.07	Replacement Notes	40
	Section 2.08	Outstanding Notes	40
	Section 2.09	Treasury Notes	41
	Section 2.10	Temporary Notes	41
	Section 2.11	Cancellation	41
	Section 2.12	Defaulted Interest	42
	Section 2.13	Further Issues	42
	Section 2.14	CUSIP, ISIN or Common Code Number	42
	Section 2.15	Deposit of Moneys	42
	Section 2.16	Agents	42
	 	 	 
	ARTICLE 3 REDEMPTION AND PREPAYMENT	43
	 	 	 
	Section 3.01	Notices to Trustee	43
	Section 3.02	Selection of Notes to Be Redeemed or Purchased	43
	Section 3.03	Notice of Redemption	44
	Section 3.04	Effect of Notice of Redemption	45
	Section 3.05	Deposit of Redemption or Purchase Price	45
	Section 3.06	Notes Redeemed or Purchased in Part	45
	Section 3.07	Optional Redemption	46
	Section 3.08	Redemption upon changes in withholding taxes	47
	Section 3.09	Escrow of Proceeds; Special Mandatory Redemption	48
	Section 3.10	Sinking fund	49
	Section 3.11	[Reserved]	49
	Section 3.12	Offer to Purchase by Application of Excess Proceeds	49
	Section 3.13	Post-Tender Redemption	51
	 	 	 
	ARTICLE 4 COVENANTS	51
	 	 	 
	Section 4.01	Payment of Notes	51
	Section 4.02	Maintenance of Office or Agency	52
	Section 4.03	Provision of financial information	53
	Section 4.04	Compliance Certificate	54
	Section 4.05	[Reserved]	54
	Section 4.06	Stay, Extension and Usury Laws	54

 

    	 	- i -	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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	Section 4.07	[Reserved]	54
	Section 4.08	[Reserved]	55
	Section 4.09	Limitation on Debt	55
	Section 4.10	Limitation on Asset Dispositions	57
	Section 4.11	[Reserved]	59
	Section 4.12	Limitation on Liens securing Debt	59
	Section 4.13	Limitation on lines of business	60
	Section 4.14	[Reserved]	60
	Section 4.15	Change of Control	60
	Section 4.16	Limitation on Guarantees of the Issuer’s Debt by Subsidiaries	60
	Section 4.17	[Reserved]	61
	Section 4.18	Payments for consent	61
	Section 4.19	[Reserved]	62
	Section 4.20	Maintenance of listing	62
	Section 4.21	Financial Calculations for Limited Condition Transactions	62
	Section 4.22	Additional Amounts	63
	Section 4.23	Suspension of certain covenants when Notes rated investment grade	65
	Section 4.24	Limitation on Designation of Unrestricted Subsidiaries	65
	Section 4.25	FATCA	67
	 	 	 
	ARTICLE 5 SUCCESSORS	68
	 	 	 
	Section 5.01	Merger, consolidations and certain sales of assets of the Issuer	68
	Section 5.02	Successor Corporation Substituted	68
	 	 	 
	ARTICLE 6 DEFAULTS AND REMEDIES	69
	 	 	 
	Section 6.01	Events of Default	69
	Section 6.02	Acceleration	70
	Section 6.03	Other Remedies	70
	Section 6.04	Waiver of Past Defaults	71
	Section 6.05	Control by Majority	71
	Section 6.06	Limitation on Suits	71
	Section 6.07	Right of Holders of Notes to Receive Payment	72
	Section 6.08	Collection Suit by Trustee	72
	Section 6.09	Trustee May File Proofs of Claim	72
	Section 6.10	Priorities	72
	Section 6.11	Undertaking for Costs	73
	Section 6.12	Restoration of Rights and Remedies	73
	Section 6.13	Rights and Remedies Cumulative	73
	Section 6.14	Delay or Omission Not Waiver	73
	 	 	 
	ARTICLE 7 TRUSTEE	74
	 	 	 
	Section 7.01	Duties of Trustee	74
	Section 7.02	Rights of Trustee	75
	Section 7.03	Individual Rights of Trustee	77
	Section 7.04	Trustee’s Disclaimer	77
	Section 7.05	Notice of Defaults	77
	Section 7.06	[Reserved]	77
	Section 7.07	Compensation and Indemnity	77
	Section 7.08	Replacement of Trustee	78
	Section 7.09	Successor Trustee by Merger, etc.	79
	Section 7.10	Eligibility; Disqualification	79
	Section 7.11	Agents	80

 

    	 	- ii -	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-150

    

  

	ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE	80
	 	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	80
	Section 8.02	Legal Defeasance and Discharge	80
	Section 8.03	Covenant Defeasance	81
	Section 8.04	Conditions to Legal or Covenant Defeasance	81
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	82
	Section 8.06	Repayment to Issuer	82
	Section 8.07	Reinstatement	83
	 	 	 
	ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER	83
	 	 	 
	Section 9.01	Without Consent of Holders	83
	Section 9.02	With Consent of Holders	84
	Section 9.03	Revocation and Effect of Consents	85
	Section 9.04	Notation on or Exchange of Notes	85
	Section 9.05	Trustee to Sign Amendments, etc.	86
	 	 	 
	ARTICLE 10 [RESERVED]	86
	 	 	 
	ARTICLE 11 [RESERVED]	86
	 	 	 
	ARTICLE 12 [RESERVED]	86
	 	 	 
	ARTICLE 13 SATISFACTION AND DISCHARGE	86
	 	 	 
	Section 13.01	Satisfaction and Discharge	86
	Section 13.02	Application of Trust Money	87
	 	 	 
	ARTICLE 14 MISCELLANEOUS	87
	 	 	 
	Section 14.01	Notices	87
	Section 14.02	[Reserved]	89
	Section 14.03	Certificate and Opinion as to Conditions Precedent	89
	Section 14.04	Statements Required in Certificate or Opinion	89
	Section 14.05	Rules by Trustee and Agents	89
	Section 14.06	Agent for Service; Submission to Jurisdiction; Waiver of Immunities	89
	Section 14.07	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders	90
	Section 14.08	Governing Law	90
	Section 14.09	No Adverse Interpretation of Other Agreements	90
	Section 14.10	Successors	90
	Section 14.11	Severability	90
	Section 14.12	Counterpart Originals	90
	Section 14.13	Table of Contents, Headings, etc.	91
	Section 14.14	Judgment Currency	91
	Section 14.15	Prescription	91
	Section 14.16	Contractual Recognition of Bail-In Powers	91

 

    	 	- iii -	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-151

    

 

EXHIBITS

 

	Exhibit A	FORM OF NOTE
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE

 

    	 	- iv -	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-152

    

 

INDENTURE (this “Indenture”),
dated as of March 25, 2019, among Millicom International Cellular S.A. (the “Issuer”), a public limited liability
company (société anonyme) organized under the laws of the Grand Duchy of Luxembourg, having its registered
office at 2, rue du Fort Bourbon, L-1249 Luxembourg, Luxembourg and registered with the Luxembourg Trade and Companies Register
under the number B 40630 and Citibank, N.A., London Branch, as Trustee, Transfer Agent and Paying Agent, and Citigroup Global Markets
Europe AG as Registrar.

 

The Issuer and the
Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below)
of the 6.25% Senior Notes due 2029 in an aggregate principal amount of $750,000,000 (the “Initial Notes”) and
the Holders of any Additional Notes (as defined below and, together with the Initial Notes, the “Notes”).

 

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section 1.01         Definitions.

 

“Acquired
Debt” means Debt of a Person or its Subsidiary:

 

(a)          Incurred
and outstanding on the date on which such Person (i) was acquired by the Issuer or any of its Restricted Subsidiaries or (ii) is
merged, consolidated, amalgamated or otherwise combined with (including pursuant to any acquisition of assets and assumption of
related liabilities) the Issuer or its Restricted Subsidiary; or

 

(b)          Incurred
to provide all or part of the funds utilized to consummate the transaction or series of related transactions pursuant to which
such Person became a Restricted Subsidiary of the Issuer or was otherwise acquired by the Issuer or its Restricted Subsidiary;
provided that, after giving pro forma effect to the transactions by which such Person became a Restricted Subsidiary
of the Issuer or is merged, consolidated, amalgamated or otherwise combined with the Issuer or its Restricted Subsidiary, (i) the
Issuer would have been able to Incur $1.00 of additional Debt pursuant to Section 4.09(a) hereof; or (ii) the Net Leverage Ratio
would not be greater than such ratio before giving effect to such transactions.

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

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

 

“Alternative
Panama Financing” means any Subsidiary or Affiliate of the Issuer, including Cable Onda, issuing securities or otherwise
raising financing, for the purposes of financing the Telefonica Panama Acquisition, before or substantially concurrently with the
closing of the Telefonica Panama Acquisition.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for Book-Entry Interests in any Global Note, the rules
and procedures of DTC that apply to such transfer or exchange.

 

    	 	1	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-153

    

 

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

 

(a)         1%
of the principal amount of such Note at such time; and

 

(b)         the
excess of:

 

(i)          the
present value at such redemption date of: (x) the redemption price of such Note at March 25, 2024 (such redemption price being
set forth in Section 3.07(e)); plus (y) all required interest payments that would otherwise be due to be paid on such Note
during the period between the redemption date and March 25, 2024 (excluding accrued but unpaid interest), computed using a discount
rate equal to the Treasury Rate at such redemption date plus 50 basis points; over

 

(ii)         the
outstanding principal amount of such Note.

 

For the avoidance of
doubt, the calculation of the Applicable Redemption Premium shall not be a duty or obligation of the Trustee, the Registrar, the
Transfer Agent or the Paying Agent and shall be notified by the Issuer to the Trustee, the Paying Agent and the Holders no less
than two (2) Business Days prior to any redemption date.

 

“Asset Disposition”
means any transfer, conveyance, sale, lease or other disposition by the Issuer or any of its Restricted Subsidiaries (including
a consolidation or merger or other sale of any such Restricted Subsidiary with, into or to another Person in a transaction in which
such Restricted Subsidiary ceases to be a Restricted Subsidiary of the Issuer, but excluding a disposition by a Restricted Subsidiary
of the Issuer to the Issuer or a Restricted Subsidiary of the Issuer which is an 80% or more owned Restricted Subsidiary of the
Issuer) of (i) shares of Capital Stock (other than directors’ qualifying shares and shares to be held by third parties to
satisfy applicable legal requirements) or other ownership interests of a Restricted Subsidiary of the Issuer, (ii) substantially
all of the assets of the Issuer or any of its Restricted Subsidiaries representing a division or line of business or (iii) other
assets or rights of the Issuer or any of its Restricted Subsidiaries outside of the ordinary course of business; provided
that the term “Asset Disposition” shall not include:

 

(a)         any
dispositions of assets in a single transaction or series of transactions with an aggregate Fair Market Value in any calendar year
of not more than the greater of (x) $25 million and (y) 1% of Total Assets (with unused amounts in any calendar year being carried
over to the next succeeding year subject to a maximum of the greater of $25 million and 1% of Total Assets of carried over amounts
for any calendar year);

 

(b)         any
disposition of Tower Equipment, including any Sale/Leaseback Transaction; provided that any cash or Cash Equivalents received
in connection with such disposition or Sale/Leaseback Transaction must be applied in accordance with Section 4.10.

 

(c)         a
transfer of assets between or among the Issuer and any of its Restricted Subsidiaries;

 

(d)         the
issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to another Restricted Subsidiary of the Issuer;

 

(e)         any
disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other
than the Issuer or its Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary
acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition
and in each case comprising all or a portion of the consideration in respect of such sale or acquisition;

 

    	 	2	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-154

    

 

(f)          the
sale, lease or other transfer of products, services, accounts receivable, inventory or other assets in the ordinary course of business
and any sale or other disposition of damaged, surplus, worn-out or obsolete assets;

 

(g)         dispositions
in connection with Permitted Liens;

 

(h)         disposals
of assets, rights or revenue not constituting part of the Related Business and other disposals of non-core assets acquired in connection
with any acquisition permitted under this Indenture;

 

(i)          licenses
and sublicenses of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

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

 

(k)         the
disposition of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business
or in bankruptcy or similar proceedings;

 

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

 

(m)        a
transfer or disposition of assets that is governed by the provisions of this Indenture described under Section 5.01 hereof;

 

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

 

(o)         the
foreclosure, condemnation or any similar action with respect to any property or other assets;

 

(p)         sales
of accounts receivable and related assets or an interest therein of the type specified in the definition of “Qualified Receivables
Transaction” to a Receivables Entity, and Investments in a Receivables Entity consisting of cash or Securitization Obligations;

 

(q)         any
disposition or expropriation of assets or Capital Stock which the Issuer or any Restricted Subsidiary is required by, or made in
response to concerns raised by, a regulatory authority or court of competent jurisdiction;

 

(r)          any
disposition of Capital Stock, Debt or other securities of an Unrestricted Subsidiary;

 

(s)         disposal
of non-core assets acquired in connection with any acquisition permitted under this Indenture;

 

(t)          any
disposition of assets to a Person who is providing services related to such assets, the provision of which have been or are to
be outsourced by the Issuer or any Restricted Subsidiary to such Person;

 

(u)         any
disposition of investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between
the joint venture parties set forth in joint venture arrangements and similar binding agreements; provided that any cash
or Cash Equivalents received in such disposition is applied in accordance with the requirements set forth in Section 4.10;

 

(v)         any
sale or disposition with respect to property built, repaired, improved, owned or otherwise acquired by the Issuer or any Subsidiary
pursuant to customary sale and leaseback transactions, asset securitizations and other similar financings permitted by this Indenture;

 

    	 	3	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-155

    

 

(w)        any
dispositions constituting the surrender of tax losses by the Issuer or a Restricted Subsidiary (i) to Issuer or a Restricted Subsidiary;
(ii) in order to eliminate, satisfy or discharge any tax liability of any Person that was formerly a Subsidiary of the Issuer which
has been disposed of pursuant to a disposal permitted by the terms of this Indenture, to the extent that the Issuer or a Restricted
Subsidiary would have a liability (in the form of an indemnification obligation or otherwise) to one or more Persons in relation
to such tax liability if not so eliminated, satisfied or discharged; and

 

(x)         any
other disposal of assets not described in clauses (a) to (w) above comprising in aggregate percentage value 10% or less of Total
Assets.

 

“Bankruptcy
Law” means (a) Title 11 of the U.S. Code (as may be amended from time to time) or (b) any other law of the United States
(or any political subdivision thereof), the British Virgin Islands (or any political subdivision thereof), Curaçao (or any
political subdivision thereof), the Netherlands (or any political subdivision thereof), Luxembourg (or any political subdivision
thereof), England (or any political subdivision thereof), Chad (or any political subdivision thereof), Ghana (or any political
subdivision thereof), Tanzania (or any political subdivision thereof), DRC (or any political subdivision thereof), Senegal (or
any political subdivision thereof) or the laws of any other relevant jurisdiction or any political subdivision thereof relating
to bankruptcy, insolvency, receivership, winding up, liquidation, reorganization or relief of debtors.

 

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

 

“Board of
Directors” means:

 

(a)         with
respect to any corporation, the board of directors or managers of the corporation (which, in the case of any corporation having
both a supervisory board and an executive or management board, shall be the executive or management board) or any duly authorized
committee thereof;

 

(b)         with
respect to any partnership, the board of directors of the general partner of the partnership or any duly authorized committee thereof;

 

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

 

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

 

“Book-Entry
Interest” means a beneficial interest in a Global Note held by or through a Participant.

 

“Business
Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in New
York, London or Luxembourg, are authorized or obligated by law or executive order to close.

 

“Cable Onda”
means Cable Onda S.A., a company incorporated under the laws of Panama.

 

“Capital Lease
Obligation” of any Person means the obligation to pay rent or other payment amounts under a lease of real or personal
property of such Person which is required to be classified and accounted for as a capital lease on the face of a statement of financial
position of such Person in accordance with IFRS. The Stated Maturity of such obligation shall be the date of the last payment of
rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without
payment of a penalty. The principal amount of Debt represented by such obligation shall be the capitalized amount thereof that
would appear on the face of a statement of financial position of such Person in accordance with IFRS.

 

    	 	4	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-156

    

 

“Capital Stock”
of any Person means any and all shares, interests, participation or other equivalents (however designated) of corporate stock or
other equity participation, including partnership interests, whether general or limited, of such Person.

 

“Cash Equivalents”
means, with respect to any Person:

 

(a)         (i)
Government Securities and (ii) any direct obligations of, or obligations guaranteed by, a member of the European Union for the
payment of which obligations or guarantee the full faith and credit of such member of the European Union is pledged and which have
a remaining weighted average life to maturity of not more than one year from the date of Investment therein;

 

(b)         term
deposit accounts (excluding current and demand deposit accounts), certificates of deposit and Eurodollar time deposits and money
market deposits and bankers’ acceptances, in each case, issued by or with (i) Banco Itaú BBA, BBVA, Barclays Bank,
BNP Paribas, Citigroup, Credit Agricole CIB, DNB, Goldman Sachs International, J.P. Morgan, ICBC, Bank of China, Nordea Standard
Bank, Standard Chartered Bank, Scotiabank, and their respective Affiliates, (ii) a bank or trust company which is organized under
the laws of the United States of America, any state thereof, the United Kingdom, Switzerland, Canada, Australia or any member state
of the European Union, and which bank or trust company has capital, surplus and undivided profits aggregating in excess of $100
million (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A3/A-” (or such similar
equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under
the Securities Act), or (iii) any money market fund sponsored by a U.S. registered broker dealer or mutual fund distributor;

 

(c)         repurchase
obligations with a term of not more than seven days for underlying securities of the types described in clauses (b)(i) and (ii)
entered into with any financial institution meeting the qualifications specified in clause (b)(ii) above;

 

(d)         commercial
paper having one of the two highest ratings obtainable from Fitch or Moody’s and in each case maturing within 365 days after
the date of acquisition;

 

(e)         money
market funds mutual funds at least 95% of the assets of which constitute Cash Equivalents of the types described in clauses (a)
through (d) of this definition; and

 

(f)          with
respect to any Person organized under the laws of, or having its principal business operations in, a jurisdiction outside the United
States, the United Kingdom or the European Union, those investments that are of the same type as investments in clauses (a), (c)
and (d) of this definition except that the obligor thereon is organized under the laws of the country (or any political subdivision
thereof) in which such Person is organized or conducting business.

 

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

 

(a)         any
Person (other than a Permitted Holder) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock
of the Issuer, measured by voting power rather than number of shares;

 

(b)         the
direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its respective subsidiaries
taken as a whole to any Person (other than a Permitted Holder) occurs; or

 

    	 	5	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-157

    

 

(c)         a
plan relating to the liquidation or dissolution of the Issuer is adopted.

 

“Change of
Control Triggering Event” will be deemed to have occurred if a Change of Control has occurred and a Rating Decline occurs.

 

“Clearstream”
means Clearstream Banking, S.A. and its successors.

 

“Consolidated
EBITDA” means, for any period, operating profit of the Issuer and its Restricted Subsidiaries, as such amount is determined
on a consolidated basis in accordance with IFRS, plus the sum of the following amounts, in each case, without duplication.
Losses shall be added (as a positive number) and gains shall be deducted, in each case, to the extent such amounts were included
in calculating operating profit:

 

(a)         depreciation
and amortization expenses;

 

(b)         the
net loss or gain on the disposal and impairment of assets;

 

(c)         share-based
compensation expenses;

 

(d)         at
the Issuer’s option, other non-cash charges reducing operating profit (provided that if any such non-cash charge represents
an accrual of or reserve for potential cash charges in any future period, the cash payment in respect thereof in such future period
shall reduce operating profit to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period)
less other non-cash items of income increasing operating income (excluding any such non-cash item of income to the extent
it represents (x) a receipt of cash payments in any future period, (y) the reversal of an accrual or reserve for a potential cash
item that reduced operating income in any prior period and (z) any non-cash gains with respect to cash actually received in a prior
period so long as such cash did not increase operating income in such prior period);

 

(e)         any
material extraordinary, one-off, non-recurring, exceptional or unusual gain, loss, expense or charge, including any charges or
reserves in respect of any restructuring, redundancy, relocation, refinancing, integration or severance or other post-employment
arrangements, signing, retention or completion bonuses, transaction costs, acquisition costs, disposition costs, business optimization,
information technology implementation or development costs, costs related to governmental investigations and curtailments or modifications
to pension or postretirement benefits schemes, litigation or any asset impairment charges or the financial impacts of natural disasters
(including fire, flood and storm and related events);

 

(f)         at
the Issuer’s option, the effects of adjustments in its consolidated financial statements pursuant to IFRS (including inventory,
property, equipment, software, goodwill, intangible assets, in process research and development, deferred revenue and debt line
items) attributable to the application of recapitalization accounting or acquisition accounting, as the case may be, in relation
to any consummated acquisition or joint venture investment or the amortization or write-off or write-down of amounts thereof, net
of taxes;

 

(g)         any
reasonable expenses, charges or other costs related to any Equity Offering, Investment, acquisition, disposition, recapitalization
or the Incurrence, waiver or amendment of any Debt (or the refinancing thereof) (whether or not successful or consummated), in
each case, as determined in good faith by a responsible financial or accounting officer of the Issuer;

 

(h)         any
gains or losses on associates;

 

(i)          any
unrealized gains or losses due to changes in the fair value of equity Investments;

 

    	 	6	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-158

    

 

(j)          any
unrealized gains or losses due to changes in the fair value of Permitted Interest Rate, Currency or Commodity Price Agreements;

 

(k)         any
unrealized gains or losses due to changes in the carrying value of put options in respect of Capital Stock of, or voting rights
with respect to, any Subsidiary, joint venture or associate;

 

(l)          any
unrealized gains or losses due to changes in the carrying value of call options in respect of Capital Stock of, or voting rights
with respect to, any Subsidiary, joint venture or associate;

 

(m)        any
net foreign exchange gains or losses;

 

(n)         at
the Issuer’s option, any adjustments to reduce the impact of the cumulative effect of a change in accounting principles and
changes as a result of the adoption or modification of accounting policies;

 

(o)         accruals
and reserves that are established or adjusted within twelve months after the closing date of any acquisition that are so required
to be established or adjusted as a result of such acquisition that are so required to be established as a result of such acquisition
in accordance with IFRS;

 

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

 

(q)         the
amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered
by indemnification or other reimbursement provisions in connection with any acquisition, Investment or any sale, conveyance, transfer
or other disposition of assets;

 

(r)          any
net gain (or loss) realized upon any Sale/Leaseback Transaction that is not sold or otherwise disposed of in the ordinary course
of business, determined in good faith by a responsible financial or accounting officer of the Issuer;

 

(s)         the
amount of loss on the sale or transfer of any assets in connection with an asset securitization program, receivables factoring
transaction or other receivables transaction (including, without limitation, a Qualified Receivables Transaction); and

 

(t)          Specified
Legal Expenses.

 

For the purposes of
calculating Consolidated EBITDA for any period, as of such date of determination:

 

(i)            if,
since the beginning of such period the Issuer or any Restricted Subsidiary has made any Asset Disposition or disposed of any company,
any business, or any group of assets constituting an operating unit of a business (any such disposition, a “Sale”),
including any Sale occurring in connection with a transaction causing a calculation to be made hereunder, then Consolidated EBITDA
for such period will be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the assets which are
the subject of such Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable
thereto for such period;

 

    	 	7	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-159

    

 

(ii)           if,
since the beginning of such period the Issuer or any Restricted Subsidiary (by merger or otherwise) will have made an Investment
in any Person that thereby becomes a Restricted Subsidiary, or otherwise acquires any company, any business, or any group of assets
constituting an operating unit of a business (any such Investment or acquisition, a “Purchase”), including any
such Purchase occurring in connection with a transaction causing a calculation to be made hereunder, then Consolidated EBITDA for
such period will be calculated after giving pro forma effect thereto as if such Purchase occurred on the first day of such
period;

 

(iii)          if,
since the beginning of such period any Person (that became a Restricted Subsidiary or was merged with or into the Issuer or any
Restricted Subsidiary since the beginning of such period) will have made any Sale or any Purchase that would have required an adjustment
pursuant to clauses (i) or (ii) above if made by the Issuer or a Restricted Subsidiary since the beginning of such period, Consolidated
EBITDA for such period will be calculated after giving pro forma effect thereto as if such Sale or Purchase occurred on
the first day of such period, including anticipated synergies and cost savings as if such Sale or Purchase occurred on the first
day of such period;

 

(iv)         whenever
pro forma effect is applied, the pro forma calculations will be as determined in good faith by a responsible financial
or accounting officer of the Issuer (including in respect of anticipated synergies and cost savings) as though the full effect
of synergies and cost savings were realized on the first day of the relevant period and shall also include the reasonably anticipated
full run rate cost savings effect (as calculated in good faith by a responsible financial or chief accounting officer of the Issuer)
of cost savings programs that have been initiated by the Issuer or its Restricted Subsidiaries as though such cost savings programs
had been fully implemented on the first day of the relevant period; and

 

(v)           for
the purposes of determining the amount of Consolidated EBITDA under this definition denominated in a foreign currency, the Issuer
may, at its option, calculate the U.S. Dollar equivalent amount of such Consolidated EBITDA based on either (i) the weighted average
exchange rates for the relevant period used in the consolidated financial statements of the Issuer for such relevant period or
(ii) the relevant currency exchange rate in effect on the Issue Date.

 

For the purpose of
calculating the Consolidated EBITDA of the Issuer, any Joint Venture Consolidated EBITDA shall be added to the amount determined
in accordance with the foregoing.

 

“Consolidated
Net Debt” means, as of any date of determination, the sum without duplication of (1) the total amount of Debt of the
Issuer and its Restricted Subsidiaries on a consolidated basis, minus (2) the sum without duplication of (i) all Debt outstanding
under Minority Shareholder Loans, (ii) any Debt which is a contingent obligation of the Issuer or its Restricted Subsidiaries on
such date, (iii) all Debt permitted by clause (3) of Section 4.09(b), (iv) all Debt permitted by clause (17) of Section 4.09(b)
and (v) all Debt outstanding under any Capital Lease Obligation or operating lease; minus (3) the amount of cash and Cash
Equivalents (other than cash or Cash Equivalents received from the Incurrence of Debt by the Issuer or any of its Restricted Subsidiaries
to the extent such cash or Cash Equivalents has not been subsequently applied or used for any purpose not prohibited by this Indenture)
of the Issuer and its Restricted Subsidiaries on a consolidated basis that would be stated on the statement of financial position
of the Issuer as of such date in accordance with IFRS, excluding, for the avoidance of doubt, Restricted Cash.

 

    	 	8	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-160

    

 

“Credit Facility”
means, a debt facility, arrangement, instrument, trust deed, note purchase agreement, indenture, purchase money financing, commercial
paper facility or overdraft facility with banks or other institutions or investors providing for revolving credit loans, term loans,
receivables financing (including through the sale of receivables to such institutions or to special purpose entities formed to
borrow from such institutions against such receivables), letters of credit or other Debt, in each case, as amended, restated, modified,
renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended, in whole or in part from time to time, and
in each case, including all agreements, instruments and documents executed and delivered pursuant to or in connection with the
foregoing (including, but not limited to, any notes and letters of credit issued pursuant thereto and any guarantee and collateral
agreement, patent and trademark security agreement, mortgages or letter of credit applications and other guarantees, pledges, agreements,
security agreements and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facility”
shall include any agreement or instrument (i) changing the maturity of any Debt Incurred thereunder or contemplated thereby, (ii)
adding Subsidiaries of the Issuer as additional borrowers or guarantors thereunder, (iii) increasing the amount of Debt Incurred
thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof.

 

“Custodian”
means Citibank N.A., London Branch, and any and all successors thereto appointed as Custodian hereunder and having become such
pursuant to the applicable provision of this Indenture.

 

“Debt”
means (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person and
whether or not contingent:

 

(a)         the
principal of and premium, if any, in respect of every obligation of such Person for money borrowed;

 

(b)         the
principal of and premium, if any, in respect of every obligation of such Person evidenced by bonds, debentures, notes or other
similar instruments;

 

(c)         every
reimbursement obligation of such person with respect to letters of credit, bankers’ acceptances or similar facilities issued
for the account of such Person (but only to the extent such obligations are not reimbursed within 30 days following receipt by
such Person of a demand for reimbursement); and

 

(d)         the
principal component of every obligation of the type referred to in clauses (a) through (c) of another Person and all dividends
of another Person the payment of which, in either case, such Person has Guaranteed or is responsible or liable for, directly or
indirectly, as obligor, guarantor or otherwise to the extent not otherwise included in the Debt of such Person.

 

The “amount”
or “principal amount” of Debt at any time of determination as used herein represented by (x) any Debt issued at a price
that is less than the principal amount at maturity thereof, shall be the amount of the liability in respect thereof determined
in accordance with IFRS, (y) any Redeemable Stock, shall be the maximum fixed redemption or repurchase price in respect thereof;
and (z) any amount of Debt that has been cash-collateralized, to the extent so cash-collateralized, shall be excluded from any
calculation of Debt. Notwithstanding anything else to the contrary, for all purposes under this Indenture, the amount of Debt Incurred,
repaid, redeemed, repurchased or otherwise acquired by a Restricted Subsidiary of the Issuer shall equal the liability in respect
thereof determined in accordance with IFRS and reflected on the Issuer’s consolidated statement of financial position.

 

The term “Debt”
shall not include:

 

(i)           obligations
described in clauses (a) or (b) of the first paragraph of this definition of Debt that are Incurred by a Restricted Subsidiary
of the Issuer (the “Proceeds Recipient”) and owed to a bank or other lending institution (the “On-Lend
Bank”) to facilitate the substantially concurrent on-lending of proceeds (the “Proceeds On-Loan”)
from Debt Incurred by the Issuer or any of its Restricted Subsidiaries (other than the Proceeds Recipient) as permitted by Section
4.09 hereof (the “Initial Debt”) to the extent (i) the principal obligations in respect of the Proceeds On-Loan
are secured by security over cash granted in favor of the On-Lend Bank or any of its affiliates in an amount not less than the
principal amount of the Proceeds On-Loan or (ii) the Proceeds On-Loan is put in place substantially concurrently with a loan by
the Issuer or any of its Restricted Subsidiaries (other than the Proceeds Recipient) to the On-Lend Bank (the “On-Lend
Bank Borrowing”) pursuant to which the Proceeds Recipient is entitled to reduce the principal amount of the Proceeds
On-Loan by an amount equal to the principal amount of the On-Lend Bank Borrowing if a default or acceleration occurs with respect
to such On-Lend Bank Borrowing or (iii) the substantial risks and rewards of the Proceeds On-Loan are transferred, using a synthetic
instrument or any other arrangement or agreement, from the On-Lend Bank to the Issuer or any of its Restricted Subsidiaries (other
than the Proceeds Recipient) in exchange for an amount not less than (x) the amount of cash granted in favor of the On-Lend Bank
or any of its Affiliates or (y) the outstanding amount of the On-Lend Bank Borrowing, as applicable, in each case as at the effective
date of such transfer;

 

    	 	9	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-161

    

 

(ii)          any
liability of the Issuer or any of its Restricted Subsidiaries (other than the Proceeds Recipient) attributable to a synthetic instrument
or any other arrangement or agreement described in paragraph (i)(iii) above to the extent such obligation under the relevant instrument,
arrangement or agreement has not come due but is classified as a financial liability in accordance with IFRS and recorded as a
current liability on the Issuer’s consolidated statement of financial position;

 

(iii)         any
Restricted MFS Cash;

 

(iv)         any
liability of the Issuer attributable to a put option or similar instrument, arrangement or agreement entered into after the Issue
Date granted by the Issuer relating to an interest in any other entity, in each case to the extent such option has not been exercised
or such obligation under the relevant instrument, arrangement or agreement has not come due but is classified as a financial liability
in accordance with IFRS, and recorded as a current liability on the Issuer’s consolidated statement of financial position;

 

(v)          any
standby letter of credit, performance bond or surety bond provided by the Issuer or any Restricted Subsidiary that are customary
in the Related Business to the extent such letters of credit or bonds are not drawn upon or, if and to the extent drawn upon, are
honored in accordance with their terms;

 

(vi)         any
deposits or prepayments received by the Issuer or a Restricted Subsidiary from a customer or subscriber for its service and any
other deferred or prepaid revenue;

 

(vii)        any
obligations to make payments in relation to earn outs;

 

(viii)       Debt
which is in the nature of equity (other than redeemable shares) or equity derivatives;

 

(ix)          Capital
Lease Obligations or operating leases;

 

(x)           receivables
sold or discounted, whether recourse or non-recourse, including for the avoidance of doubt any debt in respect of Qualified Receivables
Transactions, including without limitation guarantees by a Receivables Entity of the obligations of another Receivables Entity;

 

(xi)          pension
obligations or any obligation under employee plans or employment agreements;

 

(xii)         any
“parallel debt” obligations to the extent that such obligations mirror other Debt;

 

(xiii)        any
payments or liability for assets acquired or services supplied deferred (including Trade Payables) in accordance with the terms
pursuant to which the relevant assets were or are to be acquired or services were or are to be supplied;

 

    	 	10	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-162

    

 

(xiv)      the
principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other
repurchase of any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (including, in each case,
any accrued dividends); and

 

(xv)       the
net obligations of such Person under any Permitted Interest Rate, Currency or Commodity Price Agreement.

 

“Default”
means an event that with the passing of time or the giving of notice, or both would constitute an Event of Default.

 

“Definitive
Registered Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Sections 2.06, 2.07 and 2.09 hereof, substantially in the form of Exhibit A hereto and bearing the Private Placement Legend,
except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in
the Global Note” attached thereto.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, DTC, including any and all successors thereto
appointed as Depositary hereunder and having become such pursuant to the applicable provision(s) 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 exchangeable) or upon the happening of any event:

 

(a)         matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;

 

(b)         is
convertible or exchangeable for Debt or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely
at the option of the Issuer or a Restricted Subsidiary); or

 

(c)         is
redeemable at the option of the holder of the Capital Stock in whole or in part,

 

in each case on or prior to the earlier
of the date (a) of the Stated Maturity of the Notes or (b) on which there are no Notes Outstanding, provided that only the
portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at
the option of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided, further that
any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer
to repurchase such Capital Stock upon the occurrence of a change of control or asset sale (each defined in a substantially identical
manner to the corresponding definitions in this Indenture) shall not constitute Disqualified Stock if the terms of such Capital
Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable) provide that the Issuer
may not repurchase or redeem any such Capital Stock (and all such securities into which it is convertible or for which it is ratable
or exchangeable) pursuant to such provision prior to compliance by the Issuer with Sections 4.15 and 4.10 hereof.

 

“DTC”
means The Depository Trust Company and its successors.

 

“Equity Investor”
means Investment Kinnevik AB.

 

“Equity Offering”
means a sale of Qualified Capital Stock of the Issuer or a Holding Company of the Issuer pursuant to which the net cash proceeds
are contributed to the Issuer in the form of a subscription for, or a capital contribution in respect of, Qualified Capital Stock
of the Issuer.

 

    	 	11	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-163

    

 

“Escrow Account”
means the segregated trust account opened in the name of the Issuer, but controlled by the Escrow Agent and into which $500,000,000
of the gross proceeds from the offering of the Initial Notes will be deposited on the Issue Date in accordance with the terms of
the Escrow Agreement.

 

“Escrow Agent”
means, initially, BGL BNP Paribas S.A., in its capacity as Escrow Agent under the Escrow Agreement, and any and all successors
thereto.

 

“Escrow Agreement”
means the escrow agreement entered into on the Issue Date among the Escrow Agent, the Issuer and the Trustee, governed by, and
construed in accordance with, the laws of the Grand Duchy of Luxembourg.

 

“Escrow Longstop
Date” means June 30, 2020.

 

“Escrowed
Property” means the initial funds (being $500,000,000) deposited in the Escrow Account, and all other funds, securities,
interest, dividends, distributions and other property and payments credited to the Escrow Account (less any property or funds paid
in accordance with the Escrow Agreement).

 

“Euro MTF
Market” means the Euro MTF Market, the alternative market of the Luxembourg Stock Exchange.

 

“Euroclear”
means Euroclear Bank, SA/NV and its successors.

 

“European
Union” means the European Union as of January 1, 2004, including the countries of Austria, Belgium, Denmark, Finland,
France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden and the United Kingdom, but not including
any country which became or becomes a member of the European Union after January 1, 2004.

 

“Fair Market
Value” means, with respect to any asset or property, the sale value that would be obtained in an arm’s length free
market transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no
compulsion to buy, as determined in good faith by the Issuer’s Chief Executive Officer, Chief Financial Officer or responsible
accounting or financial officer.

 

“Fitch”
means Fitch Rating, Ltd. and its successors.

 

“GAAP”
means generally accepted accounting principles in the United States.

 

“Government
Securities” means direct obligations of, or obligations Guaranteed by, the United States of America for the payment of
which obligations or Guarantee the full faith and credit of the United States is pledged and which have a remaining Weighted-Average
Life to Maturity of not more than one year from the date of Investment therein.

 

“Global Notes”
means, individually and collectively, each of the global notes, substantially in the form of Exhibit A hereto, bearing the
Private Placement Legend and the Global Note Legend, issued in accordance with Sections 2.01 and 2.06 hereof.

 

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

 

“Gradation”
means a gradation within a Rating Category or a change to another Rating Category, which shall include: (i) “+” and
“-” in the case of Fitch’s current Rating Categories (e.g., a decline from BB+ to BB would constitute
a decrease of one gradation), (ii) 1, 2 and 3 in the case of Moody’s current Rating Categories (e.g., a decline from Ba1
to Ba2 would constitute a decrease of one gradation), or (iii) the equivalent in respect of successor Rating Categories of Fitch
or Moody’s or Rating Categories used by Rating Agencies other than Fitch and Moody’s.

 

    	 	12	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-164

    

 

“Guarantee”
by any Person means any obligation, contingent or otherwise, of such Person guaranteeing, or having the economic effect of guaranteeing,
any Debt of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including,
without limitation, any obligation of such Person:

 

(a)          to
purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or to purchase (or to advance or supply funds
for the purchase of) any security for the payment of such Debt;

 

(b)          to
purchase property, securities or services for the purpose of assuring the holder of such Debt of the payment of such Debt; or

 

(c)          to
maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Debt (and “Guaranteed” and “Guaranteeing” shall have meanings
correlative to the foregoing); provided, however, that the Guarantee by any Person shall not include endorsements
by such Person for collection or deposit, in either case, in the ordinary course of business.

 

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

 

“Holding Company”
means any Person (other than a natural person) which legally and Beneficially Owns more than 50% of the Voting Stock and/or Capital
Stock of another Person, either directly or through one or more Subsidiaries.

 

“IFRS”
means the International Financial Reporting Standards promulgated by the International Accounting Standards Board or any successor
board or agency (and, at the irrevocable option of the Issuer, as adopted by the European Union), as in effect on the Issue Date;
provided that the Issuer may, at any time, irrevocably elect by written notice to the Trustee to use IFRS as in effect from
time to time, and, upon such notice, references herein to IFRS shall thereafter be construed to mean IFRS as in effect from time
to time. The Issuer also may, at any time, irrevocably elect by written notice to the Trustee to use GAAP as in effect from time
to time in lieu of IFRS and, upon such notice, references herein to IFRS shall thereafter be construed to mean GAAP as in effect
from time to time; provided that upon first reporting its fiscal year results under GAAP, the Issuer shall restate the financial
statements required to be delivered under Section 4.03, on the basis of GAAP for the fiscal year ending immediately prior to the
first fiscal year for which financial statements have been prepared on the basis of GAAP.

