Document:

Exhibit 4.1

 

Execution Version

 

 

INDENTURE

 

Dated as of September 19, 2019

 

Between

 

HILL-ROM HOLDINGS, INC.,

 

as Issuer,

 

THE GUARANTORS PARTY HERETO

 

and

 

CITIBANK, N.A.,

as Trustee

 

4.375% SENIOR NOTES DUE 2027

 

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE 1
	 	 	 
	DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	35
	Section 1.03.	[Reserved]	36
	Section 1.04.	Rules of Construction	36
	Section 1.05.	Acts of Holders	37
	 	 	 
	ARTICLE 2
	 	 	 
	THE NOTES
	 	 	 
	Section 2.01.	Form and Dating; Terms	38
	Section 2.02.	Execution and Authentication	39
	Section 2.03.	Registrar and Paying Agent	39
	Section 2.04.	Paying Agent to Hold Money in Trust	40
	Section 2.05.	Holder Lists	40
	Section 2.06.	Transfer and Exchange	40
	Section 2.07.	Replacement Notes	50
	Section 2.08.	Outstanding Notes	50
	Section 2.09.	Treasury Notes	51
	Section 2.10.	Temporary Notes	51
	Section 2.11.	Cancellation	51
	Section 2.12.	Defaulted Interest	51
	Section 2.13.	CUSIP/ISIN Numbers	52
	 	 	 
	ARTICLE 3
	 	 	 
	REDEMPTION
	 	 	 
	Section 3.01.	Notices to Trustee	52
	Section 3.02.	Selection of Notes to Be Redeemed or Purchased	52
	Section 3.03.	Notice of Redemption	52
	Section 3.04.	Effect of Notice of Redemption	53
	Section 3.05.	Deposit of Redemption or Repurchase Price	54
	Section 3.06.	Notes Redeemed or Purchased in Part	54
	Section 3.07.	Optional Redemption	54
	Section 3.08.	Mandatory Redemption	55
	Section 3.09.	Offers to Repurchase by Application of Excess Proceeds	55
	 	 	 
	ARTICLE 4
	 	 	 
	COVENANTS
	 	 	 
	Section 4.01.	Payment of Notes	57

 

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	 	 	Page
	 	 	 
	Section 4.02.	Maintenance of Office or Agency	57
	Section 4.03.	Reports and Other Information	58
	Section 4.04.	Compliance Certificate	59
	Section 4.05.	Taxes	59
	Section 4.06.	Stay, Extension and Usury Laws	60
	Section 4.07.	Limitation on Restricted Payments	60
	Section 4.08.	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries	66
	Section 4.09.	Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	67
	Section 4.10.	Asset Sales	73
	Section 4.11.	Transactions with Affiliates	76
	Section 4.12.	Liens	78
	Section 4.13.	Corporate Existence	78
	Section 4.14.	Offer to Repurchase Upon Change of Control	79
	Section 4.15.	Limitation on Guarantees of Indebtedness by Restricted Subsidiaries	81
	Section 4.16.	Suspension of Certain Covenants	81
	Section 4.17.	Financial Calculations for Limited Condition Transactions	83
	 	 	 
	ARTICLE 5
	 	 	 
	SUCCESSORS
	 	 	 
	Section 5.01.	Merger, Consolidation or Sale of All or Substantially All Assets	83
	Section 5.02.	Successor Corporation Substituted	85
	 	 	 
	ARTICLE 6
	 	 	 
	DEFAULTS AND REMEDIES
	 	 	 
	Section 6.01.	Events of Default	85
	Section 6.02.	Acceleration	87
	Section 6.03.	Other Remedies	87
	Section 6.04.	Waiver of Defaults	87
	Section 6.05.	Control by Majority	88
	Section 6.06.	Limitation on Suits	88
	Section 6.07.	Rights of Holders of Notes to Receive Payment	89
	Section 6.08.	Collection Suit by Trustee	89
	Section 6.09.	Restoration of Rights and Remedies	89
	Section 6.10.	Rights and Remedies Cumulative	89
	Section 6.11.	Delay or Omission Not Waiver	89
	Section 6.12.	Trustee May File Proofs of Claim	89
	Section 6.13.	Priorities	90
	Section 6.14.	Undertaking for Costs	90
	 	 	 
	ARTICLE 7
	 	 	 
	TRUSTEE
	 	 	 
	Section 7.01.	Duties of Trustee	90
	Section 7.02.	Rights of Trustee	91

 

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	 	 	Page
	 	 	 
	Section 7.03.	Individual Rights of Trustee	92
	Section 7.04.	Trustee’s Disclaimer	93
	Section 7.05.	Notice of Defaults	93
	Section 7.06.	Reports by Trustee to Holders of the Notes	93
	Section 7.07.	Compensation and Indemnity	93
	Section 7.08.	Replacement of Trustee	94
	Section 7.09.	Successor Trustee by Merger, etc.	95
	Section 7.10.	Eligibility; Disqualification	95
	 	 	 
	ARTICLE 8
	 	 	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 
	Section 8.01.	Option to Effect Legal Defeasance or Covenant Defeasance	95
	Section 8.02.	Legal Defeasance and Discharge	95
	Section 8.03.	Covenant Defeasance	96
	Section 8.04.	Conditions to Legal or Covenant Defeasance	96
	Section 8.05.	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	97
	Section 8.06.	Repayment to Issuer	98
	Section 8.07.	Reinstatement	98
	 	 	 
	ARTICLE 9
	 	 	 
	AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	 
	Section 9.01.	Without Consent of Holders of Notes	98
	Section 9.02.	With Consent of Holders of Notes	99
	Section 9.03.	Revocation and Effect of Consents	101
	Section 9.04.	Notation on or Exchange of Notes	101
	Section 9.05.	Trustee to Sign Amendments, etc.	101
	 	 	 
	ARTICLE 10
	 	 	 
	GUARANTEES
	 	 	 
	Section 10.01.	Guarantee	102
	Section 10.02.	Limitation on Guarantor Liability	103
	Section 10.03.	Execution and Delivery	103
	Section 10.04.	Subrogation	104
	Section 10.05.	Benefits Acknowledged	104
	Section 10.06.	Release of Guarantees	104
	Section 10.07.	Execution of Supplemental Indenture for Future Guarantees	105
	 	 	 
	ARTICLE 11
	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 
	Section 11.01.	Satisfaction and Discharge	105
	Section 11.02.	Application of Trust Money	106

 

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	 	 	Page
	 	 	 
	ARTICLE 12
	 	 	 
	MISCELLANEOUS
	 	 	 
	Section 12.01.	Notices	106
	Section 12.02.	Communication by Holders of Notes with Other Holders of Notes	107
	Section 12.03.	Certificate and Opinion as to Conditions Precedent	108
	Section 12.04.	Statements Required in Certificate or Opinion	108
	Section 12.05.	Rules by Trustee and Agents	108
	Section 12.06.	No Personal Liability of Directors, Officers, Employees and Stockholders	108
	Section 12.07.	Governing Law	108
	Section 12.08.	Waiver of Jury Trial	108
	Section 12.09.	Force Majeure	109
	Section 12.10.	No Adverse Interpretation of Other Agreements	109
	Section 12.11.	Successors	109
	Section 12.12.	Severability	109
	Section 12.13.	Counterpart Originals	109
	Section 12.14.	Table of Contents, Headings, etc.	109
	Section 12.15.	Waiver of Immunity	109
	Section 12.16.	U.S.A. Patriot Act	109

 

	EXHIBITS	 	 
	 	 	 
	Exhibit A	Form of Note	A-1
	Exhibit B	Form of Certificate of Transfer	B-1
	Exhibit C	Form of Certificate of Exchange	C-1
	Exhibit D	Form of Supplemental Indenture	D-1

 

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INDENTURE, dated as of September 19, 2019,
between Hill-Rom Holdings, Inc., an Indiana corporation (the “Issuer,” as more fully set forth in Section 1.01),
the Guarantors party hereto and Citibank, N.A., as Trustee.

 

W I T N E S S E T H

 

WHEREAS, the Issuer has duly authorized
the creation of an issue of $425,000,000 aggregate principal amount of its 4.375% Senior Notes due 2027 the “Initial Notes”
and, together with any Additional Notes (each as defined herein), the “Notes”); and

 

WHEREAS, the Issuer and each of the Guarantors
have duly authorized the execution and delivery of this Indenture.

 

NOW, THEREFORE, the Issuer, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes.

 

ARTICLE
1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01.           
Definitions.

 

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

 

“2023 Notes Issue Date”
means September 1, 2015.

 

“2025 Notes” means those
certain 5.00% Senior Notes due 2025 issued by the Issuer on February 14, 2017 pursuant to the 2025 Notes Indenture.

 

“2025 Notes Indenture”
means that certain indenture dated as of February 14, 2017 by and among the Issuer, the guarantors party thereto and MUFG Union
Bank, N.A. as trustee, as the same may be amended, supplemented or modified from time to time.

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

(b)       the
excess, if any, of (i) the present value at such Redemption Date of (A) the redemption price of such Note at September 15, 2022
(such redemption price being set forth in the table appearing in Section 3.07(b)), plus (B) all required interest payments due
on such Note through September 15, 2022 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount
rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over (ii) the principal amount of such
Note.

 

The Issuer or such Person as designated
by the Issuer shall determine the Applicable Premium.

 

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

 

“Asset Sale” means:

 

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

 

(2)       the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than Preferred Stock or Disqualified Stock of Restricted
Subsidiaries issued in compliance with Section 4.09 or directors qualifying shares and shares issued to foreign nationals as required
under applicable law), whether in a single transaction or a series of related transactions;

 

in each case, other than:

 

(a)       any
disposition of Cash Equivalents or Investment Grade Securities or obsolete, worn out, uneconomical or surplus assets or assets
no longer used or useful in the business in the ordinary course of business or any disposition of inventory or goods (or other
assets) held for sale in the ordinary course of business;

 

(b)       the
disposition of all or substantially all of the assets of the Issuer in a manner permitted pursuant to Section 5.01 or any disposition
that constitutes a Change of Control pursuant to this Indenture;

 

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

 

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(d)       any
disposition of assets or issuance or sale of Equity Interests of any Restricted Subsidiary in any transaction or series of related
transactions with an aggregate fair market value (as determined in good faith by the Issuer) of less than $30.0 million;

 

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

 

(f)       (i)
dispositions of property to the extent that such property is exchanged for credit against the purchase price of similar replacement
property that is promptly purchased, (ii) dispositions of property to the extent that the proceeds of such disposition are promptly
applied to the purchase price of such replacement property (which replacement property is actually promptly purchased) and (iii)
to the extent allowable under Section 1031 of the Code, or any comparable or successor provision, any exchange of like property
(excluding any boot thereon) for use in a Similar Business;

 

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

 

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

 

(i)       foreclosures
on assets;

 

(j)       sales
of accounts receivable, or participations therein, in connection with (i) any Receivables Facility and (ii) the collection or compromise
thereof (including sales to factors or other third parties or discount and/or forgiveness thereof or to insurers which have provided
insurance as to collection thereof) in the ordinary course of business;

 

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

 

(l)       the
licensing or sub-licensing of intellectual property or other general intangibles in the ordinary course of business (other than
exclusive, world-wide licenses that are longer than three years);

 

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

 

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

 

(o)       dispositions
in connection with Permitted Liens;

 

(p)       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 a 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;

 

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(q)       any
surrender or waiver of contractual rights or the settlement, release, surrender or waiver of contractual, tort, litigation or other
claims of any kind;

 

(r)       the
unwinding of any Hedging Obligations pursuant to its terms;

 

(s)       [reserved];
and

 

(t)       an
issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to another Restricted Subsidiary.

 

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

 

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

 

“Capital Stock” means:

 

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

 

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

 

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

 

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

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared
in accordance with GAAP; provided that (i) the adoption of ASU 2016-02 shall be ignored for purposes of this Indenture such
that (a) Capitalized Lease Obligations shall specifically exclude any operating lease liabilities (regardless of whether such operating
leases were in effect on the date ASU 2016-02 was adopted or were or are entered into thereafter) under GAAP as in effect immediately
prior to the adoption of ASU 2016-02 and (b) related operating lease assets shall similarly not be considered Capitalized Lease
Obligations and continue to be treated as operating lease assets and (ii) if at any time the obligations of such Person in respect
of an operating lease are otherwise required to be characterized or recharacterized as capital or finance lease obligations as
a result of a change in GAAP after the date hereof, then for purposes hereof such Person’s obligations under such operating
lease shall not, notwithstanding such characterization or recharacterization, be deemed Capitalized Lease Obligations.

 

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“Cash Equivalents” means:

 

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

 

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

 

(3)       repurchase
obligations for underlying securities of the types described in clauses (1) and (2) above entered into with any financial institution
meeting the qualifications specified in clause (2) above;

 

(4)       commercial
paper rated at least P-1 by Moody’s or at least A-1 by S&P and in each case maturing within 24 months after the date
of creation thereof;

 

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

 

(6)       investment
funds investing 90% of their assets in securities of the types described in clauses (1) through (5) above and (7) through (9) below;

 

(7)       readily
marketable direct obligations issued by any state, commonwealth or territory of the United States or any political subdivision
or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of 24 months
or less from the date of acquisition;

 

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

 

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

 

(10)       solely
with respect to any Restricted Subsidiary that is a Foreign Subsidiary, investments of comparable tenor and credit quality to those
described in the foregoing clauses (1) through (9) customarily utilized in countries in which such Foreign Subsidiary operates
for short term cash management purposes.

 

“Certificate of Exchange”
means a certificate substantially in the form of Exhibit C hereto.

 

“Certificate of Transfer”
means a certificate substantially in the form of Exhibit B hereto.

 

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

 

(1)       the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Issuer and
its Subsidiaries, taken as a whole, to any Person other than a Restricted Subsidiary;

 

(2)       the
Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2)
of the Exchange Act or any successor provision), including any group acting for the purpose of acquiring, holding or disposing
of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act or any successor provision), in a single transaction
or in a related series of transactions, by way of merger, consolidation or other business combination or purchase, of beneficial
ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of a majority or more of the total
voting power of the Voting Stock of the Issuer; or

 

(3)       the
approval of any plan or proposal for the winding up or liquidation of the Issuer.

 

For purposes of this definition, any direct
or indirect holding company of the Issuer shall not itself be considered a “Person” or “group” for purposes
of clause (2) above; provided that no “Person” or “group” beneficially owns, directly or indirectly,
more than a majority of the total voting power of the Voting Stock of such holding company.

 

“Clearstream” means Clearstream
Banking, Société Anonyme.

 

“Code” means the United
States Internal Revenue Code of 1986, as amended.

 

“consolidated” with respect
to any Person refers to such Person consolidated with the Issuer and its Restricted Subsidiaries, and excludes from such consolidation
any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person, unless otherwise specifically
indicated.

 

“Consolidated Depreciation and
Amortization Expense” means, with respect to any Person, for any period, the total amount of depreciation and amortization
expense, including amortization or write-off of (i) intangibles and non-cash organization costs, (ii) deferred financing fees or
costs and (iii) capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition
costs, the amortization of original issue discount resulting from the issuance of Indebtedness at less than par and amortization
of favorable or unfavorable lease assets or liabilities, of such Person and its Restricted Subsidiaries for such period on a consolidated
basis and otherwise determined in accordance with GAAP and any write down of assets or asset value carried on the balance sheet.

 

“Consolidated Indebtedness”
means, as of any date of determination, the sum, without duplication, of (1) the total amount of Indebtedness of the Issuer and
its Restricted Subsidiaries (excluding Indebtedness described in clauses (1)(c), (1)(d) and (2) (solely in respect of guarantees
of Indebtedness described in clauses (1)(c) and (1)(d) of the definition thereof) of the definition of “Indebtedness”),
plus (2) the aggregate liquidation value of all Disqualified Stock of the Issuer and the Guarantors and all Preferred Stock of
the Restricted Subsidiaries that are not Guarantors, in each case, determined on a consolidated basis in accordance with GAAP;
provided that Escrow Debt shall not constitute Indebtedness for the purpose of calculating Consolidated Indebtedness.

 

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

 

(1)       consolidated
interest expense of such Person and its Restricted Subsidiaries for such period to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance
of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit
or bankers acceptances, (c) non-cash interest expense (but excluding any non-cash interest expense attributable to the movement
in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest component
of Capitalized Lease Obligations, and (e) net payments, if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness,
and excluding (x) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (y) any expensing
of bridge, commitment and other financing fees and (z) commissions, discounts, yield and other fees and charges (including any
interest expense) related to any Receivables Facility); plus

 

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

 

(3)       interest
income of such Person and its Restricted Subsidiaries for such period.

 

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

 

“Consolidated Net Income”
means, with respect to any Person for any period, the net income (loss) of such Person and its Restricted Subsidiaries for such
period determined on a consolidated basis on the basis of GAAP; provided that there will not be included in such Consolidated
Net Income:

 

(1)       subject
to the limitations contained in clause (3) below, any net income (loss) of any Person if such Person is not a Restricted Subsidiary,
except that any equity in the net income of any such Person for such period will be included in such Consolidated Net Income up
to the aggregate amount of cash or Cash Equivalents actually distributed or that (as reasonably determined by an Officer of the
Issuer) could have been distributed by such Person during such period to the Issuer or a Restricted Subsidiary as a dividend or
other distribution or return on investment (subject, in the case of a dividend or other distribution or return on investment to
a Restricted Subsidiary, to the limitations contained in clause (2) below);

 

(2)       solely
for the purpose of determining the amount available for Restricted Payments under clause (3)(a) of Section 4.07(a)(IV), any
net income (loss) of any Restricted Subsidiary (other than any Guarantor) if such Subsidiary is subject to restrictions, directly
or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly,
to the Issuer or a Guarantor by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument,
judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders
(other than (a) restrictions that have been waived or otherwise released, (b) restrictions pursuant to the Senior Secured Credit
Facilities, the 2025 Notes or the 2025 Notes Indenture, the Notes or this Indenture, and (c) restrictions specified in clause (l)
of Section 4.08(b) with respect to the Senior Secured Credit Facilities, the 2025 Notes, the 2025 Notes Indenture, this Indenture
or the Notes), except that the Issuer’s equity in the net income of any such Restricted Subsidiary for such period will be
included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that could
have been distributed by such Restricted Subsidiary during such period to the Issuer or another Restricted Subsidiary as a dividend
or other distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitation contained in this
clause);

 

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(3)       any
net gain (or loss) realized upon the sale or other disposition of any asset or disposed operations of the Issuer or any Restricted
Subsidiaries (including pursuant to any Sale and Leaseback Transaction which is not sold or otherwise disposed of in the ordinary
course of business);

 

(4)       any
extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense or any charges, expenses or reserves in respect
of any restructuring, redundancy or severance expense;

 

(5)       the
cumulative effect of a change in accounting principles;

 

(6)       any
(i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any
non-cash deemed finance charges in respect of any pension liabilities or other provisions or on the re-valuation of any benefit
plan obligation and (ii) income (loss) attributable to deferred compensation plans or trusts;

 

(7)       all
deferred financing costs written off or amortized and premiums paid or other expenses incurred directly in connection with any
early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

 

(8)       any
unrealized gains or losses in respect of any Hedging Obligations or any ineffectiveness recognized in earnings related to qualifying
hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as hedge transactions,
in each case, in respect of any Hedging Obligations;

 

(9)       any
unrealized foreign currency transaction gains or losses in respect of obligations of any Person denominated in a currency other
than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets
and liabilities denominated in foreign currencies;

 

(10)       any
unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness or other obligations of the Issuer
or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary;

 

(11)       any
purchase accounting effects including, but not limited to, adjustments to inventory, property and equipment, software and other
intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements
(including the effects of such adjustments pushed down to the Issuer and the Restricted Subsidiaries), as a result of any consummated
acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process research and development);

 

(12)       any
goodwill or other asset impairment charge or write-off or write-down;

 

(13)       any
after-tax effect of income (loss) from the early extinguishment or cancellation of Indebtedness or any Hedging Obligations or other
derivative instruments;

 

    -8-

     

    

 

(14)       [reserved];

 

(15)       any
net unrealized gains and losses resulting from Hedging Obligations or embedded derivatives that require similar accounting treatment
and the application of Accounting Standards Codification Topic 815 and related pronouncements;

 

(16)       gains
and losses on the sale, exchange or other disposition of assets outside the ordinary course of business or abandonment of assets
and from discontinued operations;

 

(17)       cash
and non-cash charges, paid or accrued, and gains and losses resulting from the application of Financial Accounting Standards No.
141R (Accounting Standards Codification Topic 805) (including with respect to earn-outs incurred by the Issuer or any of its Restricted
Subsidiaries);

 

(18)       proceeds
from any business interruption insurance to the extent not already included in Consolidated Net Income; and

 

(19)       the
amount of any expense to the extent a corresponding amount is received in cash by the Issuer and the Restricted Subsidiaries from
a Person other than the Issuer or any Restricted Subsidiaries; provided that such payment has not been included in determining
Consolidated Net Income (it being understood that if the amounts received in cash under any such agreement in any period exceed
the amount of expense in respect of such period, such excess amounts received may be carried forward and applied against expense
in future periods).

 

In addition, to the extent not already included
in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding anything to the contrary in the
foregoing, Consolidated Net Income shall exclude (i) any expenses and charges that are reimbursed or reimburseable by indemnification
or other reimbursement provisions, or so long as the Issuer has made a determination that there exists reasonable evidence that
such amount will in fact be indemnified or reimbursed (and such amount is in fact reimbursed within 365 days of the date of such
charge or payment (with a deduction for any amount so added back to the extent not so reimbursed within such 365 days)), in connection
with any investment or any sale, conveyance, transfer or other disposition of assets permitted hereunder, (ii) to the extent covered
by insurance and actually reimbursed, or, so long as the Issuer has made a determination that there exists reasonable evidence
that such amount will in fact be reimbursed by the insurer and such amount is (A) not denied by the applicable carrier in writing
within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added
back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption
and (iii) any expenses and charges to the extent paid for, or so long as the Issuer has made a determination that there exists
reasonable evidence that such amount will in fact be reimbursed by (and such amount is in fact reimbursed within 365 days of the
date of such payment (with a deduction for any amount so added back to the extent not so reimbursed within 365 days)), any third
party other than such Person or any of its Restricted Subsidiaries. Notwithstanding the foregoing, for the purpose of Section 4.07
only (other than clause (3)(d) of Section 4.07(a)(IV)), there shall be excluded from Consolidated Net Income any income arising
from any sale or other disposition of Restricted Investments made by the Issuer and its Restricted Subsidiaries, any repurchases
and redemptions of Restricted Investments from the Issuer and its Restricted Subsidiaries, any repayments of loans and advances
which constitute Restricted Investments by the Issuer or any of its Restricted Subsidiaries, any sale of the stock of an Unrestricted
Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case only to the extent such amounts increase
the amount of Restricted Payments permitted under clause (3)(d) of Section 4.07(a)(IV).

 

    -9-

     

    

 

“Consolidated Secured Debt Ratio”
means, as of the date of determination, the ratio of (a) the Consolidated Indebtedness of the Issuer and its Restricted Subsidiaries
on such date that is secured by Liens, less unrestricted cash and Cash Equivalents that would be stated on the balance sheet of
the Issuer and its Restricted Subsidiaries and held by the Issuer and its Restricted Subsidiaries as of such date of determination,
as determined in accordance with GAAP, to (b) EBITDA of the Issuer and its Restricted Subsidiaries for the period of the most recently
ended four fiscal quarters for which internal financial statements are available immediately preceding the date on which the event
for which such calculation is being made shall occur, in each case with such pro forma adjustments to Consolidated Indebtedness,
cash, Cash Equivalents and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in
the definition of Fixed Charge Coverage Ratio.

 

“Consolidated Total Leverage Ratio”
means, as of any date of determination, the ratio of (x) Consolidated Indebtedness of the Issuer and its Restricted Subsidiaries
on such date, less unrestricted cash and Cash Equivalents that would be stated on the balance sheet of the Issuer and its Restricted
Subsidiaries and held by the Issuer and its Restricted Subsidiaries as of such date of determination, as determined in accordance
with GAAP, to (y) EBITDA of the Issuer and its Restricted Subsidiaries for the period of the most recently ended four fiscal quarters
for which internal financial statements are available immediately preceding the date on which the event for which such calculation
is being made shall occur, in each case with such pro forma adjustments to Consolidated Indebtedness, cash, Cash Equivalents
and EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of Fixed
Charge Coverage Ratio.

 

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

 

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

 

(2)       to
advance or supply funds:

 

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

 

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

 

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

 

“Corporate Trust Office of the
Trustee” means (i) with respect to the Trustee, the principal office of the Trustee at which at any particular time its
corporate trust business shall be administered which office as of the date hereof (i) solely for purposes of surrender for registration
of transfer or exchange or for presentation for payment or repurchase or for conversion is located at 480 Washington Boulevard,
30th Floor, Jersey City, New Jersey, Attention: Citibank Agency & Trust – Hill-Rom Holdings, Inc., and (ii) for all other
purposes is located at 388 Greenwich Street, New York, New York 10013, Attention: Citibank Agency & Trust – Hill-Rom
Holdings, Inc., or such other office as the Trustee may from time to time designate in writing to the Issuer.

 

    -10-

     

    

 

 

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

 

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

 

“Default” means any event
that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Definitive Note” means
a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06(c), substantially in
the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule
of Exchanges of Interests in the Global Note” attached thereto.

 

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

 

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

 

“Designated Preferred Stock”
means Preferred Stock of the Issuer (in each case other than Disqualified Stock) that is issued for cash (other than to a Restricted
Subsidiary or an employee stock ownership plan or trust established by the Issuer or any of its Subsidiaries) and is so designated
as Designated Preferred Stock, pursuant to an Officer’s Certificate executed by the principal financial officer of the Issuer,
on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in clause (3) of Section 4.07(a)(IV).

 

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

 

    -11-

     

    

 

“Domestic Subsidiary”
means a Subsidiary organized under the laws of the United States of America, any state thereof or the District of Columbia.

 

“DTC” means The Depository
Trust Company or any successor securities clearing agency.