 

“Incur”
means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise),
assume, Guarantee or otherwise become liable in respect of such Debt or other obligation, including by acquisition of Subsidiaries
(the Debt of any other Person becoming a Subsidiary of such Person being deemed for this purpose to have been incurred at the time
such other Person becomes a Subsidiary), or the recording, as required pursuant to IFRS or otherwise, of any such Debt or other
obligation on the statement of financial position of such Person (and “Incurrence,” “Incurred,” “Incurrable”
and “Incurring” shall have meanings correlative to the foregoing); provided, however, that a change in
IFRS that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such
Debt. If any Person becomes a Restricted Subsidiary on any date after the date of this Indenture (including by Redesignation of
an Unrestricted Subsidiary), the Debt of such Person outstanding on such date will be deemed to have been Incurred by such Person
on such date for purposes of Section 4.09.

 

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

 

    	 	13	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-165

    

 

“Indirect
Participant” means a Person who holds a Book-Entry Interest in a Global Note through a Participant.

 

“Interest
Rate, Currency or Commodity Price Agreement” of any Person means any forward contract, futures contract, swap, option
or other financial agreement or arrangement (including, without limitation, caps, floors, collars and similar agreements) relating
to, or the value of which is dependent upon, interest rates, currency exchange rates or commodity prices or indices (excluding
contracts for the purchase or sale of goods in the ordinary course of business).

 

“Investment”
by any Person means any direct or indirect loan, advance or other extension of credit or capital contribution (by means of transfers
of cash or other property to others or payments for property or services for the account or use of others, or otherwise) to, or
purchase or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other
Person, including any payment on a Guarantee of any obligation of such other Person, together with all items that are or would
be classified as Investments on a statement of financial position (excluding the footnotes thereto) prepared in accordance with
IFRS, but shall not include (a) trade accounts receivable in the ordinary course of business on credit terms made generally available
to the customers of such Person, or (b) commission, travel, payroll, entertainment, relocation and similar advances to officers
and employees and profit sharing and other employee benefit plan contributions made in the ordinary course of business. Except
as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and
without giving effect to a subsequent change in value and, to the extent applicable, shall be determined based on the equity value
of such Investment.

 

“Investment
Grade” means (i) BBB- or above in the case of Fitch (or its equivalent under any successor Rating Categories of Fitch),
(ii) Baa3 or above, in the case of Moody’s (or its equivalent under any successor Rating Categories of Moody’s), and
(iii) the equivalent in respect of the Rating Categories of any Rating Agencies.

 

“Issue Date”
means March 25, 2019.

 

“Issuer”
means Millicom International Cellular S.A.

 

“Joint Venture
Consolidated EBITDA” means an amount equal to the product of (i) the Consolidated EBITDA of any joint venture (determined
in good faith by a responsible financial or accounting officer of the Issuer on the same basis as provided for in the definition
of “Consolidated EBITDA” (with the exception of clause (i) and the last sentence thereof) as if each reference to the
“Issuer and its Restricted Subsidiaries” in such definition was to such joint venture) whose financial results are
not consolidated with those of the Issuer in accordance with IFRS and (ii) a percentage equal to the direct or indirect equity
ownership percentage of the Issuer and/or its Restricted Subsidiaries in the Capital Stock of such joint venture and its Subsidiaries.

 

“Lien”
means, with respect to any property or assets, any mortgage, pledge, security interest, lien, charge, encumbrance, priority or
other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property or assets
(including, without limitation, any conditional sale or other title retention agreement having substantially the same economic
effect as any of the foregoing).

 

“Limited Condition
Transaction” means (i) any Investment or acquisition, including by way of merger, amalgamation or consolidation, in each
case, by one or more of the Issuer and its Restricted Subsidiaries of any assets, business or Person whose consummation is not
conditioned on the availability of, or on obtaining, third party financing and (ii) any redemption, repurchase, defeasance,
satisfaction and discharge or repayment of Debt requiring irrevocable notice in advance of such redemption, repurchase, defeasance,
satisfaction and discharge or repayment.

 

“Luxembourg”
means the Grand Duchy of Luxembourg.

 

    	 	14	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-166

    

 

“Minority
Shareholder Loan” means Debt of a Restricted Subsidiary of the Issuer that is issued to and held by an equity owner of
such Restricted Subsidiary, other than the Issuer or a subsidiary of the Issuer.

 

“Moody’s”
means Moody’s Investor Service, Inc. and its successors.

 

“Net Available
Proceeds” from any Asset Disposition means cash or readily marketable cash equivalents received (including by way of
sale or discounting of a note, installment receivable or other receivable, but excluding any assets described in clauses (4) and
(5) of Section 4.10(b) hereof and other consideration received in the form of assumption by the acquiror of Debt or other obligations
relating to such properties or assets) therefrom by the Issuer or any of its Restricted Subsidiaries, net of:

 

(a)          all
legal, title and recording tax expenses, commissions and other fees and expenses incurred, including, without limitation, legal,
consultant, accounting and investment banking fees, sales commissions, discounts and brokerage costs, and all federal, state, provincial,
foreign and local taxes required to be accrued as a liability as a consequence of such Asset Disposition;

 

(b)          all
payments made by the Issuer or any of its Restricted Subsidiaries, on any Debt which is secured by such assets in accordance with
the terms of any Lien upon or with respect to such assets or which must by the terms of such Debt or Lien, or in order to obtain
a necessary consent to such Asset Disposition or by applicable law, be repaid out of the proceeds from such Asset Disposition;

 

(c)          all
distributions and other payments made to other equity holders in the Issuer’s Subsidiaries or joint ventures as a result
of such Asset Disposition; and

 

(d)          appropriate
amounts to be provided by the Issuer or any of its Restricted Subsidiaries, as the case may be, as a reserve in accordance with
IFRS, against any liabilities associated with such assets and retained by the Issuer or any of its Restricted Subsidiaries, as
the case may be, after such Asset Disposition, including, without limitation, liabilities under any indemnification obligations,
relocation costs and severance and other employee termination costs associated with such Asset Disposition, in each case as determined
by the Issuer’s Board of Directors, in its reasonable good faith judgment.

 

“Net Leverage
Ratio” means, as of any date of determination, the ratio of (1) the Consolidated Net Debt outstanding on such date to
(2) the Consolidated EBITDA for the four most recent full fiscal quarters ending immediately prior to such date for which consolidated
financial statements are available, determined, in each case, on a pro forma basis as if any such Debt had been Incurred, or such
other Debt had been repaid, redeemed or repurchased, as applicable, at the beginning of such four fiscal quarter period; provided,
however, that the pro forma calculation shall not give effect to (i) any Debt Incurred on such determination date pursuant to Section
4.09(b) hereof (other than Debt Incurred pursuant to clause (6) of Section 4.09(b) hereof), or (ii) the discharge on such determination
date of any Debt to the extent that such discharge results from the proceeds Incurred pursuant to Section 4.09(b) hereof (other
than the discharge of Debt using proceeds of Debt Incurred pursuant to clause (6) of Section 4.09(b) hereof). For the avoidance
of doubt, in determining Net Leverage Ratio, no cash or Cash Equivalents shall be included that are the proceeds of Debt in respect
of which the pro forma calculation is to be made.

 

“Offer to
Purchase” means a written offer (the “Offer”) sent by the Issuer by first class mail, postage prepaid,
to each Holder at his address appearing on the Registrar’s books on the date of the Offer offering to purchase up to the
principal amount of Notes specified in such Offer at the purchase price specified in such Offer (as determined pursuant to this
Indenture). Unless otherwise required by applicable law, the Offer shall specify an expiration date (the “Expiration Date”)
of the Offer to Purchase which shall be, subject to any contrary requirements of applicable law, not less than 10 days or more
than 60 days after the date of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes
within five Business Days after the Expiration Date. The Issuer shall notify the Trustee at least 15 Business Days (or such shorter
period as is acceptable to the Trustee) prior to the mailing of the Offer of the Issuer’s obligation to make an Offer to
Purchase, and the Offer shall be mailed by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the
expense of the Issuer. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Offer to Purchase. The Offer shall also state:

 

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(a)          the
Section of this Indenture pursuant to which the Offer to Purchase is being made;

 

(b)          the
Expiration Date and the Purchase Date;

 

(c)          the
aggregate principal amount of the Outstanding Notes offered to be purchased by the Issuer pursuant to the Offer to Purchase (including,
if less than 100%, the manner by which such has been determined pursuant to the Section of this Indenture requiring the Offer to
Purchase) (the “Purchase Amount”);

 

(d)          the
purchase price to be paid by the Issuer for each $1,000 aggregate principal amount of Notes accepted for payment (as specified
pursuant to this Indenture) (the “Purchase Price”);

 

(e)          that
each Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion of a Note tendered
must be tendered in minimum amounts of $200,000 and integral multiples of $1,000 in excess thereof;

 

(f)           the
place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase;

 

(g)          that
interest on any Note not tendered or tendered but not purchased by the Issuer pursuant to the Offer to Purchase will continue to
accrue;

 

(h)          that
on the Purchase Date the Purchase Price will become due and payable upon each Note being accepted for payment pursuant to the Offer
to Purchase and that interest thereon shall cease to accrue on and after the Purchase Date;

 

(i)           that
each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to surrender such Note at the place or
places specified in the Offer prior to the close of business on the Expiration Date (such Note being, if the Issuer or the Trustee
so requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee
duly executed by, the Holder thereof or his attorney duly authorized in writing);

 

(j)           that
Holders will be entitled to withdraw all or any portion of Notes tendered if the Issuer (or their paying agent) receives, not later
than the close of business on the Expiration Date, telex, facsimile transmission or letter setting forth the name of such Holder,
the principal amount of the Note such Holder tendered, the certificate number of such Note and a statement that such Holder is
withdrawing all or a portion of his tender;

 

(k)          that
(a) if Notes in an aggregate principal amount less than or equal to the Purchase Amount are duly tendered and not withdrawn pursuant
to the Offer to Purchase, the Issuer shall purchase all such Notes and (b) if Notes in an aggregate principal amount in excess
of the Purchase Amount are tendered and not withdrawn pursuant to the Offer to Purchase, the Issuer shall purchase Notes having
an aggregate principal amount equal to the Purchase Amount on a pro rata basis (with such adjustments as may be deemed appropriate
so that only Notes in denominations of $1,000 or integral multiples thereof shall be purchased and provided that Notes of $200,000
or less may only be purchased in whole and not in part); and

 

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(l)          that
in the case of any Holder whose Note is purchased only in part, 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 an aggregate principal amount equal to and in exchange for the unpurchased portion of the Note so tendered.

 

Any Offer to Purchase
shall be governed by and effected in accordance with the Offer for such Offer to Purchase.

 

For so long as the
Notes are listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market, and the
rules of the Luxembourg Stock Exchange so require, the Issuer will, to the extent and in the manner permitted by such rules, post
notices relating to the Offer to Purchase on the official website of the Luxembourg Stock Exchange (www.bourse.lu).

 

“Offering
Memorandum” means the offering memorandum dated March 14, 2019 relating to the offering of the Initial Notes.

 

“Officer”
means the Chief Executive Officer or the Chief Financial Officer of the Issuer or a responsible accounting, financial officer or
any authorized signatory of the Issuer.

 

“Officer’s
Certificate” means a certificate signed by the Chairman of the Board of Directors, any Vice Chairman of the Board of
Directors, any Director or Manager as the case may be, the Chief Executive Officer, the Chief Financial Officer, any Executive
or Senior Vice President, or the Secretary of the Board of the Issuer, and delivered to the Trustee and, where applicable, the
paying agent.

 

“Opinion of
Counsel” means a written opinion from legal counsel (in form and substance reasonably acceptable to the Trustee, where
such opinion is addressed to, or is for the benefit of the Trustee) that meets the requirements of Section 14.04 hereof. The counsel
may be an employee of or counsel to the Issuer or any of its Subsidiaries.

 

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

 

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

 

(b)          Notes
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee in trust or any paying
agent (other than the Issuer) 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, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and

 

(c)          Notes
which have been paid 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 bona fide purchaser in whose hands such Notes are valid obligations of the Issuer; provided,
however, that in determining whether the Holders of the requisite principal amount of the Outstanding Notes have given any
request, demand, authorization, direction, notice, consent or waiver hereunder, Notes owned by the Issuer or any other obligor
upon the Notes or any Affiliate of the Issuer or of such other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Notes which the Trustee knows to be so owned shall be so disregarded. Notes so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Notes and that the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate
of the Issuer or of such other obligor.

 

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“Pari Passu
Debt” means any Debt of the Issuer that ranks pari passu in right of payment to the Notes.

 

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

 

“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of related business assets or a combination of related
business assets, cash and Cash Equivalents between the Issuer or any of its Restricted Subsidiaries and another Person.

 

“Permitted
Holders” means the Equity Investor and its Related Parties.

 

“Permitted
Interest Rate, Currency or Commodity Price Agreement” of any Person means any Interest Rate, Currency or Commodity Price
Agreement entered into with one or more financial institutions in the ordinary course of business that is designed to protect such
Person against fluctuations in interest rates or currency exchange rates or with respect to Debt Incurred and which shall have
a notional amount no greater than the payments due with respect to the Debt being hedged thereby, or in the case of currency or
commodity protection agreements against currency exchange or commodity price fluctuations in the ordinary course of business relating
to then existing financial obligations and not for purposes of speculation.

 

“Permitted
Investments” means (1) loans or advances to employees and officers (or loans to any direct or indirect parent, the proceeds
of which are used to make loans or advances to employees or officers, or Guarantees of third-party loans to employees or officers)
in the ordinary course of business; and (2) customary cash management, cash pooling or netting or setting off arrangements; and
(3) the granting of Liens pursuant to clause (ll) of the definition of Permitted Liens.

 

“Permitted
Liens” means:

 

(a)          Liens
for taxes, assessments or governmental charges or levies on the property of the Issuer or any of its Restricted Subsidiaries if
the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and
by appropriate proceeds promptly instituted and diligently concluded; provided that any reserve or other appropriate provision
that shall be required in conformity with IFRS shall have been made therefor;

 

(b)          Liens
imposed by law, such as statutory Liens of landlords’, carriers’, materialmen’s, repairmen’s, construction,
warehousemen’s and mechanics’ Liens and other similar Liens, on the property of the Issuer or any of its Restricted
Subsidiaries arising in the ordinary course of business or Liens arising solely by virtue of any statutory or common law provisions
relating to attorney’s liens or bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts
or other funds maintained with a creditor depositary institution;

 

(c)          Liens
on the property of the Issuer or any of its Restricted Subsidiaries Incurred in the ordinary course of business to secure performance
of obligations with respect to statutory or regulatory requirements, performance bids, trade contracts, letters of credit, performance
or return-of-money bonds, surety bonds or other obligations of a like nature and Incurred in a manner consistent with industry
practice, in each case which are not Incurred in connection with the borrowing of money, the obtaining of advances or credit or
the payment of the deferred purchase price of property and which do not in the aggregate impair in any material respect the use
of property in the operation of the business of the Issuer and its Restricted Subsidiaries taken as a whole;

 

(d)          Liens
on property at the time the Issuer or any of its Restricted Subsidiaries acquired such property and Liens Incurred in anticipation
of or in connection with the transaction or series of transactions pursuant to which such property was acquired by the Issuer or
its Restricted Subsidiaries; provided, however, that any such Lien may not extend to any other property of the Issuer or
any of its Restricted Subsidiaries;

 

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(e)          Liens
on the property of a Person at the time such Person becomes a Restricted Subsidiary (including Liens created, incurred or assumed
in connection with or in contemplation of such acquisition or transaction); provided, however, that any such Lien
may not extend to any other property of the Issuer or any other Restricted Subsidiary that is not a Restricted Subsidiary of such
Person (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on
property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition);

 

(f)           pledges
or deposits by the Issuer or any of its Restricted Subsidiaries under workmen’s compensation laws, unemployment insurance
laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of
Debt) or leases to which the Issuer or any of its Restricted Subsidiaries is party, or deposits to secure public or statutory obligations
of the Issuer or any of its Restricted Subsidiaries or deposits for the payment of rent, in each case Incurred in the ordinary
course of business;

 

(g)          utility
easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally existing
with respect to properties of a similar character;

 

(h)          any
provision for the retention of title to any property by the vendor or transferor of such property which property is acquired by
the Issuer or a Restricted Subsidiary in a transaction entered into in the ordinary course of business of the Issuer or a Restricted
Subsidiary and for which kind of transaction it is customary market practice for such retention of title provision to be included;

 

(i)           Liens
arising by means of any judgment, decree or order of any court, to the extent not otherwise resulting in a Default hereunder so
long as any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order have
not been fully terminated or the period within which such proceedings may be initiated has not expired and any Liens that are required
to protect or enforce rights in any administrative, arbitration or other court proceeding in the ordinary course of business;

 

(j)           Liens
securing any Credit Facility or any Permitted Interest Rate, Currency or Commodity Price Agreement;

 

(k)          [Reserved];

 

(l)           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 of its Restricted Subsidiaries has easement rights or on any real
property leased by the Issuer or any of its Restricted Subsidiaries or similar agreements relating thereto and any condemnation
or eminent domain proceedings or compulsory purchase order affecting real property;

 

(m)         Liens
existing on the Issue Date;

 

(n)          Liens
in favor of the Issuer or any Restricted Subsidiary;

 

(o)          Liens
on insurance policies and the proceeds thereof, or other deposits, to secure insurance premium financings in respect of the Issuer
or any of its Restricted Subsidiaries;

 

(p)          Liens
arising from financing statement filings (or other similar filings in any applicable jurisdiction) regarding operating leases entered
into by any Restricted Subsidiary of the Issuer in the ordinary course of business;

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(q)          Liens
on goods (and the proceeds thereof) and documents of title and the property covered thereby securing Debt in respect of commercial
letters of credit issued to facilitate the purchase, shipment or storage of such inventory or other goods;

 

(r)           Liens
on property of any Restricted Subsidiary of the Issuer to secure Debt Incurred by such Restricted Subsidiary pursuant to Section
4.09(a) hereof or clauses (9), (10), (11), (12) or (13) of Section 4.09(b) hereof;

 

(s)          Liens
for the purpose of securing the payment of all or a part of the purchase price of Capital Lease Obligations or payments Incurred
by the Issuer or its Restricted Subsidiaries to finance the acquisition, improvement or construction of, assets or property acquired
or constructed in the ordinary course of business; provided that such Liens do not encumber any other assets or property
of the Issuer or its Restricted Subsidiaries other than such assets or property and assets affixed or appurtenant thereto;

 

(t)           Liens
on the property of the Issuer or any of its Restricted Subsidiaries to replace in whole or in part, any Lien described in the foregoing
clauses (a) through (s); provided that any such Lien is limited to all or part of the same property or assets (plus improvements,
accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which
the original Lien arose, could secure) the Debt being refinanced or in respect of property that is the security for a Permitted
Lien hereunder;

 

(u)          any
interest or title of a lessor under any Capital Lease Obligation or operating lease;

 

(v)          Liens
on any escrow account used in connection with an acquisition of property or Capital Stock of any Person or pre-funding a refinancing
of Debt otherwise permissible by this Indenture;

 

(w)         Liens
on the Issuer’s and any of its Restricted Subsidiaries’ deposits in favor of financial institutions arising from any
netting or set-off arrangement substantially consistent with its current practice for the purpose of netting debt and credit balances
substantially consistent with the Issuer’s or the Restricted Subsidiaries’ existing cash pooling arrangements;

 

(x)           Liens
incurred in the ordinary course of business of the Issuer or any of its Restricted Subsidiaries with respect to obligations that
do not exceed the greater of $250 million or 4% of Total Assets at any one time outstanding and that do not in the aggregate materially
detract from the value of the property of the Issuer, or materially impair the use thereof in the operation of business by the
Issuer and its Restricted Subsidiaries;

 

(y)          Liens
over cash or other assets that secure collateralized obligations Incurred as Permitted Debt; provided that the amount of
cash collateral does not exceed the principal amount of the Permitted Debt;

 

(z)           Liens
on Restricted MFS Cash in favor of the customers or dealers of, or third parties in relation to, one or more of the Issuer’s
Restricted Subsidiaries engaged in the provision of mobile financial services, in each case who provided such Restricted MFS Cash
to the relevant Restricted Subsidiary;

 

(aa)        Liens
on Receivables and related assets of the type described in the definition of “Qualified Receivables Transaction” Incurred
in connection with a Qualified Receivables Transaction, and Liens on Investments in Receivables Entities;

 

(bb)        Liens
consisting of any right of set-off granted to any financial institution acting as a lockbox bank in connection with a Qualified
Receivables Transaction;

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(cc)        Liens
for the purpose of perfecting the ownership interests of a purchaser of Receivables and related assets pursuant to any Qualified
Receivables Transaction;

 

(dd)       [Reserved];

 

(ee)        Liens
arising in connection with other sales of Receivables permitted hereunder without recourse to the Issuer or any of its Restricted
Subsidiaries;

 

(ff)          Liens
on Receivables and related assets of the type specified in the definition of “Qualified Receivables Transaction” pursuant
to any Qualified Receivables Transaction;

 

(gg)        Liens
for the purpose of securing the payment of all or a part of the purchase price of, or Capital Lease Obligations, Purchase Money
Obligations or other payments Incurred to finance the acquisition, improvement or construction of, assets or property acquired
or constructed in the ordinary course of business (including Liens arising out of conditional sale, title retention, hire purchase,
consignment or similar arrangements for the sale of goods entered into in the ordinary course of business), provided that
such Liens do not encumber any other assets or property of the Issuer or any Restricted Subsidiary other than such assets or property
and assets affixed or appurtenant thereto;

 

(hh)        Liens
securing Debt or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary;

 

(ii)          Liens
in respect of the ownership interests in, or assets owned by, any joint ventures or similar arrangements, other than joint ventures
and similar arrangements that are Restricted Subsidiaries, securing obligations of such joint ventures or similar agreements;

 

(jj)          any
encumbrance or restriction (including, but not limited to, put and call arrangements) with respect to Capital Stock of any joint
venture or similar arrangement pursuant to any joint venture or similar agreement;

 

(kk)        Liens
over rights under loan agreements relating to, or over notes or similar instruments evidencing, the on-loan of proceeds received
by a Restricted Subsidiary from the issuance of Debt, which Liens are created to secure payment of such Debt; and

 

(ll)          Liens
on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure Debt of such Unrestricted Subsidiary.

 

“Permitted
Refinancing Debt” means any renewals, extensions, substitutions, defeasances, discharges, refinancings or replacements
(each, for purposes of this definition and clause (8) of Section 4.09(b) hereof, a “refinancing”) of any Debt
of the Issuer or a Restricted Subsidiary of the Issuer or pursuant to this definition, including any successive refinancings, as
long as:

 

(a)          such
Permitted Refinancing Debt is in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue
price) not in excess of the sum of: (i) the aggregate principal amount (or if Incurred with original issue discount, the aggregate
accreted value plus all accrued interest) then outstanding of the Debt being refinanced; and (ii) an amount necessary to pay any
fees and expenses, including premiums and defeasance costs, related to such refinancing;

 

(b)          such
Permitted Refinancing Debt has (i) a Stated Maturity that is either (X) no earlier than the Stated Maturity of the Debt being refinanced
or (Y) after the Stated Maturity of the Notes and (ii) a Weighted-Average Life to Maturity that is equal to or greater than the
Weighted-Average Life to Maturity of the Debt being refinanced; and

 

(c)          if
the Debt being refinanced is subordinated in right of payment to the Notes, such Permitted Refinancing Debt is subordinated in
right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing
the Debt being refinanced; and

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(d)          if
the Issuer was the obligor on the Debt being refinanced, such Permitted Refinancing Debt is Incurred by the Issuer.

 

Permitted Refinancing
Debt in respect of any Credit Facility or any other Debt may be Incurred from time to time after the termination, discharge or
repayment of all or any part of such Credit Facility or other Debt. Permitted Refinancing Debt shall not include any Debt of the
Issuer or any Restricted Subsidiary that refinances Debt of an Unrestricted Subsidiary.

 

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

 

“Preferred
Stock” of any Person means Capital Stock of such Person of any class or classes (however designated) that ranks prior,
as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or
winding up of such Person, to shares of Capital Stock of any other class of such Person.

 

“Private Placement
Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.

 

“Purchase
Money Note” means a promissory note of a Receivables Entity evidencing the deferred purchase price of Receivables (and
related assets) and/or a line of credit, which may be irrevocable, from the Issuer or any Restricted Subsidiary in connection with
a Qualified Receivables Transaction with a Receivables Entity, which note is intended to finance that portion of the purchase price
that is not paid in cash or a contribution of equity and which is (a) repayable from cash available to the Receivables Entity,
other than (i) amounts required to be established as reserves pursuant to agreements, (ii) amounts paid to investors in respect
of interest, (iii) principal and other amounts owing to such investors and (iv) amounts owing to such investors and amounts paid
in connection with the purchase of newly generated Receivables and (b) may be subordinated to the payments described in clause
(a).

 

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

 

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

 

“Qualified
Capital Stock” of any Person means any and all Capital Stock of such Person other than Redeemable Stock.

 

“Qualified
Receivables Transaction” means any transaction or series of transactions that may be entered into by the Issuer or any
of its Restricted Subsidiaries pursuant to which the Issuer or any of its Restricted Subsidiaries may sell, convey or otherwise
transfer to (1) a Receivables Entity (in the case of a transfer by the Issuer or any of the Restricted Subsidiaries) and (2) any
other Person (in the case of a transfer by a Receivables Entity), or may grant a Lien in, any Receivables (whether now existing
or arising in the future) of the Issuer or any of the Restricted Subsidiaries, and any assets related thereto including, without
limitation, all collateral securing such Receivables, all contracts and all guarantees or other obligations in respect of such
accounts receivable, the proceeds of such Receivables and other assets which are customarily transferred, or in respect of which
Liens are customarily granted, in connection with asset securitization involving Receivables and any Interest Rate, Currency or
Commodity Price Agreement entered into by the Issuer or any such Restricted Subsidiary in connection with such Receivables.

 

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“Rating Agency”
means each of (i) Fitch, Moody’s and S&P or (ii) if any of Fitch, Moody’s or S&P are not making ratings of
the Notes publicly available, an internationally recognized rating agency or agencies, as the case may be, selected by the Issuer,
which will be substituted for any of Fitch, Moody’s, S&P, as the case may be.

 

“Rating Category”
means (i) with respect to Fitch, any of the following categories (any of which may include a “+” or “-”):
AAA, AA, A, BBB, BB, B, CCC, CC, C, R, SD and D (or equivalent successor categories); (ii) with respect to Moody’s, any of
the following categories (any of which may include a “1,” “2” or “3”): Aaa, Aa, A, Baa, Ba,
B, Caa, Ca, and C (or equivalent successor categories), and (iii) the equivalent of any such categories of Fitch or Moody’s
used by another Rating Agency, if applicable.

 

“Rating Date”
means the date which is the earlier of (i) 120 days prior to the occurrence of an event specified in clauses (a), (b) or (c) of
the definition of Change of Control and (ii) the date of the first public announcement of the possibility of such event.

 

“Rating Decline”
means the occurrence of, at any time within the earlier of (i) 90 days after the date of public notice of a Change of Control,
or of the Issuer’s intention or the intention of any Person to effect a Change of Control and (ii) the occurrence of the
Change in Control (which period shall in either event be extended so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by a Rating Agency), a Rating Agency withdrawal of its rating of the Notes or a decrease in
the rating of the Notes by a Rating Agency as follows:

 

(a)          if
the Notes are not rated Investment Grade by at least two of the three Rating Agencies on the Rating Date, by one or more Gradations;
or

 

(b)          if
the Notes are rated Investment Grade by at least two of the three Rating Agencies on the Rating Date, either (i) by two or more
Gradations or (ii) such that the Notes are no longer rated Investment Grade, provided that, when announcing the relevant
decision(s) to withdraw or decrease the rating, each such Rating Agency announces publicly or confirms in writing that such decision(s)
resulted, in whole or in part, from the occurrence (or expected occurrence) of the Change of Control or the Issuer’s announcement
of the intention to effect a Change of Control.

 

“Receivable”
means a right to receive payment arising from a sale or lease of goods or the performance of services by a Person pursuant to an
arrangement with another Person pursuant to which such other Person is obligated to pay for goods or services under terms that
permit the purchase of such goods and services on credit and shall include, in any event, any items of property that would be classified
as an “account,” “chattel paper,” “payment intangible” or “instrument” under the
Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as so defined.

 

“Receivables
Entity” means a Wholly-Owned Subsidiary of the Issuer (or another Person in which the Issuer or any Restricted Subsidiary
makes an Investment or to which the Issuer or any Restricted Subsidiary transfers Receivables and related assets) which engages
in no activities other than in connection with the financing of Receivables and which is designated by the Board of Directors or
senior management of the Issuer (as provided below) as a Receivables Entity:

 

(a)         no
portion of the Debt or any other obligations (contingent or otherwise) of which:

 

(i)          is
Guaranteed by the Issuer or any Restricted Subsidiary (excluding guarantees of obligations (other than the principal of, and interest
on, Debt) pursuant to Standard Securitization Undertakings);

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(ii)         is
recourse to or obligates the Issuer or any Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings;
or

 

(iii)        subjects
any property or asset of the Issuer or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction
thereof, other than pursuant to Standard Securitization Undertakings, except, in each such case, Permitted Liens as defined in
clauses (aa) through (ff) of the definition thereof;

 

(b)         with
which neither the Issuer nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding (except
in connection with a Purchase Money Note or Qualified Receivables Transaction) other than on terms not materially less favorable
to the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates
of the Issuer, other than fees payable in the ordinary course of business in connection with servicing Receivables; and

 

(c)         to
which neither the Issuer nor any Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results (other than those related to or incidental to the
relevant Qualified Receivables Transaction).

 

Any such designation
by the Board of Directors or senior management of Issuer shall be evidenced to the Trustee by promptly filing with the Trustee
a certified copy of the resolution of the Board of Directors of Issuer giving effect to such designation or an Officer’s
Certificate certifying that such designation complied with the foregoing conditions.

 

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

 

“Receivables
Repurchase Obligation” means any obligation of a seller of Receivables in a Qualified Receivables Transaction to repurchase
Receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a
receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result
of any action taken by, any failure to take action by or any other event relating to the seller.

 

“Redeemable
Stock” of any Person means any Capital Stock of such Person that by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable) or otherwise (including upon the occurrence of an event) matures or is required
to be redeemed (pursuant to any sinking fund obligation or otherwise) or is convertible into or exchangeable for Debt or is redeemable
at the option of the holder thereof, in whole or in part, at any time prior to the final Stated Maturity of the Notes.

 

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

 

“Regulation
S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with the Custodian and registered in the name of Cede & Co., as nominee for
DTC, that will be issued in an initial amount equal to the principal amount of the Notes initially resold in reliance on Regulation
S.

 

“Related Business”
means (i) any business, services or activities engaged in by the Issuer or any of its Subsidiaries on the Issue Date and (ii) any
business, services and activities that are related, complementary, incidental, ancillary or similar to any of the foregoing, or
are extensions or developments thereof, including, without limitation, broadband internet, network-related services, cable television,
broadcast content, network neutral services, electronic transactional, financial and commercial services related to provision of
telephony or internet services.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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“Related Party”
means:

 

(a)          any
controlling stockholder, partner or member, or any 50% (or more) owned Subsidiary, of the Equity Investor; and

 

(b)          any
trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Person Beneficially Owning
a majority or a controlling interest of which consists of the Equity Investor and/or such other Persons referred to in clause (a).

 

“Relevant
Telefonica CAM Acquisition” means each of the Telefonica Costa Rica Acquisition, the Telefonica Nicaragua Acquisition
or the Telefonica Panama Acquisition, as the context requires.

 

“Relevant
Telefonica CAM Acquisition Agreement” means each of the Telefonica Costa Rica Stock Purchase Agreement, the Telefonica
Nicaragua Stock Purchase Agreement or the Telefonica Panama Stock Purchase Agreement, as the context requires.

 

“Relevant
Target Company” means each of Telefonica de Costa Rica TC, S.A., Telefonia de Celular de Nicaragua, S.A. or Telefonica
Móviles Panama, S.A., as the context requires.

 

“Responsible
Officer,” when used with respect to the Trustee, means any officer within the corporate trust department of the Trustee
(or any successor of the Trustee) including any managing director, director, vice president, assistant vice president, assistant
secretary, assistant treasurer, trust officer or any other officer or assistant officer of the Trustee 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
Cash” means the sum of (i) Restricted MFS Cash and (ii) without duplication, the amount of cash that would be stated
as “restricted cash” on the consolidated statement of financial position of the Issuer as of such date in accordance
with IFRS.

 

“Restricted
MFS Cash” means, as of any date of determination, an amount equal to any cash paid in or deposited by or held on behalf
of any customer or dealer of, or any other third party in relation to, one or more of the Issuer’s Restricted Subsidiaries
engaged in the provision of mobile financial services and designated as “restricted cash” on the consolidated statement
of financial position of the Issuer, together with any interest thereon.

 

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

 

“Restricted
Subsidiary” means any Subsidiary of the Issuer other than an Unrestricted Subsidiary.

 

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

 

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

 

“Rule 144A
Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with the Custodian and registered in the name of Cede & Co., as nominee for
DTC, that will be issued in an initial amount equal to the principal amount of the Notes initially resold in reliance on Rule 144A.

 

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

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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“Rule 904”
means Rule 904 promulgated under the U.S. Securities Act.

 

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

 

“Sale/Leaseback
Transaction” means an arrangement relating to property now owned or hereafter acquired whereby the Issuer or its Restricted
Subsidiary transfers such property to a Person and the Issuer or any of its Restricted Subsidiaries leases it from such Person.

 

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

 

“Senior Secured
Debt” means, as of any date of determination, any Debt of (a) the Issuer that is secured by a security interest in any
assets of the Issuer or any of its Restricted Subsidiaries and/or (b) any Restricted Subsidiary of the Issuer, other than
Debt Incurred pursuant to clauses (5) (to the extent such Guarantee is in respect of Debt otherwise permitted to be secured by
a security interest in any assets of the Issuer or any of its Restricted Subsidiaries and/or Incurred by a Restricted Subsidiary
of the Issuer, as applicable), (9), (10), (11), (12) and (13) of Section 4.09(b) hereof.

 

“Significant
Subsidiary” means, at the date of determination, any Restricted Subsidiary of the Issuer that (1) for the most recent
fiscal year, accounted for more than 10% of Consolidated EBITDA of the Issuer and its Restricted Subsidiaries or (2) as of the
end of the most recent fiscal year, was the owner of more than 10% of the consolidated assets of the Issuer and its Restricted
Subsidiaries.

 

“Specified
Legal Expenses” means, to the extent not constituting an extraordinary, non-recurring or unusual loss, charge or expense,
all attorneys’ and experts’ fees and expenses and all other costs, liabilities (including all damages, penalties, fines
and indemnification and settlement payments) and expenses paid or payable in connection with any threatened, pending, completed
or future claim, demand, action, suit, proceeding, inquiry or investigation (whether civil, criminal, administrative, governmental
or investigative).

 

“Specified
Subsidiary Sale” means the sale, transfer or other disposition of all of the Capital Stock, or all of the assets or properties
of, (a) any Person, the primary purpose of which is to own Tower Equipment located in any market in which the Issuer or its Restricted
Subsidiaries operate; (b) any Person which operates the Issuer’s or any Restricted Subsidiary of the Issuer’s mobile
financial services business; (c) Latin America Internet Holding GmbH (or any successor in interest thereto); or (d) Africa Internet
Holding GmbH (or any successor in interest thereto).

 

“Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Issuer
or any Restricted Subsidiary which are reasonably customary in a securitization of Receivables transactions, including, without
limitation, those relating to the servicing of the assets of a Receivables Entity, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated Maturity”
when used with respect to any security or any installment of interest thereon, means the date specified in such security as the
fixed date on which the principal of such security or such installment of interest is due and payable, including pursuant to any
mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the
holder thereof upon the happening of any contingency beyond the control of the issuer unless such contingency has occurred).

 

“Subsidiary”
of any Person means (i) a corporation more than 50% of the combined voting power of the outstanding Voting Stock of which is owned,
directly or indirectly, by such Person or by one or more other Subsidiaries of such Person or by such Person and one or more Subsidiaries
thereof or (ii) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person
or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power
to direct the policies, management and affairs thereof.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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“Telefonica CAM Acquisition Agreements”
means, collectively, the Telefonica Costa Rica Stock Purchase Agreement, the Telefonica Nicaragua Stock Purchase Agreement and
the Telefonica Panama Stock Purchase Agreement.

 

“Telefonica CAM Acquisitions”
means, collectively, the Telefonica Costa Rica Acquisition, the Telefonica Nicaragua Acquisition and the Telefonica Panama Acquisition.

 

“Telefonica Costa Rica Acquisition”
means the acquisition of a 100% stake of Telefonica de Costa Rica TC, S.A. by the Issuer, pursuant to the Telefonica Costa Rica
Stock Purchase Agreement.

 

“Telefonica Costa Rica Acquisition
Completion Date” means the date on which the Telefonica Costa Rica Acquisition is completed pursuant to the terms of
the Telefonica Costa Rica Stock Purchase Agreement.

 

“Telefonica Costa Rica Stock Purchase
Agreement” means the stock purchase agreement entered into on February 20, 2019, between the Issuer and the sellers named
therein pursuant to which, among other things, the Issuer will complete the Telefonica Costa Rica Acquisition on the Telefonica
Costa Rica Acquisition Completion Date.

 

“Telefonica Nicaragua Acquisition”
means the acquisition of a 100% stake of Telefonia de Celular de Nicaragua, S.A. by the Issuer, pursuant to the Telefonica Nicaragua
Stock Purchase Agreement.

 

“Telefonica Nicaragua Acquisition
Completion Date” means the date on which the Telefonica Nicaragua Acquisition is completed pursuant to the terms of the
Telefonica Nicaragua Stock Purchase Agreement.

 

“Telefonica Nicaragua Stock Purchase
Agreement” means the stock purchase agreement entered into on February 20, 2019, between the Issuer and the sellers named
therein pursuant to which, among other things, the Issuer will complete the Telefonica Nicaragua Acquisition on the Telefonica
Nicaragua Acquisition Completion Date.

 

“Telefonica Panama Acquisition”
means the acquisition of a 100% stake of Telefonica Móviles Panama, S.A. by the Issuer, pursuant to the Telefonica Panama
Stock Purchase Agreement.

 

“Telefonica Panama Acquisition
Completion Date” means the date on which the Telefonica Panama Acquisition is completed pursuant to the terms of the
Telefonica Panama Stock Purchase Agreement.

 

“Telefonica
Panama Stock Purchase Agreement” means the stock purchase agreement entered into on February 20, 2019, between the Issuer
and the sellers named therein pursuant to which, among other things, the Issuer will complete the Telefonica Panama Acquisition
on the Telefonica Panama Acquisition Completion Date.

 

“Total Assets”
means the consolidated total assets of the Issuer and its Restricted Subsidiaries as shown on the Issuer’s most recent consolidated
statement of financial position prepared on the basis of IFRS prior to the relevant date of determination calculated to give pro
forma effect to any acquisitions (including through mergers or consolidations) and dispositions that have occurred subsequent
to such period, including any such acquisitions to be made with the proceeds of Debt giving rise to the need to calculate Total
Assets.

 

“Tower Equipment”
means passive infrastructure related to telecommunications services, excluding telecommunications equipment, but including, without
limitation, towers (including tower lights and lightning rods), power breakers, deep cycle batteries, generators, voltage regulators,
main AC power, rooftop masts, cable ladders, grounding, walls and fences, access roads, shelters, air conditioners and BTS batteries
owned by the Issuer or any of its Subsidiaries.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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“Treasury
Rate” means, as at any redemption date, the yield to maturity as at such redemption date of United States Treasury securities
with a constant maturity (as complied and published in the most recent Federal Reserve Statistical Release H. 15 (519) that has
become publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to March
25, 2024; provided, however, that if the period from the redemption date to March 25, 2024 is less than one year,
the weekly average yield on actually traded United States securities adjusted to a constant maturity of one year will be used.