 

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

 

(1)       increased
(without duplication) by:

 

(a)       provision
for taxes based on income or profits, including, without limitation, state franchise and similar taxes and foreign withholding
and similar taxes (including any penalties and interest) of such Person paid or accrued during such period deducted (and not added
back) in computing Consolidated Net Income; plus

 

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

 

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

 

(d)       any
fees, costs, expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any actual, proposed
or contemplated issuance or registration (actual or proposed) of an Equity Offering or any Investment, acquisition, disposition,
recapitalization, Restricted Payment, Permitted Tax Restructuring or the incurrence or registration (actual or proposed) of Indebtedness
(including a refinancing thereof) (in each case, whether or not consummated or successful), including (i) such fees, expenses or
charges related to the offering of the Notes, the Senior Secured Credit Facilities, the 2025 Notes, or any other Credit Facilities
and any Receivables Fees, and (ii) any amendment, waiver or other modification of the Notes, this Indenture, the 2025 Notes, the
2025 Notes Indenture, the Senior Secured Credit Facilities, Receivables Facilities or any other Credit Facilities, any Receivables
Fees, any other Indebtedness or any Equity Offering, in each case, whether or not consummated, deducted (and not added back) in
computing Consolidated Net Income; plus

 

(e)       the
amount of any restructuring charge, reserve, integration cost or other business optimization expense or cost (including charges
directly related to implementation of cost-savings initiatives), that is deducted (and not added back) in such period in computing
Consolidated Net Income, including, without limitation, those related to severance, retention, signing bonuses, relocation, recruiting
and other employee related costs, future lease commitments and costs related to the opening and closure and/or consolidation of
facilities; plus

 

(f)       any
other non-cash charges, write-downs, expenses, losses or items reducing Consolidated Net Income for such period including any impairment
charges or the impact of purchase accounting, or other items classified by the Issuer as special items; plus

 

    -12-

     

    

 

(g)       the
amount of cost savings, operating expense reductions, other operating improvements and initiatives and cost synergies projected
by the Issuer in good faith to be reasonably anticipated to be realizable or a plan for realization shall have been established
within 24 months of the date thereof (which will be added to EBITDA as so projected until fully realized and calculated on a pro
forma basis as though such cost savings, operating expense reductions, other operating improvements and initiatives and cost
synergies had been realized on the first day of such period), net of the amount of actual benefits realized during such period
from such actions; provided that all steps have been taken for realizing such cost savings and such cost savings are reasonably
identifiable and factually supportable (in the good faith determination of the Issuer); provided further that such add-backs
pursuant to this clause (g) shall not exceed 20% of EBITDA for such period (calculated before giving effect to such add-backs pursuant
to this clause (g)); plus

 

(h)       any
costs or expense incurred by the Issuer or any Restricted Subsidiary pursuant to any management equity plan or stock option plan
or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent
that such cost or expenses are funded with cash proceeds contributed to the capital of the Issuer or net cash proceeds of an issuance
of Capital Stock (other than Disqualified Stock) of the Issuer solely to the extent that such net cash proceeds are excluded from
the calculation set forth under clause (3) of Section 4.07(a)(IV); plus

 

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

 

(j)       any
net loss included in the consolidated financial statements due to the application of Financial Accounting Standards No. 160 Non-controlling
Interests in Consolidated Financial Statements (“FAS 160”) (Accounting Standards Codification Topic 810); plus

 

(k)       realized
foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets or liabilities on the
balance sheet of the Issuer and its Restricted Subsidiaries; plus

 

(l)       net
realized losses from Hedging Obligations or embedded derivatives that require similar accounting treatment and the application
of Accounting Standard Codification Topic 815 and related pronouncements; plus

 

(m)       the
amount of any minority interest expense consisting of Restricted Subsidiary income attributable to minority equity interests of
third parties in any non-wholly owned Restricted Subsidiary deducted in calculating Consolidated Net Income (and not added back
in such period to Consolidated Net Income); plus

 

(n)       costs
related to the implementation of operational and reporting systems and technology initiatives; and

 

    -13-

     

    

 

(2)       decreased
(without duplication) by:

 

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

 

(b)       realized
foreign exchange income or gains resulting from the impact of foreign currency changes on the valuation of assets or liabilities
on the balance sheet of the Issuer and its Restricted Subsidiaries; plus

 

(c)       any
net realized income or gains from Hedging Obligations or embedded derivatives that require similar accounting treatment and the
application of Accounting Standard Codification Topic 815 and related pronouncements; plus

 

(d)       any
net income included in the consolidated financial statements due to the application of FAS 160 (Accounting Standards Codification
Topic 810); plus

 

(e)       all
cash payments made during such period to the extent made on account of non-cash reserves and other non-cash charges added back
to Consolidated Net Income pursuant to clause (f) above in a previous period (it being understood that this clause (2)(e) shall
not be utilized in reversing any non-cash reserve or charge added to Consolidated Net Income); plus

 

(f)       the
amount of any minority interest income consisting of Restricted Subsidiary loss attributable to minority equity interests of third
parties in any non-wholly owned Restricted Subsidiary added to Consolidated Net Income (and not deducted in such period from Consolidated
Net Income); and

 

(3)       increased
or decreased (without duplication) by, as applicable, any adjustments resulting from the application of Accounting Standards Codification
Topic 460 or any comparable regulation.

 

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

 

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

 

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

 

(1)       public
offerings with respect to any such Person’s common stock registered on Form S-8;

 

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

 

(3)       Refunding
Capital Stock.

 

    -14-

     

    

 

“Escrow Debt” means Indebtedness
(i) incurred in connection with any Investment permitted hereunder (other than in connection with a Limited Condition Transaction)
for so long as the proceeds thereof have been irrevocably deposited or are otherwise held in trust or under an escrow or other
funding arrangement with a trustee or other agent under or with respect to such Indebtedness to secure such Indebtedness pending
the application of such proceeds to finance such Investment or refinancing of other Indebtedness permitted hereunder or (ii) to
the extent funds or securities have been irrevocably deposited or are otherwise held in trust or under an escrow or other funding
arrangement with a trustee or other agent under or with respect to such Indebtedness for the sole purpose of repurchasing, redeeming,
defeasing, repaying, satisfying and discharging or otherwise acquiring or retiring such Indebtedness in full; provided,
however that in each case (x) for so long as such Indebtedness constitutes Escrow Debt, Total Assets, Consolidated Net Income
and EBITDA shall be calculated without giving pro forma effect to such Investment or other applicable transaction and (y)
upon the release of the proceeds of such Escrow Debt from such escrow or other obligations or arrangements in full, to the extent
such Indebtedness remains outstanding after such release, such Indebtedness shall constitute Indebtedness that is incurred on such
date and any Liens in respect thereof shall constitute Liens incurred on such date. Any such cash so deposited, held in trust,
in an escrow or other arrangement shall be deemed to be restricted cash for all purposes of this Indenture.

 

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

 

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

 

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

 

“Excluded Subsidiary”
means any of the following:

 

(a) any Foreign Subsidiary;

 

(b) any Domestic Subsidiary (i)
that is a Foreign Subsidiary Holdco or (ii) that is a direct or indirect Subsidiary of a Foreign Subsidiary that is a “controlled
foreign corporation” (within the meaning of Code Section 957(a)), and

 

(c) any other Domestic Subsidiary
that does not provide a Guarantee of, or grant a Lien to secure the Obligations under, the Senior Secured Credit Facilities in
accordance with the provisions of the Senior Secured Credit Facilities that permit such exclusion when the cost or other consequences
(including any tax consequences) of providing a Guarantee or granting a Lien would be excessive in relation to the practical benefit
to be afforded thereby.

 

“Existing Notes Indenture”
means the indenture dated as of December 1, 1991 between the Issuer and MUFG Union Bank, N.A. as successor trustee, governing the
Issuer’s 7.0% debentures due February 15, 2024 and 6.75% debentures due December 15, 2027.

 

“Fiscal Year End” means
September 30 or such other fiscal year end as the Issuer may from time to time designate in writing to the Trustee.

 

    -15-

     

    

 

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

 

For purposes of making the computation referred
to above, Investments, acquisitions, dispositions, mergers, amalgamations and consolidations (as determined in accordance with
GAAP), in each case with respect to a business (as such term is used in Regulation S-X Rule 11-01), a company, a segment, an operating
division or unit or line of business that the Issuer or any of its Restricted Subsidiaries has determined to make and/or made during
the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge
Coverage Ratio Calculation Date shall be calculated on a pro forma basis in accordance with GAAP (except as set forth in
the following paragraph) assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations and consolidations
(and the change in any associated fixed charge obligations and the change in EBITDA resulting therefrom) had occurred on the first
day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Issuer or any of its Restricted Subsidiaries since the beginning of such period shall
have made any Investment, acquisition, disposition, merger, amalgamation and consolidation, in each case with respect to a business
(as such term is used in Regulation S-X Rule 11-01), a company, a segment, an operating division or unit or line of business that
would have required adjustment pursuant to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro
forma effect thereto for such period as if such Investment, acquisition, disposition, merger and consolidation had occurred
at the beginning of the applicable four-quarter period.

 

For purposes of this definition, whenever
pro forma effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible
financial or accounting officer of the Issuer and set forth in an Officer’s Certificate (and may include, for the avoidance
of doubt and without duplication, operating expense reductions and other operating improvements, cost savings or cost synergies
reasonably anticipated to be realizable within 24 months after the date of any such Investments, acquisitions, dispositions, mergers,
amalgamations and consolidations, to the extent such adjustments, without duplication, continue to be applicable to such four-quarter
period, and in each case calculated in accordance with and subject to the provisions of clause (g) of the definition of “EBITDA”).
If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness
shall be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for
the entire period (taking into account any Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer
of the Issuer to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of
making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed on a pro forma
basis shall be computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth
in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based
upon a factor of a prime or similar rate, a Eurocurrency interbank offered rate, or other rate, shall be deemed to have been based
upon the rate actually chosen, or, if none, then based upon such optional rate chosen as the Issuer may designate.

 

    -16-

     

    

 

For the purposes of this definition, any
amount in a currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency
for the most recent twelve month period immediately prior to the date of determination determined in a manner consistent with that
used in calculating EBITDA for the applicable period.

 

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

 

(1)       Consolidated
Interest Expense of such Person for such period; plus

 

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

 

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

 

“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.

 

“Foreign Subsidiary Holdco”
means (x) any Domestic Subsidiary that owns no material assets other than the Equity Interests of one or more Foreign Subsidiaries;
provided that in determining whether a Domestic Subsidiary has any “material assets” for purposes of the foregoing,
any intercompany Indebtedness held by such Domestic Subsidiary where the obligor is a Foreign Subsidiary or a Foreign Subsidiary
Holdco shall be ignored and (y) any entity that would be considered a Foreign Subsidiary Holdco as such term is defined under the
Senior Secured Credit Facility as in effect on the Issue Date.

 

“GAAP” means generally
accepted accounting principles in the United States which are in effect on the Issue Date, except with respect to any reports or
financial information required to be delivered pursuant to Section 4.03, which shall be prepared in accordance with GAAP as in
effect on the date thereof.

 

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

 

“Global Notes” means
a Note in global form that evidences all or part of the Notes and is registered in the name of the Depositary for the Notes or
a nominee thereof, and includes, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global
Notes, substantially in the form of Exhibit A hereto, issued in accordance with Section 2.01, 2.06(b) or 2.06(d).

 

“Government Securities”
means securities that are:

 

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

 

(2)       obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, in either
case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by
a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities
or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the
holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect
of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such
depository receipt.

 

    -17-

     

    

 

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

 

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

 

“Guarantor” means each
Restricted Subsidiary that Guarantees the Notes in accordance with the terms of this Indenture.

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person under any agreement with respect to any swap, forward, future
or derivative transaction, or option or similar agreement involving, or settled by reference to, one or more rates, currencies,
commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial
or pricing risk or value, or credit spread transaction, repurchase transaction, reserve repurchase transaction, securities lending
transaction, weather index transaction, spot contracts, fixed price physical delivery contracts, or any similar transaction or
any combination of these transactions, in each case of the foregoing, whether or not exchange traded; provided that no phantom
stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees
or consultants of the Issuer or its Subsidiaries shall be a Hedging Obligation.

 

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

 

“IAI Global Note” means
a Global Note resold to Institutional Accredited Investors bearing the Private Placement Legend.

 

“Immaterial Subsidiary”
means, at any date of determination, each Restricted Subsidiary of the Issuer that (i) has not guaranteed any other Indebtedness
of the Issuer, (ii) has consolidated total assets, together with all Immaterial Subsidiaries, as of the last day of the then most
recent fiscal year of the Issuer for which financial statements have been delivered, of less than or equal to 7.5% of the Total
Assets of the Issuer and the Restricted Subsidiaries at such date, measured at the end of the most recent fiscal period for which
internal financial statements are available on a pro forma basis giving effect to any acquisitions or dispositions of companies,
divisions or lines of business since the start of such four quarter period and on or prior to the date of acquisition of such Subsidiary
and (iii) has consolidated revenues (other than revenues generated from the sale or license of property between any of the Issuer
and its Restricted Subsidiaries), together with all Immaterial Subsidiaries, for the then most recent fiscal year of the Issuer
for which financial statements have been delivered, of less than or equal to 7.5% of the consolidated revenues (other than revenues
generated from the sale or license of property between any of the Issuer and its Restricted Subsidiaries) of the Issuer and the
Restricted Subsidiaries for such period, measured for the most recently ended four consecutive fiscal quarters ended for which
internal consolidated financial statements are available on a pro forma basis giving effect to any acquisitions or dispositions
of companies, divisions or lines of business since the start of such four quarter period and on or prior to the date of acquisition
of such Subsidiary).

 

    -18-

     

    

 

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

 

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

 

(a)       in
respect of borrowed money;

 

(b)       (x)
evidenced by bonds, notes, debentures or similar instruments or (y) unreimbursed letters of credit or unreimbursed bankers’
acceptances that have not been reimbursed within three Business Days of demand for reimbursement (or, without duplication, reimbursement
agreements in respect thereof);

 

(c)       representing
the balance deferred and unpaid of the purchase price of any property (including Capitalized Lease Obligations), except (i) any
such balance that constitutes a trade payable or similar obligation to a trade creditor, in each case accrued in the ordinary course
of business and (ii) liabilities accrued in the ordinary course of business; or

 

(d)       representing
net obligations under any Hedging Obligations;

 

if and to the extent that any of the foregoing Indebtedness
(other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes
thereto) of such Person prepared in accordance with GAAP;

 

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

 

(3)       to
the extent not otherwise included, the obligations of the type referred to in clause (1) of a third Person secured by a Lien on
any asset owned by such first Person, whether or not such Indebtedness is assumed by such first Person.

 

The term “Indebtedness”
shall not include any lease, concession or license of property (or guarantee thereof) which would be considered an operating lease
under GAAP as in effect on the Issue Date, any prepayments of deposits received from clients or customers in the ordinary course
of business or consistent with past practice, or obligations under any license, permit or other approval (or guarantees given in
respect of such obligations) incurred prior to the Issue Date or in the ordinary course of business or consistent with past practice.