 

“Trustee”
means Citibank, N.A., London Branch, until a successor replaces it in accordance with the applicable provisions of this Indenture
and thereafter means the successor serving hereunder.

 

“Unrestricted
Subsidiary” means any Subsidiary of the Issuer Designated as such pursuant to Section 4.24.

 

“U.S. Dollar
Equivalent” means with respect to any monetary amount in a currency other than U.S. Dollars, at any time of determination
thereof, the amount of U.S. Dollars obtained by translating such other currency involved in such computation into U.S. Dollars
at the spot rate for the purchase of U.S. Dollars with the applicable other currency as published in the Financial Times
on the date that is two Business Days prior to such determination.

 

“U.S. Dollars”
or “$” means and/or refers to the lawful currency of the United States.

 

“U.S. Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended and the rules and regulations promulgated pursuant thereto.

 

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

 

“U.S. Securities
Act” means the U.S. Securities Act of 1933, as amended and the rules and regulations promulgated pursuant thereto.

 

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

 

“Voting Stock”
of any person means Capital Stock of such Person which ordinarily has voting power for the election of directors (or persons performing
similar functions) of such Person, whether at all times or only so long as no senior class of securities has such voting power
by reason of any contingency.

 

“Weighted-Average
Life to Maturity” means, when applied to any Debt or Preferred Stock at any date, the number of years obtained by dividing
(a) the then outstanding principal amount of such Debt or liquidation preference of such Preferred Stock, as the case may be, into
(b) the total of the product obtained by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity
or other required payments of principal or upon mandatory redemption, including payment at final maturity, in respect thereof,
by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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“Wholly-Owned
Subsidiary” means (1) in respect of any Person, a Person, all of the Capital Stock of which (other than (a) directors’
qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law, regulation
or to ensure limited liability and (b) in the case of a Receivables Entity, shares held by a Person that is not an Affiliate of
the Issuer solely for the purpose of permitting such Person (or such Person’s designee) to vote with respect to customary
major events with respect to such Receivables Entity, including without limitation the institution of bankruptcy, insolvency or
other similar proceedings, any merger or dissolution, and any change in charter documents or other customary events) is owned by
that Person directly or (2) indirectly by a Person that satisfies the requirements of clause (1).

 

Section 1.02         Other
Definitions.

 

	Additional Amounts	Section 4.22(a)
	Authenticating Agent	Section 2.02
	Authentication Order	Section 2.02
	Authorized Agent	Section 14.06
	Change in Tax Law	Section 3.08(a)
	Change of Control Offer	Section 4.15(a)
	Covenant Defeasance	Section 8.03
	Designation	Section 4.24(a)
	Excess Proceeds	Section 4.10(d)
	Excess Proceeds Offer	Section 4.10(e)
	Indenture	Preamble
	Initial Notes	Preamble
	Issuer	Preamble
	Judgment Currency	Section 14.14
	LCT Election	Section 4.21(b)(2)
	LCT Test Date	Section 4.21(b)(2)
	Legal Defeasance	Section 8.02
	Liability	Section 14.16(b)(1)
	Notes	Preamble
	Offer Amount	Section 3.12(b)
	Offer Period	Section 3.12(b)
	Paying Agent	Section 2.03
	Permitted Debt	Section 4.09(b)
	Purchase Date	Section 3.12(b)
	Redesignation	Section 4.24(c)
	Register	Section 2.03
	Registrar	Section 2.03
	Relevant Taxing Jurisdiction	Section 4.22(a)
	Required Currency	Section 14.14
	Resolution Authority	Section 14.16(b)(1)
	Suspension Period	Section 4.23(a)(2)
	Taxes	Section 4.22(a)
	Transfer Agent	Section 2.03
	Trustee	Section 8.05
	Write-down and Conversion Powers	Section 14.16(b)(1)

 

Section 1.03       [Reserved].

 

Section 1.04       Rules
of Construction.

 

Unless the context
otherwise requires:

 

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

 

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

 

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(c)          “or”
is not exclusive;

 

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

 

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

 

(f)          provisions
apply to successive events and transactions;

 

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

 

(h)          all
references to the principal, premium, interest or any other amount payable pursuant to this Indenture shall be deemed also to refer
to any Additional Amounts which may be payable hereunder in respect of payments of principal, premium, interest and any other amounts
payable pursuant to this Indenture or any undertakings given in addition thereto or in substitution therefor pursuant to this Indenture
and express reference to the payment of Additional Amounts in any provisions hereof shall not be construed as excluding Additional
Amounts in those provisions hereof where such express reference is not made;

 

(i)           except
as otherwise provided, whenever an amount is denominated in euro, it shall be deemed to include the Euro Equivalent amounts denominated
in other currencies, and, whenever an amount is denominated in dollars, it shall be deemed to include the Dollar Equivalent amounts
denominated in other currencies;

 

(j)           any
reference herein to a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale, disposition or transfer,
or similar term, shall be deemed to apply to a division of or by a limited liability company, limited partnership or trust, or
an allocation of assets to a series of a limited liability company, limited partnership or trust (or the unwinding of such a division
or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale or transfer, or
similar term, as applicable, to, of or with a separate Person; any division of a limited liability company, limited partnership
or trust shall constitute a separate Person hereunder (and each division of any limited liability company, limited partnership
or trust that is a Subsidiary, Restricted Subsidiary, Unrestricted Subsidiary, joint venture or any other like term shall also
constitute such a Person or entity); and

 

(k)          unsecured
or unguaranteed Debt shall not be deemed to be subordinate or junior to secured Debt or guaranteed Debt merely by virtue of its
nature as unsecured or unguaranteed Debt.

 

ARTICLE
2

THE
NOTES

 

Section 2.01       Form
and Dating.

 

(a)          General.
The Notes and the Trustee’s or Authenticating Agent’s certificate of authentication will be substantially in the form
of Exhibit A hereto with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage and as provided
herein. The Issuer shall approve the form of the Notes and any notation, legend or endorsement thereon. Each Note will be dated
the date of its authentication. The terms and provisions contained in the Notes will constitute, and are hereby expressly made,
a part of this Indenture and the Issuer 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.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(b)          Global
Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note
will represent such of the Outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding
Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions and
purchases and cancellations. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of Outstanding Notes represented thereby will be made by the Trustee or the Custodian or the Paying Agent at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

 

(c)          144A
Global Notes and Regulation S Global Notes. Notes sold within the United States to QIBs pursuant to Rule 144A under the U.S.
Securities Act shall be issued initially in the form of a Rule 144A Global Note. Notes offered and sold in reliance on Regulation
S shall be issued initially in the form of a Regulation S Global Note. The Global Notes shall be deposited with the Custodian for
DTC and registered in the name of Cede & Co., the nominee of DTC, duly executed by the Issuer and authenticated by the Trustee
or the Authenticating Agent as hereinafter provided. The aggregate principal amount of each Global Note may from time to time be
increased or decreased by adjustments made on the “Schedule of Exchanges of Interests in the Global Note” to each
such Global Note, as hereinafter provided.

 

(d)          Definitive
Registered Notes. Definitive Registered Notes issued upon transfer of a Book-Entry Interest or a Definitive Registered Note,
or in exchange for a Book-Entry Interest or a Definitive Registered Note, shall be issued in accordance with this Indenture. Notes
issued in definitive registered form will be substantially in the form of Exhibit A hereto (excluding the Global Note Legend
thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto).

 

(e)          Book-Entry
Provisions. The Applicable Procedures shall be applicable to Book-Entry Interests in the Global Notes that are held by Participants
through the Depositary.

 

(f)           Denomination.
The Notes shall be in denominations of $200,000 and integral multiples of $1,000 above $200,000.

 

Section 2.02       Execution
and Authentication.

 

At least one Officer
must sign the Notes for the Issuer by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds
that office at the time a Note is authenticated, the Note will nevertheless be valid.

 

A Note will not be
valid until authenticated by the manual signature of the authorized signatory of the Trustee or the Authenticating Agent. The signature
will be conclusive evidence that the Note has been authenticated under this Indenture. Notwithstanding the foregoing, if any Note
shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, the Issuer shall deliver such Note
to the Trustee for cancellation pursuant to Section 2.11 hereof.

 

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

 

The Trustee may appoint
one or more authentication agents (each, an “Authenticating Agent”) acceptable to the Issuer to authenticate
Notes. Such an 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.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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Section 2.03         Paying
Agent, Registrars and Transfer Agents.

 

The Issuer will maintain
one or more paying agents (each, a “Paying Agent”) for the Notes. The Issuer will also maintain one or more
transfer agents (each, a “Transfer Agent”). The initial Paying Agent and initial Transfer Agent will be Citibank,
N.A., London Branch, who hereby accepts such appointment.

 

The Issuer will also
maintain one or more registrars (each, a “Registrar”) for so long as the Notes are listed on the Luxembourg
Stock Exchange and admitted to trading on the Euro MTF Market. The Issuer hereby appoints Citigroup Global Markets Europe AG as
initial Registrar, who hereby accepts such appointment. The Registrar will maintain a register (the “Register”)
reflecting ownership of Definitive Registered Notes Outstanding from time to time and facilitate transfers of Definitive Registered
Notes on behalf of the Issuer and will send a copy of the Register to the Issuer on the Issue Date and after any change to the
Register made by the Registrar.

 

Upon written notice
to the Trustee, the Issuer may change the Paying Agents, the Registrars or the Transfer Agents without prior notice to the Holders.
For so long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and admitted to trading on the Euro MTF
Market and the rules of the Luxembourg Stock Exchange so require, the Issuer will, to the extent and in the manner permitted by
such rules, post a notice of any change of Paying Agent, Registrar or Transfer Agent on the official website of the Luxembourg
Stock Exchange (www.bourse.lu) in accordance with Section 14.01 hereof.

 

Section 2.04         Paying
Agent to Hold Money.

 

The Issuer will require
each Paying Agent other than the Trustee and the initial Paying Agent to agree in writing that each Paying Agent will hold for
the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of (and premium or Additional
Amounts, if any) or interest on the Notes, and will notify the Trustee in writing of any Default by the Issuer in making any such
payment. While any such Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The
Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the
Paying Agent (if other than the Issuer or a Subsidiary of the Issuer) will have no further liability for the money. If the Issuer
or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the
Holders all money held by it as Paying Agent. Upon any insolvency, bankruptcy or reorganization proceedings relating to the Issuer
(including, without limitation, its bankruptcy, voluntary or judicial liquidation, composition with creditors, reprieve from payment,
controlled management, fraudulent conveyance, general settlement with creditors, reorganization or similar laws affecting the rights
of creditors generally), the Trustee will serve as Paying Agent for the Notes. The Issuer shall provide funds to the Paying Agent
no later than 10:00 a.m. (New York time) on the Business Day prior to the day on which the Paying Agent is to make payment. A Paying
Agent shall not be obliged to pay the Holders of the Notes (or make any other payment) unless and until such time as it has confirmed
receipt of cleared funds sufficient to make the relevant payment.

 

Section 2.05         Holder
Lists.

 

The Registrar will
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all
Holders. If the Trustee or the Paying Agent is not the Registrar, the Issuer will furnish or cause the Registrar to furnish, to
the Trustee and the Paying Agent at least seven Business Days before each interest payment date and at such other times as the
Trustee or the Paying Agent may request in writing, a list of the names and addresses of the Holders of Notes in such form and
as of such date as the Trustee or the Paying Agent may reasonably require.

 

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Section 2.06         Transfer
and Exchange.

 

(a)          Transfer
and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depositary to the Custodian or
a nominee of such Custodian, by the Custodian or a nominee of such Custodian to the Depositary or to another nominee or Custodian
of the Depositary, or by such Custodian or Depositary or any such nominee to a successor Depositary or Custodian or a nominee thereof.

 

All Global Notes will
be exchanged by the Issuer for Definitive Registered Notes:

 

(1)         If
the Depositary notifies the Issuer that it is unwilling or unable to continue to act as Depositary and a successor Depositary is
not appointed by the Issuer within 120 days;

 

(2)         in
whole, but not in part, if the Issuer so requests; or

 

(3)         if
the owner of a Book-Entry Interest requests such exchange in writing delivered through the Depositary following a Default by the
Issuer under this Indenture.

 

Upon the occurrence
of any of the preceding events in clauses (1) through (3) above, the Issuer shall issue or cause to be issued Definitive Registered
Notes in such names as the Depositary shall instruct the Trustee.

 

Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. A Global Note may not be exchanged
for another Note other than as provided in this Section 2.06(a). Book-Entry Interests in a Global Note may be transferred and exchanged
as provided in Section 2.06(b) or (c) hereof.

 

(b)          General
Provisions Applicable to Transfer and Exchange of Book-Entry Interests in the Global Notes.

 

The transfer and exchange
of Book-Entry Interests shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable
Procedures. In connection with all transfers and exchanges of Book-Entry Interests (other than transfers of Book-Entry Interests
in connection with which the transferor takes delivery thereof in the form of a Book-Entry Interest in the same Global Note), the
Transfer Agent (copied to the Trustee) must receive: (i) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the Depositary to debit from the transferor a Book-Entry
Interest in an amount equal to the Book-Entry Interest to be transferred or exchanged; (ii) a written order from a Participant
or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit
or cause to be credited a Book-Entry Interest in another Global Note in an amount equal to the Book-Entry Interest to be transferred
or exchanged; and (iii) instructions given in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited or debited with such increase or decrease, if applicable.

 

In connection with
a transfer or exchange of a Book-Entry Interest for a Definitive Registered Note, the Transfer Agent (copied to the Trustee and
the Registrar) must receive: (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to debit from the transferor a Book-Entry Interest in an amount equal to
the Book-Entry Interest to be transferred or exchanged; (ii) a written order from a Participant directing the Registrar to cause
to be issued a Definitive Registered Note in an amount equal to the Book Entry Interest to be transferred or exchanged; and (iii)
instructions containing information regarding the Person in whose name such Definitive Registered Note shall be registered to effect
the transfer or exchange referred to above.

 

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In connection with
any transfer or exchange of Definitive Registered Notes, the Holder of such Notes shall present or surrender to the Registrar the
Definitive Registered Notes duly endorsed or accompanied by a written instruction of transfer in a form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, in connection with a transfer or exchange
of a Definitive Registered Note for a Book-Entry Interest, the Transfer Agent (copied to the Trustee) must receive a written order
directing the Depositary to credit the account of the transferee in an amount equal to the Book-Entry Interest to be transferred
or exchanged.

 

Upon satisfaction of
all of the requirements for transfer or exchange of Book-Entry Interests in Global Notes contained in this Indenture, the Transfer
Agent (copied to the Trustee or the Registrar), as specified in this Section 2.06, shall endorse the relevant Global Note(s) with
any increase or decrease and instruct the Depositary to reflect such increase or decrease in its systems.

 

Transfers of Book-Entry
Interests shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the U.S.
Securities Act. Transfers and exchanges of Book-Entry Interests for Book-Entry Interests also shall require compliance with either
subparagraph (b)(1) or (b)(2) below, as applicable, as well as subparagraph (b)(3) below, if applicable:

 

(1)         Transfer
of Book-Entry Interests in the Same Global Note. Book-Entry Interests in a Global Note may be transferred to Persons who take
delivery thereof in the form of a Book-Entry Interest in a Global Note in accordance with the transfer restrictions set forth in
the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, Book-Entry
Interests in the Regulation S Global Notes will be limited to persons that have accounts with DTC, or its Participants including,
Euroclear or Clearstream, and any sale or transfer of such interest to U.S. persons shall not be permitted during the Restricted
Period unless such resale or transfer is made pursuant to Rule 144A. No written orders or instructions shall be required to
be delivered to the Trustee to effect the transfers described in this Section 2.06(b)(1).

 

(2)         All
Other Transfers and Exchanges of Book-Entry Interests in Global Notes. A holder may transfer or exchange a Book-Entry Interest
in Global Notes in a transaction not subject to Section 2.06(b)(1) above only if the Trustee and the Registrar or the Transfer
Agent (copied to the Trustee) receives either:

 

(A)         both:

 

(i)          a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to credit or cause to be credited a Book-Entry Interest in another Global Note in an amount equal to the
Book-Entry Interest to be transferred or exchanged; and (ii) instructions given by the Depositary in accordance with the Applicable
Procedures containing information regarding the Participant’s account to be credited with such increase; or

 

(B)         both:

 

(i)          a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Registered Note in an amount equal to the Book-Entry Interest to be
transferred or exchanged; and

 

(ii)         instructions
given by the Depositary to the Registrar containing information specifying the identity of the Person in whose name such Definitive
Registered Note shall be registered to effect the transfer or exchange referred to in (1) above, the principal amount of such securities
and the CUSIP, ISIN, Common Code or other similar number identifying the Notes,

 

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provided that any such transfer
or exchange is made in accordance with the transfer restrictions set forth in the Private Placement Legend.

 

(3)         Transfer
of Book-Entry Interests to Another Global Note. A Book-Entry Interest in any Global Note may be transferred to a Person who
takes delivery thereof in the form of a Book-Entry Interest in another Global Note if the transfer complies with the requirements
of Section 2.06(b)(2) above and the Transfer Agent and the Registrar receives the following:

 

(A)         if
the transferee will take delivery in the form of a Book-Entry Interest in a Rule 144A Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and

 

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

 

(c)          Transfer
or Exchange of Book-Entry Interests in Global Notes for Definitive Registered Notes. If any holder of a Book-Entry Interest
in a Global Note proposes to exchange such Book-Entry Interest for a Definitive Registered Note or to transfer such Book-Entry
Interest to a Person who takes delivery thereof in the form of a Definitive Registered Note, then, upon receipt by the Trustee,
the Transfer Agent and the Registrar of the following documentation:

 

(1)         in
the case of a transfer on or before the expiration of the Restricted Period by a holder of a Book-Entry Interest in a Regulation
S Global Note, the Trustee and the Transfer Agent shall have received a certificate to the effect set forth in Exhibit B
hereto, including the certifications in either item (1) or item (2) thereof;

 

(2)         in
the case of an exchange by a holder of a Book-Entry Interest in a Global Note of such Book-Entry Interest for a Definitive Registered
Note, the Trustee and the Transfer Agent shall have received a certificate from such holder in the form of Exhibit C hereto,
including the certifications in items (1) thereof;

 

(3)         in
the case of a transfer after the expiration of the Restricted Period by a holder of a Book-Entry Interest in a Regulation S Global
Note, the transfer complies with Section 2.06(b);

 

(4)         in
the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note to a QIB in reliance on Rule 144A, the Trustee
and the Transfer Agent shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (1) thereof;

 

(5)         in
the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in reliance on Regulation S, the Trustee
and the Transfer Agent shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (2) thereof; or

 

(6)         in
the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in reliance on Rule 144, the Trustee and
the Transfer Agent shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3) thereof,

 

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the Trustee shall cause the aggregate principal
amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Issuer shall execute
and the Trustee or the Authenticating Agent shall authenticate and deliver to the Person designated in the instructions a Definitive
Registered Note in the appropriate principal amount. Any Definitive Registered Note issued in exchange for a Book-Entry Interest
in a Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination
or denominations as the holder of such Book-Entry Interest shall instruct the Registrar through instructions from the Depositary
and the Participant or Indirect Participant. The Registrar shall deliver such Definitive Registered Notes to the Persons in whose
names such Notes are so registered. Any Definitive Registered Note issued in exchange for a Book-Entry Interest in a Global Note
pursuant to this Section 2.06(c)) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer
contained therein.

 

(d)          Transfer
and Exchange of Definitive Registered Notes for Book-Entry Interests in the Global Notes. If any Holder of a Definitive Registered
Note proposes to exchange such Note for a Book-Entry Interest in a Global Note or to transfer such Definitive Registered Notes
to a Person who takes delivery thereof in the form of a Book-Entry Interest in a Global Note, then, upon receipt by the Trustee,
the Transfer Agent and the Registrar of the following documentation:

 

(1)         if
the Holder of such Definitive Registered Note proposes to exchange such Note for a Book-Entry Interest in a Global Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (2) thereof;

 

(2)         if
such Definitive Registered Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof;

 

(3)         if
such Definitive Registered Note is being transferred in reliance on Regulation S or Rule 144, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (2) or (3) thereof, as applicable;

 

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

 

and the Trustee will cancel the Definitive
Registered Note, and the Trustee will increase or cause to be increased the aggregate principal amount of, in the case of clause
(1) above, the appropriate Global Note, in the case of clause (2) above, the appropriate Rule 144A Global Note, in the case of
clause (3) above, the appropriate Global Note, and in the case of clause (4) above, the appropriate Global Note.

 

(e)          Transfer
and Exchange of Definitive Registered Notes for Definitive Registered Notes.

 

Definitive Registered
Notes may be transferred or exchanged in whole or in part, in minimum denominations of $200,000 in principal amount and integral
multiples of $1,000 in excess thereof, to persons who take delivery thereof in the form of Definitive Registered Notes in accordance
with this Section 2.06(e). Upon request by a Holder of Definitive Registered Notes and such Holder’s compliance with the
provisions of this Section 2.06(e), the Transfer Agent or the Registrar will register the transfer or exchange of Definitive Registered
Notes of which registration the Issuer will be informed by the Transfer Agent or the Registrar (as the case may be) upon request.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Transfer Agent or the
Registrar the Definitive Registered Notes duly endorsed and accompanied by a written instruction of transfer in a form satisfactory
to the Transfer Agent or the Registrar duly executed by such Holder or its attorney, duly authorized to execute the same in writing.
In the event that the Holder of such Definitive Registered Notes does not transfer the entire principal amount of Notes represented
by any such Definitive Registered Note, the Transfer Agent or the Registrar will cancel or cause to be cancelled such Definitive
Registered Note and the Issuer (who has been informed of such cancellation) shall execute and the Trustee or the Authenticating
Agent shall authenticate and deliver to the requesting Holder and any transferee Definitive Registered Notes in the appropriate
principal amounts. In addition, the requesting Holder shall provide any additional certifications, documents and information, as
applicable, required pursuant to the following provisions of this Section 2.06(e).

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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Any Definitive Registered
Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Definitive Registered
Note if the Registrar receives the following:

 

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

 

(2)         if
the transfer will be made in reliance on Regulation S, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof.

 

(f)          Legends.
The following legends will appear on the face of all Notes issued under this Indenture unless specifically stated otherwise in
the applicable provisions of this Indenture.

 

(1)         Private
Placement Legend. Each Global Note and each Definitive Registered Note (and all Notes issued in exchange therefor or in substitution
thereof) shall bear the legend in substantially the following form:

 

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

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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THE HOLDER OF THIS NOTE BY ITS
ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
U.S. SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT
TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (2) AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE
DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER
OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE
(OR ANY PREDECESSOR OF THIS NOTE)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF
AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED
IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S] ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE U.S. SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A UNDER THE U.S. SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS
GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED
STATES IN COMPLIANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT OR (E) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT, SUBJECT IN EACH OF THE FOREGOING CASES TO ANY REQUIREMENT OF LAW THAT THE
DISPOSITION OF ITS PROPERTY OR THE PROPERTY OF SUCH INVESTOR ACCOUNT OR ACCOUNTS BE AT ALL TIMES WITHIN ITS OR THEIR CONTROL AND
TO COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS, AND ANY APPLICABLE LOCAL LAWS AND REGULATIONS AND FURTHER SUBJECT TO THE
ISSUER’S AND THE TRUSTEE’S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO REQUIRE THE
DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, (II) IN EACH OF THE FOREGOING
CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS NOTE IS COMPLETED AND DELIVERED
BY THE TRANSFEROR TO THE TRUSTEE AND (III) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION
DATE.

 

BY ACCEPTING THIS NOTE (OR AN INTEREST
IN THE NOTES REPRESENTED HEREBY) EACH ACQUIROR AND EACH TRANSFEREE IS DEEMED TO REPRESENT, WARRANT AND AGREE THAT AT THE TIME OF
ITS ACQUISITION AND THROUGHOUT THE PERIOD THAT IT HOLDS THIS NOTE OR ANY INTEREST HEREIN (1) EITHER (A) IT IS NOT, AND IT IS NOT
ACTING ON BEHALF OF (AND FOR SO LONG AS IT HOLDS SUCH NOTES OR ANY INTEREST THEREIN IT WILL NOT BE, AND WILL NOT BE ACTING ON BEHALF
OF), AN EMPLOYEE BENEFIT PLAN (AS DEFINED IN SECTION 3(3) OF THE UNITED STATES EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”)), SUBJECT TO THE PROVISIONS OF PART 4 OF SUBTITLE B OF TITLE I OF ERISA, A PLAN TO WHICH SECTION
4975 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, (“CODE”), APPLIES, OR ANY ENTITY WHOSE UNDERLYING
ASSETS INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA)
BY REASON OF SUCH AN EMPLOYEE BENEFIT PLAN’S AND/OR PLAN’S INVESTMENT IN SUCH ENTITY (EACH, A “BENEFIT PLAN INVESTOR”),
OR A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS
THAT ARE SUBSTANTIALLY SIMILAR TO THE FIDUCIARY RESPONSIBILITY OR THE PROHIBITED TRANSACTION PROVISIONS OF ERISA AND/OR SECTION
4975 OF THE CODE (“SIMILAR LAWS”), AND NO PART OF THE ASSETS USED BY IT TO ACQUIRE OR HOLD THIS NOTE OR ANY INTEREST
HEREIN CONSTITUTES THE ASSETS OF ANY BENEFIT PLAN INVESTOR OR SUCH A GOVERNMENTAL, CHURCH OR NON-U.S. PLAN, OR (I) ITS ACQUISITION
AND HOLDING OF THE NOTES OR ANY INTEREST THEREIN WILL NOT CONSTITUTE OR RESULT IN A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION
406 OF ERISA OR SECTION 4975 OF THE CODE OR A VIOLATION UNDER SIMILAR LAWS, AND (II) NEITHER ISSUER NOR ANY OF ITS AFFILIATES IS
A “FIDUCIARY” (WITHIN THE MEANING OF ANY DEFINITION OF “FIDUCIARY” UNDER SIMILAR LAWS) WITH RESPECT TO
THE PURCHASER OR HOLDER IN CONNECTION WITH ANY PURCHASE OR HOLDING OF THE NOTES, OR AS A RESULT OF ANY EXERCISE BY THE ISSUER OR
ANY OF ITS AFFILIATES OF ANY RIGHTS IN CONNECTION WITH THE NOTES, AND NO ADVICE PROVIDED BY THE ISSUER OR ANY OF ITS AFFILIATES
HAS FORMED A PRIMARY BASIS FOR ANY INVESTMENT DECISION BY OR ON BEHALF OF THE PURCHASER OR HOLDER IN CONNECTION WITH THE NOTES
AND THE TRANSACTIONS CONTEMPLATED WITH RESPECT TO THE NOTES; AND (2) IT WILL NOT SELL OR OTHERWISE TRANSFER THIS NOTE OR ANY INTEREST
HEREIN OTHERWISE THAN TO A PURCHASER OR TRANSFEREE THAT IS DEEMED TO MAKE THESE SAME REPRESENTATIONS, WARRANTIES AND AGREEMENTS
WITH RESPECT TO ITS ACQUISITION, HOLDING AND DISPOSITION OF THIS NOTE.”

 

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

 

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

 

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

 

(h)          General
Provisions Relating to Transfers and Exchanges.

 

(1)         To
permit registrations of transfers and exchanges, the Issuer will execute and the Trustee or the Authenticating Agent will authenticate
Global Notes and Definitive Registered Notes upon receipt of an Authentication Order in accordance with Section 2.02 hereof or
at the Registrar’s request.

 

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(2)         No
service charge will be made by the Issuer or the Registrar to a Holder of a Book-Entry Interest in a Global Note, a Holder of a
Global Note or a Holder of a Definitive Registered Note for any registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any stamp duty, stamp duty reserve, documentary or other similar tax or governmental charge
that may be imposed in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange
or transfer pursuant to Sections 2.10, 3.06, 4.10 and 4.15 hereof).

 

(3)         No
Transfer Agent or Registrar will be required to register the transfer of or exchange any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part.

 

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

 

(5)         [Reserved].

 

(6)         The
Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such
Note for the purpose of receiving payment of principal of (and premium or Additional Amounts, if any) or interest on such Notes
and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary.

 

(7)         All
certifications, certificates and Opinions of Counsel required to be submitted to the Issuer, the Trustee, the Transfer Agent or
the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted initially by facsimile
with originals to be delivered promptly thereafter to the Trustee.

 

Section 2.07       Replacement
Notes.

 

(a)          If
any mutilated Note is surrendered to the Registrar, the Trustee or the Issuer and the Trustee receives evidence to its satisfaction
of the destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an Authentication Order,
will authenticate or cause the Authenticating Agent to authenticate a replacement Note if the Trustee’s requirements are
met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment
of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent from any loss that any of them may suffer if a Note
is replaced. The Issuer and the Trustee may charge the Holder for its expenses in replacing a Note, including but not limited to
reasonable fees and expenses of counsel.

 

(b)          Every
replacement Note is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder.

 

Section 2.08       Outstanding
Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee or the Authenticating Agent except for those canceled by it, those delivered
to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions
hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not
cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note; however, Notes held by the Issuer or any
of its Subsidiaries shall not be deemed to be outstanding for the purposes of Section 3.07(b) hereof.

 

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If a Note is replaced
pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Note is held by a protected purchaser. If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases
to be outstanding and interest on it ceases to accrue. If a Paying Agent (other than the Issuer, a Subsidiary of the Issuer or
an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date,
then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

 

Section 2.09       Treasury
Notes.

 

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

 

Section 2.10       Temporary
Notes.

 

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

 

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

 

Section 2.11       Cancellation.

 

The Issuer at any time
may deliver Notes to the Trustee for cancellation. The Registrar, each Paying Agent and any Transfer Agent will forward to the
Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee, in accordance with its customary
procedures, or at the direction of the Trustee, the Registrar or the Paying Agent and no one else will cancel (subject to the Trustee’s
retention policy) all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy
canceled Notes (subject to the record retention requirement of the U.S. Exchange Act). Certification of the destruction of all
canceled Notes will be delivered to the Issuer following a written request from the Issuer. The Issuer may not issue new Notes
to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. The Issuer undertakes to promptly
inform the Luxembourg Stock Exchange (as long as the Notes are admitted to trading on the Euro MTF Market and listed on the Official
List of the Luxembourg Stock Exchange) of any such cancellation.

 

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Section 2.12       Defaulted
Interest.

 

If the Issuer defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee as soon as practicable in writing of the amount
of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be
fixed each such special record date and payment date; provided that no such special record date may be less than ten (10)
days prior to the related payment date for such defaulted interest. At least fifteen (15) days before the special record date,
the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail or
cause to be mailed to the Holders in accordance with Section 14.01 hereof a notice that states the special record date, the related
payment date and the amount of such interest to be paid. The Issuer undertakes to promptly inform the Luxembourg Stock Exchange
(as long as the Notes are admitted to trading on the Euro MTF Market and listed on the Official List of the Luxembourg Stock Exchange)
of any such special record date.

 

Section 2.13       Further
Issues.

 

(a)          Subject
to compliance with Section 4.09 hereof, the Issuer may from time to time issue Additional Notes, which shall have identical terms
and conditions as the Initial Notes (save for payment of interest accruing prior to the issue date of such Additional Notes or
for the first payment of interest following the issue date of such Additional Notes). The Initial Notes and any Additional Notes
will be treated as a single class for all purposes under this Indenture, including, without limitation, with respect to waivers,
amendments, redemptions, and offers to purchase except as otherwise specified with respect to each series of Notes, provided, however,
that any such Additional Notes that are not fungible with the Initial Notes for U.S. federal income tax purposes will be issued
under a different CUSIP, ISIN, Common Code or other identifying number.

 

(b)          Whenever
it is proposed to create and issue any Additional Notes, the Issuer shall give to the Trustee not less than three Business Days’
notice in writing of its intention to do so, stating the amount of Additional Notes proposed to be created and issued.

 

Section 2.14       CUSIP,
ISIN or Common Code Number.

 

The Issuer in issuing
the Notes may use a “CUSIP”, “ISIN” or “Common Code” number and, if so, such CUSIP, ISIN or
Common Code number shall be included in notices of redemption or exchange as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code
number printed in the notice or on the Notes, and that reliance may be placed only on the other identification numbers printed
on the Notes, and any such redemption or exchange 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, ISIN or Common Code number.

 

Section 2.15       Deposit
of Moneys.

 

No later than 10:00 a.m.
(New York time), on the Business Day prior to each Interest Payment Date, the maturity date of the Notes and each payment date
relating to an Excess Proceeds Offer or a Change of Control Offer, and on the Business Day immediately following any acceleration
of the Notes pursuant to Section 6.02 hereof, the Issuer shall deposit with the Paying Agent, in immediately available same-day
freely transferrable funds, money in U.S. Dollars sufficient to make cash payments, if any, due on such day or date, as the case
may be. Subject to actual receipt of such funds as provided by this Section 2.15 by the designated Paying Agent, such Paying Agent
shall remit such payment in a timely manner to the Holders on such day or date, as the case may be, to the Persons and in the manner
set forth in paragraph 2 of the Notes. The Issuer shall promptly notify the Trustee and the Paying Agent of its failure to so act.

 

Section 2.16       Agents.

 

(a)          The
rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint or joint and several.

 

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(b)          The
Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by notice in writing
to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee.

 

(c)          The
Issuer shall provide the Agents with a certified list of authorized signatories.

 

(d)          The
Agents shall hold all funds as banker subject to the terms of this Indenture and as a result, such money shall not be held in accordance
with the rules established by the Financial Conduct Authority in the Financial Conduct Authority’s Handbook of rules and
guidance from time to time in relation to client money. Each Agent shall not be liable to account for any interest on money paid
to it. Money held by the Agent need not be segregated except as required by law.

 

ARTICLE
3

REDEMPTION AND PREPAYMENT

 

Section 3.01       Notices
to Trustee.

 

If the Issuer elects
to redeem Notes pursuant to the optional redemption provisions of Section 3.07 and 3.08 hereof, it shall deliver to the Trustee
in accordance with Section 14.01 hereof, at least 10 days but not more than 60 days before a redemption date, an Officer’s
Certificate setting forth:

 

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

 

(b)          the
redemption date and the record date;

 

(c)          the
principal amount of Notes to be redeemed;

 

(d)          the
redemption price;

 

(e)          beginning
and ending pool factor‎ (for Notes represented by a Global Note and subject to a partial redemption); ‎and

 

(f)          the
CUSIP, ISIN or Common Code numbers of the Notes, as applicable.

 

Section 3.02       Selection
of Notes to Be Redeemed or Purchased.

 

If less than all of
the Notes are to be redeemed or purchased in an offer to purchase at any time, the Paying Agent or Registrar will select the Notes
for redemption or purchase (or, in the case of any Global Notes, on a pro rata pass-through distribution basis and in accordance
with the procedures of DTC, on a pro rata basis in denominations of $1,000 in principal amount and integral multiples thereof)
unless otherwise required by law or applicable stock exchange or depository requirements. The Trustee, the Paying Agent and the
Registrar will not be liable for selections made by the Paying Agent or the Registrar in accordance with this Section 3.02.

 

Notices of purchase
or redemption will be given to each Holder pursuant to Sections 3.03 and 14.01 hereof.

 

If any Note is to be
redeemed in part only, the notice of redemption that relates to that Note will state the portion of the principal amount of that
Note that is to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note will be issued
in the name of the Holder upon cancellation of the original Note. Notes called for redemption become due on the date fixed for
redemption. On and after the redemption date, interest ceases to accrue on Notes or portions of Notes called for redemption.

 

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In relation to Definitive
Registered Notes, a new Note in principal amount equal to the unpurchased or unredeemed portion of any Note purchased or redeemed
in part will be issued in the name of the Holder thereof upon cancellation of the original Note. On or after any purchase or redemption
date, unless the Issuer defaults in payment of the purchase or redemption price, interest shall cease to accrue on Notes or portions
thereof tendered for purchase or called for redemption.

 

Section 3.03       Notice
of Redemption.

 

(a)          At
least 10 days but not more than 60 days before a redemption date, the Issuer will mail by first class mail (or deliver by means
of publication through DTC) a notice of redemption to each Holder whose Notes are to be redeemed at its address as it appears on
the register of the relevant Registrar, except that redemption notices may be mailed, or delivered, more than 60 days prior to
a redemption date if the notice is issued in connection with a defeasance of the Notes or the satisfaction and discharge of this
Indenture pursuant to Articles 8 or 13 hereof. So long as any Notes are admitted to trading on the Euro MTF Market and listed on
the Official List of the Luxembourg Stock Exchange and the rules of the Luxembourg Stock Exchange so require, any such notice to
the Holders of the relevant Notes shall , to the extent and in the manner permitted by such rules, be posted on the official website
of the Luxembourg Stock Exchange (www.bourse.lu) and, in connection with any redemption, the Issuer will forthwith notify
the Luxembourg Stock Exchange of any change in the principal amount of Notes Outstanding.

 

(b)          The
notice will identify the Notes to be redeemed and corresponding CUSIP, ISIN or Common Code numbers, as applicable, and will state:

 

(1)         the
redemption date and the record date;

 

(2)         the
redemption price and the amount of accrued interest, if any, and Additional Amounts, if any, to be paid;

 

(3)         if
any Global Note is being redeemed in part, the portion of the principal amount of such Global Note to be redeemed and that, after
the redemption date upon surrender (if applicable) of such Global Note, the principal amount thereof will be decreased by the portion
thereof redeemed pursuant thereto;

 

(4)         if
any Definitive Registered Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed, and
that, after the redemption date, upon surrender of such Note, a new Definitive Registered Note or Definitive Registered Notes in
principal amount equal to the unredeemed portion thereof will be issued in the name of the Holder thereof upon cancellation of
the original Definitive Registered Note;

 

(5)         the
name and address of the Paying Agent(s) to which the Notes are to be surrendered for redemption;

 

(6)         that
Notes called for redemption must be surrendered to the relevant Paying Agent to collect the redemption price, plus accrued and
unpaid interest, if any, and Additional Amounts, if any;

 

(7)         that,
unless the Issuer defaults in making such redemption payment, interest, and Additional Amounts, if any, on Notes called for redemption
cease to accrue on and after the redemption date;

 

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

 

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(9)         that
no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code numbers, if any, listed in such notice
or printed on the Notes.

 

(c)          At
the Issuer’s request, the Trustee (or the Paying Agent) will give the notice of redemption in the Issuer’s name and
at its expense in accordance with Section 14.01 hereof; provided, however, that the Issuer will have delivered to the Trustee,
at least ten days prior to the date the notice is required to be delivered pursuant to clause (a) above, an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph.

 

Section 3.04       Effect
of Notice of Redemption.

 

A notice of redemption
may, at the Issuer’s discretion, be subject to satisfaction of one or more conditions precedent. On and after a redemption
date, unless the Issuer defaults in payment of the purchase or redemption price, interest shall cease to accrue on such Notes or
portion of them called for redemption.

 

Section 3.05       Deposit
of Redemption or Purchase Price.

 

(a)          No
later than 10:00 a.m. (New York time) on the Business Day prior to the redemption or purchase date, the Issuer will deposit
with the Trustee or with the Paying Agent money in U.S. Dollars sufficient to pay the redemption or purchase price of, and accrued
interest and Additional Amounts (if any) on, all Notes to be redeemed on that date. The Trustee or the Paying Agent will promptly
return to the Issuer any money deposited with the Trustee or the Paying Agent, as applicable, by the Issuer in excess of the amounts
necessary to pay the redemption or purchase price of, and accrued interest and Additional Amounts, if any, on, all Notes to be
purchased or redeemed.