 

The amount of Indebtedness of any Person
at any time in the case of a revolving credit or similar facility shall be the total amount of funds borrowed and then outstanding.
The amount of any Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any Indebtedness
issued with original issue discount and (b) the principal amount of Indebtedness, or liquidation preference thereof, in the case
of any other Indebtedness.

 

Notwithstanding the above provisions, in
no event shall the following constitute Indebtedness: (a) Contingent Obligations incurred in the ordinary course of business or
consistent with past practice and (b) obligations under or in respect of Receivables Facilities or (c) for the avoidance of doubt,
any obligations in respect of workers’ compensation claims, early retirement or termination obligations, pension fund obligations
or contributions or similar claims, obligations or contributions or social security or wage taxes.

 

    -19-

     

    

 

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

 

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

 

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

 

“Initial Notes” has the
meaning assigned to such term in the recitals hereto.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, BofA Securities, Inc., Citizens Capital Markets, Inc., MUFG Securities Americas Inc., PNC Capital
Markets LLC, Wells Fargo Securities, LLC, Goldman Sachs & Co. LLC, Fifth Third Securities, Inc., Scotia Capital (USA) Inc.,
Capital One Securities, Inc., TD Securities (USA) LLC, BMO Capital Markets Corp. and Citigroup Global Markets Inc.

 

“Institutional Accredited Investor”
means an institution that is an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the
Securities Act.

 

“Institutional Accredited Investor
Certificate” means a certificate substantially in the form of Annex B.

 

“Interest Payment Date”
means the March 15 and September 15 of each year to stated maturity.

 

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

 

“Investment Grade Securities”
means:

 

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

 

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

 

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

 

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

 

    -20-

     

    

 

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

 

(1)       “Investments”
shall include the portion (proportionate to the Issuer’s direct or indirect equity interest in such Subsidiary) of the fair
market value (as determined in good faith by the Issuer) of the net assets of a Subsidiary of the Issuer at the time that such
Subsidiary is designated an Unrestricted Subsidiary; provided that upon a redesignation of such Subsidiary as a Restricted
Subsidiary, the Issuer or applicable Restricted Subsidiary shall be deemed to continue to have a permanent “Investment”
in an Unrestricted Subsidiary in an amount (if positive) equal to:

 

(a)       the
Issuer’s direct or indirect “Investment” in such Subsidiary at the time of such redesignation; less

 

(b)       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; and

 

(2)       any
property transferred to or from an Unrestricted Subsidiary shall be valued at its fair market value at the time of such transfer,
as determined in good faith by the Issuer.

 

“Issue Date” means September
19, 2019.

 

“Issuer” means Hill-Rom
Holdings, Inc.

 

“Issuer Order” means
a written request or order signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal executive officer,
the principal financial officer, the treasurer or the principal accounting officer of the Issuer, and delivered to the Trustee.

 

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

 

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

 

“Limited Condition Transaction”
shall mean any acquisition or other Permitted Investment the consummation of which is not conditioned on the availability of, or
on obtaining, third party financing.

 

    -21-

     

    

 

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

 

“Net Proceeds” means
the excess, if any, of (i) the sum of cash and Cash Equivalents received by the Issuer or any of its Restricted Subsidiaries in
respect of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Non-cash Consideration
received in any Asset Sale, over (ii) the sum of (A) the direct costs relating to such Asset Sale and the sale or disposition of
such Designated Non-cash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions,
any relocation expenses incurred as a result thereof, taxes paid or payable as a result thereof (including in connection with any
repatriation of funds and after taking into account any available tax credits or deductions and any tax sharing arrangements),
(B) amounts required to be applied to the repayment of principal, premium, if any, and interest on Senior Indebtedness required
(other than required by clause (1) of Section 4.10(b)) to be paid as a result of such transaction, (C) any costs associated with
unwinding any related Hedging Obligations in connection with such transaction and (D) any deduction of appropriate amounts to be
provided by the Issuer or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against any liabilities associated
with the asset disposed of in such transaction and retained by the Issuer or any of its Restricted Subsidiaries after such sale
or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with such transaction.

 

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

 

“Notes” has the meaning
assigned to such term in the recitals hereto and more particularly means any Note authenticated and delivered under this Indenture.
For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued
hereunder or under a supplemental indenture. All Notes shall be treated as a single class for all purposes under this Indenture.

 

“Obligations” means any
principal (including any accretion), interest (including any interest accruing subsequent to the filing of a petition in bankruptcy,
reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest
is an allowed claim under applicable state, federal or foreign law), penalties, fees, indemnifications, reimbursements (including
reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and
guarantees of payment of such principal (including any accretion), interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities, payable under the documentation governing any Indebtedness.

 

“Offering Memorandum”
means the offering memorandum, dated September 5, 2019, relating to the sale of the Initial Notes.

 

“Officer” means the Chairman
of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice
President or Vice President, the Treasurer, Assistant Treasurer, the Secretary or the Assistant Secretaries of the Issuer.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by an Officer of the Issuer, who must be the principal executive officer, the
principal financial officer, the principal accounting officer or Secretary of the Issuer, that meets the requirements set forth
in this Indenture.

 

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

 

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

 

    -22-

     

    

 

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

 

“Permitted Investments”
means:

 

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

 

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

 

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

 

(a)       such
Person becomes a Restricted Subsidiary; or

 

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

 

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

 

(5)       any
Investment existing on the Issue Date or made pursuant to binding commitments in effect on the Issue Date or an Investment consisting
of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any
such Investment may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or (y) as otherwise
permitted under this Indenture;

 

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

 

(a)       consisting
of assets or securities received in satisfaction or partial satisfaction thereof from financially troubled third party account
debtors to the extent reasonably necessary in order to prevent or limit loss;

 

(b)       in
settlement of debts created in the ordinary course of business and owing to the Issuer or any Restricted Subsidiary;

 

(c)       in
exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection with
or as a result of a bankruptcy workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable;
or

 

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

 

    -23-

     

    

 

(7)       Hedging
Obligations permitted under clause (10) of Section 4.09(b);

 

(8)       Investments
the payment for which consists of Equity Interests (exclusive of Disqualified Stock) of the Issuer; provided that such Equity
Interests will not increase the amount available for Restricted Payments under clause (3) of Section 4.07(a);

 

(9)       guarantees
of Indebtedness permitted under Section 4.09;

 

(10)       any
transaction to the extent it constitutes an Investment that is permitted and made in accordance with the provisions of Section 4.11(b)
(except transactions described in clauses (2), (4), (5), (7), (11) and (12) of Section 4.11(b));

 

(11)       Investments
consisting of (x) purchases and acquisitions of inventory, supplies, material or equipment, or other similar assets in the ordinary
course of business or (y) the licensing or contribution of intellectual property pursuant to joint marketing arrangements with
other Persons in the ordinary course of business and generally consistent with the past practice of the Issuer and its Subsidiaries;

 

(12)       Investments
having an aggregate fair market value (as determined in good faith by the Issuer), taken together with all other Investments made
pursuant to this clause (12) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary
to the extent the proceeds of such sale do not consist of cash or marketable securities), not to exceed the greater of (a) $200.0
million and (b) 4.5% of Total Assets at the time of such Investment (with the fair market value of each Investment being measured
at the time made and without giving effect to subsequent changes in value);

 

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

 

(14)       advances
to, or guarantees of Indebtedness of, employees not in excess of $25.0 million outstanding at any one time, in the aggregate;

 

(15)       loans
and advances to officers, directors and employees for business-related travel expenses, moving expenses, payroll expenses and other
similar expenses, in each case incurred in the ordinary course of business or consistent with past practices or to fund such Person’s
purchase of Equity Interests of the Issuer;

 

(16)       Investments
in receivables owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business;

 

(17)       pledges
or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or Liens otherwise
described in the definition of “Permitted Liens” or made in connection with Liens permitted under Section 4.12;

 

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

 

    -24-

     

    

 

(19)       contributions
to a “rabbi” trust for the benefit of employees or other grantor trust subject to claims of creditors in the case of
a bankruptcy of the Issuer;

 

(20)       Investments
in joint ventures and similar entities and Unrestricted Subsidiaries having an aggregate fair market value, when taken together
with all other Investments made pursuant to this clause that are at the time outstanding, not to exceed the greater of $150.0 million
and 3.5% of Total Assets at the time of such Investment (with the fair market value of each Investment being measured at the time
made and without giving effect to subsequent changes in value);

 

(21)       [reserved];

 

(22)       Investments
in any Subsidiary or any joint venture in connection with intercompany cash management arrangement or related activities arising
in the ordinary course of business; and

 

(23)       any
Investment in fixed income or other assets by any Restricted Subsidiary that is a so-called “captive” insurance company
consistent with customary practices of portfolio management.

 

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

 

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

 

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

 

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

 

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

 

    -25-

     

    

 

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

 

(6)       Liens
securing Indebtedness permitted to be incurred pursuant to clause (4) or (22) of Section 4.09(b); provided that (x) Liens
securing Indebtedness permitted to be incurred pursuant to clause (4) only extend to the property financed by such Indebtedness
and accessions and additions thereto, proceeds and products thereof, customary security deposits and related property and any other
assets subject to cross-collateralization by the same financing source pursuant to the same financing scheme and (y) Liens securing
Indebtedness permitted to be incurred pursuant to clause (22) extend only to the assets of Foreign Subsidiaries;

 

(7)       Liens
existing on the Issue Date not otherwise permitted hereunder;

 

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

 

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

 

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

 

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

 

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

 

(13)       leases,
subleases, licenses or sublicenses (including of intellectual property) granted to others in the ordinary course of business which
do not materially interfere with the ordinary conduct of the business of the Issuer or any of its Restricted Subsidiaries and do
not secure any Indebtedness;

 

    -26-

     

    

 

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

 

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

 

(16)       Liens
on equipment of the Issuer or any of its Restricted Subsidiaries granted in the ordinary course of business;

 

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

 

(18)       Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancing, refunding, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7),
(8) and (9), this clause (18) and clause (30) below; provided that (a) such new Lien shall be limited to all or part of
the same property that secured the original Lien (plus improvements on such property), and (b) the Indebtedness secured by such
Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount at the time the original
Lien became a Permitted Lien under this Indenture, and (ii) an amount necessary to pay any fees and expenses, including premiums,
and accrued and unpaid interest related to such refinancing, refunding, extension, renewal or replacement;

 

(19)       deposits
made in the ordinary course of business to secure liability to insurance carriers (including pursuant to insurance premium financing
arrangements);

 

(20)       Liens
securing judgments for the payment of money not constituting an Event of Default under clause (5) under Section 6.01(a) so long
as any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated
or the period within which such proceedings may be initiated has not expired;

 

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

 

(22)       Liens
(i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision
on items in the course of collection or arising under banks’ standard terms and conditions, (ii) attaching to commodity trading
accounts or other brokerage accounts incurred in the ordinary course of business, (iii) in favor of banking or other financial
institutions arising as a matter of law or standard business terms and conditions encumbering deposits (including the right of
set-off) and which are within the general parameters customary in the banking industry, (iv) encumbering reasonable customary initial
deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in
the ordinary course of business and not for speculative purposes or (v) in favor of credit card companies pursuant to agreements
therewith in the ordinary course of business;

 

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

 

    -27-

     

    

 

(24)       Liens
securing Indebtedness issued under the Existing Notes Indenture if and to the extent required by the “equal and ratable”
provisions of the Limitations on Liens covenant of the Existing Notes Indenture in an amount not to exceed $50.0 million;

 

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

 

(26)       Liens
on the Equity Interests of Unrestricted Subsidiaries that secure Indebtedness of such Unrestricted Subsidiaries;

 

(27)       any
encumbrance or restriction (including put and call arrangements) with respect to capital stock of any joint venture or similar
arrangement pursuant to any joint venture or similar agreement;

 

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

 

(29)       Liens
securing (i) Indebtedness permitted to be incurred under Credit Facilities, including any letter of credit relating thereto, that
was incurred pursuant to clause (1) of Section 4.09(b) and (ii) obligations of the Issuer and its Restricted Subsidiaries
under Hedging Obligations and in respect of treasury and cash management services provided by, or entered into with, the lenders
under Credit Facilities or their affiliates (so long as such Persons remain lenders or affiliates thereof after entry into such
agreements or arrangements);

 

(30)       Liens
securing Obligations in respect of Indebtedness permitted to be incurred under Section 4.09; provided that, with respect
to Liens securing Obligations permitted under this clause (30), at the time of incurrence and after giving pro forma effect
thereto, the Consolidated Secured Debt Ratio would be no greater than 3.50 to 1.00;

 

(31)       other
Liens securing Indebtedness and other obligations which do not exceed the greater of $200.0 million and 4.50% of Total Assets at
any one time outstanding;

 

(32)       Liens
(i) on cash advances in favor of the seller of any property to be acquired in an Investment permitted pursuant to Permitted Investments
to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to sell any property in an asset
sale permitted under Section 4.10, in each case, solely to the extent such Investment or asset sale, as the case may be, would
have been permitted on the date of the creation of such Lien;

 

(33)       Liens
solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement permitted under this
Indenture;

 

    -28-

     

    

 

(34)       Liens
arising out of any Sale and Leaseback Transaction permitted under this Indenture, so long as such Liens attach only to the property
sold and being leased in such transaction and any accessions and additions thereto or proceeds and products thereof and related
property;

 

(35)       Liens
on any amounts held by a trustee (i) in the funds and accounts under an indenture securing any revenue bonds issued for the benefit
of the Issuer or any Restricted Subsidiary, (ii) under any indenture or other debt agreement issued in escrow pursuant to customary
escrow arrangements pending the release thereof, or (iii) under any indenture pursuant to customary discharge, redemption or defeasance
provisions;

 

(36)       in
the case of real property that constitutes a leasehold interest, any Lien to which the fee simple interest (or any superior leasehold
interest) is subject; and

 

(37)       Liens
arising out of conditional sale, title retention or similar arrangements for the sale or purchase of goods by the Issuer or any
of the Restricted Subsidiaries in the ordinary course of business.

 

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

 

“Permitted Tax Restructuring”
means any reorganizations and other activities related to the Issuer’s tax planning and tax reorganization (as determined
in good faith by the Issuer) so long as the enforceability of the Guarantees is not adversely affected in any material respect
except as otherwise permitted under this Indenture (other than by reference to this definition).

 

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

 

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

 

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

 

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

 

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

 

    -29-

     

    

 

“Receivables Facility”
means any of one or more receivables financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded
from time to time, the Obligations of which are non-recourse (except for customary representations, warranties, covenants and indemnities
made in connection with such facilities) to the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary)
pursuant to which the Issuer or any of its Restricted Subsidiaries sells its accounts receivable to either (a) a Person that is
not a Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable to a Person that is not
a Restricted Subsidiary. For the avoidance of doubt, the term “Receivables Facility” shall include (i) the receivables
financing transaction contemplated by the Loan and Security Agreement, dated as of May 5, 2017 (as amended, amended and restated,
supplemented or otherwise modified prior to the Issue Date), by and among Hill-Rom Company, Inc., as servicer, Hill-Rom Finance
Company LLC, as borrower, MUFG Bank, Ltd. (f/k/a/ The Bank of Tokyo-Mitsubishi UFJ, Ltd., New York Branch), as administrative agent,
and the lenders from time to time party thereto and (ii) the repurchase financing transaction contemplated by the Master Framework
Agreement, dated as of May 4, 2018 (as amended, amended and restated, supplemented or otherwise modified prior to the Issue Date),
by and among Hill-Rom Company, Inc. and Hill-Rom Manufacturing, Inc., as repurchase sellers, and MUFG Bank Ltd., as buyer.

 

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

 

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

 

“Record Date” for the
interest payable on any applicable Interest Payment Date means the March 1 or September 1 (whether or not a Business Day) next
preceding such Interest Payment Date.

 

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

 

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

 

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

 

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

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee (or any successor
department or group of the Trustee) having direct responsibility for the administration of this Indenture or to whom any corporate
trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject.

 

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

 

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

 

    -30-

     

    

 

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“S&P” means S&P
Global Ratings and any successor to its rating agency business.

 

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

 

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

 

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

 

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

 

“Senior Indebtedness”
means:

 

(1)       all
Indebtedness of the Issuer or any Guarantor outstanding under the Senior Secured Credit Facilities and related guarantees, the
2025 Notes and related guarantees or the Notes and related Guarantees (including interest accruing on or after the filing of any
petition in bankruptcy or similar proceeding or for reorganization of the Issuer or any Guarantor (at the rate provided for in
the documentation with respect thereto, regardless of whether or not a claim for post-filing interest is allowed in such proceedings)),
and any and all other fees, expense reimbursement obligations, indemnification amounts, penalties, and other amounts (whether existing
on the Issue Date or thereafter created or incurred) and all obligations of the Issuer or any Guarantor to reimburse any bank or
other Person in respect of amounts paid under letters of credit, acceptances or other similar instruments;

 

(2)       all
Hedging Obligations (and guarantees thereof) owing to a Lender (as defined in the Senior Secured Credit Facilities) or any Affiliate
of such Lender (or any Person that was a Lender or an Affiliate of such Lender at the time the applicable agreement giving rise
to such Hedging Obligation was entered into), provided that such Hedging Obligations are permitted to be incurred under
the terms of this Indenture;

 

    -31-

     

    

 

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

 

(4)       all
Obligations with respect to the items listed in the preceding clauses (1), (2) and (3);

 

provided that Senior Indebtedness shall not
include:

 

(a)       any
obligation of such Person to the Issuer or any of its Subsidiaries;

 

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

 

(c)       any
accounts payable or other liability to trade creditors arising in the ordinary course of business; provided that obligations
incurred pursuant to Credit Facilities shall not be excluded pursuant to this clause (c);

 

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

 

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

 

“Senior Secured Credit Facilities”
means the credit facilities under the credit agreement dated as of August 30, 2019 by and among the Issuer, the Guarantors, the
lenders party thereto in their capacities as lenders thereunder and JP Morgan Chase Bank, N.A., as administrative agent and collateral
agent, and the other parties thereto, including any guarantees, collateral documents, instruments and agreements executed in connection
therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings or refinancings thereof
and any indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that
replace, refund or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such
replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity
thereof (provided that such increase in borrowings is permitted under Section 4.09 of this Indenture.

 

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

 

“Similar Business” means
any business that would not cause the business of the Issuer and its Restricted Subsidiaries, taken as a whole, to be substantially
different from the business in which the Issuer and its Subsidiaries, taken as a whole, are engaged in on the Issue Date.

 

“Subordinated Indebtedness”
means:

 

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

 

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

 

    -32-

     

    

 

“Subsidiary” means, with
respect to any Person:

 

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

 

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

 

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

 

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

 

“Total Assets” means
total assets of the Issuer and its Restricted Subsidiaries on a consolidated basis, shown on the most recent balance sheet of the
Issuer and its Restricted Subsidiaries, or, in the case of Foreign Subsidiaries, the total assets of such Foreign Subsidiaries
on a combined basis, shown on the most recent balance sheet of such Foreign Subsidiaries, in each case as may be expressly stated
without giving effect to any amortization of the amount of intangible assets since the Issue Date, with such pro forma adjustments
as are appropriate and consistent with the pro forma adjustment provisions set forth in the definition of “Fixed Charge
Coverage Ratio.”

 

“Treasury Rate” means,
at the time of computation, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently
completed week for which such information is available as of the date that is two business days prior to the Redemption Date) of
the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in Federal Reserve
Statistical Release H.15 with respect to each applicable day during such week 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 September 15,
2022; provided, however, that if the period from the Redemption Date to September 15, 2022 is not equal to the constant
maturity of a United States Treasury security for which such a yield is given, the Treasury Rate shall be obtained by linear interpolation
(calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which
such yields are given, except that if the period from the Redemption Date to September 15, 2022 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended.

 

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

 

    -33-

     

    

 

“Uniform Commercial Code”
means the Uniform Commercial Code or any successor provision thereof as the same may from time to time be in effect in the State
of New York or the Uniform Commercial Code (or similar code or statute) of another jurisdiction, to the extent it may be required
to apply to any item or items.

 

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

 

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

 

“Unrestricted Subsidiary”
means:

 

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

 

(2)       any
Subsidiary of an Unrestricted Subsidiary.

 

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

 

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

 

(2)       such
designation complies with Section 4.07; and

 

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

 

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

 

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

 

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

 

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

 

    -34-

     

    

 

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

 

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

 

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

 

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

 

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

 

(2)       the
sum of all such payments.

 

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

 

Section 1.02.           
Other Definitions.

 

	Term	 	Defined in Section
	“Acceptable Commitment”	 	4.10
	“Affiliate Transaction”	 	4.11
	“Applicable Premium Deficit”	 	8.04
	“Asset Sale Offer”	 	4.10
	“Authentication Order”	 	2.02
	“Change of Control Offer”	 	4.14
	“Change of Control Payment”	 	4.14
	“Change of Control Payment Date”	 	4.14
	“Covenant Defeasance”	 	8.03
	“Covenant Suspension Event”	 	4.16
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.10
	“Foreign Disposition”	 	4.10
	“Increased Amount”	 	4.12
	“incur”	 	4.09
	“incurrence”	 	4.09
	“Initial Default”	 	6.01
	“Legal Defeasance”	 	8.02
	“Note Register”	 	2.03
	“Offer Amount”	 	3.09
	“Offer Period”	 	3.09
	“Other Guarantee”	 	10.06
	“Pari Passu Indebtedness”	 	4.10
	“Paying Agent”	 	2.03
	“Redemption Date”	 	3.07
	“Refinancing Indebtedness”	 	4.09
	“Refunding Capital Stock”	 	4.07
	“Registrar”	 	2.03
	“Repurchase Date”	 	3.09
	“Restricted Payments”	 	4.07
	“Reversion Date”	 	4.16
	“Second Commitment”	 	4.10
	“Successor Company”	 	5.01
	“Successor Person”	 	5.01
	“Suspended Covenants”	 	4.16
	“Suspension Period”	 	4.16
	“Treasury Capital Stock”	 	4.07

 

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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 GAAP;

 

(c)          “or” is not
exclusive;

 

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

 

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

 

(f)          provisions apply to successive
events and transactions;

 

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

 

(h)          any reference to an “Article,”
“Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture;

 

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

 

(j)          the phrase “in writing”
or any similar phrase as used herein shall be deemed to include PDF attachments and other electronic means of transmission, unless
otherwise indicated; and

 

(k)          “including”
means including without limitation.

 

    -36-

     

    

 

Section 1.05.           
Acts of Holders.

 

(a)               
Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by
such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly
required, to the Issuer. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by
any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 7.01) conclusive in favor of
the Trustee and the Issuer, if made in the manner provided in this Section 1.05.

 

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

 

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

 

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

 

(e)               
The Issuer may set a record date for purposes of determining the identity of Holders entitled to give any request, demand,
authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent
authorized or permitted to be given or taken by Holders. Unless otherwise specified, if not set by the Issuer prior to the first
solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote,
any such record date shall be the later of 30 days prior to the first solicitation of such consent or the date of the most recent
list of Holders furnished to the Trustee prior to such solicitation.

 

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

 

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

 

    -37-

     

    

 

(h)               
The Issuer may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any
Global Note held by DTC entitled under the Applicable Procedures to make, give or take, by a proxy or proxies duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be
made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their duly appointed proxy
or proxies, and only such Persons, shall be entitled to make, give or take such request, demand, authorization, direction, notice,
consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization,
direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than 90 days after
such record date.

 

ARTICLE
2

THE NOTES

 

Section 2.01.           
Form and Dating; Terms.

 

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

 

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

 

(c)               
[Reserved].

 

(d)               
Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited,
subject to compliance with Section 4.09.

 

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

 

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

 

Additional Notes ranking pari passu with
the Initial Notes may be created and issued from time to time by the Issuer without notice to or consent of the Holders and shall
be consolidated with and form a single class with the Initial Notes and shall have the same terms as to status, waivers, amendments,
redemptions, offers to purchase and otherwise as the Initial Notes; provided that the Issuer’s ability to issue Additional
Notes shall be subject to the Issuer’s compliance with Section 4.09; and provided further that Additional Notes shall
not be issued with the same CUSIP, if any, as the Initial Notes unless such Additional Notes are fungible with the Initial Notes
for U.S. federal income tax purposes.

 

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(e)               
Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of
Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests
in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream, and such provisions shall supersede
the provisions of Section 2.06, as applicable, to the extent that they conflict with such provisions, with respect to such
transfers.

 

Section 2.02.           
Execution and Authentication. At least one Officer of the Issuer shall execute the Notes by manual, facsimile, PDF
attachment or other electronically transmitted signature.

 

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

 

A Note shall not be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose until authenticated substantially in the form of Exhibit A
attached hereto, as the case may be, by the manual signature of the Trustee. The signature shall be conclusive evidence that the
Note has been duly authenticated and delivered under this Indenture.

 

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

 

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

 

Section 2.03.           
Registrar and Paying Agent. The Issuer shall maintain (i) an office or agency where
Notes may be presented for registration of transfer or for exchange (“Registrar”) and (ii) an office or agency
in the United States where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep
a register of the Notes (“Note Register”) and of their transfer and exchange. The Issuer may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar. The Issuer
shall maintain a registrar in the United States. The term “Paying Agent” includes any additional paying agents.
The Issuer initially appoints the Trustee as (i) Registrar and Paying Agent and (ii) the Custodian with respect to the Global Notes.
The Issuer may change any Paying Agent or Registrar without prior notice to any Holder. The Issuer shall notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another
entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its respective Subsidiaries may act as
Paying Agent or Registrar. In acting hereunder and in connection with the Notes, the Paying Agent, the Custodian, and the Registrar
shall act solely as agent of the Issuer and will not assume any fiduciary duty or other obligation towards or relationship of agency
or trust for or with any of the owners or Holders of the Notes. 

 

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The Issuer initially appoints DTC to act
as Depositary with respect to the Global Notes.

 

Section 2.04.           
Paying Agent to Hold Money in Trust. The Issuer shall require the Paying Agent other than the Trustee to agree in
writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee 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 one of its Subsidiaries) shall have no further liability for
the money. If the Issuer or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund
for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Issuer, the Trustee shall serve as Paying Agent for the Notes.

 

Section 2.05.           
Holder Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at
least five Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list
in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes.

 

Section 2.06.           
Transfer and Exchange.

 

(a)               
Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred,
in whole and not in part, only to another nominee of the Depositary or to a successor thereto or a nominee of such successor. A
beneficial interest in a Global Note shall be exchangeable for a Definitive Note if (i) the Depositary (x) notifies the Issuer
that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered
under the Exchange Act, and, in either case, a successor Depositary is not appointed by the Issuer within 120 days or (ii) in the
case of any Global Note, there shall have occurred and be continuing an Event of Default with respect to such Global Note. Upon
the occurrence of any of the preceding events in clause (i) or (ii) above, Definitive Notes delivered in exchange for any Global
Note or beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or
on behalf of the Depositary (in accordance with the Applicable Procedures). Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of,
a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered
in the form of, and shall be, a Global Note, except for Definitive Notes issued subsequent to any of the preceding events in clause
(i) or (ii) above and pursuant to Section 2.06(c). A Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a); provided, however, that beneficial interests in a Global Note may be transferred and exchanged
as provided in Section 2.06(b) or (c).