 

(b)          If
the Issuer complies with the provisions of Section 3.05(a) hereof, on and after the redemption or purchase date, interest will
cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on
or after a record date for the payment of interest but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any
Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Issuer
to comply with Section 3.05(a) hereof, interest shall be paid on the unpaid principal, from the redemption or purchase date until
such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided
in the Notes and in Section 4.01 hereof.

 

Section 3.06       Notes
Redeemed or Purchased in Part.

 

Upon surrender of a
Definitive Registered Note that is redeemed or purchased in part, the Issuer will issue and, upon receipt of an Authentication
Order, the Trustee or the Authenticating Agent will authenticate for (and in the name of) the Holder at the expense of the Issuer
a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered; provided that any
Definitive Registered Note shall be in a principal amount of $200,000 or an integral multiple of $1,000 above $200,000.

 

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Section 3.07       Optional
Redemption.

 

Except pursuant to
this Section 3.07 and Section 3.08 hereof, the Notes are not redeemable at the Issuer’s option. The Issuer is not, however,
prohibited from acquiring the Notes by means other than a redemption, whether pursuant to a tender offer, open market purchase
or otherwise, so long as the acquisition does not otherwise violate the terms of this Indenture. The Issuer may make any redemption
or redemption notice subject to the satisfaction of conditions precedent. If such redemption or notice is subject to satisfaction
of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be
delayed until such time (but no more than 60 days after the date of the notice of redemption) as any or all such conditions shall
be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall
not have been satisfied or waived by the redemption date, or by the redemption date as so delayed, or such notice may be rescinded
at any time in the Issuer’s discretion if in the good faith judgement of the Issuer any or all of such conditions will not
be satisfied or waived. In addition, the Issuer may provide in such notice that payment of the redemption price and performance
of the Issuer’s obligations with respect to such redemption may be performed by another Person.

 

If a redemption date
is not a Business Day, payment may be made on the next succeeding day that is a Business Day, and no interest shall accrue on any
amount that would have been otherwise payable on such redemption date if it were a Business Day for the intervening period. If
the optional redemption date is on or after an interest record date and on or before the related interest payment date, the accrued
and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business on such record
date and no additional interest will be payable to Holders whose Notes will be subject to redemption.

 

(a)          At
any time prior to March 25, 2024, upon not less than 10 nor more than 60 days’ notice to the Trustee and the Holders,
the Issuer may on any one or more occasions redeem up to 40% of the original aggregate principal amount of Notes (including Additional
Notes) at a redemption price of 106.250% of their principal amount, plus accrued and unpaid interest, if any, to the redemption
date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest
payment date), with the proceeds from one or more Equity Offerings or any sale of Qualified Capital Stock of any Restricted Subsidiary
of the Issuer. The Issuer may only do this, however, if:

 

(1)         at
least 50% of the aggregate principal amount of Notes that were initially issued under this Indenture would remain outstanding immediately
after the proposed redemption; and

 

(2)         the
redemption occurs within 180 days after the closing of such Equity Offering or sale of Qualified Capital Stock.

 

Any notice for such
a redemption may be given prior to completing the Equity Offering or sale of Qualified Capital Stock and be conditioned upon its
completion.

 

(b)          At
any time prior to March 25, 2024, upon not less than 10 nor more than 60 days’ notice to the Trustee and the Holders, the
Issuer may on any one or more occasions redeem up to 40% of the original aggregate principal amount of Notes (including Additional
Notes) at a redemption price of 106.250% of their principal amount, plus accrued and unpaid interest, if any, to the redemption
date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date), with the Net Available Proceeds from one or more Specified Subsidiary Sales. The Issuer may only do this, however, if:

 

(1)         at
least 50% of the aggregate principal amount of Notes that were initially issued would remain outstanding immediately after the
proposed redemption; and

 

(2)         the
redemption occurs within 365 days from the later of the date of such Specified Subsidiary Sale or the receipt of such Net Available
Proceeds.

 

(c)          During
each 12 month period commencing on the Issue Date and ending on March 25, 2024, upon not less than 10 nor more than 60 days’
prior notice to the Trustee and the Holders, the Issuer may redeem up to 10% of the original aggregate principal amount of the
Notes (including Additional Notes) at a redemption price equal to 103% of the principal amount of the Notes redeemed, plus accrued
and unpaid interest and Additional Amounts, if any, to the applicable redemption date (subject to the right of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date).

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(d)          At
any time prior to March 25, 2024, upon not less than 10 nor more than 60 days’ notice to the Trustee and the Holders, the
Issuer may also redeem all or part of the Notes (including Additional Notes) at a redemption price equal to 100% of the principal
amount thereof plus the Applicable Redemption Premium and accrued and unpaid interest and Additional Amounts, if any, to the date
of redemption, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date.

 

(e)          At
any time on or after March 25, 2024 and prior to maturity, upon not less than 10 nor more than 60 days’ notice to the Trustee
and the Holders, the Issuer may redeem all or part of the Notes. These redemptions will be in amounts of $200,000 or integral multiples
of $1,000 in excess thereof at the following redemption prices (expressed as percentages of their principal amount at maturity),
plus accrued and unpaid interest and Additional Amounts, if any, to the redemption date, if redeemed during the 12- month period
commencing on March 25 of the years set forth below:

 

	Year	 	Redemption
 Price	 
	2024	 	 	103.125	%
	2025	 	 	102.083	%
	2026	 	 	101.042	%
	2027 and thereafter	 	 	100.000	%

 

Section 3.08       Redemption
upon changes in withholding taxes.

 

The Issuer may redeem
the Notes, in whole but not in part, at its option, at 100% of the outstanding principal amount thereof plus accrued and unpaid
interest to the date of redemption and any Additional Amounts (as defined under Section 4.22(a) hereof) payable with respect thereto,
if:

 

(a)          as
a result of (i) any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of
any Relevant Taxing Jurisdiction (as defined under Section 4.22(a) hereof) affecting taxation which is publicly announced and becomes
effective on or after the Issue Date or, if such Relevant Taxing Jurisdiction has become a Relevant Taxing Jurisdiction after the
Issue Date, on or after the date on which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction under this Indenture
or (ii) any change in, or amendment to, the existing official published position (including any such change or amendment occurring
as a result of the introduction of an official position) regarding the application, administration or interpretation of the laws
or treaties (or any regulations or rulings promulgated thereunder) of any Relevant Taxing Jurisdiction (including any such change
or amendment occurring as a result of a holding, judgment or order by a court of competent jurisdiction or a change in published
practice), which change or amendment is publicly announced and, where applicable, becomes effective on or after the Issue Date
or, if such Relevant Taxing Jurisdiction has become a Relevant Taxing Jurisdiction after the Issue Date, on or after the date on
which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction under this Indenture (either, a “Change
in Tax Law”), the Issuer has or will become obligated to pay Additional Amounts; and

 

(b)          such
obligation cannot be avoided by the Issuer taking reasonable measures available to it; provided, however, that for
this purpose reasonable measures shall not include any change in the Issuer’s jurisdiction of organization or the location
of its principal executive office, or the incurrence of material out of pocket costs by it. No such notice of redemption will be
given earlier than 90 days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if
a payment in respect of the Notes were then due.

 

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Prior to the publication
or mailing of any notice of redemption of the Notes as described below, the Issuer must deliver to the Trustee (i) an Officers’
Certificate stating that the Issuer is entitled to effect such redemption and (ii) an opinion of legal counsel of recognized standing
stating that the Issuer has or will become obligated to pay Additional Amounts due to a Change in Tax Law. The Trustee will accept
and shall be entitled to rely on this certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent
set forth in clauses (1) and (2) above, upon which it will be conclusive and binding on the Holders.

 

Section 3.09       Escrow
of Proceeds; Special Mandatory Redemption.

 

(a)          The
Issuer may request the Escrow Agent to release all of the Escrowed Property from the Escrow Account to fund the Telefonica Costa
Rica Acquisition, the Telefonica Nicaragua Acquisition or the Telefonica Panama Acquisition (the “Relevant Telefonica
CAM Acquisition”) substantially concurrently with the closing of the Relevant Telefonica CAM Acquisition. Notwithstanding
the foregoing, the Issuer shall be required to request a Release (as defined below) to finance the first Relevant Telefonica CAM
Acquisition to close; provided that the foregoing requirement shall not apply in the event that any Subsidiary or Affiliate of
the Issuer, including Cable Onda, issues securities or otherwise raises financing, for the purposes of financing the Telefonica
Panama Acquisition, before or substantially concurrently with the closing of the Telefonica Panama Acquisition (the “Alternative
Panama Financing”).

 

The Issuer may request
the Escrow Agent to release all of the Escrowed Property to the Issuer (a “Release”) upon delivery by the Issuer
to the Escrow Agent and the Trustee shall have received from the Issuer, on or before the Escrow Longstop Date, an Officer’s
Certificate, upon which both the Escrow Agent and the Trustee shall be entitled to rely absolutely without further investigation,
to the effect that:

 

(1)         (i)
a Relevant Telefonica CAM Acquisition (which shall be identified) will be consummated promptly upon such Release of the Escrowed
Property and (ii) since the Issue Date, no material term or condition of the Relevant Telefonica CAM Acquisition Agreement to be
consummated promptly upon such Release has been amended or waived in a manner or to an extent that would be materially prejudicial
to the interests of Holders, other than any amendment or waiver made with the consent of Holders of a majority of the Outstanding
Notes;

 

(2)         promptly
after consummation of the Relevant Telefonica CAM Acquisition, (i) in the case of either the Telefonica Costa Rica Acquisition
or the Telefonica Nicaragua Acquisition, the Issuer or a Subsidiary or Affiliate or joint venture of the Issuer will own, directly
or indirectly, 100% of the outstanding shares of either Telefonica de Costa Rica TC, S.A. or Telefonia de Celular de Nicaragua,
S.A., as applicable, or, (ii) in the case of the Telefonica Panama Acquisition, the Issuer or a Subsidiary or Affiliate or joint
venture of the Issuer will own, directly or indirectly, 100% of the outstanding shares of Telefonica Móviles Panama, S.A.;
and

 

(3)         as
at the date of such Officer’s Certificate, there is no Default or Event of Default with respect to the Issuer under clauses
(8) or (9) of Section 6.01 hereof.

 

(b)          The
Escrowed Property to be released in connection with any Release will be paid out in accordance with the Escrow Agreement and the
Escrowed Property will be reduced accordingly. Unless the Escrowed Property has been released as contemplated above, then in the
event that (i) (A) neither the Telefonica Costa Rica Acquisition Completion Date nor the Telefonica Nicaragua Acquisition Completion
Date has occurred on or prior to the Escrow Longstop Date and (B) where there is no Alternative Panama Financing, the Telefonica
Panama Acquisition Completion Date has not occurred on or prior to the Escrow Longstop Date, (ii) in the reasonable judgment of
the Issuer, no Relevant Telefonica CAM Acquisition (except the Telefonica Panama Acquisition, but only where there is Alternative
Panama Financing) will be consummated on or prior to the Escrow Longstop Date, (iii) all of the Telefonica CAM Acquisition Agreements
(except the Telefonica Panama Acquisition Agreement, but only where there is Alternative Panama Financing) have been terminated
at any time on or prior to the Escrow Longstop Date, or (iv) there is a Default or an Event of Default with respect to the Issuer
under clauses (8) or (9) of Section 6.01 on or prior to the Escrow Longstop Date, (the date of any such (i) to (iv) event being
the “Special Termination Date”), the Issuer will redeem Notes in an aggregate principal amount of $500,000,000
(the “Special Mandatory Redemption”) at a price (the “Special Mandatory Redemption Price”)
equal to (v) 100% of the aggregate issue price of the Notes so redeemed if the date of the Special Mandatory Redemption occurs
on or prior to September 25, 2019 or (x) 101% of the aggregate issue price of the Notes so redeemed if the date of the Special
Mandatory Redemption occurs after September 25, 2019, in each case, plus accrued but unpaid interest and Additional Amounts, if
any, (y) from the Issue Date but excluding the payment date of the Special Mandatory Redemption Price or (z) if applicable, from
the most recent date on which interest on the Notes was paid or provided for, to, but excluding the payment date of the Special
Mandatory Redemption Price (subject to the right of Holders of record on the relevant record date to receive interest due on the
relevant interest payment date).

 

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(c)          Notice
of the Special Mandatory Redemption will be delivered by the Issuer, no later than one Business Day following the Special Termination
Date, to the Trustee, the Paying Agent and the Escrow Agent, and will provide that the Notes shall be redeemed on a date that is
not less than two Business Days prior and not later than the fifth Business Day after such notice is given by the Issuer in accordance
with the terms of the Escrow Agreement (the “Special Mandatory Redemption Date”).

 

(d)          No
later than 12:00 p.m. New York time on the Business Day prior to the Special Mandatory Redemption Date, the Escrow Agent shall
have paid to the Issuer, and the Issuer shall subsequently have paid to the Paying Agent, for payment to each Holder of the Special
Mandatory Redemption Price for such Holder’s Notes and, concurrently with the payment to such Holders, deliver any excess
Escrowed Property (if any) to the Issuer.

 

(e)          In
the event that the Special Mandatory Redemption Price payable upon such Special Mandatory Redemption exceeds the amount of the
Escrowed Property, the Issuer will pay the accrued and unpaid interest and Additional Amounts, if any, and any other amounts owing
to the Holders.

 

(f)          If
at the time of such Special Mandatory Redemption, the Notes are listed on the Official List of the Luxembourg Stock Exchange and
admitted to trading on the Euro MTF Market, and the rules of the Luxembourg Stock Exchange so require, the Issuer will notify the
Luxembourg Stock Exchange that the Special Mandatory Redemption has occurred and any relevant details relating to such Special
Mandatory Redemption.

 

(g)          No
provisions of the Escrow Agreement and, to the extent such provisions relate to the Issuer’s obligation to redeem the Notes
in a Special Mandatory Redemption, this Indenture, may be amended, waived or modified in any manner materially adverse to the Holders
of the Notes without the consent of Holders of a majority of the Outstanding Notes. By accepting a Note, each Holder will be deemed
to have agreed to be bound by the terms of the Escrow Agreement and have irrevocably authorized the Trustee to take all the actions
set forth in the Escrow Agreement without the need for further direction from them under this Indenture.

 

Section 3.10       Sinking
fund.

 

Except as set forth
under Section 3.09 of this Indenture, the Issuer will not be required to make any other mandatory redemption or sinking fund payments
with respect to the Notes .

 

Section 3.11       [Reserved].

 

Section 3.12       Offer
to Purchase by Application of Excess Proceeds.

 

(a)          In
the event that, pursuant to Section 4.10 hereof, the Issuer is required to commence an offer to all Holders to purchase the Notes
(an “Excess Proceeds Offer”), it will follow the procedures specified in this Section 3.12.

 

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(b)          Each
Excess Proceeds Offer will be made to all Holders and, to the extent applicable, to all holders of other Debt that is pari passu
with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase, prepay or
redeem with the proceeds of sales of assets. Each Excess Proceeds Offer will remain open for a period of at least 20 Business Days
and not more than 60 Business Days, following its commencement except to the extent that a longer period is required by applicable
law (the “Offer Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase
Date”), the Issuer will apply all Excess Proceeds, in the case of an Excess Proceeds Offer (the “Offer Amount”)
to the purchase of the Notes and, if applicable, such other Pari Passu Debt (on a pro rata basis based on the principal
amount of the Notes and such other Pari Passu Debt surrendered, if applicable or, if less than the Offer Amount has been tendered,
all Notes and, if applicable, other Debt tendered in response to the Excess Proceeds Offer). Payment for any Notes so purchased
will be made in the same manner as interest payments are made.

 

(c)          If
the Purchase Date is on or after a record date for the payment of interest and on or before the related payment date, any accrued
and unpaid interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record
date, and no additional interest will be payable to Holders who tender Notes pursuant to the Excess Proceeds Offer.

 

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

 

(1)         that
the Excess Proceeds Offer is being made pursuant to this Section 3.12 and Section 4.10 hereof and the length of time the Excess
Proceeds Offer will remain open;

 

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

 

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

 

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

 

(5)         that
Holders electing to have a Note purchased pursuant to an Excess Proceeds Offer may elect to have Notes purchased in whole or in
part in a minimum amount of $200,000 and integral multiples of $1,000 in excess thereof;

 

(6)         that
Holders electing to have a Note purchased pursuant to any Excess Proceeds Offer will be required to surrender the Note, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry
transfer through the facilities of the Depositary, to the account of the Issuer, or a Paying Agent at the address specified in
the notice at least three days before the Purchase Date;

 

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

 

(8)         that,
if the aggregate principal amount of Notes and other Pari Passu Debt surrendered by holders thereof exceeds the Offer Amount, the
Issuer will select the Notes and other Pari Passu Debt to be purchased on a pro rata basis based on the principal amount
of Notes and such other Pari Passu Debt surrendered (with such adjustments as may be deemed appropriate by the Issuer such that
Notes will be purchased in whole or in part in a minimum amount of $200,000 and integral multiples of $1,000 in excess thereof);
and

 

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

 

(e)          On
or before the Purchase Date, the Issuer will, to the extent lawful, accept for payment, on a pro rata basis to the extent
necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Excess Proceeds Offer, or if less than the Offer
Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating that such Notes or portions thereof were accepted for payment by the Issuer
in accordance with the terms of this Section 3.12. The Issuer or its Paying Agent, as the case may be, will promptly (but in any
case not later than five days after the Purchase Date) mail or deliver to each tendering Holder in the manner specified in the
Notes an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Issuer for purchase. In connection
with any purchase of Global Notes pursuant hereto, the Trustee will endorse such Global Notes to reflect the decrease in principal
amount of such Global Note resulting from such purchase. In connection with any partial purchase of Definitive Registered Notes,
the Issuer will promptly issue a new Definitive Registered Note, and the Trustee, upon written request from the Issuer, will procure
the authentication of and mail or deliver such new Definitive Registered Note to the tendering Holder, in a principal amount equal
to any unpurchased portion of the Definitive Registered Note surrendered. Any Note tendered but not accepted will be promptly mailed
or delivered by the Issuer to the Holder thereof. The Issuer will publicly announce and inform the Luxembourg Stock Exchange (for
as long as the Notes (if any) are admitted to trading on the Euro MTF Market and listed on the Official List of the Luxembourg
Stock Exchange) of the results of the Excess Proceeds Offer on the Purchase Date.

 

(f)          Other
than as specifically provided in this Section 3.12, any purchase pursuant to this Section 3.12 shall be made pursuant to the
provisions of Sections 3.01 through 3.06 hereof (it being understood that any purchase pursuant to this Section 3.12 shall not
be subject to conditions precedent).

 

Section 3.13       Post-Tender
Redemption.

 

In connection with
any tender offer or other offer to purchase for all of the Notes, (including, for the avoidance of doubt, any Change of Control
Offer or Excess Proceeds Offer (each as defined herein)), if Holders of not less than 90% of the aggregate principal amount of
the then Outstanding Notes validly tender and do not validly withdraw such Notes in such tender offer and the Issuer, or any third
party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not validly withdrawn by
such Holders, the Issuer or such third party will have the right upon not less than 10 nor more than 60 days’ notice to the
Trustee and the Holders, given not more than 30 days following such tender offer expiration date, to redeem all Notes, that remain
Outstanding following such purchase at a price equal to the price paid to each other Holder (excluding any early tender or incentive
fee) in such tender offer, plus, to the extent not included in the tender offer payment, accrued and unpaid interest, if any, thereon,
to, but excluding, the date of such redemption.

 

ARTICLE
4

COVENANTS

 

Section 4.01       Payment
of Notes.

 

The Issuer will pay
or cause to be paid the principal of, premium on, if any, interest and Additional Amounts, if any, on, the Notes on the dates and
in the manner provided in the Notes and this Indenture. Principal, premium, if any, interest and Additional Amounts, if any, will
be considered paid on the date due if the Trustee or the Paying Agent, if other than the Issuer, holds as of 10:00 a.m. (New
York time) one Business Day prior to the due date money deposited by the Issuer in immediately available same-day freely transferrable
funds and designated for and sufficient to pay all principal, premium, if any, and interest and Additional Amounts, if any, then
due. If the Issuer or any of its Subsidiaries acts as Paying Agent, principal, premium, if any, interest and Additional Amounts,
if any, shall be considered paid on the due date if the entity acting as Paying Agent complies with Section 2.04 hereof.

 

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Principal of, interest,
premium, if any, and Additional Amounts, if any, on the Notes will be payable at the specified office or agency of the Paying Agent.
All payments on the Global Notes will be made by transfer of immediately available funds to an account of the Holder of the Global
Notes in accordance with instructions given by that Holder.

 

Principal of, interest,
premium, if any, and Additional Amounts, if any, on any Definitive Registered Notes will be payable at the specified office or
agency of any Paying Agent in any location required to be maintained for such purposes pursuant to Section 2.03 hereof. In addition,
interest on Definitive Registered Notes may be paid by check mailed to the person entitled thereto as shown on the Register for
such Definitive Registered Notes.

 

The Issuer will pay
interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any,
from time to time on demand at the then applicable interest rate on the Notes. The Issuer will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Amounts, if any (without
regard to any applicable grace period), at the then applicable interest rate on the Notes to the extent lawful.

 

The Paying Agent shall
be entitled to make payments net of any taxes or other sums required by applicable law to be withheld or deducted.

 

Section 4.02       Maintenance
of Office or Agency.

 

The Issuer will maintain
the offices and agencies specified in Section 2.03 hereof. The Issuer shall give prompt written notice to the Trustee of the location,
and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office
or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the trust office of the Trustee (the address of which is specified in Section 14.01 hereof).

 

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

 

The Issuer hereby designates
the trust office of the Trustee (the address of which is specified in Section 14.01 hereof) as one such office or agency of the
Issuer in accordance with Section 2.03 hereof.

 

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Section 4.03       Provision
of financial information.

 

(a)          The
Issuer will furnish to the Trustee:

 

(1)         within
120 days after the end of the Issuer’s fiscal year, as applicable, beginning with the fiscal year ended December 31, 2019,
annual reports containing: (i) a discussion of the Issuer’s financial results including information similar to that in the
section in the Issuer's annual report on Form 20-F for the year ended December 31, 2018, which was filed with the SEC on February
28, 2019, incorporated by reference in the offering memorandum entitled “Management’s Discussion and Analysis of
Financial Condition and Results of Operations”; (ii) the audited consolidated statement of financial position of the
Issuer as at the end of the most recent two fiscal years and audited consolidated income statements and statements of cash flow
of Issuer for the most recent three fiscal years, including notes to such financial statements, for and as at the end of such fiscal
years and the report of the independent auditors on the financial statements; and (iii) if required under IFRS, a pro forma
income statement and a statement of financial position information of the Issuer, together with explanatory footnotes, for any
acquisitions, dispositions or recapitalizations that have occurred since the beginning of the most recently completed fiscal year
as to which such annual report relates (unless such pro forma information has been provided in a previous report pursuant
to clause (b) or (c) below); provided that such pro forma financial information will be provided only to the
extent available without unreasonable expense, in which case the Issuer will provide, in the case of a material acquisition, acquired
company financials to the extent available without unreasonable expense;

 

(2)         within
60 days after the end of each of the first three fiscal quarters of the Issuer’s fiscal year, as applicable, beginning with
the quarter ended March 31, 2019, quarterly reports containing the following information: (i) the unaudited condensed consolidated
statement of financial position of the Issuer as at the end of such quarter and unaudited condensed consolidated income statements
and statements of cash flow of each of the Issuer for the most recent quarter and year to date periods ending on the unaudited
condensed consolidated statement of financial position date and the comparable prior period (as determined by the IFRS standard
on preparation of interim condensed consolidated financial statements) and (ii) a copy of the related operating and financial review
included in the quarterly earnings release of the Issuer for the applicable fiscal quarter; and within 90 days after the end of
each of the first three fiscal quarters of each of the Issuer’s fiscal year, as applicable, if required under IFRS, a pro
forma interim condensed consolidated income statement and a statement of financial position of the Issuer, together with explanatory
footnotes, for any material acquisitions, dispositions or recapitalizations that have occurred since the beginning of the most
recently completed fiscal year as to which such quarterly report relates; provided that such pro forma financial
information will be provided only to the extent available without unreasonable expense, in which case the Issuer will provide,
in the case of a material acquisition, acquired company financial statements to the extent available without unreasonable expense,
provided that for so long as the Issuer maintains a listing on the Nasdaq Stockholm Exchange, the quarterly reports filed
by the Issuer as required by the rules of the Nasdaq Stockholm Exchange shall be deemed to fulfill the requirements of this clause
(2); and

 

(3)         promptly
after the occurrence of any material acquisition, disposition or restructuring of the Issuer and its Subsidiaries taken as a whole,
or any changes of the Chief Executive Officer or Chief Financial Officer at the Issuer, or a change in the auditors of the Issuer,
or any other material event that the Issuer announces publicly, a press release or report containing a description of such event.

 

(b)          At
any time that any of the Issuer’s Subsidiaries are Unrestricted Subsidiaries and any such Unrestricted Subsidiary or group
of Unrestricted Subsidiaries, if taken together as one Subsidiary, constitutes a “significant subsidiary” of the Issuer,
as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the U.S. Securities Act, then the annual and quarterly
financial information required by clauses (a)(1) and (a)(2) of this Section 4.03 shall include either (i) 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
the Unrestricted Subsidiaries of the Issuer, or (ii) stand-alone audited or unaudited financial statements, as the case may
be, of such Unrestricted Subsidiary or Unrestricted Subsidiaries (as a group or otherwise) together with an unaudited reconciliation
to the financial information of the Issuer and its Subsidiaries, which reconciliation shall include the following items: Revenue,
Gross profit, Consolidated EBITDA, Net profit (loss), Cash and cash equivalents, Total assets, Total liabilities, Total equity
and interest expense.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(c)          In
addition, so long as the Notes remain Outstanding and during any period during which the Issuer is not subject to Section 13 or
15(d) of the Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b), the Issuer will furnish to Holders, holders of beneficial
owners and prospective purchasers of the Notes upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act.

 

(d)          The
Issuer will also make available copies of all reports furnished to the Trustee (i) on the Issuer’s website, and (ii) for
so long as the Notes are listed on the Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market and to the extent
that the rules of the Luxembourg Stock Exchange so require, copies of such reports will be available during normal business hours
at the offices of the Paying Agent.

 

Section 4.04       Compliance
Certificate.

 

(a)          The
Issuer shall 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 Subsidiaries during the preceding fiscal year has been made under the supervision
of the signing Officers with a view to determining whether the Issuer has kept, observed, performed and fulfilled its obligations
under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge,
the Issuer has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of
Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the
Issuer is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of, premium on, if any, interest or Additional Amounts,
if any, on, the Notes is prohibited or if such event has occurred, a description of the event and what action the Issuer is taking
or proposes to take with respect thereto.

 

(b)          So
long as any of the Notes are Outstanding, the Issuer will deliver to the Trustee, forthwith but not later than 30 days upon any
Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default
and what action the Issuer is taking or proposes to take with respect thereto.

 

Section 4.05       [Reserved].

 

Section 4.06       Stay,
Extension and Usury Laws.

 

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

 

Section 4.07       [Reserved].

 

Section 4.08       [Reserved].

 

Section 4.09       Limitation
on Debt.

 

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(a)          The
Issuer may not, and may not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Debt; provided
that the Issuer and any of its Restricted Subsidiaries may Incur Debt if at the time of such Incurrence and after giving effect
to the Incurrence of such Debt and the application of the proceeds thereof, on a pro forma basis, the Net Leverage Ratio is less
than 3.0 to 1.0.

 

(b)          Notwithstanding
the limitation in Section 4.09(a), the following Debt (“Permitted Debt”) may be Incurred:

 

(1)         the
Incurrence by the Issuer of Debt pursuant to the Notes (other than Additional Notes);

 

(2)         any
Debt of the Issuer or any of its Restricted Subsidiaries outstanding on the Issue Date after giving effect to the use of proceeds
of the Notes;

 

(3)         Pari
Passu Debt of the Issuer and Debt of its Restricted Subsidiaries under Credit Facilities in an aggregate principal amount at any
one time outstanding that does not exceed an amount equal to the greater of (x) $500 million and (y) 8% of Total Assets; and any
Permitted Refinancing Debt in respect thereof, plus, (A) any accrual or accretion of interest that increases the principal amount
of Debt under Credit Facilities and (B) in the case of any refinancing of Debt permitted under this clause (iii) or any portion
thereof, the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection with
such refinancing;

 

(4)         Debt
owed by the Issuer to any of its Restricted Subsidiaries or Debt owed by any Restricted Subsidiary of the Issuer to the Issuer
or any other Restricted Subsidiary of the Issuer; provided, however, that (A) if the Issuer is the obligor on such
Debt and the payee is not the Issuer, such Debt must be unsecured and expressly subordinated to the prior payment in full in cash
of all obligations then due with respect to the Issuer’s obligations under the Notes, and (B) either (x) the transfer or
other disposition by the Issuer or such Restricted Subsidiary of any Debt so permitted to a Person (other than to the Issuer or
any of its Restricted Subsidiaries) or (y) such Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Issuer, will
at the time of such transfer or other disposition, in each case, be deemed to be an Incurrence of such Debt not permitted by this
clause (4);

 

(5)         the
Guarantee by the Issuer or any of its Restricted Subsidiaries of Debt of any of the Issuer’s Restricted Subsidiaries to the
extent that the Guaranteed Debt was permitted to be Incurred by another provision of this Section 4.09;

 

(6)         Acquired
Debt;

 

(7)         Minority
Shareholder Loans;

 

(8)         the
Incurrence by the Issuer or any of its Restricted Subsidiaries of Permitted Refinancing Debt in exchange for, or the net proceeds
of which are used to refund, replace or refinance, Debt Incurred by it pursuant to Section 4.09(a) and clauses (1), (2), (6) and
(8) of this Section 4.09(b), as the case may be;

 

(9)         Debt
of the Issuer or any of its Restricted Subsidiaries represented by letters of credit in order to provide security for workers’
compensation claims, health, disability or other employee benefits, payment obligations in connection with self-insurance or similar
requirements of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

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(10)        customary
indemnification, adjustment of purchase price or similar obligations, in each case, incurred in connection with the disposition
of any assets of the Issuer or any of its Restricted Subsidiaries, and earn-out provisions or contingent payments in respect of
purchase price or adjustment of purchase price or similar obligations in acquisition agreements other than Guarantees of Debt incurred
by any Person acquiring all or any portion of such assets for the purpose of financing such acquisition; provided that the
maximum aggregate liability in respect of each such Incurrence of such Debt will at no time exceed the gross proceeds actually
received by the Issuer or any of its Restricted Subsidiaries in connection with the related disposition;

 

(11)        obligations
in respect of (i) customs, VAT or other tax guarantees, (ii) bid, performance, completion, guarantee, surety and similar bonds,
including guarantees or obligations of the Issuer or any of its Restricted Subsidiaries with respect to letters of credit supporting
such obligations, (iii) customary cash management, cash pooling or netting or setting off arrangements, and (iv) the financing
of insurance premiums, in each case in the ordinary course of business and not related to Debt for borrowed money;

 

(12)        Debt
of the Issuer or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument including, but not limited to, electronic transfers, wire transfers, netting services and commercial
card payments, drawn against insufficient funds; provided that such Debt is extinguished within 30 days of Incurrence;

 

(13)        Debt
consisting of (a) mortgage financings, Purchase Money Obligations or other financings, Incurred for the purpose of financing all
or any part of the purchase price or cost of construction or improvement of property, plant or equipment acquired or constructed
in the ordinary course of business or (b) Debt otherwise Incurred to finance the purchase, lease, rental or cost of design, construction,
installation or improvement of property (real or personal) or equipment that is used or useful in the ordinary course of business,
whether through the direct purchase of assets or the Capital Stock of any Person owning such assets, and any Debt that refinances,
replaces or refunds such Debt, in an aggregate outstanding principal amount that, when taken together with the principal amount
of all other Debt Incurred pursuant to this clause (xiii) and then outstanding, will not exceed at any time the greater of $250
million and 3% of Total Assets;

 

(14)        Guarantees
by the Issuer or any Restricted Subsidiary of Debt or any other obligation or liability of the Issuer or any Restricted Subsidiary
(other than of any Debt Incurred in violation of this covenant); provided, however, that if the Debt being Guaranteed
is subordinated in right of payment to the Notes, then such Guarantee shall be subordinated substantially to the same extent as
the relevant Debt Guaranteed;

 

(15)        Debt
of the Issuer or any Restricted Subsidiary in an aggregate outstanding principal amount which, when taken together with any Permitted
Refinancing Debt in respect thereof and the principal amount of all other Debt Incurred pursuant to this clause (15) and then outstanding,
will not exceed 100% of the cash proceeds (net of attorneys’ fees, accountants’ fees, underwriters’ or placement
agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually incurred
in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into
account any available tax credit or deductions and any tax sharing arrangements)) received by the Issuer from the issuance or sale
(other than to the Issuer or a Restricted Subsidiary) of its Subordinated Shareholder Loans or Capital Stock or otherwise contributed
to the equity of the Issuer, in each case, subsequent to the Issue Date (and in each case, other than through the issuance of Disqualified
Stock or Preferred Stock);

 

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(16)        Debt
arising under borrowing facilities provided by a special purpose vehicle to the Issuer or any Restricted Subsidiary in connection
with the issuance of notes or other similar debt securities intended to be supported primarily by the payment obligations of the
Issuer or any Restricted Subsidiary in connection with any vendor financing platform; and

 

(17)        the
Incurrence by the Issuer or any of its Restricted Subsidiaries of Debt not otherwise permitted to be Incurred pursuant to clauses
(1) through (16) above, which, together with any other outstanding Debt Incurred pursuant to this clause (17), has an aggregate
principal amount at any time outstanding not in excess of the greater of $300 million and 4% of Total Assets, and any Permitted
Refinancing Debt of any debt which on the date it was Incurred was permitted to be Incurred pursuant to this clause (17), plus,
in the case of any refinancing of Debt permitted under this clause (17) or any portion thereof, the aggregate amount of fees, underwriting
discounts, premiums and other costs and expenses Incurred in connection with such refinancing.

 

(c)          The
Issuer will not incur any Debt (including Permitted Debt) that is contractually subordinated in right of payment to any other Debt
of the Issuer unless such Debt is also contractually subordinated in right of payment to the Notes on substantially identical terms;
provided, however, that no Debt will be deemed to be contractually subordinated in right of payment to any other
Debt of the Issuer solely by virtue of being unsecured or by virtue of being secured with different collateral or by virtue of
being secured on a junior priority basis or by virtue of the application of waterfall or other payment ordering provisions affecting
different tranches of Debt.

 

(d)          For
the purposes of determining compliance with this Section 4.09, in the event that an item of Debt meets the criteria of more than
one of the types of Permitted Debt or is entitled to be Incurred pursuant to clause (a) of this Section 4.09, the Issuer in its
sole discretion may classify and from time to time reclassify such item of Debt or any portion thereof and only be required to
include the amount of such Debt as one of such types.

 

(e)          For
the purposes of determining compliance with any covenant in this Indenture or whether an Event of Default has occurred, in each
case, where Debt is denominated in a currency other than U.S. Dollars, the amount of such Debt will be the U.S. Dollar Equivalent
determined on the date of such Incurrence and any covenant in this Indenture shall not be deemed to be exceeded solely as a result
of fluctuations in exchange rates or currency values; provided, however, that if any such Debt that is denominated
in a different currency is subject to an Interest Rate, Currency or Commodity Price Agreement with respect to U.S. Dollars covering
principal and premium, if any, payable on such Debt, the amount of such Debt expressed in U.S. Dollars will be adjusted to take
into account the effect of such an agreement.

 

Section 4.10         Limitation
on Asset Dispositions.

 

(a)          The
Issuer may not, and may not permit any of its Restricted Subsidiaries to, make any Asset Disposition in one or more related transactions
unless:

 

(1)         the
consideration the Issuer or such Restricted Subsidiary receives for such Asset Disposition is not less than the Fair Market Value
of the assets sold (as determined by the Issuer’s senior management or Board of Directors); and

 

(2)         unless
the Asset Disposition is a Permitted Asset Swap, at least 75% of the consideration the Issuer or such Restricted Subsidiary receives
in respect of such Asset Disposition consists of:

 

(A)         cash
or Cash Equivalents;

 

(B)          the
assumption of the Issuer’s or any of its Restricted Subsidiaries’ Debt or other liabilities (other than contingent
liabilities or Debt or liabilities that are subordinated to the Notes) or Debt or other liabilities of such Restricted Subsidiary
relating to such assets and, in each case, the Issuer or the Restricted Subsidiary, as applicable, is released from all liability
on the Debt assumed;

 

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(C)          any
Capital Stock or assets of the kind referred to in clauses (b)(4) or (5) of this Section 4.10;

 

(D)          a
combination of the consideration specified in clauses (A) through (C) of this clause (2); and

 

(b)          within
365 days of such Asset Disposition, the Net Available Proceeds are applied (at the Issuer or applicable Restricted Subsidiary’s
option):

 

(1)         to
repay, redeem, retire or cancel outstanding Senior Secured Debt:

 

(2)         first,
to redeem Notes or purchase Notes pursuant to an offer to all Holders at a purchase price equal to at least 100% of the principal
amount thereof, plus accrued and unpaid interest and second, to the extent any Net Available Proceeds from such Asset Disposition
remain, to any other use as determined by the Issuer or the applicable Restricted Subsidiary that is not otherwise prohibited by
this Indenture;

 

(3)         to
repurchase, prepay, redeem or repay Pari Passu Debt; provided that the Issuer makes an offer to all Holders on a pro
rata basis to purchase their Notes in accordance with the provisions set forth below for an Excess Proceeds Offer;

 

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

 

(5)         to
make a capital expenditure or acquire other assets (other than Capital Stock and cash or Cash Equivalents), rights (contractual
or otherwise) and properties, whether tangible or intangible (including ownership interests) that are used or intended for use
in connection with a Related Business;

 

(6)         to
the extent permitted, to redeem Notes as provided under Section 3.07 hereof;

 

(7)         enter
into a binding commitment to apply the Net Available Proceeds pursuant to clauses (4) or (5) of this clause (b); provided
that such binding commitment (or any subsequent binding commitment replacing the initial binding commitment that is entered into
within 180 days following the aforementioned 365-day period) shall be treated as a permitted application of the Net Available Proceeds
from the date of such commitment until the earlier of (X) the date on which such acquisition or expenditure is consummated and
(Y) the 180th day following the expiration of the aforementioned 365-day period; or

 

(8)         any
combination of the foregoing clauses (1) through (7) of this clause (b).

 

(c)          For
purposes of Section 4.10(b), any securities, notes or other obligations received by the Issuer or any such Restricted Subsidiary
from such transferee that are promptly converted by the recipient thereof into cash, Cash Equivalents or readily marketable securities
(to the extent of the cash, Cash Equivalents or readily marketable securities received in that conversion), shall be deemed cash.

 

(d)          The
amount of such Net Available Proceeds not so used as set forth in Section 4.10(b) constitutes “Excess Proceeds.”
Pending the final application of any such Net Available Proceeds, the Issuer may temporarily reduce revolving credit borrowings
or otherwise use such Net Available Proceeds in any manner that is not prohibited by the terms of this Indenture.