 

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

 

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(i)              
Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may
be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend; provided that prior to the expiration
of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or
for the account or benefit of a U.S. Person (other than an Initial Purchaser) unless permitted by applicable law and made in compliance
with subsections (ii) or (iii) below. Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be
required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i).

 

(ii)              
All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges
of beneficial interests that are not subject to Section 2.06(b)(i), the transferor of such beneficial interest must deliver to
the Registrar either (A) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance
with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global
Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions given in accordance with
the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1)
a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose
name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that
in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global Note
prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of a duly completed Certificate of Transfer
or Certificate of Exchange, as applicable, required by the Issuer to establish compliance with Rule 903 of the Securities Act.
Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.06(h).

 

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

 

(A)             
if the transferee will take delivery in the form of a beneficial interest in a 144A Global Note, then the transferor must
deliver a duly completed Certificate of Transfer, including the certifications in item (1) thereof;

 

(B)             
if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the transferor
must deliver a duly completed Certificate of Transfer, including the certifications in item (2) thereof; or

 

(C)             
if the transferee will take delivery in the form of a beneficial interest in an IAI Global note, then the transferor must
deliver a duly completed Certificate of Transfer, including the certifications in item (3) thereof, and a duly completed Institutional
Accredited Investor Certificate.

 

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(iv)              
Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest
in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note, if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) and the Registrar receives
the following: (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a beneficial interest in an Unrestricted Global Note, a duly completed Certificate of Exchange from such Holder, including
the certifications in item (1)(a) thereof; or (2) if the holder of such beneficial interest in a Restricted Global Note proposes
to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note, a duly completed Certificate of Transfer from such Holder, including the certifications in item (5) thereof; and,
in each case set forth above, if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

(v)              
When the Issuer determines (upon the advice of counsel and such other certifications and evidence as the Issuer may reasonably
require) that a Note is eligible (without limits) for resale pursuant to Rule 144 under the Securities Act (or a successor provision)
and that the Private Placement Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the
Note (or a beneficial interest therein) are effected in compliance with the Securities Act, the Issuer shall instruct in writing
the Trustee to cancel the Notes and issue to the non-affiliate Holders thereof (or to their transferees) new Notes of like tenor
and amount, registered in the name of the Holder thereof (or to their transferees), that does not bear the Private Placement Legend,
and the Trustee will comply with such instruction.

 

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

 

(c)               
Transfer or Exchange of Beneficial Interests for Definitive Notes. Beneficial interests in Global Notes shall be
exchanged only for Definitive Notes pursuant to this clause (c).

 

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

 

(A)          if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note, a duly completed Certificate of Exchange from such Holder, including the certifications in item (2)(a) thereof;

 

(B)          if such beneficial interest
is being transferred to a QIB in accordance with Rule 144A, a duly completed Certificate of Transfer, including the certifications
in item (1) thereof;

 

    -42-

     

    

 

(C)          if such beneficial interest
is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a duly completed
Certificate of Transfer, including the certifications in item (2) thereof;

 

(D)          if such beneficial interest
is being transferred to an Institutional Accredited Investor, a duly completed Certificate of Transfer, including the certifications
in item (3) thereof, and a duly completed Institutional Accredited Investor Certificate;

 

(E)          if such beneficial interest
is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule
144, a duly completed Certificate of Transfer, including the certifications in item (4)(a) thereof;

 

(F)          if such beneficial interest
is being transferred to the Issuer or any of its Restricted Subsidiaries, a duly completed Certificate of Transfer, including the
certifications in item (4)(b) thereof; or

 

(G)          if such beneficial interest
is being transferred pursuant to an effective registration statement under the Securities Act, or otherwise, a duly completed Certificate
of Transfer, including the certifications in item (4)(c) thereof, and the Trustee shall cause the aggregate principal amount of
the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Issuer shall execute and upon receipt
of an Authentication Order, the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note
in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations
as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant
or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered.
Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i)
shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

(ii)               [Reserved].

 

(iii)               Beneficial Interests in Restricted Global Notes
to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial
interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in
the form of an Unrestricted Definitive Note only upon the occurrence of any of the events in clause (i) or (ii) of Section 2.06(a)
and if the Registrar receives (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for an Unrestricted Definitive Note, a duly completed Certificate of Exchange from such Holder, including the
certifications in item (1)(b) thereof; or (2) if the holder of such beneficial interest in a Restricted Global Note proposes to
transfer such beneficial interest to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a
duly completed Certificate of Transfer, including the certifications in item (5) thereof; and, in each case set forth in this clause
(D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable
to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act.

 

    -43-

     

    

 

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

 

(d)               
Transfer and Exchange of Definitive Notes for Beneficial Interests. Restricted Definitive Notes shall be exchanged
only for beneficial interests in Restricted Global Notes pursuant to this subsection (d).

 

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

 

(A)          if the Holder of such Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a duly completed Certificate
of Exchange from such Holder, including the certifications in item (2)(b) thereof;

 

(B)           if such Restricted Definitive
Note is being transferred to a QIB in accordance with Rule 144A, a duly completed Certificate of Transfer, including the certifications
in item (1) thereof;

 

(C)           if such Restricted Definitive
Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a duly completed
Certificate of Transfer, including the certifications in item (2) thereof;

 

(D)           if such beneficial interest
is being transferred to an Institutional Accredited Investor, a duly completed Certificate of Transfer, including the certifications
in item (3) thereof;

 

(E)           if such Restricted Definitive
Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144, a duly completed Certificate of Transfer, including the certifications in item (4)(a) thereof;

 

(F)           if such Restricted Definitive
Note is being transferred to the Issuer or any of its Restricted Subsidiaries, a duly completed Certificate of Transfer, including
the certifications in item (4)(b) thereof; or

 

(G)           if such Restricted Definitive
Note is being transferred pursuant to an effective registration statement under the Securities Act or otherwise, a duly completed
Certificate of Transfer, including the certifications in item (4)(c) thereof, and the Trustee shall cancel the Restricted Definitive
Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted
Global Note, in the case of clause (B) above, the applicable 144A Global Note, in the case of clause (C) above, the applicable
Regulation S Global Note, and in the case of clause (D) above, the applicable IAI Global Note.

 

    -44-

     

    

 

(ii)               Restricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in
an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note only if the Registrar receives (1) if the Holder of such Definitive Notes proposes
to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a duly completed Certificate of Exchange from
such Holder, including the certifications in item (1)(c) thereof; or (2) if the Holder of such Definitive Notes proposes to transfer
such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a
duly completed Certificate of Transfer from such Holder, including the certifications in item (5) thereof; and, in each case set
forth in this clause (ii), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii),
the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted
Global Note.

 

(iii)              Unrestricted Definitive Notes to Beneficial
Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial
interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the
Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal
amount of one of the Unrestricted Global Notes. If any such exchange or transfer from a Definitive Note to a beneficial interest
is effected pursuant to subsection (ii)(B), (ii)(D) or (iii) above of this Section 2.06(d) at a time when an Unrestricted
Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section
2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal
amount of Definitive Notes so transferred.

 

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

 

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

 

    -45-

     

    

 

(A)             
if the transfer will be made pursuant to a QIB in accordance with Rule 144A, then the transferor must deliver a duly completed
Certificate of Transfer, including the certifications in item (1) thereof;

 

(B)             
if the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a duly completed Certificate
of Transfer, including the certifications in item (2) thereof; or

 

(C)             
if such beneficial interest is being transferred to an Institutional Accredited Investor, a duly completed Certificate of
Transfer, including the certifications in item (3) thereof, and a duly completed Institutional Accredited Investor Certificate;

 

(D)             
if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then
the transferor must deliver a duly completed Certificate of Transfer, including the certifications required by item (4) thereof,
if applicable.

 

(ii)              
Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note if the Registrar receives the following (1) if the Holder of such Restricted Definitive Notes
proposes to exchange such Notes for an Unrestricted Definitive Note, a duly completed Certificate of Exchange from such Holder,
including the certifications in item (1)(d) thereof; or (2) if the Holder of such Restricted Definitive Notes proposes to transfer
such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a duly completed Certificate
of Transfer from such Holder, including the certifications in item (5) thereof; and, in each case set forth in this clause (D),
if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange
or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

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

 

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

 

(i)              
Private Placement Legend.

 

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

 

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

 

    -46-

     

    

 

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

 

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

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06(G) OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.06(A) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE ISSUER. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) (“DTC”) TO THE ISSUER OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

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(iii)              
Regulation S Global Note Legend. Each Regulation S Global Note shall bear a legend in substantially the following
form:

 

“BY ITS ACQUISITION HEREOF,
THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON, IT IS NOT PURCHASING THIS SECURITY FOR THE ACCOUNT OF A U.S. PERSON,
AND IT IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.”

 

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

 

(h)               
General Provisions Relating to Transfers and Exchanges.

 

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

 

(ii)            No service charge shall be made to a holder of a
beneficial interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the
Issuer and the Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable
in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant
to Sections 2.07, 2.10, 3.06, 3.09, 4.10, 4.14 and 9.04).

 

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

 

(iv)            Neither the Issuer nor the Registrar shall be required
(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection
or (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part.

 

(v)            Prior to due presentment for the registration of
a transfer of any Note, 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, if any) and 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.

 

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

 

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

 

(viii)            All certifications, certificates and Opinions
of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange
may be submitted by facsimile or sent via e-mail with a .PDF file.

 

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

 

(x)            Neither the Trustee nor any Agent shall have any
responsibility or liability for any actions taken or not taken by the Depositary.

 

(xi)            None of the Trustee or any Agent shall have any
responsibility or obligation to any beneficial owner in a Global Note, a Depositary Participant or other Person with respect to
the accuracy of the records of the Depositary or its nominee or of any Depositary Participant, with respect to any ownership interest
in the Notes or with respect to the delivery to any Depositary Participant, beneficial owner or other Person (other than the Depositary)
of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices
and communications to be given to the Holders and all payments to be made to Holders under the Notes and this Indenture shall be
given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of
the Global Note). The rights of beneficial owners in the Global Note shall be exercised only through the Depositary subject to
the applicable procedures. The Trustee and the Agents shall be entitled to rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, Depositary Participants and any beneficial owners. The Trustee and the
Agents shall be entitled to deal with the Depositary, and any nominee thereof, that is the registered holder of any Global Note
for all purposes of this Indenture relating to such Global Note (including the payment of principal, premium, if any, and interest
and additional amounts, if any, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership
interest in such Global Note) as the sole holder of such Global Note and shall have no obligations to the beneficial owners thereof.
None of the Trustee or any Agent shall have any responsibility or liability for any acts or omissions of the Depositary with respect
to such Global Note for the records of any such depositary, including records in respect of beneficial ownership interests in respect
of any such Global Note, for any transactions between the Depositary and any Depositary Participant or between or among the Depositary,
any such Depositary Participant and/or any holder or owner of a beneficial interest in such Global Note, or for any transfers of
beneficial interests in any such Global Note.

 

    -49-

     

    

 

Section 2.07.           
Replacement Notes. If any mutilated Note is surrendered to the Trustee, the Registrar or the Issuer and the Trustee
receives evidence to its satisfaction of the ownership and destruction, loss or theft of any Note, the Issuer shall issue and the
Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are
met. An indemnity bond and/or security 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 and any authenticating agent from any loss that any of them may suffer if
a Note is replaced. The Issuer and the Trustee may charge for its expenses (including with respect to the Issuer, the expenses
of the Trustee) in replacing a Note.

 

Every replacement Note is a contractual
obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other
Notes duly issued hereunder.

 

Section 2.08.           
Outstanding Notes. The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those
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, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 

If a Note is replaced pursuant to Section
2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona
fide purchaser.

 

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

 

If the 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 shall be deemed to be no longer outstanding and shall cease
to accrue interest.

 

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Section 2.09.           
Treasury Notes. In determining whether the Holders of the required principal amount of Notes have concurred in any
direction, waiver or consent, Notes owned by the Issuer, or by any Affiliate of the Issuer, shall be considered as though not outstanding,
except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. Notes so owned which
have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Issuer or any
obligor upon the Notes or any Affiliate of the Issuer or of such other obligor.

 

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, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form
of certificated Notes but may have variations that the Issuer consider appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Issuer shall prepare and upon receipt of an Authentication Order, the
Trustee shall authenticate definitive Notes in exchange for temporary Notes.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE
3

REDEMPTION

 

Section 3.01.           
Notices to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.07, it shall furnish to the Trustee,
at least 5 Business Days before notice of redemption is required to be mailed or delivered or caused to be mailed or delivered
to the applicable Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the Trustee) but not more than
60 days before a Redemption Date, an Officer’s Certificate setting forth (i) the section of this Indenture pursuant to which
the redemption shall occur, (ii) the Redemption Date, (iii) the principal amount of the Notes to be redeemed and (iv) the redemption
price (or manner of calculation if not then known).

 

Section 3.02.           
Selection of Notes to Be Redeemed or Purchased. If fewer than all of the Notes are to be redeemed or purchased in
an offer to purchase at any time, the Trustee, shall select the Notes to be redeemed or purchased (a) if the Notes are listed on
any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the
Notes are listed, or (b) on a pro rata basis, by lot or by using any other method that the Trustee deems fair and appropriate or
otherwise in accordance with the Applicable Procedures; provided that no Notes of $2,000 or less shall be redeemed or repurchased
in part. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected,
unless otherwise provided herein, not less than 30 nor more than 60 days prior to the Redemption Date by the Trustee from the outstanding
Notes not previously called for redemption or purchase.

 

The Trustee shall promptly notify the Issuer
in writing of the Notes selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase,
the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or
whole multiples of $1,000 in excess thereof; no Notes of $2,000 or less can be redeemed in part, except that if all of the Notes
of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple
of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply
to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

 

Section 3.03.           
Notice of Redemption. Subject to Section 3.09, the Issuer shall deliver in accordance with the Applicable Procedures
or mail or cause to be mailed by first-class mail, postage prepaid, notices of redemption at least 30 days but not more than 60
days before the Redemption Date to each Holder of Notes to be redeemed at such Holder’s registered address, except that redemption
notices may be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection with Article 8 or Article
11.

 

    -52-

     

    

  

The notice shall identify the Notes to be
redeemed (including the CUSIP or ISIN number) and shall state:

 

(a)        the Redemption Date;

 

(b)        the redemption price;

 

(c)         if any Note is to be redeemed
in part only, the portion of the principal amount of that Note that is to be redeemed and that, after the Redemption Date upon
surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing
the same indebtedness to the extent not redeemed will be issued in the name of the Holder of the Notes upon cancellation of the
original Note;

 

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

 

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

 

(f)         that, unless the Issuer
defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption
Date;

 

(g)        the section of this Indenture
pursuant to which the Notes called for redemption are being redeemed;

 

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

 

(i)         if
such redemption is subject to any conditions, a description of each condition to such redemption and, if applicable, that, in the
Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied,
or such redemption or purchase may not occur or the notice of redemption may be rescinded in the event that any or all such conditions
shall not have been satisfied by the redemption date, or by the redemption date as so delayed, and that, in the Issuer’s
discretion, payment of the redemption price and performance of the Issuer’s obligations with respect to such redemption may
be performed by another Person.

 

At the Issuer’s written request, the
Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided that the Issuer shall
have delivered to the Trustee, at least 5 Business Days before notice of redemption is required to be mailed or caused to be mailed
to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph.

 

Section 3.04.           
Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with Section 3.03 and any conditions
thereto are satisfied, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption
price (except as provided for in Section 3.03(i) and Section 3.07(d)). The notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder receives such notice. In any case, failure to give
such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not
affect the validity of the proceedings for the redemption of any other Note. Subject to Section 3.05, on and after the Redemption
Date, interest ceases to accrue on Notes or portions of Notes called for redemption.

 

    -53-

     

    

 

Section 3.05.           
Deposit of Redemption or Repurchase Price. Prior to 10:00 a.m. (New York City time) on the redemption or purchase
date, the Issuer shall deposit with the Paying Agent an amount of money, in immediately available funds, sufficient to pay the
redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or repurchased on that date; provided,
that, that to the extent such deposit is received by the Paying Agent after 10:00 a.m. (New York City time) on any such due date,
such deposit will be deemed deposited on the next Business Day. The Paying Agent shall promptly return to the Issuer any money
deposited with the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption price of, and accrued and
unpaid interest on, all Notes to be redeemed or repurchased.

 

If the Issuer complies with the provisions
of the preceding paragraph and any conditions thereto are satisfied, on and after the Redemption Date or Repurchase Date, interest
shall cease to accrue on the Notes, or the portions of Notes, as applicable, called for redemption or purchase. If a Note is redeemed
or repurchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest
to the redemption or Repurchase Date shall be paid to the Person in whose name such Note was registered at the close of business
on such Record Date, and no additional interest will be payable to Holders whose Notes are so redeemed or repurchased. If any Note
called for redemption or repurchase shall not be so paid upon surrender for redemption or purchase because of the failure of the
Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the Redemption Date or Repurchase
Date until such principal is paid, and to the extent lawful on any interest accrued to the Redemption Date or Repurchase Date not
paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01.

 

Section 3.06.           
Notes Redeemed or Purchased in Part. Upon surrender of a Note that is redeemed or repurchased in part, the Issuer
shall issue and upon receipt of an Authentication Order, the Trustee shall authenticate for 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 representing the same indebtedness
to the extent not redeemed or purchased; provided that each new Note will be in a principal amount of $2,000 or an integral
multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an
Authentication Order and not an Opinion of Counsel or Officer’s Certificate is required for the Trustee to authenticate such
new Note.

 

Section 3.07.           
Optional Redemption. Except as set forth below in this Section 3.07, the Issuer will not be entitled to redeem the
Notes at its option prior to September 15, 2022.

 

(a)               
[Reserved].

 

(b)               
At any time prior to September 15, 2022 the Issuer may on one or more occasions redeem all or a part of the Notes, at a
redemption price equal to 100% of the principal amount of the Notes being redeemed plus the Applicable Premium as of the date of
redemption (the “Redemption Date”), and accrued and unpaid interest, if any, to, but excluding, the applicable
Redemption Date, subject to the rights of Holders on the relevant Record Date to receive interest due on the relevant Interest
Payment Date in accordance with Section 3.05.

 

(c)               
On and after September 15, 2022, the Issuer may on one or more occasions redeem the Notes, in whole or in part, at the redemption
prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest,
if any, thereon to, but excluding, the applicable Redemption Date, subject to the rights of Holders on the relevant Record Date
to receive interest due on the relevant Interest Payment Date in accordance with Section 3.05, if redeemed during the twelve-month
period beginning on September 15 of each of the years indicated below:

 

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	Year	 	 	Optional Redemption Price	 
	2022	 	 	 	102.188	%
	2023	 	 	 	101.458	%
	2024	 	 	 	100.729	%
	2025 and thereafter	 	 	 	100.000	%

 

(d)               
In addition, until September 15, 2022, the Issuer may, at its option, on one or more occasions, redeem up to 40% of the
aggregate principal amount of Notes issued by it at a redemption price equal to 104.375% of the aggregate principal amount thereof
plus accrued and unpaid interest, if any, thereon to, but excluding, the applicable Redemption Date, subject to the rights of Holders
on the relevant Record Date to receive interest due on the relevant Interest Payment Date in accordance with Section 3.05,
with the net cash proceeds of one or more Equity Offerings; provided that at least 60% of the aggregate principal amount
of Notes originally issued under this Indenture remains outstanding immediately after the occurrence of each such redemption; provided
further that each such redemption occurs within 120 days of the date of closing of each such Equity Offering.

 

(e)               
Notice of any optional redemption of the Notes in connection with a corporate transaction (including an Equity Offering,
an incurrence of Indebtedness or a Change of Control) may, at the Issuer’s discretion, be given prior to the completion thereof
and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more conditions precedent, including,
but not limited to, completion of the related transaction.

 

(f)                
Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06
hereof.

 

Section 3.08.           
Mandatory Redemption. The Issuer shall not be required to make mandatory redemption or sinking fund payments with
respect to the Notes. The Issuer and its Affiliates may acquire Notes by means other than a redemption, whether by tender offer,
open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition
does not otherwise violate the terms of this Indenture.

 

Section 3.09.           
Offers to Repurchase by Application of Excess Proceeds.

 

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

 

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

 

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

 

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

 

(ii)             
the Offer Amount, the repurchase price and the Repurchase Date;

 

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

 

(iv)            
that, unless the Issuer defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
shall cease to accrue interest after the Repurchase Date;

 

(v)             
that Holders electing to have a Note repurchased pursuant to an Asset Sale Offer may elect to have Notes repurchased in
denominations of $2,000 and integral multiples of $1,000 in excess of $2,000;

 

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

 

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

 

(viii)          
that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by the holders thereof exceeds
the Offer Amount, the Trustee shall select the Notes and such Pari Passu Indebtedness to be repurchased on a pro rata basis
based on the accreted value or principal amount of the Notes and such Pari Passu Indebtedness tendered or by lot or such similar
method in accordance with the Applicable Procedures (with such adjustments as may be deemed appropriate by the Trustee so that
only Notes in denominations of $2,000, or integral multiples of $1,000 in excess of $2,000, shall be purchased); and

 

(ix)             
that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unrepurchased
portion of the Notes surrendered (or transferred by book-entry transfer) representing the same indebtedness to the extent not repurchased.

 

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

 

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

 

(f)                
Other than as specifically provided in this Section 3.09 or Section 4.10, any repurchase pursuant to this Section 3.09 shall
be made pursuant to the applicable provisions of Sections 3.01 through 3.06.

 

ARTICLE
4

COVENANTS

 

Section 4.01.           
Payment of Notes.

 

(a)               
The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in
the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Issuer or a Subsidiary, holds as of 10:00 a.m. (New York City time) on the due date money deposited by
the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due; provided, that, that to the extent such deposit is received by the Paying Agent after 10:00 a.m. (New York City time)
on any such due date, such deposit will be deemed deposited on the next Business Day.

 

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

 

Section 4.02.           
Maintenance of Office or Agency.

 

(a)               
The Issuer shall maintain the office or agency required under Section 2.03 where Notes may be surrendered for registration
of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may
be served. 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 shall fail to maintain any such required office or agency or shall fail to furnish
the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate
Trust Office of the Trustee.

 

(b)               
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 that no such designation
or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency required under Section 2.03.
The Issuer shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency.

 

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(c)               
The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance
with Section 2.03.

 

Section 4.03.           
Reports and Other Information.

 

(a)               
Notwithstanding that the Issuer may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to
rules and regulations promulgated by the SEC as required by Section 13 or 15(d) of the Exchange Act, the Issuer shall file with
the SEC (and make available, without exhibits and without cost, to (i) any Holder of the Notes, upon their request, and (ii) the
Trustee, in each case within 15 days after it files them with the SEC, to the extent not publicly available on the SEC’s
EDGAR system or the Issuer’s public website) from and after the Issue Date:

 

(1)               
within the time period then in effect under the rules and regulations of the Exchange Act with respect to the filing of
a Form 10-K for a non-accelerated filer, annual reports on Form 10-K, or any successor or comparable form, containing the information
required to be contained therein, or required in such successor or comparable form;

 

(2)               
within the time period then in effect under the rules and regulations of the Exchange Act with respect to the filing of
a Form 10-Q for a non-accelerated filer, for each of the first three fiscal quarters of each fiscal year, reports on Form 10-Q
containing all quarterly information that would be required to be contained in Form 10-Q, or any successor or comparable form;

 

(3)               
within the time period then in effect under the rules and regulations of the Exchange Act with respect to the filing of
a Form 8-K, after the occurrence of an event required to be therein reported, such other reports on Form 8-K, or any successor
or comparable form; and

 

(4)               
any other information, documents and other reports which the Issuer would be required to file with the SEC if it were subject
to Section 13 or 15(d) of the Exchange Act;

 

in each case, in a manner that complies in all material respects
with the requirements specified in such form; provided that the Issuer shall not be so obligated to file such reports with
the SEC if the SEC does not permit such filing, in which event the Issuer will post on its website within 15 days after the time
the Issuer would be required to file such information with the SEC, if it were subject to Section 13 or 15(d) of the Exchange
Act.

 

(b)               
Unless the Issuer is otherwise obligated to do so under the Exchange Act or the rules and regulations promulgated by the
SEC thereunder, such reports referred to in clauses (1) through (4) above will not be required:

 

(1)       to
comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation
S-K promulgated by the SEC;

 

(2)       to
contain the separate financial information for Guarantors as contemplated by Rule 3-10 of Regulation S-X or any financial statements
of unconsolidated subsidiaries or 50% or less owned Persons as contemplated by Rule 3-09 of Regulation S-X or any schedules required
by Regulation S-X, or in each case any successor provisions, or “segment reporting” and the “Compensation Discussion
and Analysis” required by Item 402(b) of Regulation S-K relating to Welch Allyn, Inc. and its Subsidiaries (it being
understood that the Issuer will furnish summary financial information with respect to Guarantors and non-Guarantors on a basis
substantially consistent with the financial information presented in the fourth sentence of the third paragraph under “Description
of notes—Guarantees” in the Offering Memorandum); or

 

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(3)       to
comply with Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with respect to any non-GAAP financial measures
contained therein.

 

(c)               
To the extent any such reports referred to in clause (a) above is not so filed or furnished, as applicable, within the time
periods specified above and such reports are subsequently filed or furnished, as applicable, the Issuer will be deemed to have
satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured.

 

(d)               
To the extent not satisfied by the foregoing, the Issuer agrees that, for so long as any Notes are outstanding and constitute
“restricted securities” under Rule 144, it will furnish to Holders and to securities analysts and prospective investors,
upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

 

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

 

Section 4.04.           
Compliance Certificate.

 

(a)               
The Issuer and each Guarantor shall deliver to the Trustee, within 120 days after each Fiscal Year End after the Issue Date,
a certificate from the principal executive officer, principal financial officer or principal accounting officer stating that, in
the course of the performance by the signer of his or her duties as an officer, he or she would normally have knowledge of any
default by the Issuer in the performance of any of its obligations contained in this Indenture, and that a review of the activities
of the Issuer and the Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officer with a view to determining whether the Issuer has kept, observed, performed and fulfilled its obligations under this Indenture,
and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the Issuer has kept,
observed, performed and fulfilled each and every condition and covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions, covenants and conditions of this Indenture (or, if a Default shall have
occurred and is continuing, describing all such Defaults of which he or she may have knowledge and what action the Issuer is taking
or propose to take with respect thereto).

 

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

 

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

 

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

 

Section 4.07.           
Limitation on Restricted Payments.