 

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(e)          When
the aggregate amount of Excess Proceeds exceeds $75 million, the Issuer will, within 15 Business Days of the end of the applicable
period in clause (b) of this Section 4.10, make an offer to purchase (an “Excess Proceeds Offer”) from all Holders
and from the holders of any Pari Passu Debt, to the extent required by the terms thereof, on a pro rata basis, in accordance
with Section 3.12 hereof or the agreements governing any such Pari Passu Debt, the maximum principal amount (expressed as a minimum
amount of $200,000 and integral multiples of $1,000 in excess thereof) of the Notes and any such Pari Passu Debt that may be purchased
with the amount of the Excess Proceeds. The offer price as to each Note and any such Pari Passu Debt will be payable in cash in
an amount equal to (solely in the case of the Notes) 100% of the principal amount of such Note and (solely in the case of Pari
Passu Debt) no greater than 100% of the principal amount (or accreted value, as applicable) of such Pari Passu Debt, plus, in each
case, accrued and unpaid interest, if any, to the date of purchase.

 

(f)          To
the extent that the aggregate principal amount of Notes and any such Pari Passu Debt tendered pursuant to an Excess Proceeds Offer
is less than the aggregate amount of Excess Proceeds, the Issuer may use the amount of such Excess Proceeds not used to purchase
Notes and Pari Passu Debt for purposes that are not otherwise prohibited by this Indenture. If the aggregate principal amount of
Notes and any such Pari Passu Debt validly tendered and not withdrawn by holders thereof exceeds the aggregate amount of Excess
Proceeds, the Notes and any such Pari Passu Debt to be purchased will be selected by the Registrar or the Paying Agent on a pro
rata basis (based upon the principal amount of Notes and the principal amount or accreted value of such Pari Passu Debt tendered
by each holder as provided or calculated by the Issuer). Upon completion of each such Excess Proceeds Offer, the amount of Excess
Proceeds will be reset to zero.

 

If the Issuer is obliged
to make an Excess Proceeds Offer, the Issuer will purchase the Notes and Pari Passu Debt, at the option of the holders thereof,
in whole or in part in a minimum amount of $200,000 and integral multiples of $1,000 in excess thereof on a date that is not later
than 60 days from the date the notice of the Excess Proceeds Offer is given to such holders, or such later date as may be required
under the Exchange Act.

 

(g)          If
the Issuer is required to make an Excess Proceeds Offer, the Issuer will comply with the applicable tender offer rules, including
Rule 14e-1 under the Exchange Act and any other applicable securities laws and regulations, including the requirements of any applicable
securities exchange on which Notes are then listed. To the extent that the provisions of any securities laws or regulations conflict
with the provisions of this Section 4.10 and Section 3.12 hereof, the Issuer will comply with such securities laws and regulations
and will not be deemed to have breached its obligations described in this Section 4.10 or Section 3.12 hereof by virtue thereof.

 

Section 4.11       [Reserved].

 

Section 4.12       Limitation
on Liens securing Debt.

 

(a)          The
Issuer may not, and may not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur, suffer to exist or become
effective any Lien (other than Permitted Liens) to secure any Debt on or with respect to any property or assets now owned or hereafter
acquired unless the Notes are equally and ratably secured by such Lien; provided that, if the Debt secured by such Lien
is subordinated or junior in right of payment to the Notes, then the Lien securing such Debt shall be subordinated or junior in
right of payment to the Lien securing the Notes.

 

(b)          Any
Lien created for the benefit of the Holders pursuant to this Section 4.12 will provide by its terms that such Lien will be automatically
and unconditionally released and discharged upon the release and discharge of the initial Lien to which it relates other than as
a consequence of an enforcement action with respect to the assets subject to such initial Lien.

 

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(c)          For
purposes of determining compliance with this Section 4.12, (x) a Lien need not be Incurred solely by reference to one category
of Permitted Liens 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) and (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, divide, classify or may subsequently reclassify
at any time such Lien (or any portion thereof) in any manner that complies with this Section 4.12 and the definition of “Permitted
Liens”.

 

(d)          With
respect to any Lien securing Debt that was permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien
shall also be permitted to secure any Increased Amount of such Debt. The “Increased Amount” of any Debt shall mean
any increase in the amount of such Debt in connection with any accrual of interest, the accretion of accreted value, the amortization
of original issue discount, the payment of interest in the form of additional Debt with the same terms or in the form of common
stock, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion
of original issue discount or liquidation preference, any fees, underwriting discounts, accrued and unpaid interest, premiums and
other costs and expenses incurred in connection therewith and increases in the amount of Debt outstanding solely as a result of
fluctuations in the exchange rate of currencies or increases in the value of property securing Debt.

 

Section 4.13       Limitation
on lines of business.

 

The Issuer, together
with its Restricted Subsidiaries, will not primarily engage in any business other than in a Related Business.

 

Section 4.14       [Reserved].

 

Section 4.15       Change
of Control.

 

(a)          Within
60 days of the occurrence of a Change of Control Triggering Event, the Issuer will be required to make an Offer to Purchase all
Outstanding Notes at a purchase price equal to 101% of their principal amount plus accrued interest and any Additional Amounts
thereon to 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) (a “Change of Control Offer”).

 

(b)          [Reserved].

 

(c)          The
Issuer will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if (x)
another party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set
forth in this Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and
not withdrawn under such Change of Control Offer or (y) a notice of redemption has been given pursuant to Section 3.07 unless and
until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary contained herein,
a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control,
if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made.

 

Section 4.16       Limitation
on Guarantees of the Issuer’s Debt by Subsidiaries.

 

(a)          The
Issuer will not permit any Significant Subsidiary to, directly or indirectly, provide a Guarantee of any of the Issuer’s
Debt for which such Significant Subsidiary’s maximum exposure in respect of such Guarantee exceeds $50 million unless such
Significant Subsidiary simultaneously executes and delivers to the Trustee a supplemental indenture providing for its payment Guarantee
of the Notes; provided

 

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(1)         if
the Issuer’s Debt is pari passu in right of payment to the Notes, such Significant Subsidiary’s Guarantee of
the Issuer’s Debt shall rank pari passu in right of payment to its Guarantee of the Notes;

 

(2)         if
the Issuer’s Debt is subordinated in right of payment to the Notes, such Significant Subsidiary’s Guarantee of the
Issuer’s Debt shall be subordinated in right of payment to its Guarantee of the Notes substantially to the same extent as
the Issuer’s Debt is subordinated in right of payment to the Notes;

 

(3)         a
Significant Subsidiary’s Guarantee of the Notes may be limited in amount to the extent required by fraudulent conveyance,
thin capitalization, corporate benefit, financial assistance or other similar laws (but, in such a case, the Guarantee of the Notes
shall be given on an equal and ratable basis with its Guarantee of the Issuer’s Debt to the extent permitted by applicable
law); and

 

(4)         for
so long as it is not permissible under applicable law for such Significant Subsidiary to provide a Guarantee of the Notes, such
Significant Subsidiary need not provide such a Guarantee of the Notes (but, in such a case, the Issuer shall procure that such
Significant Subsidiary will use its reasonable best efforts to undertake all whitewash or similar procedures legally available
to it to eliminate the relevant legal prohibition, and shall give a Guarantee of the Notes at such time (and to the extent) that
it thereafter becomes permissible).

 

(b)          Clause
(a) of this Section 4.16 shall not apply to (1) the granting by such Significant Subsidiary of a Permitted Lien under circumstances
which do not otherwise constitute the Guarantee of the Issuer’s Debt, (2) the Guarantee by any Significant Subsidiary of
any Permitted Refinancing Debt that refinances Debt of the Issuer which benefitted from a Guarantee by any Significant Subsidiary
Incurred in compliance with this covenant immediately prior to such refinancing, or (c) any Guarantee by a Significant Subsidiary
existing as of the Issue Date.

 

(c)          Notwithstanding
the foregoing, any Guarantee of the Notes created pursuant to the provisions described above shall provide by its terms that such
Guarantee shall be automatically and unconditionally released and discharged upon: (x) such Subsidiary ceasing to be a Significant
Subsidiary (including as a result of any sale, exchange or transfer, to any Person, of all of the Issuer’s Capital Stock
in such Significant Subsidiary) in compliance with this Indenture; or (y) the release by the holders or lenders of the Issuer’s
Debt described in the preceding paragraph of their Guarantee by such Significant Subsidiary (including any deemed release upon
payment in full of all obligations under such Debt (but not under the relevant Guarantee)), at a time when (I) no other Debt of
the Issuer has been Guaranteed by such Significant Subsidiary or (II) the holders of all such other Debt which is Guaranteed by
such Significant Subsidiary also release their Guarantee by such Significant Subsidiary (including any deemed release upon payment
in full of all obligations under such Debt (but not under the relevant Guarantee)).

 

Section 4.17       [Reserved].

 

Section 4.18       Payments
for consent.

 

The Issuer will not,
and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the
benefit of any Holder or beneficial holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms
of the provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders and
beneficial holders of Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating
to such consent, waiver or agreement. Notwithstanding the foregoing, the Issuer and its Subsidiaries shall be permitted, in any
offer or payment of consideration for, or as an inducement to, any consent, waiver or amendment of any of the terms or provisions
of this Indenture, to exclude Holders and beneficial holders of Notes in any jurisdiction where (i) the solicitation of such consent,
waiver or amendment, including in connection with an offer to purchase for cash, or (ii) the payment of the consideration therefor
would require the Issuer or any of its Subsidiaries to file a registration statement, prospectus or similar document under any
applicable securities laws (including, but not limited to, the United States federal securities laws and the laws of the European
Union or its member states), which the Issuer in its sole discretion determines (acting in good faith) (A) would be materially
burdensome (it being understood that it would not be materially burdensome to file the consent document(s) used in other jurisdictions,
any substantially similar documents or any summary thereof with the securities or financial services authorities in such jurisdiction);
or (B) such solicitation would otherwise not be permitted under applicable law in such jurisdiction.

 

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Section 4.19       [Reserved].

 

Section 4.20       Maintenance
of listing.

 

The Issuer will use
its commercially reasonable efforts to obtain and maintain the listing of the Notes on the Official List of the Luxembourg Stock
Exchange for so long as any Notes remain Outstanding; provided that if the Issuer is unable to obtain admission to listing
of the Notes on the Luxembourg Stock Exchange or if at any time the Issuer determines that it will not maintain such listing, it
will use its commercially reasonable efforts to obtain and maintain a listing of the Notes on another recognized stock exchange.

 

Section 4.21       Financial
Calculations for Limited Condition Transactions.

 

(a)          In
connection with any action being taken in connection with a Limited Condition Transaction, for purposes of determining compliance
with any provision of this Indenture which requires that no Default or Event of Default, as applicable, has occurred, is continuing
or would result from any such action, as applicable, such condition shall, at the option of the Issuer, be deemed satisfied, so
long as no Default or Event of Default, as applicable, exists on the date the definitive agreement (or other relevant definitive
documentation) for such Limited Condition Transaction is entered into. For the avoidance of doubt, if the Issuer has exercised
its option under the first sentence of this paragraph, and any Default or Event of Default occurs following the date such definitive
agreement for a Limited Condition Transaction is entered into and prior to the consummation of such Limited Condition Transaction,
any such Default or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether
any action being taken in connection with such Limited Condition Transaction is permitted hereunder.

 

(b)          In
connection with any action being taken in connection with a Limited Condition Transaction for purposes of:

 

(1)         determining
compliance with any provision of this Indenture which requires the calculation of any financial ratio or test, including the Net
Leverage Ratio; or

 

(2)         testing
baskets set forth in this Indenture (including baskets measured as a percentage of Total Assets);

 

in each case, at the option of the Issuer
(the Issuer’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”),
the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date the definitive agreement
(or other relevant definitive documentation) for such Limited Condition Transaction is entered into (the “LCT Test Date”);
provided, however, that the Issuer shall be entitled to subsequently elect, in its sole discretion, the date of consummation
of such Limited Condition Transaction instead of the LCT Test Date as the applicable date of determination, and if, after giving
pro forma effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith
(including any Incurrence of Debt and the use of proceeds thereof), as are appropriate and consistent with the pro forma adjustment
provisions set forth in the definition of “Consolidated EBITDA” and “Net Leverage Ratio”, the Issuer or
any Restricted Subsidiary could have taken such action on the relevant LCT Test Date in compliance with such ratio, test or basket,
such ratio, test or basket shall be deemed to have been complied with.

 

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(c)          If
the Issuer has made an LCT Election and any of the ratios, tests or baskets for which compliance was determined or tested as of
the LCT Test Date are exceeded as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in
Consolidated EBITDA or Total Assets, of the Issuer and its Restricted Subsidiaries at or prior to the consummation of the relevant
transaction or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the
Issuer has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any
ratio, test or basket availability under this Indenture (including with respect to the Incurrence of Debt or Liens, or the making
of Asset Dispositions, acquisitions, mergers, the conveyance, lease or other transfer of all or substantially all of the assets
of the Issuer or any Restricted Subsidiary or the Designation of an Unrestricted Subsidiary) on or following the relevant LCT Test
Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement
for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any
such ratio, test or basket shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other transactions
in connection therewith (including any Incurrence of Debt and the use of proceeds thereof) have been consummated.

 

Section 4.22       Additional
Amounts.

 

(a)          The
Issuer with respect to payments under the Notes agrees that, if any deduction or withholding of any present or future taxes, levies,
imposts or charges whatsoever imposed by or for the account of any jurisdiction in which the Issuer is organized, engaged in business
or resident for tax purposes, or from or through which payment on the Notes is made by or on behalf of the Issuer (including the
jurisdiction of any paying agent) or any political subdivision or taxing authority thereof or therein having the power to tax (each,
a “Relevant Taxing Jurisdiction”) and any interest, penalties and other liabilities with respect thereto (collectively,
“Taxes”) shall be required to be made, the Issuer will (subject to the limitations described below) pay such
additional amounts (“Additional Amounts”) in respect of principal (and premium, if any) and interest as may
be necessary in order that the net amounts received pursuant to the Notes after such deduction or withholding (including any withholding
or deduction from such Additional Amounts) shall equal the respective amounts of principal (and premium, if any) and interest specified
in the Notes that would have been received if such Taxes had not been required to be withheld or deducted; provided, however,
that the Issuer shall not be required to make any payment of Additional Amounts for or on account of:

 

(1)         any
Taxes imposed by or for the account of a Relevant Taxing Jurisdiction which would not be payable but for the fact that the holder
or beneficial owner of a Note (or a fiduciary, settlor, beneficiary, partner of, member or shareholder of, or possessor of a power
over, the relevant holder, if the relevant holder is an estate, trust, nominee, partnership, limited liability company or corporation)
is a citizen, domiciliary, national or resident of, incorporated in, or engaging in business or maintaining a permanent establishment
or being physically present in, such Relevant Taxing Jurisdiction or otherwise having some present or former connection with such
Relevant Taxing Jurisdiction other than the holding or ownership of such Note or the receipt of principal of (and premium, if any)
and interest on such Note or the exercise of rights under or the enforcement of such Note or this Indenture;

 

(2)         any
Tax that would not have been imposed but for the presentation of a Note (where presentation is required) for payment on a date
more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided
for, whichever occurs later, except to the extent that the holder or beneficial owner would have been entitled to such Additional
Amounts on presenting the same for payment on any day (including the last day) within such 30-day period;

 

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(3)         [Reserved];

 

(4)         any
Tax that would not have been imposed but for a failure by the relevant holder or beneficial owner of the Note to comply with any
applicable certification, information, identification, documentation or other reporting requirements, whether required by statute,
treaty, regulation or administrative practice, of a Relevant Taxing Jurisdiction, if such compliance is legally required as a precondition
to relief or exemption from such Tax (including without limitation a certification that such holder or beneficial owner is not
resident in the Relevant Taxing Jurisdiction); provided, however, that this clause (4) shall not apply if the Issuer
shall not have provided the holder of the Note with written notice of the applicable requirement at least 60 days prior to the
date that the holder or beneficial owner of the Note is required to comply with such applicable requirement;

 

(5)         any
estate, inheritance, gift, sale, transfer, personal property or similar taxes;

 

(6)         [Reserved];

 

(7)         any
Taxes payable other than by deduction or withholding from payments under, or with respect to, the Notes;

 

(8)         any
Taxes imposed or withheld by reason of the failure of the holder or beneficial owner of the Note to comply with the requirements
of Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), as of the date hereof
(or any amended or successor version that is substantively comparable and not materially more onerous to comply with), the U.S.
Treasury Regulations issued thereunder or any official interpretation thereof, any law implementing an intergovernmental approach
thereto or any agreement entered into pursuant to Section 1471 of the Code; or

 

(9)         any
combination of clauses (1) through (8) above.

 

(b)          In
addition, the Issuer shall not have any obligation to pay Additional Amounts to a holder that is a fiduciary or partnership or
an entity that is not the sole beneficial owner of the payment of the principal or interest on a Note to the extent that the laws
of the Relevant Taxing Jurisdiction require the payment to be included in the income of a beneficiary or settlor for tax purposes
with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to the Additional
Amounts had it been the holder of such Note.

 

(c)          If
the Issuer becomes aware that it will be obligated to pay any Additional Amounts with respect to any payment under the Notes, the
Issuer will deliver to the Trustee and the Paying Agent on a date that is at least 30 days prior to the date of that payment (unless
that obligation to pay Additional Amounts arises less than 45 days prior to that payment date, in which case the Issuer shall notify
the Trustee and the Paying Agent promptly thereafter) an Officer’s Certificate stating that the fact that Additional Amounts
will be payable and the amount estimated to be so payable. The Officer’s Certificate must also set forth any other information
reasonably necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date. The Trustee
shall be entitled to rely solely on such Officer’s Certificate as conclusive proof that such payments are necessary.

 

(d)          The
Issuer will also make or cause to be made such withholding or deduction of Taxes required by law and will remit the full amount
of Taxes so deducted or withheld to the relevant taxing authority in accordance with all applicable laws. The Issuer will use its
reasonable efforts to obtain tax receipts from each such tax authority evidencing the payment of any Taxes so deducted or withheld.
The Issuer will, upon request, make available to the Trustee and the paying agent, as soon as reasonably practicable after the
date on which the payment of any Taxes so deducted or withheld is due pursuant to applicable law, certified copies of tax receipts
evidencing such payment by the Issuer or if, notwithstanding the Issuer’s efforts to obtain such receipts, the same are not
obtainable, other evidence reasonably available to the Issuer and reasonably satisfactory to the Trustee and the paying agent of
such payment by the Issuer. If reasonably requested by the Trustee or the paying agent, the Issuer will provide to the Trustee
and the paying agent such information as may be in the possession of the Issuer (and not otherwise in the possession of the Trustee
and paying agent) to enable the Trustee and paying agent to determine the amount of withholding taxes attributable to any particular
Holder, provided however that in no event shall the Issuer be required to disclose any information that it reasonably deems confidential
or is otherwise not legally entitled to disclose.

 

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(e)          In
addition to the foregoing, the Issuer will pay, any present or future stamp, issue, registration, transfer, documentation, court,
excise or property taxes imposed in connection with the execution, issue, delivery, registration or enforcement of the Notes or
this Indenture.

 

(f)          The
foregoing provisions will survive any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis
to any jurisdiction in which any successor Person to the Issuer is organized, engaged in business or resident for tax purposes
or from or through which payment on the Notes is made by or on behalf of such successor Person (including the jurisdiction of any
paying agent) or any political subdivision or taxing authority thereof or therein having the power to tax.

 

(g)          Whenever
in this Indenture or the Notes there is mentioned, in any context, the payment of principal (and premium, if any), redemption price,
interest or any other amount payable under any Note, such mention will be deemed to include mention of the payment of Additional
Amounts to the extent that, in such context, Additional Amounts are or would be payable in respect thereof.

 

Section 4.23       Suspension
of certain covenants when Notes rated investment grade.

 

(a)          If
on any date following the Issue Date (the “Suspension Date”):

 

(1)         the
Notes are rated Investment Grade by two of three Rating Agencies; and

 

(2)         no
Default or Event of Default shall have occurred and be continuing on such date, then, the Issuer will notify the Trustee (provided
that no such notification shall be a condition for the suspension of the covenants set forth below) and beginning on such Suspension
Date and continuing until such time, if any, at which the Notes cease to be rated Investment Grade by either Rating Agency (such
period, the “Suspension Period”), the covenants specifically listed under the following sections hereof will
no longer be applicable to the Notes and any related default provisions of this Indenture will cease to be effective and will not
be applicable to the Issuer:

 

(A)         Section
4.10;

 

(B)          Section
4.09; and

 

(C)          clause
(3) of Section 5.01(a).

 

(b)          Such
covenants will not, however, be of any effect with regard to the actions of Issuer and its Restricted Subsidiaries properly taken
during the continuance of the Suspension Period; provided that all Debt Incurred during the Suspension Period will be classified
to have been Incurred pursuant to Section 4.09(b)(2). Upon the occurrence of a Suspension Period, the amount of Excess Proceeds
shall be reset at zero.

 

Section 4.24       Limitation
on Designation of Unrestricted Subsidiaries.

 

(a)          The
Issuer may designate, after the Issue Date, any Subsidiary of the Issuer (including any newly created or acquired Subsidiary) as
an “Unrestricted Subsidiary” (a “Designation”) only if, at the time of or after giving effect to
such Designation:

 

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(1)         no
Default or Event of Default shall have occurred and be continuing;

 

(2)         the
Issuer could Incur US$1.00 of Debt pursuant to Section 4.09(a); and

 

(3)         the
aggregate Investments (other than Permitted Investments) by the Issuer and its Restricted Subsidiaries in all Unrestricted Subsidiaries
shall not exceed the greater of (x) $950 million or (y) 10% of Total Assets at any time outstanding.

 

(b)          Neither
the Issuer nor any Restricted Subsidiary will at any time:

 

(1)         provide
credit support for, subject any of its property or assets (other than Liens over the Capital Stock, Debt and other securities of
any Unrestricted Subsidiary securing Debt of that Unrestricted Subsidiary and its Subsidiaries) to the satisfaction of, or Guarantee,
any Debt of any Unrestricted Subsidiary (including any undertaking, agreement or instrument evidencing such Debt);

 

(2)         be
directly or indirectly liable for any Debt of any Unrestricted Subsidiary;

 

(3)         be
directly or indirectly liable for any Debt which provides that the holder thereof may (upon notice, lapse of time or both) declare
a default thereon or cause the payment thereof to be accelerated or payable prior to its final scheduled maturity upon the occurrence
of a default with respect to any Debt of any Unrestricted Subsidiary; or

 

(4)         make
any Investment (other than a Permitted Investment) in any Unrestricted Subsidiary to the extent such Investment, together with
the aggregate Investments in all Unrestricted Subsidiaries then outstanding, exceeds the amount set out in Section 4.24(a)(3).

 

(c)          The
Issuer may redesignate an Unrestricted Subsidiary as a Restricted Subsidiary (a “Redesignation”) only if all
Liens and Debt of such Unrestricted Subsidiary outstanding immediately following such Redesignation if Incurred at such time would
have been permitted to be Incurred for all purposes of this Indenture.

 

(d)          For
purposes of this Section 4.24:

 

(1)         “Investments”
shall equal the portion (proportionate to the Issuer’s direct or indirect equity interest in a Restricted Subsidiary to be
Designated as an Unrestricted Subsidiary) of the Fair Market Value of the net assets of such Restricted Subsidiary at the time
of the Designation of such Subsidiary as an Unrestricted Subsidiary;

 

(2)         The
aggregate Investments (other than Permitted Investments) by the Issuer and its Restricted Subsidiaries in all Unrestricted Subsidiaries
shall be reduced upon the Redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary by an amount equal to the lesser
of (x) the Issuer’s direct or indirect “Investment” in such Unrestricted Subsidiary at the time of such Redesignation,
and (y) the portion (proportionate to the Issuer’s direct or indirect equity interest in such Subsidiary) of the Fair Market
Value of the net assets of such Subsidiary at the time of such Redesignation;

 

(3)         any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer,
as determined in good faith by the Issuer; and

 

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

 

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(e)          The
Designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary shall be deemed to include the Designation of all Subsidiaries
of such Subsidiary as Unrestricted Subsidiaries.

 

(f)          All
Designations and Redesignations shall be evidenced by an Officer’s Certificate of the Issuer, delivered to the Trustee certifying
compliance with this Section 4.24.

 

Section 4.25         FATCA

 

(a)          Mutual
Undertaking Regarding Information Reporting and Collection Obligations. Each party shall, within ten (10) business days of
a written request by another party, supply to that other party such forms, documentation and other information relating to it,
its operations, or the Notes as that other party reasonably requests for the purposes of that other party’s compliance with
Applicable Law and shall notify the relevant other party reasonably promptly in the event that it becomes aware that any of the
forms, documentation or other information provided by such party is (or becomes) inaccurate in any material respect; provided,
however, that no party shall be required to provide any forms, documentation or other information pursuant to this paragraph to
the extent that: (i) any such form, documentation or other information (or the information required to be provided on such form
or documentation) is not reasonably available to such party and cannot be obtained by such party using reasonable efforts; or (ii)
doing so would or might in the reasonable opinion of such party constitute a breach of any: (a) Applicable Law; (b) fiduciary duty;
or (c) duty of confidentiality.

 

(b)          Notice
of Possible Withholding Under FATCA. The Issuer shall notify the Paying Agent in the event that it determines that any payment
to be made by the Paying Agent under the Notes is a payment which could be subject to FATCA Withholding if such payment were made
to a recipient that is generally unable to receive payments free from FATCA Withholding, and the extent to which the relevant payment
is so treated, provided, however, that the Issuer’s obligation under this paragraph shall apply only to the extent that such
payments are so treated by virtue of characteristics of the Issuer, the Notes, or both.

 

(c)          Paying
Agent’s Right to Withhold. Notwithstanding any other provision of this Indenture, the Paying Agent shall be entitled
to make a deduction or withholding from any payment which it makes under the Notes for or on account of any Tax, if and only to
the extent so required by Applicable Law. If such a deduction or withholding is required, neither the Paying Agent nor the Trustee
will be obligated to pay any Additional Amount to the recipient unless such an Additional Amount is received by the Paying Agent
or the Trustee in accordance with this Indenture.

 

(d)          For
the purposes of this Section 4.25, defined terms used herein shall have the following meanings:

 

(1)         “Applicable
Law” means any law or regulation including, but not limited to: (i) any statute or regulation; (ii) any rule or practice
of any Authority by which any party is bound or with which it is accustomed to comply; (iii) any agreement between any Authorities;
and (iv) any customary agreement between any Authority and any party;

 

(2)         “Authority”
means any competent regulatory, prosecuting, Tax or governmental authority in any jurisdiction;

 

(3)         “Code”
means the U.S. Internal Revenue Code of 1986, as amended;

 

(4)         “FATCA
Withholding” means any withholding or deduction required pursuant to an agreement described in section 1471(b) of the
Code, or otherwise imposed pursuant to sections 1471 through 1474 of the Code, any regulations or agreements thereunder, any official
interpretations thereof, or any law implementing an intergovernmental approach thereto;

 

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(5)         “Tax”
means any present or future taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld
or assessed by or on behalf of any Authority having power to tax.

 

ARTICLE
5

SUCCESSORS

 

Section 5.01       Merger,
consolidations and certain sales of assets of the Issuer.

 

(a)          The
Issuer may not, in a single transaction or a series of related transactions, (i) consolidate with or merge into any other
Person, or (ii) directly or indirectly, convey, transfer, sell, lease or otherwise dispose of all or substantially all of the its
assets to any other Person, unless:

 

(1)         Either
(i) the Issuer is the surviving corporation; or (ii) the Person formed by or surviving any such consolidation or merger (if other
than the Issuer) or to which such sale, assignment, transfer, conveyance or other disposition has been made,

 

(A)         shall
expressly assume, by a supplemental indenture executed and delivered to the Trustee in form reasonably satisfactory to the Trustee,
all of the Issuer’s obligations under this Indenture and,

 

(B)         is
organized under the laws of any member state of the European Union, Norway, Switzerland, Canada, Jersey, Guernsey, Mauritius, Cayman
Islands, British Virgin Islands, any state of the United States of America or the District of Columbia;

 

(2)         immediately
after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing;

 

(3)         with
respect to a consolidation, merger, conveyance, transfer, sale, lease or other disposal of the Issuer, immediately after giving
effect to such transaction and treating any Debt which becomes the Issuer’s or any of its Restricted Subsidiaries’
obligation, as applicable, or that of the Person formed by or surviving any such consolidation or merger (if other than the Issuer),
as a result of such transaction as having been Incurred at the time of the transaction, (x) the Issuer (including any successor
Person) could Incur at least $1.00 of additional Debt pursuant to Section 4.09(a) hereof or (y) the Net Leverage Ratio would not
be greater than such ratio immediately prior to giving effect to such transaction; provided, however, that this clause
(3) will not apply if, in the good faith determination of the Issuer’s Board of Directors the principal purpose of such transaction
is to change the Issuer’s jurisdiction of incorporation; and

 

(4)         the
Issuer delivers to the Trustee an Officer’s Certificate stating that such consolidation, merger or transfer and such supplemental
indenture comply with this Section 5.01.

 

Section 5.02       Successor
Corporation Substituted.

 

Upon any consolidation
or merger in which the Issuer is not the continuing corporation or any transfer (excluding any lease) of all or substantially all
of the assets of the Issuer, in accordance with Section 5.01 hereof, the successor Person shall succeed to, and be substituted
for, and may exercise every right and power of the Issuer under this Indenture with the same effect as if such successor Person
had been named as such; provided, however, that the predecessor Issuer shall not be relieved from the obligation
to pay the principal of, premium on, if any and interest, if any, on the Notes except in the case of a sale of all of the Issuer’s
assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof.

 

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ARTICLE
6

DEFAULTS AND REMEDIES

 

Section 6.01       Events
of Default.

 

The following will
be “Events of Default” under this Indenture:

 

(1)         failure
to pay principal of, or premium, if any, on, any Note when due (at maturity, upon redemption or otherwise);

 

(2)         failure
to pay any interest (including Additional Amounts) on any Note when due, which failure continues for 30 days;

 

(3)         default
in the payment of principal and interest on Notes required to be purchased pursuant to an Offer to Purchase under Sections 4.15
and 4.10 hereof when due and payable;

 

(4)         failure
to perform or comply with the provisions of Section 5.01 hereof;

 

(5)         failure
of the Issuer to perform any other of its covenants or agreements under this Indenture or the Notes, which failure continues for
60 days after written notice to the Issuer by the Trustee or Holders of at least 25% in aggregate principal amount of Outstanding
Notes;

 

(6)         default
under the terms of any instrument evidencing or securing Debt for money borrowed by the Issuer or any of its Restricted Subsidiaries,
if that default:

 

(A)         results
in the acceleration of the payment of such Debt prior to its Stated Maturity; or

 

(B)          is
caused by the failure to pay such Debt at its Stated Maturity after giving effect to the expiration of any applicable grace periods
(and other than by regularly scheduled required prepayment) and such failure to make any payment has not been waived or the Stated
Maturity of such Debt has not been extended,

 

and, in each case, the outstanding
principal amount of any such Debt under which there has been a failure to pay at Stated Maturity thereof or the payment of which
has been so accelerated, aggregates $100 million or more;

 

(7)         failure
by the Issuer or any of its Restricted Subsidiaries to pay final judgments entered by a court or courts of competent jurisdiction
aggregating in excess of $100 million (exclusive of any amounts that a solvent insurance company has acknowledged liability for),
which judgments shall not have been discharged or waived and there shall have been a period of 60 consecutive days during which
a stay of enforcement of such judgment or order, by reason of an appeal, waiver or otherwise, shall not have been in effect;

 

(8)         the
Issuer or any of its Significant Subsidiaries or group of Subsidiaries that, taken together, would constitute a Significant Subsidiary
pursuant to or within the meaning of Bankruptcy Law:

 

(A)         commences
a voluntary case;

 

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

 

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

 

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

 

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

 

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

 

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

 

(B)          appoints
a custodian or administrator of the Issuer, or any Significant Subsidiary or group of Significant Subsidiaries that, taken together,
would constitute a Significant Subsidiary or for all or substantially all of the property of the Issuer or any Significant Subsidiary
or group of Significant Subsidiaries that, taken together, would constitute a Significant Subsidiary; or

 

(C)          orders
the liquidation of the Issuer, or any Significant Subsidiary or group of Significant Subsidiaries that, taken together, would constitute
a Significant Subsidiary, and the order or decree remains unstayed and in effect for 60 consecutive days.

 

Section 6.02       Acceleration.

 

If an Event of Default
specified in clause (8) or (9) of Section 6.01 hereof shall occur, the maturity of all Outstanding Notes shall automatically be
accelerated and the principal amount of the Notes, together with any premium, accrued interest or Additional Amounts thereon, shall
be immediately due and payable. If any other Event of Default shall occur and be continuing, the Trustee or the Holders of not
less than 25% of the aggregate principal amount of the Notes then Outstanding may, by written notice to the Issuer (and to the
Trustee if given by Holders), declare the principal amount of the Notes, together with accrued interest thereon, immediately due
and payable. The right of the Holders to give such acceleration notice shall terminate if the event giving rise to such right shall
have been cured before such right is exercised. Any such declaration may be annulled and rescinded by written notice from the Trustee
or the Holders of a majority of the aggregate principal amount of the Notes then Outstanding to the Issuer if all amounts then
due with respect to the Notes are paid (other than amount due solely because of such declaration) and all other defaults with respect
to the Notes are cured.

 

Section 6.03       Other
Remedies.

 

If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of (and premium or Additional
Amounts, if any) or interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain
a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by
law.

 

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Section 6.04       Waiver
of Past Defaults.

 

Subject to certain
rights of the Trustee, as provided in this Indenture, the Holders of a majority in aggregate principal amount of the Outstanding
Notes, on behalf of all Holders of the Notes, may waive any past default under this Indenture, except a default in the payment
of principal, premium or interest or a default arising from failure to purchase any Note tendered pursuant to an Offer to Purchase;
provided that the Holders of a majority in aggregate principal amount of the then Outstanding Notes may rescind an acceleration
and its consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default
shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05       Control
by Majority.

 

The Holders of a majority
in aggregate principal amount of the Outstanding Notes will have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, provided that
the Trustee may refuse to follow any direction that conflicts with law, this Indenture or that the Trustee determines in good faith
may be unduly prejudicial to the rights of Holders not joining in the giving of such direction or that may involve the Trustee
in personal liability. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default
if it determines that withholding notice is in their interest, except in a Default or Event of Default relating to the payment
of principal of (and premium or Additional Amounts, if any) or interest on the Notes, to the extent such action does not conflict
with the provisions of this Indenture or applicable law.

 

Section 6.06       Limitation
on Suits.

 

Subject to Section
7.01 hereof, in case an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of its
rights or powers under this Indenture at the request or direction of any Holders, unless such Holders have offered to the Trustee
indemnity and/or security satisfactory to it. The Holders of a majority in aggregate principal amount of the Outstanding Notes
will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee, to the extent such action does not conflict with the provisions of this
Indenture or applicable law.

 

No Holder of any Note
will have any right to institute any proceeding with respect to this Indenture or the Notes or for any remedy thereunder, unless:

 

(1)         such
Holder has previously given to the Trustee written notice of a continuing Event of Default;

 

(2)         the
Holders of at least 25% in aggregate principal amount of the Outstanding Notes shall have made a written request to the Trustee
to institute proceedings in respect of such Event of Default in its own name as Trustee;

 

(3)         such
Holder or Holders have offered to the Trustee indemnity and/or security satisfactory to it against any loss, liability or expense
arising in connection with such proceeding;

 

(4)         the
Trustee for 60 days after receipt of such notice has failed to institute any such proceeding; and

 

(5)         no
direction inconsistent with such request shall have been given to the Trustee during such 60 day-period by the Holders of a majority
in principal amount of the Outstanding Notes. However, such limitations do not apply to a suit individually instituted by a Holder
of a Note for enforcement of payment of the principal of, or interest on, such Note on or after respective due dates expressed
in such Note.

 

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A Holder may not use
this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. The Trustee
shall have no obligation to ascertain whether the Holder’s actions are unduly prejudicial to other Holders.

 

Section 6.07       Right
of Holders of Notes to Receive Payment.

 

Notwithstanding any
other provision of this Indenture, the right of any Holder to receive payment of principal of (and premium or Additional Amounts,
if any) or interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer
to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of Holders of not less than 90% in aggregate principal amount of the Notes; provided that
a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution
or prosecution thereof or the entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver
or loss of the Lien of this Indenture upon any property subject to such Lien.

 

Section 6.08       Collection
Suit by Trustee.

 

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

 

Section 6.09       Trustee
May File Proofs of Claim.

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel)
and the Holders allowed in any judicial proceedings relative to the Issuer or any other obligor upon the Notes, their creditors
or property and shall be entitled and empowered, subject to mandatory provisions of Luxembourg insolvency laws, to collect, receive
and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent
that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities
and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent
to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section 6.10       Priorities.

 

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

 

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

 

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

 

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

 

The Trustee may fix
a record date and payment date for any payment to Holders pursuant to this Section 6.10.

 

Section 6.11       Undertaking
for Costs.

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it
as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof, or a suit by Holders
of more than 10% in aggregate principal amount of the then Outstanding Notes.

 

Section 6.12       Restoration
of Rights and Remedies.

 

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

 

Section 6.13       Rights
and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder,
or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 6.14       Delay
or Omission Not Waiver.

 

No delay or omission
of the Trustee or any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
Trustee or by the Holders, as the case may be.

 

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ARTICLE
7

TRUSTEE

 

Section 7.01       Duties
of Trustee.

 

(a)          If
an Event of Default of which a Responsible Officer of the Trustee has actual knowledge has occurred and is continuing, the Trustee
will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise,
as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)          Except
during the continuance of an Event of Default of which a Responsible Officer of the Trustee has actual knowledge:

 

(1)         the
duties of the Trustee and the Agents will be determined solely by the express provisions of this Indenture and the Trustee and
the Agents need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants
or obligations shall be read into this Indenture against the Trustee or the Agents; and

 

(2)         in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein).

 

(c)          The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that:

 

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

 

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

 

(3)         the
Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received
by it pursuant to Sections 6.02, 6.04 or 6.05 hereof.

 

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

 

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

 

(f)           The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.
Money held by the Paying Agent and in trust by the Trustee need not be segregated from other funds except to the extent required
by law.

 

(g)          The
Trustee shall not be deemed to have notice or any knowledge of any matter (including without limitation Defaults or Events of Default)
unless a Responsible Officer assigned to and working in the Trustee’s corporate trust department has actual knowledge thereof
or unless written notice thereof is received by the Trustee (attention: Trust & Securities Services) and such notice clearly
references the Notes, the Issuer and this Indenture.

 

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Section 7.02       Rights
of Trustee.

 

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

 

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

 

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

 

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

 

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

 

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

 

(g)          The
Trustee shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Subsidiaries. In addition,
the Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (i) any Event of Default occurring
pursuant to Section 6.01(1) or Section 6.01(2) (provided it is acting as Paying Agent); and (ii) any Default or Event of Default
of which a Responsible Officer shall have received written notification. Delivery of reports, information and documents to the
Trustee under Section 4.03 hereof is for informational purposes only and the Trustee’s receipt of the foregoing shall not
constitute actual or constructive notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively
on Officer’s Certificates).

 

(h)          The
Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible or
liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum denominations
imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption, purchase
or repurchase, as applicable, of any interest in any Notes, but may at its sole discretion choose to do so.

 

(i)            The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified and/or secured
under this Indenture, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder and by each
agent (including the Agents), custodian and other person employed to act hereunder. Absent willful misconduct or negligence, each
Agent shall not be liable for acting in good faith on instructions believed by it to be genuine and from the proper party and no
Agent shall be under any fiduciary duty or other obligation towards or have any relationship of agency and trust for or with any
person other than the Issuer.

 

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(j)            In
the event the Trustee or any Agent receives conflicting, unclear or equivocal instructions, the Trustee or Agent shall be entitled
to not take any action until such instructions have been resolved or clarified to its satisfaction and the Trustee or Agent shall
not become liable in any way to any person for any failure to comply with any such conflicting, unclear or equivocal instruction.

 

(k)          In
the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders, each representing
less than a majority in aggregate principal amount of the Notes then Outstanding, pursuant to the provisions of this Indenture,
the Trustee, in its sole discretion, may determine what action, if any, will be taken and shall not incur any liability for its
failure to act until such inconsistency or conflict is, in its reasonable opinion, resolved.

 

(l)           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 acts of war or terrorism involving the United States, the United Kingdom or any member state of the European
Monetary Union or any other national or international calamity or emergency (including natural disasters or acts of God), it being
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

(m)         The
Trustee is not required to give any bond or surety with respect to the performance or its duties or the exercise of its powers
under this Indenture or the Notes.

 

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

 

(o)          The
Trustee will not be liable to any person if prevented or delayed in performing any of its obligations or discretionary functions
under this Indenture by reason of any present or future law applicable to it, by any governmental or regulatory authority or by
any circumstances beyond its control.

 

(p)          The
Trustee shall not under any circumstances be liable for any indirect loss, punitive or special damages or consequential loss (being
loss of business, goodwill, opportunity or profit of any kind) of the Issuer or any other Person (or, in each case, any successor
thereto), even if advised of it in advance and even if foreseeable.

 

(q)          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, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuer personally or by agent or attorney.

 

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

 

(s)          No
provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary to applicable
law or regulation.

 

(t)          The
Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would, in its
opinion (based upon legal advice in the relevant jurisdiction), be contrary to any law of that jurisdiction or, to the extent applicable,
the State of New York.

 

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(u)          The
Trustee may retain professional advisors to assist it in performing its duties under this Indenture. The Trustee may consult with
such professional advisors or with counsel, and the advice or opinion of such professional advisors or counsel with respect to
legal or other matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability
in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion
of such counsel.

 

(v)          The
Trustee may assume without inquiry in the absence of actual knowledge that the Issuer is duly complying with its obligations contained
in this Indenture required to be performed and observed by it, and that no Default or Event of Default or other event which would
require repayment of the Notes has occurred.

 

Section 7.03       Individual
Rights of Trustee.

 

The Trustee (or its
Affiliates) in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer
or any Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee
acquires any conflicting interest it must eliminate such conflict within 90 days or resign. Any Agent may do the same with like
rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

 

Section 7.04       Trustee’s
Disclaimer.

 

The Trustee will not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, except that the Trustee
represents that it is duly authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations
hereunder. The Trustee shall not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to
the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement
or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

 

Section 7.05       Notice
of Defaults.

 

If a Default or Event
of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders a notice of the Default
or Event of Default within 90 days after it occurs. Except in the case of a Default in payment of principal of, premium on, if
any, interest or Additional Amounts, if any, on any Note, the Trustee may withhold notice if and for so long as it determines that
withholding notice is in the interest of Holders.

 

Section 7.06       [Reserved].

 

Section 7.07       Compensation
and Indemnity.

 

(a)          The
Issuer will pay to the Trustee and the Agents from time to time compensation for its acceptance of this Indenture and services
hereunder as shall be agreed from time to time between them. The Trustee’s compensation will not be limited by any law on
compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon request for all disbursements,
advances and expenses properly incurred or made by it in addition to the compensation for its services. Such expenses will include
the properly incurred compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

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(b)          The
Issuer will indemnify the Trustee, its officers, directors, employees and agents against any and all documented claims, losses,
liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under
this Indenture, including the costs and expenses of enforcing this Indenture against the Issuer (including this Section 7.07) and
defending itself against any claim (whether asserted by the Issuer, any Holder or any other Person) or liability in connection
with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense
may be attributable to its negligence, willful misconduct or bad faith. Notwithstanding the foregoing, the Issuer shall not be
liable for any indirect loss, punitive or special damages or consequential loss (being loss of business, goodwill, opportunity
or profit of any kind) of the Trustee or any other Person (or, in each case, any successor thereto), even if advised of it in advance
and even if foreseeable. The Trustee will notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Issuer will not relieve the Issuer of its obligations hereunder. In case any such claim shall be brought
against the Trustee, the Trustee may elect to defend the claim and shall promptly notify the Issuer of its intent to do so, provided
that the Trustee and its counsel shall proceed with diligence and good faith with respect thereto, and the Issuer shall be entitled
to participate therein. In the event of any disagreement between the Trustee and the Issuer in relation to the conduct of the claim,
other than disagreements concerning the Trustee’s failure to promptly assume the defense and employ counsel, the Trustee’s
decision shall be final. The Trustee may have separate counsel and the Issuer shall pay the properly incurred fees and expenses
of such counsel. If the Trustee does not assume the defense of such claim, the Issuer may defend the claim, the Trustee shall cooperate
in such defense and the Issuer shall not be liable to the Trustee for any legal expenses of other counsel or any other expenses,
in each case subsequently incurred by the Trustee, in connection with the defense thereof unless the immediately following sentence
applies. If the interests of the Issuer, on the one hand, and the Trustee, on the other hand, may be adverse, the Trustee may have
a single separate counsel and the Issuer will pay the properly incurred fees and expenses of such counsel. The Issuer need not
pay for any settlement made without its written consent, which consent will not be unreasonably withheld.

 

(c)          The
obligations of the Issuer under this Section 7.07 will survive the satisfaction and discharge of this Indenture.

 

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

 

(e)          When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(9) hereof occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any Bankruptcy Law.

 

(f)          The
rights, privileges, protections, immunities and benefits to the Trustee in this Article 7, including, without limitation, its rights
to be compensated, reimbursed for expenses and indemnified, are extended to, and shall be enforceable by, each Agent.

 

(g)          The
indemnity contained in this Section 7.07 shall survive the discharge or termination of this Indenture and shall continue for the
benefit of the Trustee or an Agent notwithstanding its resignation or retirement.

 

Section 7.08       Replacement
of Trustee.

 

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

 

(b)          The
Trustee may resign in writing at any time without giving reason and be discharged from the trust hereby created by so notifying
the Issuer. The Holders of a majority in aggregate principal amount of the then Outstanding Notes may remove the Trustee by so
notifying the Trustee and the Issuer in writing. The Issuer may remove the Trustee if:

 

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

 

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

 

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

 

(4)         the
Trustee becomes incapable of acting.

 

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

 

(d)          If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, (i) the retiring Trustee,
the Issuer, or the Holders of at least 10% in aggregate principal amount of the then Outstanding Notes may petition any court of
competent jurisdiction for the appointment of a successor Trustee or (ii) the retiring Trustee may appoint a successor Trustee
at any time prior to the date on which a successor Trustee takes office, provided that such appointment shall be with the
consent of the Issuer (not to be unreasonably withheld or delayed).

 

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

 

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

 

(g)          For
the purposes of this Section 7.08, the Issuer hereby expressly accepts and confirms, for the purposes of Articles 1278 and 1281
of the Luxembourg Civil Code that, notwithstanding any assignment, transfer and/or novation permitted under, and made in accordance
with the provisions of this Indenture or any agreement referred to herein to which the Issuer is a party, any security created
or guarantee given under this Indenture shall be preserved for the benefit of the successor trustee (for itself and the secured
parties) and, for the avoidance of doubt, for the benefit of each of the secured parties.

 

Section 7.09        Successor Trustee by Merger, etc.

 

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

 

Section 7.10       Eligibility;
Disqualification.

 

There will at all times
be a Trustee hereunder that is a corporation organized and doing business under the laws of England and Wales or the United States
of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision
or examination by any England and Wales authority or any federal or state authorities and that has a combined capital and surplus
of at least $50.0 million as set forth in its most recent published annual report of condition.

 

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Section 7.11       Agents.

 

Resignation of Agents.
Any Agent may resign and be discharged from its duties under this Indenture at any time by giving thirty (30) days’ prior
written notice of such resignation to the Trustee and Issuer. The Trustee or Issuer may remove any Agent at any time by giving
thirty (30) days’ prior written notice to any Agent. Upon such notice, a successor Agent shall be appointed by the Issuer,
who shall provide written notice of such to the Trustee. Such successor Agent shall become the Agent hereunder upon the resignation
or removal date specified in such notice. If the Issuer is unable to replace the resigning Agent within thirty (30) days after
such notice, the Agent may, in its sole discretion, deliver any funds then held hereunder in its possession to the Trustee or may
appoint a replacement agent on behalf of the Issuer, provided that such appointment shall be with the consent of the Issuer
(not to be unreasonably withheld or delayed), or may apply to a court of competent jurisdiction for the appointment of a successor
Agent or for other appropriate relief. The costs and expenses (including its counsels’ fees and expenses) incurred by the
Agent in connection with such proceeding shall be paid by the Issuer. Upon receipt of the identity of the successor Agent, the
Agent shall deliver any funds then held hereunder to the successor Agent, less the Agent’s fees, costs and expenses or other
obligations owed to the Agent. Upon its resignation and delivery any funds, the Agent shall be discharged of and from any and all
further obligations arising in connection with this Indenture, but shall continue to enjoy the benefit of Section 7.07 hereof.

 

ARTICLE
8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01       Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Issuer may at any
time, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to have
either Section 8.02 or 8.03 hereof be applied to all Outstanding Notes upon compliance with the conditions set forth below in this
Article 8.

 

Section 8.02       Legal
Defeasance and Discharge.

 

Upon the Issuer’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuer will, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all
Outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”).
For this purpose, Legal Defeasance means that the Issuer will be deemed to have paid and discharged the entire Debt represented
by the Outstanding Notes, which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05
hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other
obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute
proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or
discharged hereunder:

 

(1)         the
rights of Holders of Outstanding Notes to receive payments in respect of the principal of, interest (including Additional Amounts)
or premium, if any, on, such Notes when such payments are due from the trust referred to in Section 8.04 hereof;

 

(2)         the
Issuer’s obligations with respect to the Notes under Article 2 and Section 4.02 hereof;

 

(3)         the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s obligations in connection therewith;
and

 

(4)         the
Legal Defeasance provisions of this Article 8.

 

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Subject to compliance
with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

 

Section 8.03       Covenant
Defeasance.

 

Upon the Issuer’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuer will, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from each of its obligations under the covenants contained in Sections
4.09, 4.10, 4.12, 4.13, 4.15 hereof and clause (4) of Section 5.01(a) hereof with respect to the Outstanding Notes on and after
the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”),
and the Notes will thereafter be deemed not “Outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “Outstanding”
for all other purposes hereunder (it being understood that such Notes will not be deemed Outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer may omit to comply with and
will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other
provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under
Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes will be unaffected thereby.
In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(3), (4), (5), (6), (7) and (8) hereof will
not constitute Events of Default.

 

Section 8.04       Conditions
to Legal or Covenant Defeasance.

 

In order to exercise
either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(1)         the
Issuer must irrevocably deposit with the Trustee (or such other entity designated or appointed (as agent) by it for such purpose),
in trust, for the benefit of the Holders of the Notes, cash in U.S. Dollars, non-callable Government Securities, or a combination
of cash in U.S. Dollars and non-callable Government Securities, in each case, in amounts as will be sufficient, in the opinion
of an internationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal
of, or interest (including Additional Amounts and premium, if any) on the Outstanding Notes on their Stated Maturity or on the
applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated
date for payment or to a particular redemption date;

 

(2)         in
the case of an election under Section 8.02 hereof, the Issuer must deliver to the Trustee an opinion of U.S. counsel in terms reasonably
acceptable to the Trustee confirming that:

 

(A)         the
Issuer has received from, or there has been published by, the U.S. Internal Revenue Service a ruling; or

 

(B)         since
the Issue Date, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that,
and based thereon such Opinion of Counsel will confirm that, 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;

 

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(3)         in
the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an opinion of U.S. counsel in terms reasonably
acceptable to the Trustee confirming that 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)         the
Issuer must deliver to the Trustee an Officer’s Certificate stating that the deposit was not made by the Issuer with the
intent of preferring the Holders of Notes over the other creditors of the Issuer with the intent of defeating, hindering, delaying
or defrauding any creditors of the Issuer or others; and

 

(5)         the
Issuer must deliver to the Trustee an Officer’s Certificate and an opinion of counsel, subject to customary assumptions and
qualifications, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been
complied with.

 

Section 8.05       Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section
8.06 hereof, all cash in U.S. Dollars and non-callable U.S. Government Securities (including the proceeds thereof) deposited with
the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant
to Section 8.04 hereof in respect of the Outstanding Notes will be held in trust and applied by the Trustee, in accordance with
the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer
acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in
respect of principal, premium, if any, interest and Additional Amounts, if any, but such money need not be segregated from other
funds except to the extent required by law.

 

The Issuer will pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or the non-callable U.S.
Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Notes.

 

Notwithstanding anything
in this Article 8 to the contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer
any cash in U.S. Dollars or non-callable U.S. Government Securities held by it as provided in Section 8.04 hereof which, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee (which may be the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would
then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06       Repayment
to Issuer.

 

Any money deposited
with the Trustee or any Paying Agent, or then held by the Issuer in trust, for the payment of the principal of, premium on, if
any, interest or Additional Amounts, if any, on, any Note and remaining unclaimed for two years after such principal, premium,
if any, interest or Additional Amounts, if any, has become due and payable shall be paid to the Issuer on its request or (if then
held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to
the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such money, and all liability
of the Issuer as trustee thereof, will thereupon cease; provided, however, that in the event the Notes are in the
form of Definitive Registered Notes, the Trustee or such Paying Agent, before being required to make any such repayment, may at
the expense of the Issuer cause to be made available to the newswire service of Bloomberg or, if Bloomberg does not operate, any
similar agency and, if and so long as the Notes are listed on the Official List of the Luxembourg Stock Exchange and admitted to
trading on the Euro MTF Market and the rules of the Luxembourg Stock Exchange so require, to the extent and in the manner permitted
by such rules, posted on the official website of the Luxembourg Stock Exchange (www.bourse.lu) or mail to each Holder entitled
to such money at such Holder’s address (as set forth in the Register) notice that such money remains unclaimed and that,
after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed
balance of such money then remaining will be repaid to the Issuer.

 

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Section 8.07       Reinstatement.

 

If the Trustee or Paying
Agent is unable to apply any U.S. Dollars or non-callable U.S. Government Securities in accordance with Section 8.02 or 8.03 hereof,
as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes will be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted
to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if
the Issuer makes any payment of principal of (and premium or Additional Amounts, if any) or interest on any Note following the
reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such payment
from the money held by the Trustee or Paying Agent.

 

ARTICLE
9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01       Without
Consent of Holders.

 

Notwithstanding Section
9.02 hereof, the Issuer, the Issuer and the Trustee may, without the consent of the Holders of the Notes, amend, waive or supplement
the Escrow Agreement, this Indenture or the Notes:

 

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

 

(2)         to
provide for the assumption of the Issuer’s obligations to the Holders of the Notes in the case of a merger or consolidation
or sale of all or substantially all of the Issuer’s assets pursuant to Article 5 hereof;

 

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

 

(4)         to
conform the text of this Indenture, or the Notes to any provision of the “Description of the Notes” section of the
offering memorandum to the extent that such provision in such “Description of the Notes” section was intended to be
a verbatim recitation of a provision of this Indenture or the Notes;

 

(5)         to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the Issue Date;

 

(6)         to
provide for uncertificated Notes in addition to or in place of certificated Notes (provided that the uncertificated Notes
are issued in registered form for purposes of Section 169(f) of the Code, or in a manner such that the uncertificated Notes
are described in Section 163(f)(2)(B) of the Code);

 

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(7)         to
evidence and provide the acceptance of the appointment of a successor Trustee under this Indenture; or

 

(8)         to
allow the provision of Guarantees with respect to the Notes.

 

In formulating its
opinion on such matters, the Trustee shall be entitled to request and rely absolutely on such evidence as it deems appropriate,
including an Opinion of Counsel and an Officer’s Certificate.

 

Upon the request of
the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon receipt by the Trustee of the documents described in Section 7.02 and Section 14.03 hereof, the Trustee will
join with the Issuer in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture
and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated
to enter into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or
otherwise.

 

Section 9.02       With
Consent of Holders.

 

Except as provided
below in this Section 9.02, the Issuer and the Trustee may amend or supplement this Indenture (including, without limitation Section
3.12, Section 4.10 and Section 4.15 hereof), the Escrow Agreement or the Notes with the consent of the Holders of at least a majority
in aggregate principal amount of the then Outstanding Notes (including, without limitation, Additional Notes, if any) voting as
a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, the Notes), and, subject to Section 6.04 and Section 6.07 hereof, any existing Default or Event of Default (other than
a Default or Event of Default in the payment of the principal of, premium on, if any, interest or Additional Amounts, if any, on,
the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of
this Indenture, the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then
Outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes); provided that if any
amendment, waiver or other modification will only affect one series of the Notes, only the consent of the Holders of a majority
in aggregate principal amount of the then Outstanding Notes of such series shall be required.

 

Upon the request of
the Issuer accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental
indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes
as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the
Issuer in the execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects
the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion,
but will not be obligated to, enter into such amended or supplemental Indenture.

 

It is not necessary
for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it is sufficient if such consent approves the substance thereof.

 

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After an amendment,
supplement or waiver under this Section 9.02 becomes effective, the Issuer will mail to the Holders affected thereby a notice briefly
describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, will not,
however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. The Holders of a majority
in aggregate principal amount of the Outstanding Notes, on behalf of all Holders of Notes, may waive compliance by the Issuer with
certain restrictive provisions of this Indenture. Subject to Sections 6.04 and 6.07 hereof the Holders of a majority in aggregate
principal amount of the Outstanding Notes, on behalf of all Holders of the Notes, may waive any past default under this Indenture,
except a default in the payment of principal, premium or interest or a default arising from failure to purchase any Note tendered
pursuant to an Offer to Purchase. Modifications and amendments of this Indenture may be made by the Issuer, the Issuer and the
Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes; provided,
however, that no such modification or amendment may, without the consent of the Holders of 90% of the aggregate principal
amount of then Outstanding Notes affected thereby:

 

(1)         change
the Stated Maturity or the principal of, or any installment of interest on, any Note;

 

(2)         reduce
the principal amount of, (or premium) or interest on (or rate thereof), any Note;

 

(3)         change
the place or currency of payment of principal of (or premium), or interest on, any Note;

 

(4)         impair
the right to institute suit for the enforcement of any payment on or with respect to any Note;

 

(5)         reduce
the above stated percentage of Outstanding Notes necessary to modify or amend this Indenture;

 

(6)         reduce
the percentage of aggregate principal amount of Outstanding Notes necessary for waiver of compliance with certain provisions of
this Indenture or for waiver of certain defaults; or

 

(7)         following
the mailing of any Offer to Purchase, modify any Offer to Purchase for the Notes required under Sections 4.10 and 4.15 hereof in
a manner adverse to the Holders thereof.

 

For the avoidance of
doubt, the provisions of articles 470-1 to 470-19 (included) of the Luxembourg Law dated August 10, 1915 on commercial companies,
as amended from time to time, shall not apply in respect of the Notes.

 

Section 9.03       Revocation
and Effect of Consents.

 

Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder of a Note and every subsequent
Holder that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.
However, any such Holder or subsequent Holder may revoke the consent as to its Note if the Trustee receives written notice of revocation
before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder.

 

Section 9.04       Notation
on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuer in exchange for
all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate or cause the Authenticating Agent
to authenticate the new Notes that reflect the amendment, supplement or waiver.

 

Failure to make the
appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 

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Section
9.05         Trustee to Sign Amendments, etc.

 

The Trustee will sign
any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. The Issuer may not sign an amended or supplemental indenture until
the Board of Directors of the Issuer approves it. In executing any amended or supplemental indenture, the Trustee will be entitled
to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture.

 

ARTICLE
10

[RESERVED]

 

ARTICLE
11

[RESERVED]

 

ARTICLE
12

[RESERVED]

 

ARTICLE
13

SATISFACTION AND DISCHARGE

 

Section 13.01     Satisfaction
and Discharge.

 

(a)          This
Indenture will be discharged and will cease to be of further effect as to all Notes issued thereunder, when:

 

(1)         either:

 

(A)         all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose
payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation;
or

 

(B)         all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice
of redemption or otherwise or will become due and payable within one year and the Issuer has irrevocably deposited or caused to
be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. Dollars, non-callable
Government Securities, or a combination of cash in U.S. Dollars and non-callable Government Securities, in each case, in amounts
as will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Debt on the Notes
not delivered to the Trustee for cancellation for principal, premium and Additional Amounts, if any, and accrued interest to the
date of maturity or redemption;

 

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

 

(3)         the
Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Issuer
must deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction
and discharge have been satisfied; provided that any such counsel may rely on any Officer’s Certificate as to matters
of fact (including as to compliance with the foregoing clauses (1), (2) and (3) of this Section 13.01(a)).

 

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(b)          Notwithstanding
the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to Section 13.01(a)(1)(B),
the provisions of Sections Section 13.02 and 8.06 hereof will survive. In addition, nothing in this Section 13.01 will be deemed
to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture.

 

Section 13.02     Application
of Trust Money.

 

Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 13.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the
principal of, premium on, if any, interest and Additional Amounts, if any, for whose payment such money has been deposited with
the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying
Agent is unable to apply any money or U.S. Government Securities in accordance with Section 13.01 hereof by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to Section 13.01 hereof; provided that if the Issuer has made any payment of principal of,
premium on, if any, interest and Additional Amounts, if any, on, the Notes because of the reinstatement of its obligations, the
Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government
Securities held by the Trustee or Paying Agent.

 

ARTICLE
14

MISCELLANEOUS

 

Section 14.01     Notices.

 

Any notice or communication
by the Issuer or the Trustee to the others is duly given if in writing and delivered in person or mailed by first class mail (registered
or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the
others’ address:

 

If to the Issuer:

 

Millicom International Cellular
S.A.

2, rue du Fort Bourbon

L-1249, Luxembourg Grand Duchy
of Luxembourg

Facsimile No.: +352 27 759 901

Attention: Office of the General
Counsel

 

With a copy to:

 

Davis Polk & Wardwell LLP

450 Lexington Avenue, New York

NY 10017, United States of America

Facsimile No.: +1-212-701-5077

Attention: John B. Meade

 

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Citibank, N.A., London Branch

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

Attn: Trustee-Agency & Trust

Facsimile: +44 207 500 5877

 

If to the Trustee to
Citibank, N.A., London Branch at the address above.

 

If to Registrar:

 

Citigroup Global Markets Europe
AG

5th Floor, Reuterweg 16

60323 Frankfurt

Germany

Attn: Citi-Registrar-Agency &
Trust

Facsimile: +49 692222 9586

 

If to Paying Agent or Transfer
Agent:

 

Citibank, N.A., London Branch

Citigroup Centre

Canada Square

Canary Wharf

London E14 5LB

Attn: Paying Agent-Agency &
Trust

Facsimile: +353 1 622 2210/ +353
1 622 2212

 

Attn: Transfer Agent-Agency &
Trust

Facsimile: +353 1 247 6348

 

The Issuer or the Trustee,
by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered;
upon receipt if mailed; when receipt acknowledged, if transmitted by facsimile; and the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

For so long as the
Notes are listed on the Official List of Luxembourg Stock Exchange and admitted to trading on the Euro MTF Market, and the rules
of the Luxembourg Stock Exchange so require, notices of the Issuer will be published on the official website of the Luxembourg
Stock Exchange (www.bourse.lu). In addition, for so long as any Notes are represented by one or more Global Notes, all notices
to Holders will be delivered by or on behalf of the Issuer to DTC. Such notices may also be published in a leading newspaper of
general circulation in Luxembourg or if, in the opinion of the Issuer such publication is not practicable, in an English language
newspaper having general circulation in Europe.

 

Notices delivered to
DTC will be deemed given on the date when delivered. If a notice or communication is published in the manner provided above within
the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Issuer mails
a notice or communication to Holders or delivers a notice or communication to holders of Book-Entry Interests, it will mail a copy
to the Trustee and each Agent at the same time.

 

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Section 14.02     [Reserved].

 

Section 14.03     Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Issuer to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish
to the Trustee:

 

(1)         an
Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 14.04 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided
for in this Indenture relating to the proposed action have been satisfied; and

 

(2)         an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 14.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section 14.04         Statements
Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

 

(1)         a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

(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 such Person, he or she has made such examination or investigation as is necessary to enable him
or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(4)         a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

Section 14.05     Rules
by Trustee and Agents.

 

The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions.

 

Section 14.06     Agent
for Service; Submission to Jurisdiction; Waiver of Immunities.

 

Each of the parties
hereto irrevocably agrees that any suit, action or proceeding arising out of, related to, or in connection with this Indenture,
the Notes or the transactions contemplated hereby, and any action arising under U.S. federal or state securities laws, may be instituted
in any U.S. federal or state court located in the State and City of New York, Borough of Manhattan; irrevocably waives, to the
fullest extent it may effectively do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding;
and irrevocably submits to the jurisdiction of such courts in any such suit, action or proceeding. The Issuer has appointed CT
Corporation System, 111 Eighth Avenue, 13th Floor, New York, New York 10011, United States of America, as its authorized
agent upon whom process may be served in any such suit, action or proceeding which may be instituted in any federal or state court
located in the State of New York, Borough of Manhattan arising out of or based upon this Indenture, the Notes or the transactions
contemplated hereby or thereby, and any action brought under U.S. federal or state securities laws (the “Authorized Agent”).
The Issuer expressly consents to the jurisdiction of any such court in respect of any such action and waives any other requirements
of or objections to personal jurisdiction with respect thereto and waives any right to trial by jury. Such appointment shall be
irrevocable unless and until replaced by an agent reasonably acceptable to the Trustee. The Issuer represents and warrants that
the Authorized Agent has agreed to act as said agent for service of process, and the Issuer agrees to take any and all action,
including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force
and effect as aforesaid. Service of process upon the Authorized Agent and written notice of such service to the Issuer shall be
deemed, in every respect, effective service of process upon the Issuer.

 

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Section 14.07     No
Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders.

 

None of the directors,
officers, employees, incorporators, members or stockholders, as such, of the Issuer, as such, will have any liability for any of
the Issuer’s obligations under the Notes or this Indenture, or for any claim based on, in respect of, or by reason of, such
obligations. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. This waiver may not be effective to waive liabilities under applicable securities
laws.

 

Section 14.08     Governing
Law.

 

THE INTERNAL LAW OF
THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

For the avoidance of
doubt, the provisions of articles 470-1 to 470-19 (included) of the Luxembourg Law dated August 10, 1915 on commercial companies,
as amended from time to time, are excluded.

 

Section 14.09     No
Adverse Interpretation of Other Agreements.

 

This Indenture may
not be used to interpret any other indenture, loan or debt agreement of the Issuer or any of its Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

Section 14.10     Successors.

 

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.

 

Section 14.11     Severability.

 

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

 

Section 14.12     Counterpart
Originals.

 

The parties may sign
any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 

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Section
14.13       Table of Contents, Headings, etc.

 

The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

Section 14.14     Judgment
Currency.

 

Any payment on account
of an amount that is payable in U.S. Dollars (the “Required Currency”) which is made to or for the account of
any Holder or the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”), whether as
a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer, shall constitute a discharge of
the Issuer’s obligations under this Indenture and the Notes, only to the extent of the amount of the Required Currency with
such Holder or the Trustee, as the case may be, could purchase in the London foreign exchange markets with the amount of the Judgment
Currency in accordance with normal banking procedures at the rate of exchange prevailing on the first Business Day following receipt
of the payment in the Judgment Currency. If the amount of the Required Currency that could be so purchased is less than the amount
of the Required Currency originally due to such Holder or the Trustee, as the case may be, the Issuer shall indemnify and hold
harmless the Holder or the Trustee, as the case may be, from and against all loss or damage arising out of, or as a result of,
such deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in
this Indenture or the Notes, shall give rise to a separate and independent cause of action, shall apply irrespective of any indulgence
granted by any Holder or the Trustee from time to time and shall continue in full force and effect notwithstanding any judgment
or order for a liquidated sum in respect of an amount due hereunder or under any judgment or order.

 

Section 14.15     Prescription.

 

Claims against the
Issuer for the payment of principal or Additional Amounts, if any, on the Notes will be prescribed ten years after the applicable
due date for payment thereof. Claims against the Issuer for the payment of interest on the Notes will be prescribed five years
after the applicable due date for payment of interest.

 

Section 14.16     Contractual
Recognition of Bail-In Powers.

 

(a)          The
Issuer acknowledges and accepts that, notwithstanding any other provision of this Indenture or any other agreement, arrangement
or understanding between the parties:

 

(1)         any
Liability may be subject to the exercise of Write-down and Conversion Powers by the Resolution Authority;

 

(2)         The
Issuer will be bound by the effect of any application of any Write-down and Conversion Powers in relation to any Liability and
in particular (but without limitation) by:

 

(A)         any
reduction in the principal amount, in full or in part, or outstanding amount due (including any accrued but unpaid interest) due
in respect of any Liability; and

 

(B)         any
conversion of all or part of any Liability into ordinary shares or other instruments of ownership of Citigroup Global Markets Europe
AG or any other person; that may result from any exercise of any Write-down and Conversion Powers in relation to any Liability;

 

(3)         the
terms of this Indenture and the rights of the Issuer hereunder may be varied, to the extent necessary, to give effect to any exercise
of any Write-down and Conversion Powers in relation to any Liability and the Issuer will be bound by any such variation; and

 

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(4)         ordinary
shares or other instruments of ownership of Citigroup Global Markets Europe AG or any other person may be issued to or conferred
on the Issuer as a result of any exercise of any Write-down and Conversion Powers in relation to any Liability.

 

(b)          Defined
terms used in this Section 14.16 have the following meanings:

 

(1)         “Liability”
means any liability of Citigroup Global Markets Europe AG to the Issuer arising under or in connection with this Indenture;

 

(2)         “Resolution
Authority” means the German Federal Agency for Financial Markets Stabilization (Bundesanstalt fur Finanzmarktstabilisierung),
or any other body which has authority to exercise any Write-down and Conversion Powers;

 

(3)         “Write-down
and Conversion Powers” means any write-down, conversion, transfer, modification or suspension power existing from time
to time under, and exercised in compliance with, any laws, regulations, rules or requirements in effect in Germany, relating to
the transposition of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
firms as amended from time to time, including but not limited to the German Recovery and Resolution Act (Sanierungs- und Abwicklungsgesetz)
as amended from time to time, and the instruments, rules and standards created thereunder, pursuant to which:

 

(A)         any
obligation of Citigroup Global Markets Europe AG (or other affiliate of such entity) can be reduced, cancelled, modified or converted
into shares, other securities or other obligations of such entity or any other person (or suspended for a temporary period); and

 

(B)          any
right in a contract governing an obligation Citigroup Global Markets Europe AG may be deemed to have been exercised.

 

[Signatures on following
page]

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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IN WITNESS HEREOF,
the parties have caused this Indenture to be duly executed as of the date first written above.

 

	 	MILLICOM INTERNATIONAL CELLULAR S.A.,

as the Issuer
	 	 	 
	 	By:	/s/ Justine Dimovic
	 	 	Name:  Justine Dimovic
	 	 	Title:    Group Treasurer
	 	 	 
	 	By:	/s/ Bruno Nieuwland
	 	 	Name:  Bruno Nieuwland
	 	 	Title:    Director Administration

 

[Signature Page to 2029 Indenture]

 

    	 	 	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-245

    

 

	 	CITIBANK, N.A., LONDON BRANCH,

as Trustee, Paying Agent and Transfer Agent
	 	 	 
	 	By:	Citibank, N.A., London Branch
	 	 	 
	 	By:	/s/ David Rowlandson
	 	 	Name:  David Rowlandson
	 	 	Title:    Vice President

 

[Signature Page to 2029 Indenture]

 

    	 	 	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-246

    

 

	 	CITIGROUP GLOBAL MARKETS EUROPE AG,

as Registrar
	 	 
	 	By: Citigroup Global Markets Europe AG
	 	 	 
	 	By:	/s/ Thorsten Peters
	 	 	Name:  Thorsten Peters
	 	 	Title:
	 	 	 
	 	By:	/s/ Ilona Kuhn
	 	 	Name:  Ilona Kuhn
	 	 	Title:

 

[Signature Page to 2029 Indenture]

 

    	 	 	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-247

    

 

EXHIBIT A

 

	[Face of Note]

 

[Insert the Global
Note Legend, if applicable pursuant to the provisions of the Indenture]

 

[Insert the Private
Placement Legend, if applicable pursuant to the provisions of the Indenture]

 

MILLICOM INTERNATIONAL
CELLULAR S.A.

 

6.25% Senior Notes
due 2029

 

	No. _____	 	CUSIP: 
	 	 	 
	 	 	ISIN: 
	 	 	 
	 	 	COMMON CODE:

 

$ __________

 

Issue Date: __________

 

MILLICOM
INTERNATIONAL CELLULAR S.A., a société anonyme organized under the laws of the Grand Duchy of
Luxembourg, promises to pay to ______________________ or registered assigns, the principal sum of
_____________________________ DOLLARS or such greater or lesser amount as indicated in the schedule of Exchanges of Interests
in the Global Note on March 25, 2029

 

Interest Payment Dates:
March 25 and September 25

 

Record Dates: Holders
of record on each Note in respect of the principal amount thereof outstanding on the Business Day immediately preceding the related
Interest Payment Date.

 

Dated: __________

 

    	 	A-1	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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IN WITNESS WHEREOF,
the parties hereto have caused this Note to be signed manually or by facsimile by the duly authorized officers referred to below.

 

	 	MILLICOM INTERNATIONAL CELLULAR S.A.
	 	 	 
	 	By:	                 
	 	Name:
	 	Title:
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    	 	A-2	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-249

    

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

 

	 	CITIBANK, N.A., LONDON BRANCH
	 	 	           
	 	By:	 
	 	Authorized Signatory:

 

    	 	A-3	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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[Back of Note]

 

 

 

6.25% Senior Notes due
2029

 

Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)          INTEREST.
MILLICOM INTERNATIONAL CELLULAR S.A., a public limited liability company (société anonyme) organized under
the laws of the Grand Duchy of Luxembourg, having its registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg and registered
with the Luxembourg Register of Commerce and Companies under the number B 40630 (the “Issuer”), promises to
pay or cause to be paid interest on the principal amount of this Note at 6.25% per annum from _______________________ until maturity.
The Issuer will pay interest semi-annually in arrears on March 25 and September 25 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue
from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided
that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred
to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided further that the first Interest Payment Date shall be           . The Issuer will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the
rate then in effect to the extent lawful. The Issuer will pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue installments of interest and Additional Amounts (without regard to any applicable grace periods),
from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year comprised
of twelve 30-day months. Each interest period shall end (but not include) the relevant Interest Payment Date.

 

(2)          METHOD
OF PAYMENT. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes on the Business Day immediately preceding the related Interest Payment Date, even if such Notes are canceled after such
record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be payable as to principal, premium, if any, interest and Additional Amounts, if any, through the Paying
Agents as provided in the Indenture or, at the option of the Issuer, payment of interest and Additional Amounts, if any, may be
made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire
transfer of immediately available funds will be required with respect to principal of and interest, premium, if any, and Additional
Amounts, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to
the Issuer or the Paying Agent. In addition, interest on the Definitive Registered Notes may be paid by check mailed to the person
entitled thereto as shown on the Register for the Definitive Registered Notes. The Issuer will make all payments in immediately
available same-day freely transferable funds and in U.S. Dollars.

 

(3)          PAYING
AGENT, REGISTRAR AND TRANSFER AGENT. Initially, Citibank, N.A., London Branch will act as Paying Agent and Transfer Agent.
Citigroup Global Markets Europe AG will act as Registrar. The Issuer shall maintain a Paying Agent and Transfer Agent. Upon notice
to the Trustee, the Issuer may change any Paying Agent, Registrar or Transfer Agent.

 

(4)          INDENTURE.
The Issuer issued the Notes under an Indenture dated as of March 25, 2019 (the “Indenture”) between the Issuer,
Citibank, N.A., London Branch, as Trustee, Transfer Agent and Paying Agent, and Citigroup Global Markets Europe AG, as Registrar.
The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent
any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(5)          OPTIONAL
REDEMPTION.

 

(a)          Except
as detailed below, the Notes are not redeemable at the Issuer’s option. The Issuer is not, however, prohibited from acquiring
the Notes by means other than a redemption, whether pursuant to a tender offer, open market purchase or otherwise, so long as the
acquisition does not otherwise violate the terms of the Indenture. The Issuer may make any redemption or redemption notice subject
to the satisfaction of conditions precedent. If such redemption or notice is subject to satisfaction of one or more conditions
precedent, such notice shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (but
no more than 60 days after the date of the notice of redemption) as any or all such conditions shall be satisfied, or such redemption
may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived
by the redemption date, or by the redemption date as so delayed, or such notice may be rescinded at any time in the Issuer’s
discretion if in the good faith judgement of the Issuer any or all of such conditions will not be satisfied or waived. In addition,
the Issuer may provide in such notice that payment of the redemption price and performance of the Issuer’s obligations with
respect to such redemption may be performed by another Person.

 

(b)          If
a redemption date is not a Business Day, payment may be made on the next succeeding day that is a Business Day, and no interest
shall accrue on any amount that would have been otherwise payable on such redemption date if it were a Business Day for the intervening
period. If the optional redemption date is on or after an interest record date and on or before the related interest payment date,
the accrued and unpaid interest, if any, will be paid to the Person in whose name the Note is registered at the close of business
on such record date and no additional interest will be payable to Holders whose Notes will be subject to redemption.

 

(c)          At
any time prior to March 25, 2024, upon not less than 10 nor more than 60 days’ notice to the Trustee and the Holders, the
Issuer may on any one or more occasions redeem up to 40% of the original aggregate principal amount of Notes (including Additional
Notes) at a redemption price of 106.250% of their principal amount, plus accrued and unpaid interest, if any, to the redemption
date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest
payment date), with the proceeds from one or more Equity Offerings or any sale of Qualified Capital Stock of any Restricted Subsidiary
of the Issuer. The Issuer may only do this, however, if:

 

(1)         at
least 50% of the aggregate principal amount of Notes that were initially issued under the Indenture would remain outstanding immediately
after the proposed redemption; and

 

(2)         the
redemption occurs within 180 days after the closing of such Equity Offering or sale of Qualified Capital Stock.

 

Any notice for such
a redemption may be given prior to completing the Equity Offering or sale of Qualified Capital Stock and be conditioned upon its
completion.

 

(d)          At
any time prior to March 25, 2024, upon not less than 10 nor more than 60 days’ notice to the Trustee and the Holders, the
Issuer may on any one or more occasions redeem up to 40% of the original aggregate principal amount of Notes (including Additional
Notes) at a redemption price of 106.250% of their principal amount, plus accrued and unpaid interest, if any, to the redemption
date (subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest
payment date), with the Net Available Proceeds from one or more Specified Subsidiary Sales. The Issuer may only do this, however,
if:

 

    	 	A-5	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(1)         at
least 50% of the aggregate principal amount of Notes that were initially issued would remain outstanding immediately after the
proposed redemption; and

 

(2)         the
redemption occurs within 365 days from the later of the date of such Specified Subsidiary Sale or the receipt of such Net Available
Proceeds.

 

(e)          During
each 12 month period commencing on the Issue Date and ending on March 25, 2024, upon not less than 10 nor more than 60 days’
prior notice to the Trustee and the Holders, the Issuer may redeem up to 10% of the original aggregate principal amount of the
Notes (including Additional Notes) at a redemption price equal to 103% of the principal amount of the Notes redeemed, plus accrued
and unpaid interest and Additional Amounts, if any, to the applicable redemption date (subject to the right of Holders of record
on the relevant record date to receive interest due on the relevant interest payment date).

 

(f)          At
any time prior to March 25, 2024, upon not less than 10 nor more than 60 days’ notice to the Trustee and the Holders, the
Issuer may also redeem all or part of the Notes (including Additional Notes) at a redemption price equal to 100% of the principal
amount thereof plus the Applicable Redemption Premium and accrued and unpaid interest and Additional Amounts, if any, to the date
of redemption, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest
payment date.

 

(g)          At
any time on or after March 25, 2024, and prior to maturity, upon not less than 10 nor more than 60 days’ notice to the Trustee
and the Holders, the Issuer may redeem all or part of the Notes. These redemptions will be in amounts of $200,000 or integral multiples
of $1,000 in excess thereof at the following redemption prices (expressed as percentages of their principal amount at maturity),
plus accrued and unpaid interest and Additional Amounts, if any, to the redemption date, if redeemed during the 12-month period
commencing on March 25 of the years set forth below:

 

	Year	 	Redemption
 Price	 
	2024	 	 	103.125	%
	2025	 	 	102.083	%
	2026	 	 	101.042	%
	2027 and thereafter	 	 	100.000	%

 

(6)          REDEMPTION
UPON CHANGES IN WITHHOLDING TAXES.

 

The Issuer may redeem
the Notes, in whole but not in part, at its option, at 100% of the outstanding principal amount thereof plus accrued and unpaid
interest to the date of redemption and any Additional Amounts (as defined under Section 4.22(a) of the Indenture) payable with
respect thereto, if:

 

(a)          as
a result of (i) any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of
any Relevant Taxing Jurisdiction (as defined under Section 4.22(a) of the Indenture) affecting taxation which is publicly announced
and becomes effective on or after the date of the Indenture or, if such Relevant Taxing Jurisdiction has become a Relevant Taxing
Jurisdiction after the date of the Indenture, on or after the date on which such Relevant Taxing Jurisdiction became a Relevant
Taxing Jurisdiction under the Indenture or (ii) any change in, or amendment to, the existing official published position (including
any such change or amendment occurring as a result of the introduction of an official position) regarding the application, administration
or interpretation of the laws or treaties (or any regulations or rulings promulgated thereunder) of any Relevant Taxing Jurisdiction
(including any such change or amendment occurring as a result of a holding, judgment or order by a court of competent jurisdiction
or a change in published practice), which change or amendment is publicly announced and, where applicable, becomes effective on
or after the date of the Indenture or, if such Relevant Taxing Jurisdiction has become a Relevant Taxing Jurisdiction after the
date of the Indenture, on or after the date on which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction under
the Indenture (either, a “Change in Tax Law”), the Issuer has or will become obligated to pay Additional Amounts;
and

 

    	 	A-6	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(b)          such
obligation cannot be avoided by the Issuer taking reasonable measures available to it; provided, however, that for
this purpose reasonable measures shall not include any change in the Issuer’s jurisdiction of organization or the location
of its principal executive office, or the incurrence of material out of pocket costs by it. No such notice of redemption will be
given earlier than 90 days prior to the earliest date on which the Issuer would be obligated to pay such Additional Amounts if
a payment in respect of the Notes were then due.

 

Prior to the publication
or mailing of any notice of redemption of the Notes as described below, the Issuer must deliver to the Trustee (i) an Officers’
Certificate stating that the Issuer is entitled to effect such redemption and (ii) an opinion of legal counsel of recognized standing
stating that the Issuer has or will become obligated to pay Additional Amounts due to a Change in Tax Law. The Trustee will accept
and shall be entitled to rely on this certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent
set forth in clauses (1) and (2) above, upon which it will be conclusive and binding on the Holders.

 

(7)          SPECIAL
MANDATORY REDEMPTION.

 

(a)          The
Issuer may request the Escrow Agent to release all of the Escrowed Property from the Escrow Account to fund the Telefonica Costa
Rica Acquisition, the Telefonica Nicaragua Acquisition or the Telefonica Panama Acquisition (the “Relevant Telefonica
CAM Acquisition”) substantially concurrently with the closing of the Relevant Telefonica CAM Acquisition. Notwithstanding
the foregoing, the Issuer shall be required to request a Release (as defined below) to finance the first Relevant Telefonica CAM
Acquisition to close; provided that the foregoing requirement shall not apply in the event that any Subsidiary or Affiliate of
the Issuer, including Cable Onda, issues securities or otherwise raises financing, for the purposes of financing the Telefonica
Panama Acquisition, before or substantially concurrently with the closing of the Telefonica Panama Acquisition (the “Alternative
Panama Financing”).

 

The Issuer may request
the Escrow Agent to release all of the Escrowed Property to the Issuer (a “Release”) upon delivery by the Issuer
to the Escrow Agent and the Trustee shall have received from the Issuer, on or before the Escrow Longstop Date, an Officer’s
Certificate, upon which both the Escrow Agent and the Trustee shall be entitled to rely absolutely without further investigation,
to the effect that:

 

(1)         
(i) a Relevant Telefonica CAM Acquisition (which shall be identified) will be consummated promptly upon such Release of the Escrowed
Property and (ii) since the Issue Date, no material term or condition of the Relevant Telefonica CAM Acquisition Agreement to be
consummated promptly upon such Release has been amended or waived in a manner or to an extent that would be materially prejudicial
to the interests of Holders, other than any amendment or waiver made with the consent of Holders of a majority of the Outstanding
Notes;

 

(2)         promptly
after consummation of the Relevant Telefonica CAM Acquisition, (i) in the case of either the Telefonica Costa Rica Acquisition
or the Telefonica Nicaragua Acquisition, the Issuer or a Subsidiary or Affiliate or joint venture of the Issuer will own, directly
or indirectly, 100% of the outstanding shares of either Telefonica de Costa Rica TC, S.A. or Telefonia de Celular de Nicaragua,
S.A., as applicable, or, (ii) in the case of the Telefonica Panama Acquisition, the Issuer or a Subsidiary or Affiliate or joint
venture of the Issuer will own, directly or indirectly, 100% of the outstanding shares of Telefonica Móviles Panama, S.A.;
and

 

(3)         as
at the date of such Officer’s Certificate, there is no Default or Event of Default with respect to the Issuer under clauses
(8) or (9) of Section 6.01 of the Indenture.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(b)          The
Escrowed Property to be released in connection with any Release will be paid out in accordance with the Escrow Agreement and the
Escrowed Property will be reduced accordingly. Unless the Escrowed Property has been released as set forth in paragraph (a) of
Section 3.09 of the Indenture, then in the event that (i) (A) neither the Telefonica Costa Rica Acquisition Completion Date nor
the Telefonica Nicaragua Acquisition Completion Date has occurred on or prior to the Escrow Longstop Date and (B) where there is
no Alternative Panama Financing, the Telefonica Panama Acquisition Completion Date has not occurred on or prior to the Escrow Longstop
Date, (ii) in the reasonable judgment of the Issuer, no Relevant Telefonica CAM Acquisition (except the Telefonica Panama Acquisition,
but only where there is Alternative Panama Financing) will be consummated on or prior to the Escrow Longstop Date, (iii) all of
the Telefonica CAM Acquisition Agreements (except the Telefonica Panama Acquisition Agreement, but only where there is Alternative
Panama Financing) have been terminated at any time on or prior to the Escrow Longstop Date, or (iv) there is a Default or an Event
of Default with respect to the Issuer under clauses (8) or (9) of Section 6.01 of the Indenture on or prior to the Escrow Longstop
Date, (the date of any such (i) to (iv) event being the “Special Termination Date”), the Issuer will redeem
Notes in an aggregate principal amount of $500,000,000 (the “Special Mandatory Redemption”) at a price (the
“Special Mandatory Redemption Price”) equal to (v) 100% of the aggregate issue price of the Notes so redeemed
if the date of the Special Mandatory Redemption occurs on or prior to September 25, 2019 or (x) 101% of the aggregate issue price
of the Notes so redeemed if the date of the Special Mandatory Redemption occurs after September 25, 2019, in each case, plus accrued
but unpaid interest and Additional Amounts, if any, (y) from the Issue Date but excluding the payment date of the Special Mandatory
Redemption Price or (z) if applicable, from the most recent date on which interest on the Notes was paid or provided for, to, but
excluding the payment date of the Special Mandatory Redemption Price (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date).

 

(c)          Notice
of the Special Mandatory Redemption will be delivered by the Issuer, no later than one Business Day following the Special Termination
Date, to the Trustee, the Paying Agent and the Escrow Agent, and will provide that the Notes shall be redeemed on a date that is
not less than two Business Days prior and not later than the fifth Business Day after such notice is given by the Issuer in accordance
with the terms of the Escrow Agreement (the “Special Mandatory Redemption Date”).

 

(d)          No
later than 12:00 p.m. New York time on the Business Day prior to the Special Mandatory Redemption Date, the Escrow Agent shall
have paid to the Issuer, and the Issuer shall subsequently have paid to the Paying Agent, for payment to each Holder of the Special
Mandatory Redemption Price for such Holder’s Notes and, concurrently with the payment to such Holders, deliver any excess
Escrowed Property (if any) to the Issuer.

 

(e)          In
the event that the Special Mandatory Redemption Price payable upon such Special Mandatory Redemption exceeds the amount of the
Escrowed Property, the Issuer will pay the accrued and unpaid interest and Additional Amounts, if any, and any other amounts owing
to the Holders.

 

(f)           If
at the time of such Special Mandatory Redemption, the Notes are listed on the Official List of the Luxembourg Stock Exchange and
admitted to trading on the Euro MTF Market, and the rules of the Luxembourg Stock Exchange so require, the Issuer will notify the
Luxembourg Stock Exchange that the Special Mandatory Redemption has occurred and any relevant details relating to such Special
Mandatory Redemption.

 

(g)          No
provisions of the Escrow Agreement and, to the extent such provisions relate to the Issuer’s obligation to redeem the Notes
in a Special Mandatory Redemption, the Indenture, may be amended, waived or modified in any manner materially adverse to the Holders
of the Notes without the consent of Holders of a majority of the Outstanding Notes. By accepting a Note, each Holder will be deemed
to have agreed to be bound by the terms of the Escrow Agreement and have irrevocably authorized the Trustee to take all the actions
set forth in the Escrow Agreement without the need for further direction from them under the Indenture.

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
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(8)          SINKING
FUND. Except as set forth under Section 3.09 of the Indenture, the Issuer will not be required to make any other mandatory
redemption or sinking fund payments with respect to the Notes.

 

(9)          REPURCHASE
AT THE OPTION OF HOLDER.

 

(a)          Within
60 days of the occurrence of a Change of Control Triggering Event, the Issuer will be required to make an Offer to Purchase all
Outstanding Notes at a purchase price equal to 101% of their principal amount plus accrued interest and any Additional Amounts
thereon to the date of purchase.

 

(b)          When
the aggregate amount of Excess Proceeds exceeds $75 million, the Issuer will, within 15 Business Days of the end of the applicable
period in Section 4.10(b), make an Excess Proceeds Offer to all Holders and from the holders of any Pari Passu Debt, to the extent
required by the terms thereof, on a pro rata basis, in accordance with the procedures set forth in Section 3.12 of the Indenture
or the agreements governing any such Pari Passu Debt, the maximum principal amount (expressed as a minimum amount of $200,000 and
integral multiples of $1,000 in excess thereof) of the Notes and any such Pari Passu Debt that may be purchased with the amount
of the Excess Proceeds. The offer price as to each Note and any such Pari Passu Debt will be payable in cash in an amount equal
to (solely in the case of the Notes) 100% of the principal amount of such Note and (solely in the case of Pari Passu Debt) no greater
than 100% of the principal amount (or accreted value, as applicable) of such Pari Passu Debt, plus, in each case, accrued and unpaid
interest, if any, to the date of purchase.

 

(10)        NOTICE
OF REDEMPTION. At least 10 days but not more than 60 days before a redemption date, the Issuer will deliver, pursuant to Section
14.01 of the Indenture, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except
that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes or the satisfaction and discharge of the Indenture.

 

(11)        DENOMINATIONS,
TRANSFER, EXCHANGE.

 

[The Global Notes are
in registered form without coupons attached. The Global Notes will represent the aggregate principal amount of all the Notes issued
and not yet cancelled other than Definitive Registered Notes.]1 [The Definitive Registered Notes are in registered form
without coupons attached in denominations of $200,000 and integral multiples of $1,000 above $200,000. The transfer of Notes may
be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among
other things, to furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and
fees required by law or permitted by the Indenture. The Issuer shall not be required to register the transfer of any Definitive
Registered Notes (A) for a period of 15 days prior to any date fixed for the redemption of the Notes; (B) for a period of 15 days
immediately prior to the date fixed for selection of Notes to be redeemed in part; (C) for a period of 15 days prior to the record
date with respect to any interest payment date; or (D) which the Holder has tendered (and not withdrawn) for repurchase in connection
with a Change of Control Offer or an Excess Proceeds Offer.]2

 

(12)        PERSONS
DEEMED OWNERS. The registered Holder may be treated as the owner of it for all purposes.

 

 

1Include in any Global Note.

2Include in any Definitive Registered Note

 

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    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-256

    

 

(13)        AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture (including, without limitation, Section 3.12, Section 4.10
and Section 4.15 thereof), the Escrow Agreement and the Notes may be amended or supplemented with the consent of the Holders of
at least a majority in aggregate principal amount of the then Outstanding Notes (including, without limitation, Additional Notes,
if any) voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, the Notes), and, subject to Section 6.04 and Section 6.07 of the Indenture, any existing Default or
Event of Default (other than a Default or Event of Default in the payment of the principal of, premium on, if any, interest or
Additional Amounts, if any, on, the Notes, except a payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of the Indenture, the Notes may be waived with the consent of the Holders of a majority in aggregate
principal amount of the then Outstanding Notes (including, without limitation, Additional Notes, if any) voting as a single class
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes);
provided that if any amendment, waiver or other modification will only affect one series of the Notes, only the consent
of the Holders of a majority in aggregate principal amount of the then Outstanding Notes of such series shall be required. In certain
circumstances, the Escrow Agreement, the Indenture or the Notes may be amended or supplemented without the consent of any Holder,
including to cure any ambiguity, defect or inconsistency.

 

(14)        DEFAULTS
AND REMEDIES. Except as set forth in Section 6.02 of the Indenture, if an Event of Default, as defined in the Indenture, occurs
and is continuing, the Trustee or the Holders of at least 25% of the aggregate principal amount of the then Outstanding Notes may,
by written notice to the Issuer (and to the Trustee if given by the Holders), declare all the Notes to be due and payable immediately.
If a bankruptcy or insolvency default with respect to the Issuer occurs and is continuing, the Notes automatically become due and
payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity
and/or security satisfactory to it before it enforces the Indenture or the Notes. Holders of a majority in aggregate principal
amount of the then Outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy
available to the Trustee or exercising any trust or power conferred on the Trustee.

 

(15)        AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the authorized signatory of the Trustee or an authenticating
agent.

 

(16)        ABBREVIATIONS.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (=
tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)        CUSIP
AND ISIN AND COMMON CODE 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 of
redemption as a convenience to Holders. The Issuer has caused Common Code numbers to be printed on the Notes and the Trustee may
use Common Code numbers in notices of redemption as a convenience to Holders. In addition, the Issuer has caused ISIN numbers to
be printed on the Notes and the Trustee may use ISIN numbers in notices of redemption as a convenience to Holders. No representation
is made as to the accuracy of any such numbers either as printed on the Notes or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon.

 

(18)        GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY.

 

For the avoidance of
doubt, the provisions of articles 470-1 to 470-19 (included) of the Luxembourg Law dated August 10, 1915 on commercial companies,
as amended from time to time, shall not apply to the Notes.

 

    	 	A-10	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-257

    

 

The Issuer will furnish
to any Holder upon written request and without charge a copy of the Indenture or the form of Note. Requests may be made to:

 

MILLICOM INTERNATIONAL
CELLULAR S.A.

2, rue du Fort Bourbon

L-1249 Luxembourg

Grand Duchy of Luxembourg

Facsimile No.: +352
27 759 901

Attention: Office of
the General Counsel

 

    	 	A-11	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-258

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:  	 
	 	(Insert assignee’s legal name)

 

	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	 
	 
	 
	 
	 
	 
	 
	(Print or type assignee’s name, address and zip code)

 

	and irrevocably appoint 	 

 

to transfer this Note on the books of the
Issuer. The agent may substitute another to act for him.

 

	Date:	 	 

 

	 	Your Signature: 	 
	 	(Sign exactly as your name appears on the

 face of this Note)

 

	Signature Guarantee*:  	 	 

 

* Signatures must be guaranteed by an “eligible
guarantor institution” meeting the requirements of the 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 Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
Act of 1934, as amended.

 

    	 	A-12	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-259

    

 

OPTION OF HOLDER TO ELECT PURCHASE*

 

If you want to elect
to have this Note purchased by the Issuer pursuant to Section 4.10 or 4.15 of the Indenture, check the appropriate box below

 

 ̈
Section 4.10          ̈
Section 4.15

 

If you want to elect
to have only part of the Note purchased by the Issuer pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount
you elect to have purchased (in denominations of $200,000 or integral multiples of $1,000 in excess thereof):

 

	$	 	 

 

	Date: 	 	 

 

	 	Your Signature:	 
	 	(Sign exactly as your name appears

 on the face of this Note)
	 	 
	 	Tax Identification No.:	 

 

	Signature Guarantee*:  	 	 

 

Signature Guarantee*:

 

* Signatures must be
guaranteed by an “eligible guarantor institution” meeting the requirements of the 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 Registrar in addition to, or in substitution for, STAMP, all in accordance
with the Securities Exchange Act of 1934, as amended.

 

    	 	A-13	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-260

    

 

SCHEDULE OF EXCHANGES OF INTERESTS
IN THE GLOBAL NOTE

 

The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Registered Note, or exchanges of a part
of another Global Note or Definitive Registered Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of decrease

in Principal

Amount of 

this Global Note	 	Amount of increase

in Principal

Amount of 

this Global Note	 	Principal Amount

of this Global Note

following such

decrease 

(or increase)	 	Signature of

authorized officer of

Paying Agent,

Trustee or

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    	 	A-14	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-261

    

 

EXHIBIT B

 

[Issuer address block]

 

[Trustee/Transfer Agent/Registrar address
block]

 

		Re:	$750,000,000 6.25% Senior Notes due 2029 of Millicom International
Cellular S.A.

 

Reference is hereby made to the Indenture,
dated as of March 25, 2019 (the “Indenture”), between, among others, Millicom International Cellular S.A., a public
limited liability company (société anonyme) organized under the laws of the Grand Duchy of Luxembourg, having its
registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg and registered with the Luxembourg Register of Commerce and Companies
under the number B 40630 (the “Issuer”), Citibank, N.A., London Branch, as Trustee, Transfer Agent and. Paying Agent
and Citigroup Global Markets Europe AG, as Registrar. Capitalized terms used but not defined herein shall have the meanings given
to them in the Indenture.

 

____________________, (the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $____________________
in such Note[s] or interests (the “Transfer”), to ____________________ (the “Transferee”), as further specified
in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.          Check
if Transferee will take delivery of a Book-Entry Interest in the 144A Global Note or a Definitive Registered Note pursuant to Rule
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act
of 1933, as amended (the “U.S. Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or the Book-Entry Interest or Definitive Registered Note is being transferred to a Person that the Transferor
reasonably believed and believes is purchasing the beneficial interest or the Book-Entry Interest or Definitive Registered Note
for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such
Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A under the U.S. Securities
Act in a transaction meeting the requirements of Rule 144A under the U.S. Securities Act and such Transfer is in compliance with
any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or the Book-Entry Interest or Definitive Registered Note will
be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the
Definitive Registered Note and in the Indenture and the U.S. Securities Act.

 

2.          Check
if Transferee will take delivery of a Book-Entry Interest in the Regulation S Global Note or a Definitive Registered Note pursuant
to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the U.S.
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in
the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities market, (ii) such Transferor does
not know that the transaction was prearranged with a buyer in the United States, (iii) no directed selling efforts have been made
in connection with the Transfer in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the U.S.
Securities Act, (iv) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities
Act and (v) if the proposed transfer is being effected prior to the expiration of a Restricted Period, the transferee is not a
U.S. Person, as such term is defined pursuant to Regulation S of the Securities Act, and will take delivery only as a Book-Entry
Interest so transferred through DTC. Upon consummation of the proposed transfer in accordance with the terms of the Indenture,
the transferred Book-Entry Interest or Definitive Registered Note will be subject to the restrictions on Transfer enumerated in
the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Registered Note and in the Indenture
and the U.S. Securities Act.

 

    	 	B-1	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-262

    

 

3.          Check
and complete if Transferee will take delivery of a Book-Entry Interest in a Global Note or a Definitive Registered Note pursuant
to any provision of the U.S. Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance
with the transfer restrictions applicable to Book-Entry Interests in Global Notes and Definitive Registered Notes and pursuant
to and in accordance with the U.S. Securities Act and any applicable blue sky securities laws of any state of the United States.

 

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

 

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

 

    	 	B-2	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-263

    

 

ANNEX
A TO CERTIFICATE OF TRANSFER

 

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

 

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

 

		(a)	a Book-Entry Interest in the:

 

		(i)	144A Global Note ([CUSIP][ISIN][COMMON CODE] _________),
or

 

		(ii)	Regulation S Global Note ([CUSIP][ISIN][COMMON CODE] _________).

 

		2.	After the Transfer the Transferee will hold:

 

[CHECK ONE]

 

		(a)	a Book-Entry Interest in the:

 

		(i)	144A Global Note ([CUSIP][ISIN][COMMON CODE] _________),
or

 

		(ii)	Regulation S Global Note ([CUSIP][ISIN][COMMON CODE] _________).

 

in accordance
with the terms of the Indenture.

 

    	 	B-3	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-264

    

 

EXHIBIT C

 

[Issuer address block]

 

[Trustee/Transfer Agent/Registrar address
block]

 

		Re:	$750,000,000 6.25% Senior Notes due 2029 of Millicom International Cellular S.A.

 

(CUSIP ________; ISIN ________; Common
Code ________)

 

Reference is hereby made to the Indenture,
dated as of March 25, 2019 (the “Indenture”), between, among others, Millicom International Cellular S.A., a public
limited liability company (société anonyme) organized under the laws of the Grand Duchy of Luxembourg, having
its registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg and registered with the Luxembourg Register of Commerce and
Companies under the number B 40630 (the “Issuer”), Citibank, N.A., London Branch, as Trustee, Transfer Agent and Paying
Agent and Citigroup Global Markets Europe AG, as Registrar. Capitalized terms used but not defined herein shall have the meanings
given to them in the Indenture.

 

                ,
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $__________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that:

 

1.           ̈ Check if Exchange is from Book-Entry Interest in a Global Note for Definitive Registered Notes. In connection with the Exchange
of the Owner’s Book-Entry Interest in a Global Note for Definitive Registered Notes in an equal amount, the Owner hereby
certifies that such Definitive Registered Notes are being acquired for the Owner’s own account without transfer. The Definitive
Registered Notes issued pursuant to the Exchange will bear the Private Placement Legend and will be subject to restrictions on
transfer enumerated in the Indenture and the U.S. Securities Act.

 

2.           ̈ Check if Exchange is from Definitive Registered Notes for Book-Entry Interest in a Global Note. In connection with the Exchange
of the Owner’s Definitive Registered Notes for Book- Entry Interest in a Global Note in an equal amount, the Owner hereby
certifies that such Book-Entry Interest in a Global Note are being acquired for the Owner’s own account without transfer.
The Book- Entry Interests transferred in exchange will be subject to restrictions on transfer enumerated in the Indenture and the
U.S. Securities Act.

 

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

 

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

 

    	 	C-1	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-265

    

 

ANNEX
A TO CERTIFICATE OF EXCHANGE

 

		1.	The Owner owns and proposes to exchange the following:

 

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

 

		(a)	 ̈  a Book-Entry Interest held through DTC Account

 

No. ________ in
the:

 

		(i)	 ̈  D144A Global Note ([CUSIP] [ISIN] _____), or

 

		(ii)	 ̈  Regulation S Global Note ([CUSIP][ISIN] __), or

 

		(b)	 ̈ a Definitive Registered Note.

 

		2.	After the Exchange the Owner will hold:

 

[CHECK ONE]

 

		(a)	 ̈  a Book-Entry Interest held through DTC Account

 

No. ________ in
the:

 

		(i)	 ̈  D144A Global Note ([CUSIP][ISIN] _____), or

 

		(ii)	 ̈  Regulation S Global Note ([CUSIP][ISIN] __), or

 

		(b)	 ̈  a Definitive Registered Note.

 

in accordance
with the terms of the Indenture.

 

    	 	C-2Confidential treatment requested by the registrant
    for its submission of this draft registration	MIC-266
	 	statement pursuant to Securities and Exchange Commission Rule
    83	 

 

Exhibit 10.9

 

 

 

MILLICOM INTERNATIONAL CELLULAR S.A.

 

as the Issuer

 

$500,000,000 6.0% SENIOR NOTES DUE 2025

 

 

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of April 8, 2019 to

 

AMENDED AND RESTATED INDENTURE

 

Dated as of May 30, 2018

 

 

 

CITIBANK, N.A., LONDON BRANCH

 

as Trustee, Transfer Agent and Paying Agent

 

CITIGROUP GLOBAL MARKETS EUROPE AG (formerly
CITIGROUP GLOBAL MARKETS DEUTSCHLAND AG)

 

as Registrar

 

    	 	 	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-267

    

 

FIRST SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of April 8, 2019, among Millicom International Cellular S.A. (the
“Issuer”), a public limited liability company (société anonyme) organized under the laws
of the Grand Duchy of Luxembourg, having its registered office at 2, rue du Fort Bourbon, L-1249 Luxembourg, Luxembourg and registered
with the Luxembourg Trade and Companies Register under the number B 40630 and Citibank, N.A., London Branch, as Trustee, Transfer
Agent and Paying Agent, and Citigroup Global Markets Europe AG (formerly Citigroup Global Markets Deutschland AG) as Registrar.
Capitalized terms used herein and not otherwise defined shall have the meaning assigned to them in the Indenture.

 

WITNESSETH:

 

WHEREAS, the Amended
and Restated Indenture, dated as of May 30, 2018, among the Issuer, the Trustee and the Registrar (the “Indenture”),
governs the Issuer’s 6.0% Senior Notes Due 2025 (the “Notes”);

 

WHEREAS, the Issuer
has requested that Holders of the Notes deliver their consents with respect to the certain amendments to the Indenture;

 

WHEREAS, Section 9.02
of the Indenture provides that the Issuer and the Trustee may amend or supplement the Indenture with the consent of the Holders
of at least a majority in aggregate principal amount of the then outstanding Notes;

 

WHEREAS, the Holders
of at least a majority in aggregate principal amount of the then outstanding Notes have duly consented to the proposed modifications
set forth in this Supplemental Indenture in accordance with Section 9.02 of the Indenture;

 

WHEREAS, the Issuer
has heretofore delivered, or is delivering contemporaneously herewith, to the Trustee (i) a copy of resolutions of the Board of
Directors of the Issuer authorizing the execution of this Supplemental Indenture, (ii) evidence of the consent of the Holders of
at least a majority in aggregate principal amount of the then outstanding Notes and (iii) the Officer’s Certificate and the
Opinion of Counsel described in Sections 9.05, 14.03(1) and 14.03(2) of the Indenture; and

 

WHEREAS, all conditions
necessary to authorize the execution and delivery of this Supplemental Indenture and to make this Supplemental Indenture valid
and binding have been complied with or performed and this Supplemental Indenture is permitted by the Indenture.

 

NOW, THEREFORE, in
consideration of the foregoing and notwithstanding any provision of the Indenture which, absent this Supplemental Indenture, might
operate to limit such action, the parties hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE ONE

 

AMENDMENTS

 

SECTION 1.01 Revisions to Existing Definitions.
Subject to Section 2.01 hereof, the definitions of “Asset Disposition”, “Consolidated EBITDA”, “Consolidated
Net Debt”, “Debt”, “IFRS”, “Net Leverage Ratio”, “Permitted Liens” and “Permitted
Refinancing Debt” in Section 1.01 of the Indenture are hereby deleted in their entireties and replaced, respectively, as
follows:

 

“Asset
Disposition” means any transfer, conveyance, sale, lease or other disposition by the Issuer or any of its Restricted
Subsidiaries (including a consolidation or merger or other sale of any such Restricted Subsidiary with, into or to another Person
in a transaction in which such Restricted Subsidiary ceases to be a Restricted Subsidiary of the Issuer, but excluding a disposition
by a Restricted Subsidiary of the Issuer to the Issuer or a Restricted Subsidiary of the Issuer which is an 80% or more owned Restricted
Subsidiary of the Issuer) of (i) shares of Capital Stock (other than directors’ qualifying shares and shares to be held by
third parties to satisfy applicable legal requirements) or other ownership interests of a Restricted Subsidiary of the Issuer,
(ii) substantially all of the assets of the Issuer or any of its Restricted Subsidiaries representing a division or line of business
or (iii) other assets or rights of the Issuer or any of its Restricted Subsidiaries outside of the ordinary course of business;
provided that the term “Asset Disposition” shall not include:

 

    	 	2	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-268

    

 

(a)          any
dispositions of assets in a single transaction or series of transactions with an aggregate Fair Market Value in any calendar year
of not more than the greater of (x) $25 million and (y) 1% of Total Assets (with unused amounts in any calendar year being carried
over to the next succeeding year subject to a maximum of the greater of $25 million and 1% of Total Assets of carried over amounts
for any calendar year);

 

(b)          any
disposition of Tower Equipment, including any Sale/Leaseback Transaction; provided that any cash or Cash Equivalents received
in connection with such disposition or Sale/Leaseback Transaction must be applied in accordance with Section 4.10 hereof;

 

(c)          a
transfer of assets between or among the Issuer and any of its Restricted Subsidiaries;

 

(d)          the
issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to another Restricted Subsidiary of the Issuer;

 

(e)          any
disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a Person (other
than the Issuer or its Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary
acquired its business and assets (having been newly formed in connection with such acquisition), made as part of such acquisition
and in each case comprising all or a portion of the consideration in respect of such sale or acquisition;

 

(f)           the
sale, lease or other transfer of products, services, accounts receivable, inventory or other assets in the ordinary course of business
and any sale or other disposition of damaged, surplus, worn-out or obsolete assets;

 

(g)          dispositions
in connection with Permitted Liens;

 

(h)          disposals
of assets, rights or revenue not constituting part of the Related Business and other disposals of non-core assets acquired in connection
with any acquisition permitted under this Indenture;

 

(i)           licenses
and sublicenses of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

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

 

(k)          the
disposition of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business
or in bankruptcy or similar proceedings;

 

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

 

(m)         a
transfer or disposition of assets that is governed by the provisions of this Indenture described under Section 5.01 hereof;

 

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

 

(o)          the
foreclosure, condemnation or any similar action with respect to any property or other assets;

 

    	 	3	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-269

    

 

(p)          sales
of accounts receivable and related assets or an interest therein of the type specified in the definition of “Qualified Receivables
Transaction” to a Receivables Entity, and Investments in a Receivables Entity consisting of cash or Securitization Obligations;

 

(q)          any
disposition or expropriation of assets or Capital Stock which the Issuer or any Restricted Subsidiary is required by, or made in
response to concerns raised by, a regulatory authority or court of competent jurisdiction;

 

(r)          any
disposition of Capital Stock, Debt or other securities of an Unrestricted Subsidiary;

 

(s)          disposal
of non-core assets acquired in connection with any acquisition permitted under this Indenture;

 

(t)          any
disposition of assets to a Person who is providing services related to such assets, the provision of which have been or are to
be outsourced by the Issuer or any Restricted Subsidiary to such Person;

 

(u)          any
disposition of investments in joint ventures to the extent required by, or made pursuant to, customary buy/sell arrangements between
the joint venture parties set forth in joint venture arrangements and similar binding agreements; provided that any cash
or Cash Equivalents received in such disposition is applied in accordance with the requirements set forth in Section 4.10;

 

(v)         any
sale or disposition with respect to property built, repaired, improved, owned or otherwise acquired by the Issuer or any Subsidiary
pursuant to customary sale and leaseback transactions, asset securitizations and other similar financings permitted by this Indenture;
and

 

(w)          any
dispositions constituting the surrender of tax losses by the Issuer or a Restricted Subsidiary (i) to Issuer or a Restricted Subsidiary;
(ii) in order to eliminate, satisfy or discharge any tax liability of any Person that was formerly a Subsidiary of the Issuer which
has been disposed of pursuant to a disposal permitted by the terms of this Indenture, to the extent that the Issuer or a Restricted
Subsidiary would have a liability (in the form of an indemnification obligation or otherwise) to one or more Persons in relation
to such tax liability if not so eliminated, satisfied or discharged; and

 

(x)          any
other disposal of assets not described in clauses (a) to (w) above comprising in aggregate percentage value 10% or less of Total
Assets.

 

“Consolidated
EBITDA” means, for any period, operating profit of the Issuer and its Restricted Subsidiaries, as such amount is determined
on a consolidated basis in accordance with IFRS, plus the sum of the following amounts, in each case, without duplication.
Losses shall be added (as a positive number) and gains shall be deducted, in each case, to the extent such amounts were included
in calculating operating profit:

 

(a)          depreciation
and amortization expenses;

 

(b)          the
net loss or gain on the disposal and impairment of assets;

 

(c)          share-based
compensation expenses;

 

(d)          at
the Issuer’s option, other non-cash charges reducing operating profit (provided that if any such non-cash charge represents
an accrual of or reserve for potential cash charges in any future period, the cash payment in respect thereof in such future period
shall reduce operating profit to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period)
less other non-cash items of income increasing operating income (excluding any such non-cash item of income to the extent
it represents (x) a receipt of cash payments in any future period, (y) the reversal of an accrual or reserve for a potential cash
item that reduced operating income in any prior period and (z) any non-cash gains with respect to cash actually received in a prior
period so long as such cash did not increase operating income in such prior period);

 

    	 	4	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-270

    

 

(e)          any
material extraordinary, one-off, non-recurring, exceptional or unusual gain, loss, expense or charge, including any charges or
reserves in respect of any restructuring, redundancy, relocation, refinancing, integration or severance or other post-employment
arrangements, signing, retention or completion bonuses, transaction costs, acquisition costs, disposition costs, business optimization,
information technology implementation or development costs, costs related to governmental investigations and curtailments or modifications
to pension or postretirement benefits schemes, litigation or any asset impairment charges or the financial impacts of natural disasters
(including fire, flood and storm and related events);

 

(f)          at
the Issuer’s option, the effects of adjustments in its consolidated financial statements pursuant to IFRS (including inventory,
property, equipment, software, goodwill, intangible assets, in process research and development, deferred revenue and debt line
items) attributable to the application of recapitalization accounting or acquisition accounting, as the case may be, in relation
to any consummated acquisition or joint venture investment or the amortization or write-off or write-down of amounts thereof, net
of taxes;

 

(g)          any
reasonable expenses, charges or other costs related to any Equity Offering, Investment, acquisition, disposition, recapitalization
or the Incurrence, waiver or amendment of any Debt (or the refinancing thereof) (whether or not successful or consummated), in
each case, as determined in good faith by a responsible financial or accounting officer of the Issuer;

 

(h)          any
gains or losses on associates;

 

(i)          any
unrealized gains or losses due to changes in the fair value of equity Investments;

 

(j)          any
unrealized gains or losses due to changes in the fair value of Permitted Interest Rate, Currency or Commodity Price Agreements;

 

(k)          any
unrealized gains or losses due to changes in the carrying value of put options in respect of Capital Stock of, or voting rights
with respect to, any Subsidiary, joint venture or associate;

 

(l)          any
unrealized gains or losses due to changes in the carrying value of call options in respect of Capital Stock of, or voting rights
with respect to, any Subsidiary, joint venture or associate;

 

(m)          any
net foreign exchange gains or losses;

 

(n)          at
the Issuer’s option, any adjustments to reduce the impact of the cumulative effect of a change in accounting principles and
changes as a result of the adoption or modification of accounting policies;

 

(o)          accruals
and reserves that are established or adjusted within twelve months after the closing date of any acquisition that are so required
to be established or adjusted as a result of such acquisition that are so required to be established as a result of such acquisition
in accordance with IFRS;

 

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

 

(q)          the
amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered
by indemnification or other reimbursement provisions in connection with any acquisition, Investment or any sale, conveyance, transfer
or other disposition of assets;

 

    	 	5	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-271

    

 

(r)          any
net gain (or loss) realized upon any Sale/Leaseback Transaction that is not sold or otherwise disposed of in the ordinary course
of business, determined in good faith by a responsible financial or accounting officer of the Issuer;

 

(s)          the
amount of loss on the sale or transfer of any assets in connection with an asset securitization program, receivables factoring
transaction or other receivables transaction (including, without limitation, a Qualified Receivables Transaction); and

 

(t)          Specified
Legal Expenses.

 

For the purposes of
calculating Consolidated EBITDA for any period, as of such date of determination:

 

(i)          if,
since the beginning of such period the Issuer or any Restricted Subsidiary has made any Asset Disposition or disposed of any company,
any business, or any group of assets constituting an operating unit of a business (any such disposition, a “Sale”),
including any Sale occurring in connection with a transaction causing a calculation to be made hereunder, then Consolidated EBITDA
for such period will be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the assets which are
the subject of such Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable
thereto for such period;

 

(ii)         if,
since the beginning of such period the Issuer or any Restricted Subsidiary (by merger or otherwise) will have made an Investment
in any Person that thereby becomes a Restricted Subsidiary, or otherwise acquires any company, any business, or any group of assets
constituting an operating unit of a business (any such Investment or acquisition, a “Purchase”), including any
such Purchase occurring in connection with a transaction causing a calculation to be made hereunder, then Consolidated EBITDA for
such period will be calculated after giving pro forma effect thereto as if such Purchase occurred on the first day of such
period;

 

(iii)        if,
since the beginning of such period any Person (that became a Restricted Subsidiary or was merged with or into the Issuer or any
Restricted Subsidiary since the beginning of such period) will have made any Sale or any Purchase that would have required an adjustment
pursuant to clauses (i) or (ii) above if made by the Issuer or a Restricted Subsidiary since the beginning of such period, Consolidated
EBITDA for such period will be calculated after giving pro forma effect thereto as if such Sale or Purchase occurred on
the first day of such period, including anticipated synergies and cost savings as if such Sale or Purchase occurred on the first
day of such period;

 

(iv)        whenever
pro forma effect is applied, the pro forma calculations will be as determined in good faith by a responsible financial
or accounting officer of the Issuer (including in respect of anticipated synergies and cost savings) as though the full effect
of synergies and cost savings were realized on the first day of the relevant period and shall also include the reasonably anticipated
full run rate cost savings effect (as calculated in good faith by a responsible financial or chief accounting officer of the Issuer)
of cost savings programs that have been initiated by the Issuer or its Restricted Subsidiaries as though such cost savings programs
had been fully implemented on the first day of the relevant period; and

 

(v)         for
the purposes of determining the amount of Consolidated EBITDA under this definition denominated in a foreign currency, the Issuer
may, at its option, calculate the U.S. Dollar equivalent amount of such Consolidated EBITDA based on either (i) the weighted average
exchange rates for the relevant period used in the consolidated financial statements of the Issuer for such relevant period or
(ii) the relevant currency exchange rate in effect on the Issue Date.

 

    	 	6	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-272

    

 

For the purpose of calculating
the Consolidated EBITDA of the Issuer, any Joint Venture Consolidated EBITDA shall be added to the amount determined in accordance
with the foregoing.

 

“Consolidated Net Debt”
means, as of any date of determination, the sum without duplication of (1) the total amount of Debt of the Issuer and its Restricted
Subsidiaries on a consolidated basis, minus (2) the sum without duplication of (i) all Debt outstanding under Minority Shareholder
Loans, (ii) any Debt which is a contingent obligation of the Issuer or its Restricted Subsidiaries on such date, (iii) all Debt
permitted by clause (3) of Section 4.09(b), (iv) all Debt permitted by clause (17) of Section 4.09(b) and (v) all Debt outstanding
under any Capital Lease Obligation or operating lease; minus (3) the amount of cash and Cash Equivalents (other than cash
or Cash Equivalents received from the Incurrence of Debt by the Issuer or any of its Restricted Subsidiaries to the extent such
cash or Cash Equivalents has not been subsequently applied or used for any purpose not prohibited by this Indenture) of the Issuer
and its Restricted Subsidiaries on a consolidated basis that would be stated on the statement of financial position of the Issuer
as of such date in accordance with IFRS, excluding, for the avoidance of doubt, Restricted Cash.

 

“Debt”
means (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of such Person and
whether or not contingent:

 

(i)          the
principal of and premium, if any, in respect of every obligation of such Person for money borrowed;

 

(ii)         the
principal of and premium, if any, in respect of every obligation of such Person evidenced by bonds, debentures, notes or other
similar instruments;

 

(iii)        every
reimbursement obligation of such person with respect to letters of credit, bankers’ acceptances or similar facilities issued
for the account of such Person (but only to the extent such obligations are not reimbursed within 30 days following receipt by
such Person of a demand for reimbursement); and

 

(iv)        the
principal component of every obligation of the type referred to in clauses (i) through (iii) of another Person and all dividends
of another Person the payment of which, in either case, such Person has Guaranteed or is responsible or liable for, directly or
indirectly, as obligor, guarantor or otherwise to the extent not otherwise included in the Debt of such Person.

 

The “amount”
or “principal amount” of Debt at any time of determination as used herein represented by (x) any Debt issued at a price
that is less than the principal amount at maturity thereof, shall be the amount of the liability in respect thereof determined
in accordance with IFRS, (y) any Redeemable Stock, shall be the maximum fixed redemption or repurchase price in respect thereof;
and (z) any amount of Debt that has been cash-collateralized, to the extent so cash-collateralized, shall be excluded from any
calculation of Debt. Notwithstanding anything else to the contrary, for all purposes under this Indenture, the amount of Debt Incurred,
repaid, redeemed, repurchased or otherwise acquired by a Restricted Subsidiary of the Issuer shall equal the liability in respect
thereof determined in accordance with IFRS and reflected on the Issuer’s consolidated statement of financial position.

 

The term “Debt”
shall not include:

 

(a)          obligations
described in clauses (i) or (ii) of the first paragraph of this definition of Debt that are Incurred by a Restricted Subsidiary
of the Issuer (the “Proceeds Recipient”) and owed to a bank or other lending institution (the “On-Lend Bank”)
to facilitate the substantially concurrent on-lending of proceeds (the “Proceeds On-Loan”) from Debt Incurred by the
Issuer or any of its Restricted Subsidiaries (other than the Proceeds Recipient) as permitted by Section 4.09 hereof (the “Initial
Debt”) to the extent (i) the principal obligations in respect of the Proceeds On-Loan are secured by security over cash granted
in favor of the On-Lend Bank or any of its affiliates in an amount not less than the principal amount of the Proceeds On-Loan or
(ii) the Proceeds On-Loan is put in place substantially concurrently with a loan by the Issuer or any of its Restricted Subsidiaries
(other than the Proceeds Recipient) to the On-Lend Bank (the “On-Lend Bank Borrowing”) pursuant to which the Proceeds
Recipient is entitled to reduce the principal amount of the Proceeds On-Loan by an amount equal to the principal amount of the
On-Lend Bank Borrowing if a default or acceleration occurs with respect to such On-Lend Bank Borrowing or (iii) the substantial
risks and rewards of the Proceeds On-Loan are transferred, using a synthetic instrument or any other arrangement or agreement,
from the On-Lend Bank to the Issuer or any of its Restricted Subsidiaries (other than the Proceeds Recipient) in exchange for an
amount not less than (x) the amount of cash granted in favor of the On-Lend Bank or any of its Affiliates or (y) the outstanding
amount of the On-Lend Bank Borrowing, as applicable, in each case as at the effective date of such transfer;

 

    	 	7	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-273

    

 

(b)          any
liability of the Issuer or any of its Restricted Subsidiaries (other than the Proceeds Recipient) attributable to a synthetic instrument
or any other arrangement or agreement described in paragraph (a)(iii) above to the extent such obligation under the relevant instrument,
arrangement or agreement has not come due but is classified as a financial liability in accordance with IFRS and recorded as a
current liability on the Issuer’s consolidated statement of financial position;

 

(c)          any
Restricted MFS Cash;

 

(d)          any
liability of the Issuer attributable to a put option or similar instrument, arrangement or agreement entered into after the Issue
Date granted by the Issuer relating to an interest in any other entity, in each case to the extent such option has not been exercised
or such obligation under the relevant instrument, arrangement or agreement has not come due but is classified as a financial liability
in accordance with IFRS, and recorded as a current liability on the Issuer’s consolidated statement of financial position;

 

(e)          any
standby letter of credit, performance bond or surety bond provided by the Issuer or any Restricted Subsidiary that are customary
in the Related Business to the extent such letters of credit or bonds are not drawn upon or, if and to the extent drawn upon, are
honored in accordance with their terms;

 

(f)           any
deposits or prepayments received by the Issuer or a Restricted Subsidiary from a customer or subscriber for its service and any
other deferred or prepaid revenue;

 

(g)          any
obligations to make payments in relation to earn outs;

 

(h)          Debt
which is in the nature of equity (other than redeemable shares) or equity derivatives;

 

(i)           Capital
Lease Obligations or operating leases;

 

(j)           receivables
sold or discounted, whether recourse or non-recourse, including for the avoidance of doubt any debt in respect of Qualified Receivables
Transactions, including without limitation guarantees by a Receivables Entity of the obligations of another Receivables Entity;

 

(k)          pension
obligations or any obligation under employee plans or employment agreements;

 

(l)          any
“parallel debt” obligations to the extent that such obligations mirror other Debt;

 

(m)         any
payments or liability for assets acquired or services supplied deferred (including Trade Payables) in accordance with the terms
pursuant to which the relevant assets were or are to be acquired or services were or are to be supplied;

 

(n)          the
principal component or liquidation preference of all obligations of such Person with respect to the redemption, repayment or other
repurchase of any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (including, in each case,
any accrued dividends); and

 

(o)          the
net obligations of such Person under any Permitted Interest Rate, Currency or Commodity Price Agreement.

 

    	 	8	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-274

    

 

“IFRS” means
the International Financial Reporting Standards promulgated by the International Accounting Standards Board or any successor board
or agency (and, at the irrevocable option of the Issuer, as adopted by the European Union), as in effect on the Issue Date; provided
that the Issuer may, at any time, irrevocably elect by written notice to the Trustee to use IFRS as in effect from time to
time, and, upon such notice, references herein to IFRS shall thereafter be construed to mean IFRS as in effect from time to time.
The Issuer also may, at any time, irrevocably elect by written notice to the Trustee to use GAAP as in effect from time to time
in lieu of IFRS and, upon such notice, references herein to IFRS shall thereafter be construed to mean GAAP as in effect from
time to time; provided that upon first reporting its fiscal year results under GAAP, the Issuer shall restate the financial statements
required to be delivered under Section 4.03, on the basis of GAAP for the fiscal year ending immediately prior to the first fiscal
year for which financial statements have been prepared on the basis of GAAP.

 

“Net Leverage
Ratio” means, as of any date of determination, the ratio of (1) the Consolidated Net Debt outstanding on such date to
(2) the Consolidated EBITDA for the four most recent full fiscal quarters ending immediately prior to such date for which consolidated
financial statements are available, determined, in each case, on a pro forma basis as if any such Debt had been Incurred, or such
other Debt had been repaid, redeemed or repurchased, as applicable, at the beginning of such four fiscal quarter period; provided,
however, that the pro forma calculation shall not give effect to (i) any Debt Incurred on such determination date pursuant to Section
4.09(b) hereof (other than Debt Incurred pursuant to clause (6) of Section 4.09(b) hereof), or (ii) the discharge on such determination
date of any Debt to the extent that such discharge results from the proceeds Incurred pursuant to Section 4.09(b) hereof (other
than the discharge of Debt using proceeds of Debt Incurred pursuant to clause (6) of Section 4.09(b) hereof). For the avoidance
of doubt, in determining Net Leverage Ratio, no cash or Cash Equivalents shall be included that are the proceeds of Debt in respect
of which the pro forma calculation is to be made.

 

“Permitted
Liens” means:

 

(a)          Liens
for taxes, assessments or governmental charges or levies on the property of the Issuer or any of its Restricted Subsidiaries if
the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith and
by appropriate proceeds promptly instituted and diligently concluded; provided that any reserve or other appropriate provision
that shall be required in conformity with IFRS shall have been made therefor;

 

(b)          Liens
imposed by law, such as statutory Liens of landlords’, carriers’, materialmen’s, repairmen’s, construction,
warehousemen’s and mechanics’ Liens and other similar Liens, on the property of the Issuer or any of its Restricted
Subsidiaries arising in the ordinary course of business or Liens arising solely by virtue of any statutory or common law provisions
relating to attorney’s liens or bankers’ liens, rights of set-off or similar rights and remedies as to deposit accounts
or other funds maintained with a creditor depositary institution;

 

(c)          Liens
on the property of the Issuer or any of its Restricted Subsidiaries Incurred in the ordinary course of business to secure performance
of obligations with respect to statutory or regulatory requirements, performance bids, trade contracts, letters of credit, performance
or return-of-money bonds, surety bonds or other obligations of a like nature and Incurred in a manner consistent with industry
practice, in each case which are not Incurred in connection with the borrowing of money, the obtaining of advances or credit or
the payment of the deferred purchase price of property and which do not in the aggregate impair in any material respect the use
of property in the operation of the business of the Issuer and its Restricted Subsidiaries taken as a whole;

 

(d)          Liens
on property at the time the Issuer or any of its Restricted Subsidiaries acquired such property and Liens Incurred in anticipation
of or in connection with the transaction or series of transactions pursuant to which such property was acquired by the Issuer or
its Restricted Subsidiaries; provided, however, that any such Lien may not extend to any other property of the Issuer or
any of its Restricted Subsidiaries;

 

(e)          Liens
on the property of a Person at the time such Person becomes a Restricted Subsidiary (including Liens created, incurred or assumed
in connection with or in contemplation of such acquisition or transaction); provided, however, that any such Lien
may not extend to any other property of the Issuer or any other Restricted Subsidiary that is not a Restricted Subsidiary of such
Person (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on
property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition);

 

    	 	9	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-275

    

 

(f)           pledges
or deposits by the Issuer or any of its Restricted Subsidiaries under workmen’s compensation laws, unemployment insurance
laws or similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of
Debt) or leases to which the Issuer or any of its Restricted Subsidiaries is party, or deposits to secure public or statutory obligations
of the Issuer or any of its Restricted Subsidiaries or deposits for the payment of rent, in each case Incurred in the ordinary
course of business;

 

(g)          utility
easements, building restrictions and such other encumbrances or charges against real property as are of a nature generally existing
with respect to properties of a similar character;

 

(h)          any
provision for the retention of title to any property by the vendor or transferor of such property which property is acquired by
the Issuer or a Restricted Subsidiary in a transaction entered into in the ordinary course of business of the Issuer or a Restricted
Subsidiary and for which kind of transaction it is customary market practice for such retention of title provision to be included;

 

(i)           Liens
arising by means of any judgment, decree or order of any court, to the extent not otherwise resulting in a Default hereunder so
long as any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree or order have
not been fully terminated or the period within which such proceedings may be initiated has not expired and any Liens that are required
to protect or enforce rights in any administrative, arbitration or other court proceeding in the ordinary course of business;

 

(j)           Liens
securing any Credit Facility or any Permitted Interest Rate, Currency or Commodity Price Agreement;

 

(k)          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 of its Restricted Subsidiaries has easement rights or on any real
property leased by the Issuer or any of its Restricted Subsidiaries or similar agreements relating thereto and any condemnation
or eminent domain proceedings or compulsory purchase order affecting real property;

 

(l)          Liens
existing on the Issue Date;

 

(m)          Liens
in favor of the Issuer or any Restricted Subsidiary;

 

(n)          Liens
on insurance policies and the proceeds thereof, or other deposits, to secure insurance premium financings in respect of the Issuer
or any of its Restricted Subsidiaries;

 

(o)          Liens
arising from financing statement filings (or other similar filings in any applicable jurisdiction) regarding operating leases entered
into by any Restricted Subsidiary of the Issuer in the ordinary course of business;

 

(p)          Liens
on goods (and the proceeds thereof) and documents of title and the property covered thereby securing Debt in respect of commercial
letters of credit issued to facilitate the purchase, shipment or storage of such inventory or other goods;

 

(q)          Liens
on property of any Restricted Subsidiary of the Issuer to secure Debt Incurred by such Restricted Subsidiary pursuant to Section
4.09(a) hereof or clauses (9), (10), (11), (12) or (17) of Section 4.09(b) hereof;

 

    	 	10	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-276

    

 

(r)          Liens
for the purpose of securing the payment of all or a part of the purchase price of Capital Lease Obligations or payments Incurred
by the Issuer or its Restricted Subsidiaries to finance the acquisition, improvement or construction of, assets or property acquired
or constructed in the ordinary course of business; provided that such Liens do not encumber any other assets or property
of the Issuer or its Restricted Subsidiaries other than such assets or property and assets affixed or appurtenant thereto;

 

(s)          Liens
on the property of the Issuer or any of its Restricted Subsidiaries to replace in whole or in part, any Lien described in the foregoing
clauses (a) through (r); provided that any such Lien is limited to all or part of the same property or assets (plus improvements,
accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under the written arrangements under which
the original Lien arose, could secure) the Debt being refinanced or in respect of property that is the security for a Permitted
Lien hereunder;

 

(t)          any
interest or title of a lessor under any Capital Lease Obligation or operating lease;

 

(u)          Liens
on any escrow account used in connection with an acquisition of property or Capital Stock of any Person or pre-funding a refinancing
of Debt otherwise permissible by this Indenture;

 

(v)         Liens
on the Issuer’s and any of its Restricted Subsidiaries’ deposits in favor of financial institutions arising from any
netting or set-off arrangement substantially consistent with its current practice for the purpose of netting debt and credit balances
substantially consistent with the Issuer’s or the Restricted Subsidiaries’ existing cash pooling arrangements;

 

(w)         Liens
incurred in the ordinary course of business of the Issuer or any of its Restricted Subsidiaries with respect to obligations that
do not exceed the greater of $250 million or 4% of Total Assets at any one time outstanding and that do not in the aggregate materially
detract from the value of the property of the Issuer, or materially impair the use thereof in the operation of business by the
Issuer and its Restricted Subsidiaries;

 

(x)          Liens
over cash or other assets that secure collateralized obligations Incurred as Permitted Debt; provided that the amount of
cash collateral does not exceed the principal amount of the Permitted Debt;

 

(y)          Liens
on Restricted MFS Cash in favor of the customers or dealers of, or third parties in relation to, one or more of the Issuer’s
Restricted Subsidiaries engaged in the provision of mobile financial services, in each case who provided such Restricted MFS Cash
to the relevant Restricted Subsidiary;

 

(z)          Liens
on Receivables and related assets of the type described in the definition of “Qualified Receivables Transaction” Incurred
in connection with a Qualified Receivables Transaction, and Liens on Investments in Receivables Entities;

 

(aa)        Liens
consisting of any right of set-off granted to any financial institution acting as a lockbox bank in connection with a Qualified
Receivables Transaction;

 

(bb)       Liens
for the purpose of perfecting the ownership interests of a purchaser of Receivables and related assets pursuant to any Qualified
Receivables Transaction;

 

(cc)        [Reserved];

 

(dd)       Liens
arising in connection with other sales of Receivables permitted hereunder without recourse to the Issuer or any of its Restricted
Subsidiaries;

 

(ee)        Liens
on Receivables and related assets of the type specified in the definition of “Qualified Receivables Transaction” pursuant
to any Qualified Receivables Transaction;

 

(ff)         Liens
for the purpose of securing the payment of all or a part of the purchase price of, or Capital Lease Obligations, Purchase Money
Obligations or other payments Incurred to finance the acquisition, improvement or construction of, assets or property acquired
or constructed in the ordinary course of business (including Liens arising out of conditional sale, title retention, hire purchase,
consignment or similar arrangements for the sale of goods entered into in the ordinary course of business), provided that
such Liens do not encumber any other assets or property of the Issuer or any Restricted Subsidiary other than such assets or property
and assets affixed or appurtenant thereto;

 

    	 	11	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-277

    

 

(gg)       Liens
securing Debt or other obligations of a Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary;

 

(hh)       Liens
in respect of the ownership interests in, or assets owned by, any joint ventures or similar arrangements, other than joint ventures
and similar arrangements that are Restricted Subsidiaries, securing obligations of such joint ventures or similar agreements;

 

(ii)          any
encumbrance or restriction (including, but not limited to, put and call arrangements) with respect to Capital Stock of any joint
venture or similar arrangement pursuant to any joint venture or similar agreement;

 

(jj)          Liens
over rights under loan agreements relating to, or over notes or similar instruments evidencing, the on-loan of proceeds received
by a Restricted Subsidiary from the issuance of Debt, which Liens are created to secure payment of such Debt; and

 

(kk)        Liens
on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure Debt of such Unrestricted Subsidiary.

 

“Permitted
Refinancing Debt” means any renewals, extensions, substitutions, defeasances, discharges, refinancings or replacements
(each, for purposes of this definition and clause (8) of Section 4.09(b) hereof, a “refinancing”) of any Debt
of the Issuer or a Restricted Subsidiary of the Issuer or pursuant to this definition, including any successive refinancings, as
long as:

 

(b)          such
Permitted Refinancing Debt is in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue
price) not in excess of the sum of: (i) the aggregate principal amount (or if Incurred with original issue discount, the aggregate
accreted value plus all accrued interest) then outstanding of the Debt being refinanced; and (ii) an amount necessary to pay any
fees and expenses, including premiums and defeasance costs, related to such refinancing;

 

(c)          such
Permitted Refinancing Debt has (i) a Stated Maturity that is either (X) no earlier than the Stated Maturity of the Debt being refinanced
or (Y) after the Stated Maturity of the Notes and (ii) a Weighted Average Life to Maturity that is equal to or greater than the
Weighted Average Life to Maturity of the Debt being refinanced; and

 

(d)          if
the Debt being refinanced is subordinated in right of payment to the Notes, such Permitted Refinancing Debt is subordinated in
right of payment to, the Notes on terms at least as favorable to the Holders of Notes as those contained in the documentation governing
the Debt being refinanced; and

 

(e)          if
the Issuer was the obligor on the Debt being refinanced, such Permitted Refinancing Debt is Incurred by the Issuer.

 

Permitted Refinancing
Debt in respect of any Credit Facility or any other Debt may be Incurred from time to time after the termination, discharge or
repayment of all or any part of such Credit Facility or other Debt. Permitted Refinancing Debt shall not include any Debt of the
Issuer or any Restricted Subsidiary that refinances Debt of an Unrestricted Subsidiary. 

 

SECTION 1.02 Insertion of Additional
Definitions. Subject to Section 2.01 hereof, the following definitions are hereby added to Section 1.01 of the Indenture where
appropriate based on alphabetical ordering:

 

    	 	12	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-278

    

 

“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 exchangeable) or upon the happening of any event:

 

(a)          matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise;

 

(b)          is
convertible or exchangeable for Debt or Disqualified Stock (excluding Capital Stock which is convertible or exchangeable solely
at the option of the Issuer or a Restricted Subsidiary); or

 

(c)          is
redeemable at the option of the holder of the Capital Stock in whole or in part, in each case on or prior to the earlier of the
date (a) of the Stated Maturity of the Notes or (b) on which there are no Notes Outstanding, provided that only the portion
of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option
of the holder thereof prior to such date will be deemed to be Disqualified Stock; provided, further that any Capital
Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer to repurchase
such Capital Stock upon the occurrence of a change of control or asset sale (each defined in a substantially identical manner to
the corresponding definitions in this Indenture) shall not constitute Disqualified Stock if the terms of such Capital Stock (and
all such securities into which it is convertible or for which it is ratable or exchangeable) provide that the Issuer may not repurchase
or redeem any such Capital Stock (and all such securities into which it is convertible or for which it is ratable or exchangeable)
pursuant to such provision prior to compliance by the Issuer with the Sections 4.15 and 4.10 hereof.

 

“Purchase Money Note”
means a promissory note of a Receivables Entity evidencing the deferred purchase price of Receivables (and related assets) and/or
a line of credit, which may be irrevocable, from the Issuer or any Restricted Subsidiary in connection with a Qualified Receivables
Transaction with a Receivables Entity, which note is intended to finance that portion of the purchase price that is not paid in
cash or a contribution of equity and which is (a) repayable from cash available to the Receivables Entity, other than (i) amounts
required to be established as reserves pursuant to agreements, (ii) amounts paid to investors in respect of interest, (iii) principal
and other amounts owing to such investors and (iv) amounts owing to such investors and amounts paid in connection with the purchase
of newly generated Receivables and (b) may be subordinated to the payments described in clause (a).

 

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

 

“Qualified Receivables
Transaction” means any transaction or series of transactions that may be entered into by the Issuer or any of its Restricted
Subsidiaries pursuant to which the Issuer or any of its Restricted Subsidiaries may sell, convey or otherwise transfer to (1)
a Receivables Entity (in the case of a transfer by the Issuer or any of the Restricted Subsidiaries) and (2) any other Person
(in the case of a transfer by a Receivables Entity), or may grant a Lien in, any Receivables (whether now existing or arising
in the future) of the Issuer or any of the Restricted Subsidiaries, and any assets related thereto including, without limitation,
all collateral securing such Receivables, all contracts and all guarantees or other obligations in respect of such accounts receivable,
the proceeds of such Receivables and other assets which are customarily transferred, or in respect of which Liens are customarily
granted, in connection with asset securitization involving Receivables and any Interest Rate, Currency or Commodity Price Agreement
entered into by the Issuer or any such Restricted Subsidiary in connection with such Receivables.

 

“Receivable”
means a right to receive payment arising from a sale or lease of goods or the performance of services by a Person pursuant to
an arrangement with another Person pursuant to which such other Person is obligated to pay for goods or services under terms that
permit the purchase of such goods and services on credit and shall include, in any event, any items of property that would be
classified as an “account,” “chattel paper,” “payment intangible” or “instrument”
under the Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as so defined.

 

    	 	13	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-279

    

 

“Receivables
Entity” means a Wholly-Owned Subsidiary of the Issuer (or another Person in which the Issuer or any Restricted Subsidiary
makes an Investment or to which the Issuer or any Restricted Subsidiary transfers Receivables and related assets) which engages
in no activities other than in connection with the financing of Receivables and which is designated by the Board of Directors
or senior management of the Issuer (as provided below) as a Receivables Entity:

 

(a)          no
portion of the Debt or any other obligations (contingent or otherwise) of which:

 

(i)          is
Guaranteed by the Issuer or any Restricted Subsidiary (excluding guarantees of obligations (other than the principal of, and interest
on, Debt) pursuant to Standard Securitization Undertakings);

 

(ii)         is
recourse to or obligates the Issuer or any Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings;
or

 

(iii)        subjects
any property or asset of the Issuer or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction
thereof, other than pursuant to Standard Securitization Undertakings, except, in each such case, Permitted Liens as defined in
clauses (z) through (ee) of the definition thereof;

 

(b)          with
which neither the Issuer nor any Restricted Subsidiary has any material contract, agreement, arrangement or understanding (except
in connection with a Purchase Money Note or Qualified Receivables Transaction) other than on terms not materially less favorable
to the Issuer or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates
of the Issuer, other than fees payable in the ordinary course of business in connection with servicing Receivables; and

 

(c)          to
which neither the Issuer nor any Restricted Subsidiary has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results (other than those related to or incidental to the
relevant Qualified Receivables Transaction).

 

Any such designation by the Board
of Directors or senior management of Issuer shall be evidenced to the Trustee by promptly filing with the Trustee a certified copy
of the resolution of the Board of Directors of Issuer giving effect to such designation or an Officer’s Certificate certifying
that such designation complied with the foregoing conditions.

 

“Receivables
Repurchase Obligation” means any obligation of a seller of Receivables in a Qualified Receivables Transaction to repurchase
Receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a
receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result
of any action taken by, any failure to take action by or any other event relating to the seller.

 

“Specified
Legal Expenses” means, to the extent not constituting an extraordinary, non-recurring or unusual loss, charge or expense,
all attorneys’ and experts’ fees and expenses and all other costs, liabilities (including all damages, penalties,
fines and indemnification and settlement payments) and expenses paid or payable in connection with any threatened, pending, completed
or future claim, demand, action, suit, proceeding, inquiry or investigation (whether civil, criminal, administrative, governmental
or investigative).

 

“Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Issuer
or any Restricted Subsidiary which are reasonably customary in a securitization of Receivables transactions, including, without
limitation, those relating to the servicing of the assets of a Receivables Entity, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking.

 

    	 	14	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-280

    

 

“Wholly-Owned
Subsidiary” means (1) in respect of any Person, a Person, all of the Capital Stock of which (other than (a) directors’
qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law, regulation
or to ensure limited liability and (b) in the case of a Receivables Entity, shares held by a Person that is not an Affiliate of
the Issuer solely for the purpose of permitting such Person (or such Person’s designee) to vote with respect to customary
major events with respect to such Receivables Entity, including without limitation the institution of bankruptcy, insolvency or
other similar proceedings, any merger or dissolution, and any change in charter documents or other customary events) is owned
by that Person directly or (2) indirectly by a Person that satisfies the requirements of clause (1).

 

SECTION 1.03 Amendments
to Section 4.09. Subject to Section 2.01 hereof, the Indenture is hereby amended by deleting Section 4.09 in its entirety and
replacing it with the following:

 

“Section 4.09         Limitation
on Debt

 

(a)          The
Issuer may not, and may not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Debt; provided that
the Issuer and any of its Restricted Subsidiaries may Incur Debt if at the time of such Incurrence and after giving effect to the
Incurrence of such Debt and the application of the proceeds thereof, on a pro forma basis, the Net Leverage Ratio is less than
3.0 to 1.0.

 

(b)          Notwithstanding
the limitation in Section 4.09(a), the following Debt (“Permitted Debt”) may be Incurred:

 

(1)         the
Incurrence by the Issuer of Debt pursuant to the Notes (other than Additional Notes);

 

(2)         any
Debt of the Issuer or any of its Restricted Subsidiaries outstanding on the Issue Date after giving effect to the use of proceeds
of the Notes;

 

(3)         Pari
Passu Debt of the Issuer and Debt of its Restricted Subsidiaries under Credit Facilities in an aggregate principal amount at any
one time outstanding that does not exceed an amount equal to the greater of (x) $500 million and (y) 8% of Total Assets; and any
Permitted Refinancing Debt in respect thereof, plus, (A) any accrual or accretion of interest that increases the principal amount
of Debt under Credit Facilities and (B) in the case of any refinancing of Debt permitted under this clause (iii) or any portion
thereof, the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection with
such refinancing;

 

(4)         Debt
owed by the Issuer to any of its Restricted Subsidiaries or Debt owed by any Restricted Subsidiary of the Issuer to the Issuer
or any other Restricted Subsidiary of the Issuer; provided, however, that (A) if the Issuer is the obligor on such Debt and the
payee is not the Issuer, such Debt must be unsecured and expressly subordinated to the prior payment in full in cash of all obligations
then due with respect to the Issuer’s obligations under the Notes, and (B) either (x) the transfer or other disposition by
the Issuer or such Restricted Subsidiary of any Debt so permitted to a Person (other than to the Issuer or any of its Restricted
Subsidiaries) or (y) such Restricted Subsidiary ceasing to be a Restricted Subsidiary of the Issuer, will at the time of such transfer
or other disposition, in each case, be deemed to be an Incurrence of such Debt not permitted by this clause (4);

 

(5)         the
Guarantee by the Issuer or any of its Restricted Subsidiaries of Debt of any of the Issuer’s Restricted Subsidiaries to the
extent that the Guaranteed Debt was permitted to be Incurred by another provision of this Section 4.09;

 

(6)         Acquired
Debt;

 

(7)         Minority
Shareholder Loans;

 

    	 	15	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-281

    

 

(8)         the
Incurrence by the Issuer or any of its Restricted Subsidiaries of Permitted Refinancing Debt in exchange for, or the net proceeds
of which are used to refund, replace or refinance, Debt Incurred by it pursuant to Section 4.09(a) and clauses (1), (2), (6) and
(8) of this Section 4.09(b), as the case may be;

 

(9)         Debt
of the Issuer or any of its Restricted Subsidiaries represented by letters of credit in order to provide security for workers’
compensation claims, health, disability or other employee benefits, payment obligations in connection with self-insurance or similar
requirements of the Issuer or any of its Restricted Subsidiaries in the ordinary course of business;

 

(10)        customary
indemnification, adjustment of purchase price or similar obligations, in each case, incurred in connection with the disposition
of any assets of the Issuer or any of its Restricted Subsidiaries, and earn-out provisions or contingent payments in respect of
purchase price or adjustment of purchase price or similar obligations in acquisition agreements other than Guarantees of Debt incurred
by any Person acquiring all or any portion of such assets for the purpose of financing such acquisition; provided that the maximum
aggregate liability in respect of each such Incurrence of such Debt will at no time exceed the gross proceeds actually received
by the Issuer or any of its Restricted Subsidiaries in connection with the related disposition;

 

(11)        obligations
in respect of (i) customs, VAT or other tax guarantees, (ii) bid, performance, completion, guarantee, surety and similar bonds,
including guarantees or obligations of the Issuer or any of its Restricted Subsidiaries with respect to letters of credit supporting
such obligations, (iii) customary cash management, cash pooling or netting or setting off arrangements, and (iv) the financing
of insurance premiums, in each case in the ordinary course of business and not related to Debt for borrowed money;

 

(12)        Debt
of the Issuer or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument including, but not limited to, electronic transfers, wire transfers, netting services and commercial
card payments, drawn against insufficient funds; provided that such Debt is extinguished within 30 days of Incurrence; and

 

(13)        Debt
consisting of (a) mortgage financings, Purchase Money Obligations or other financings, Incurred for the purpose of financing all
or any part of the purchase price or cost of construction or improvement of property, plant or equipment acquired or constructed
in the ordinary course of business or (b) Debt otherwise Incurred to finance the purchase, lease, rental or cost of design, construction,
installation or improvement of property (real or personal) or equipment that is used or useful in the ordinary course of business,
whether through the direct purchase of assets or the Capital Stock of any Person owning such assets, and any Debt that refinances,
replaces or refunds such Debt, in an aggregate outstanding principal amount that, when taken together with the principal amount
of all other Debt Incurred pursuant to this clause (xiii) and then outstanding, will not exceed at any time the greater of $250
million and 3% of Total Assets;

 

(14)        Guarantees
by the Issuer or any Restricted Subsidiary of Debt or any other obligation or liability of the Issuer or any Restricted Subsidiary
(other than of any Debt Incurred in violation of this covenant); provided, however, that if the Debt being Guaranteed is subordinated
in right of payment to the Notes, then such Guarantee shall be subordinated substantially to the same extent as the relevant Debt
Guaranteed;

 

(15)        Debt
of the Issuer or any Restricted Subsidiary in an aggregate outstanding principal amount which, when taken together with any Permitted
Refinancing Debt in respect thereof and the principal amount of all other Debt Incurred pursuant to this clause (15) and then outstanding,
will not exceed 100% of the cash proceeds (net of attorneys’ fees, accountants’ fees, underwriters’ or placement
agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually incurred
in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into
account any available tax credit or deductions and any tax sharing arrangements)) received by the Issuer from the issuance or sale
(other than to the Issuer or a Restricted Subsidiary) of its Subordinated Shareholder Loans or Capital Stock or otherwise contributed
to the equity of the Issuer, in each case, subsequent to the Issue Date (and in each case, other than through the issuance of Disqualified
Stock or Preferred Stock);

 

    	 	16	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-282

    

 

(16)        Debt
arising under borrowing facilities provided by a special purpose vehicle to the Issuer or any Restricted Subsidiary in connection
with the issuance of notes or other similar debt securities intended to be supported primarily by the payment obligations of the
Issuer or any Restricted Subsidiary in connection with any vendor financing platform; and

 

(17)        the
Incurrence by the Issuer or any of its Restricted Subsidiaries of Debt not otherwise permitted to be Incurred pursuant to clauses
(1) through (16) above, which, together with any other outstanding Debt Incurred pursuant to this clause (17), has an aggregate
principal amount at any time outstanding not in excess of the greater of $300 million and 4% of Total Assets, and any Permitted
Refinancing Debt of any debt which on the date it was Incurred was permitted to be Incurred pursuant to this clause (17), plus,
in the case of any refinancing of Debt permitted under this clause (17) or any portion thereof, the aggregate amount of fees, underwriting
discounts, premiums and other costs and expenses Incurred in connection with such refinancing.

 

(c)          The
Issuer will not incur any Debt (including Permitted Debt) that is contractually subordinated in right of payment to any other Debt
of the Issuer unless such Debt is also contractually subordinated in right of payment to the Notes on substantially identical terms;
provided, however, that no Debt will be deemed to be contractually subordinated in right of payment to any other Debt of the Issuer
solely by virtue of being unsecured or by virtue of being secured with different collateral or by virtue of being secured on a
junior priority basis or by virtue of the application of waterfall or other payment ordering provisions affecting different tranches
of Debt.

 

(d)          For
the purposes of determining compliance with this Section 4.09, in the event that an item of Debt meets the criteria of more than
one of the types of Permitted Debt or is entitled to be Incurred pursuant to clause (a) of this Section 4.09, the Issuer in its
sole discretion may classify and from time to time reclassify such item of Debt or any portion thereof and only be required to
include the amount of such Debt as one of such types.

 

(e)          For
the purposes of determining compliance with any covenant in this Indenture or whether an Event of Default has occurred, in each
case, where Debt is denominated in a currency other than U.S. Dollars, the amount of such Debt will be the U.S. Dollar Equivalent
determined on the date of such Incurrence and any covenant in this Indenture shall not be deemed to be exceeded solely as a result
of fluctuations in exchange rates or currency values; provided, however, that if any such Debt that is denominated in a different
currency is subject to an Interest Rate, Currency or Commodity Price Agreement with respect to U.S. Dollars covering principal
and premium, if any, payable on such Debt, the amount of such Debt expressed in U.S. Dollars will be adjusted to take into account
the effect of such an agreement.”

 

SECTION 1.04 Amendments to Section 4.10. Subject
to Section 2.01 hereof, the Indenture is hereby amended by deleting Section 4.10(b)(7) and Section 4.10(b)(8) in their entirety
and replacing them with the following:

 

“(7)        enter into
a binding commitment to apply the Net Available Proceeds pursuant to clauses (4) or (5) of this clause (b); provided that
such binding commitment (or any subsequent binding commitment replacing the initial binding commitment that is entered into within
180 days following the aforementioned 365-day period) shall be treated as a permitted application of the Net Available Proceeds
from the date of such commitment until the earlier of (X) the date on which such acquisition or expenditure is consummated and
(Y) the 180th day following the expiration of the aforementioned 365-day period; or

 

(8)         any
combination of the foregoing clauses (1) through (7) of this clause (b).”

 

SECTION 1.05 Amendments to Section 4.12. Subject
to Section 2.01 hereof, the following Section 4.12(c) and Section 4.12(d) are hereby added to Section 4.12 of the Indenture:

 

    	 	17	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-283

    

 

“(c)          For
purposes of determining compliance with this Section 4.12, (x) a Lien need not be Incurred solely by reference to one category
of Permitted Liens 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) and (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, divide, classify or may subsequently reclassify
at any time such Lien (or any portion thereof) in any manner that complies with this Section 4.12 and the definition of “Permitted
Liens”.

 

(d)          With
respect to any Lien securing Debt that was permitted to secure such Debt at the time of the Incurrence of such Debt, such Lien
shall also be permitted to secure any Increased Amount of such Debt. The “Increased Amount” of any Debt shall mean
any increase in the amount of such Debt in connection with any accrual of interest, the accretion of accreted value, the amortization
of original issue discount, the payment of interest in the form of additional Debt with the same terms or in the form of common
stock, the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion
of original issue discount or liquidation preference, any fees, underwriting discounts, accrued and unpaid interest, premiums and
other costs and expenses incurred in connection therewith and increases in the amount of Debt outstanding solely as a result of
fluctuations in the exchange rate of currencies or increases in the value of property securing Debt.”

 

ARTICLE TWO

 

MISCELLANEOUS

 

SECTION 2.01 Effect of Supplemental
Indenture. Except as amended hereby, all of the terms of the Indenture shall remain and continue in full force and effect and
are hereby confirmed in all respects. From and after the date of this Supplemental Indenture, all references to the Indenture (whether
in the Indenture or in any other agreements, documents or instruments) shall be deemed to be references to the Indenture as amended
and supplemented by this Supplemental Indenture.

 

SECTION 2.02 Effectiveness.
The provisions of this Supplemental Indenture shall be effective only upon execution and delivery of this instrument by the parties
hereto.

 

SECTION 2.02 Governing Law.
THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE, THE NOTES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY.

 

For the avoidance of doubt, articles 86 to 94-8 of
the Luxembourg act dated August 10, 1915 on commercial companies, as amended from time to time, are excluded.

 

SECTION 2.03 No Representations
by Trustee. The Trustee accepts the amendments of the Indenture effected by this Supplemental Indenture, but on the terms and
conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities
of the Trustee. Without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever
for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely
by the Issuer, or for or with respect to (i) the validity or sufficiency of this Supplemental Indenture or any of the terms or
provisions hereof, (ii) the proper authorization hereof by the Issuer by action or otherwise, (iii) the due execution hereof by
the Issuer or (iv) the consequences of any amendment herein provided for, and the Trustee makes no representation with respect
to any such matters.

 

SECTION 2.04 Counterparts.
This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall constitute but one and the same instrument.

 

    	 	18	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-284

    

 

SECTION
2.05 Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture
and the Notes issued thereunder are in all respects ratified and confirmed, and all of the terms, conditions and provisions thereof
shall remain in full force and effect. This Supplemental Indenture is executed as, and shall constitute an indenture supplemental
to the Indenture and shall be construed in connection with and form a part of the Indenture for all purposes, and every Holder
of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 

(signature page follows)

 

    	 	19	 

    	 	Confidential treatment requested by the registrant for its submission of this draft registration 
 statement pursuant to Securities and Exchange Commission Rule 83	MIC-285

    

 

SIGNATURES

 

IN WITNESS WHEREOF, the undersigned
have caused the Supplemental Indenture to be duly executed as of the date first written above.

 

	 	MILLICOM INTERNATIONAL CELLULAR S.A.,
	 	as the Issuer
	 	 	 
	 	By:	/s/ Patrick Gill
	 	 	Name:   Patrick Gill
	 	 	Title:     Company Secretary
	 	 	 
	 	By:	/s/ Justine Dimovic
	 	 	Name:  Justine Dimovic
	 	 	Title:    Group Treasurer
	 	 
	 	CITIBANK,
                                         N.A., LONDON BRANCH,

                                             as Trustee

	 	 
	 	By: Citibank, N.A., London Branch
	 	 	 
	 	By:	/s/ Laura Hughes
	 	 	Name:  Laura Hughes
	 	 	Title:    Vice President

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