 

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

 

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

 

(a)       dividends
or distributions payable by the Issuer solely in Equity Interests (other than Disqualified Stock) of the Issuer; or

 

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

 

(II)       purchase, redeem, defease or otherwise
acquire or retire for value any Equity Interests of the Issuer, including in connection with any merger or consolidation, held
by Persons other than the Issuer or any Restricted Subsidiary of the Issuer;

 

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

 

(a)       Indebtedness
permitted under clauses (7) and (8) of Section 4.09(b); or

 

(b)       the
purchase, repurchase or other acquisition or redemption, defeasance or retirement for value of Subordinated Indebtedness in anticipation
of satisfying a sinking fund obligation, principal installment or final principal payment at maturity, in each case due within
one year of the date of purchase, repurchase or other acquisition or redemption, defeasance or retirement for value; or

 

(IV)       make any Restricted Investment (all such
payments and other actions set forth in clauses (I) through (IV) above being collectively referred to as “Restricted Payments”),
unless, at the time of such Restricted Payment:

 

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

 

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

 

(3)       such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Issuer and its Restricted Subsidiaries
after the 2023 Notes Issue Date (including Restricted Payments permitted by clauses (1), (2) (with respect to the payment of dividends
on Refunding Capital Stock pursuant to clause (b) thereof, only) and (12) of subsection (b) of this Section 4.07, but excluding
all other Restricted Payments permitted by Section 4.07(b)), is less than the sum of (without duplication):

 

(a)          50%
of the Consolidated Net Income of the Issuer for the period (taken as one accounting period) beginning July 1, 2015 to the end
of the Issuer’s most recently ended fiscal quarter for which internal financial statements are available at the time of such
Restricted Payment or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit; plus

 

(b)         100%
of the aggregate net cash proceeds and the fair market value, as determined in good faith by the Issuer, of marketable securities
or other property received by the Issuer since immediately after the 2023 Notes Issue Date from the issue or sale of:

 

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

 

(x)       Equity
Interests to members of management, directors or consultants of the Issuer after the Issue Date to the extent such amounts have
been applied to Restricted Payments made in accordance with clause (4) of subsection (b) of this Section 4.07; and

 

(y)       Designated
Preferred Stock; and

 

(ii)            debt securities of the Issuer or a Restricted
Subsidiary that have been converted into or exchanged for such Equity Interests of the Issuer;

 

provided that this clause (b) shall not include
the proceeds from (W) Refunding Capital Stock, (X) Equity Interests or convertible debt securities of the Issuer sold to a Restricted
Subsidiary or (Y) Disqualified Stock or debt securities that have been converted or exchanged into Disqualified Stock; plus

 

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(c)         100%
of the aggregate amount of cash and the fair market value, as determined in good faith by the Issuer, of marketable securities
or other property contributed to the capital of the Issuer following the 2023 Notes Issue Date (other than by a Restricted Subsidiary);
plus

 

(d)         100%
of the aggregate amount received in cash and the fair market value, as determined in good faith by the Issuer, of marketable securities
or other property received by means of:

 

(i)            the
sale or other disposition (other than to the Issuer or a Restricted Subsidiary) of Restricted Investments made by the Issuer or
its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Issuer or its Restricted Subsidiaries
and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments by the Issuer or its Restricted
Subsidiaries, in each case after the 2023 Notes Issue Date; or

 

(ii)           the
sale (other than to the Issuer or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary after the 2023 Notes Issue
Date; plus

 

(e)        in
the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the 2023 Notes Issue Date, the fair
market value of the Investment in such Unrestricted Subsidiary, as determined by the Issuer in good faith (as set forth in an Officer’s
Certificate delivered to the Trustee) at the time of the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary
other than to the extent such Investment constituted a Permitted Investment.

 

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

 

(1)             
the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration thereof or the giving of such irrevocable notice, as applicable, if at the date of declaration or the giving of
such notice such payment would have complied with the provisions of this Indenture as if it were and is deemed at such time to
be a Restricted Payment at the time of such notice;

 

(2)             
(a) any Restricted Payment in exchange for, or out of the proceeds of the substantially concurrent sale (other than to the
Issuer or a Restricted Subsidiary) of, Equity Interests of the Issuer (other than any Disqualified Stock) (“Refunding
Capital Stock”) or a substantially concurrent contribution to the equity (other than Disqualified Stock) of the Issuer,
(b) the declaration and payment of dividends on any redeemed, repurchased, retired or otherwise acquired Equity Interests of the
Issuer (“Treasury Capital Stock”) out of the proceeds of the substantially concurrent sale (other than to the
Issuer or a Restricted Subsidiary) of Refunding Capital Stock, and (c) if immediately prior to the retirement of Treasury Capital
Stock, the declaration and payment of dividends thereon was permitted under clause (6) of this Section 4.07(b) and not made pursuant
to clause (2)(b) of this paragraph, the declaration and payment of dividends on Refunding Capital Stock in an aggregate amount
per year no greater than the aggregate amount of dividends per annum that were declarable and payable on such Treasury Capital
Stock immediately prior to such retirement;

 

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(3)             
the purchase, redemption, defeasance, repurchase or other acquisition or retirement of Subordinated Indebtedness of the
Issuer or a Guarantor made in exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of
the Issuer or a Guarantor, as the case may be, which is incurred in compliance with Section 4.09 so long as:

 

(a)       the
principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount of (or accreted
value, if applicable), plus any accrued and unpaid interest on, the Subordinated Indebtedness being so purchased, redeemed, defeased,
repurchased, acquired or retired for value, plus the amount of any premium required to be paid under the terms of the instrument
governing the Subordinated Indebtedness being so purchased, redeemed, defeased, repurchased, acquired or retired and any fees and
expenses incurred in connection with the issuance of such new Indebtedness;

 

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

 

(c)       such
new Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final scheduled maturity date
of the Subordinated Indebtedness being so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired and (y) 91
days following the maturity date of the Notes; and

 

(d)       such
new Indebtedness has a Weighted Average Life to Maturity equal to or greater than the remaining Weighted Average Life to Maturity
of the Subordinated Indebtedness being so purchased, exchanged, redeemed, defeased, repurchased, acquired or retired;

 

(4)               
a Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Equity Interests
(other than Disqualified Stock) of the Issuer held by any future, present or former employee, director or consultant of the Issuer
or any of its Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit
plan or agreement, or any stock subscription or shareholder agreement; provided that the aggregate Restricted Payments made
under this clause (4) do not exceed in any calendar year $25.0 million (with unused amounts in any calendar year being carried
over to the immediately succeeding calendar year subject to a maximum of $50.0 million (without giving effect to the following
proviso) in any calendar year); provided further that such amount in any calendar year may be increased by an amount not
to exceed:

 

(a)       the
cash proceeds from the sale of Equity Interests (other than Disqualified Stock) of the Issuer to members of management, directors
or consultants of the Issuer or any of its Subsidiaries that occurs after the Issue Date, to the extent the cash proceeds from
the sale of such Equity Interests have not otherwise been applied to the payment of Restricted Payments by virtue of clause (IV)(3)
of subsection (a) of this Section 4.07; plus

 

(b)       the
cash proceeds of key man life insurance policies received by the Issuer or any of its Restricted Subsidiaries after the Issue Date;
less

 

(c)       the
amount of any Restricted Payments previously made with the cash proceeds described in clauses (a) and (b) of this clause (4);

 

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and provided further that cancellation of Indebtedness
owing to the Issuer or any Restricted Subsidiary from members of management of the Issuer or any of the Issuer’s Restricted
Subsidiaries in connection with a repurchase of Equity Interests of the Issuer will not be deemed to constitute a Restricted Payment
for purposes of this Section 4.07 or any other provision of this Indenture;

 

(5)              
the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Issuer or any of
its Restricted Subsidiaries issued in accordance with Section 4.09 to the extent such dividends are included in the definition
of “Fixed Charges”;

 

(6)              
(a) the declaration and payment of dividends to holders of any class or series of Designated Preferred Stock (other than
Disqualified Stock) issued by the Issuer after the Issue Date; or (b) the declaration and payment of dividends on Refunding Capital
Stock that is Preferred Stock in excess of the dividends declarable and payable thereon pursuant to clause (2) of this Section
4.07(b);

 

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

 

(7)              
repurchases of Equity Interests deemed to occur (i) upon exercise of stock options or warrants if such Equity Interests
represent a portion of the exercise price of such options or warrants or (ii) for purposes of satisfying any required tax withholding
obligation upon the exercise or vesting of a grant or award that was granted or awarded to an employee;

 

(8)             
Restricted Payments in an aggregate amount taken together with all other Restricted Payments made pursuant to this clause
(8) not to exceed the greater of $250.0 million or 6.0% of Total Assets at such time;

 

(9)             
any Restricted Payments made by the Issuer or any Restricted Subsidiary; provided that, immediately after giving
pro forma effect thereto and the incurrence of any Indebtedness the net proceeds of which are used to finance such Restricted
Payment, the Consolidated Total Leverage Ratio would be no greater than 3.50 to 1.00;

 

(10)           
distributions or payments of Receivables Fees;

 

(11)           
[reserved];

 

(12)           
the repurchase, redemption, defeasance or other acquisition or retirement for value of any Subordinated Indebtedness pursuant
to the provisions similar to those described under Section 4.10 and Section 4.14; provided that all Notes tendered by Holders
in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased, redeemed or acquired for
value;

 

(13)           
the repurchase, redemption or other acquisition for value of Equity Interest or other securities convertible into or exercisable
for Equity Interests of the Issuer deemed to occur in connection with paying cash in lieu of fractional shares of such Equity Interests
in connection with a share dividend, distribution, share split, reverse share split, merger, consolidation, amalgamation or other
business combination of the Issuer, or conversion thereof, in each case, permitted under this Indenture;

 

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(14)           
the distribution, by dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Issuer or a Restricted
Subsidiary by Unrestricted Subsidiaries (other than Unrestricted Subsidiaries, the primary assets of which are cash and/or Cash
Equivalents);

 

(15)           
mandatory redemptions of Disqualified Stock issued as a Restricted Payment or as consideration for a Permitted Investment;
and

 

(16)           
the payment in cash of regular quarterly dividends in respect of common stock in an amount per quarter not to exceed $0.45
per share of common stock at the time of such declaration;

 

provided that at the time of, and after giving
effect to, any Restricted Payment permitted under clauses (8), (9) and (14) of this Section 4.07(b), no Default shall have occurred
and be continuing or would occur as a consequence thereof; provided further that at the time of, and after giving effect
to, any Restricted Payment permitted under clause (16), no Event of Default under clause (1), (2) or (4) of Section 6.01(a) shall
have occurred and be continuing or would occur as a consequence thereof.

 

(c)               
As of the Issue Date, all of the Issuer’s Subsidiaries will be Restricted Subsidiaries. The Issuer shall not permit
any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the penultimate sentence of the definition of
“Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all
outstanding Investments by the Issuer and its Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated
shall be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investment.”
Such designation shall be permitted only if a Restricted Payment in such amount would be permitted at such time, whether pursuant
to Section 4.07(a) or under clause (8), (9) or (14) of subsection (b) of this Section 4.07, or pursuant to the definition of “Permitted
Investments,” and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. Unrestricted Subsidiaries
will not be subject to any of the restrictive covenants set forth in this Indenture.

 

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

 

(e)               
The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted Payment
of the asset(s) or securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary, as the case
may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount, and
the fair market value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by
the Issuer acting in good faith.

 

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

 

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

 

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

 

(b)        pay
any Indebtedness owed to the Issuer or any of its Restricted Subsidiaries;

 

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

 

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

 

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

 

(a)       contractual
encumbrances or restrictions in effect on the Issue Date, including pursuant to the Senior Secured Credit Facilities and the related
documentation, the 2025 Notes Indenture, the 2025 Notes, the Guarantee of the 2025 Notes and Hedging Obligations and the related
documentation;

 

(b)       this
Indenture, the Notes and the Guarantees;

 

(c)       purchase
money obligations for property acquired in the ordinary course of business and Capitalized Lease Obligations that impose restrictions
of the nature discussed in clause (3) of subsection (a) of this Section 4.08 on the property so acquired;

 

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

 

(e)       any
agreement or other instrument of a Person acquired by or merged or consolidated with or into the Issuer or any of its Restricted
Subsidiaries in existence at the time of such transaction (but not created in contemplation thereof), which encumbrance or restriction
is not applicable to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the
property or assets of the Person and its Subsidiaries, so acquired;

 

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

 

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

 

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

 

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(i)       other
Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries permitted to be incurred subsequent to the Issue Date
pursuant to Section 4.09;

 

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

 

(k)       customary
provisions contained in leases, sub-leases, licenses or sub-licenses of intellectual property and other agreements, in each case,
entered into in the ordinary course of business;

 

(l)        any
encumbrances or restrictions of the type referred to in clauses (1), (2) and (3) of subsection (a) of this Section 4.08 imposed
by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the
contracts, instruments or obligations referred to in clauses (a) through (k) of this Section 4.08(b); provided that such
amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the
good faith judgment of the Issuer, no more restrictive in any material respect with respect to such encumbrance and other restrictions
taken as a whole than those prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing; and

 

(m)       restrictions
created in connection with any Receivables Facility that, in the good faith determination of the Issuer are necessary or advisable
to effect such Receivables Facility.

 

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

 

(a)               
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur,
issue, assume, guarantee or otherwise become directly or indirectly liable, contingently, or otherwise (collectively, “incur”
and collectively, an “incurrence”) with respect to any Indebtedness (including Acquired Indebtedness) and the
Issuer shall not issue any shares of Disqualified Stock and shall not permit any Restricted Subsidiary to issue any shares of Disqualified
Stock or Preferred Stock; provided that the Issuer may incur Indebtedness (including Acquired Indebtedness) or issue shares
of Disqualified Stock, and any of its Restricted Subsidiaries may incur Indebtedness (including Acquired Indebtedness), issue shares
of Disqualified Stock and issue shares of Preferred Stock, in each case if the Fixed Charge Coverage Ratio on a consolidated basis
for the Issuer and its Restricted Subsidiaries’ most recently ended four fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or Preferred
Stock is issued would have been at least 2.00 to 1.00, determined on a pro forma basis (including a pro forma application
of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or Preferred Stock
had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of the most recently
ended four fiscal quarters for which internal financial statements are available; provided further that the amount of Indebtedness
(including Acquired Indebtedness), Disqualified Stock and Preferred Stock that may be incurred or issued, as applicable, pursuant
to the foregoing by Restricted Subsidiaries that are not Guarantors shall not (together with any Refinancing Indebtedness in respect
thereof) exceed the greater of (x) $200.0 million and (y) 4.50% of Total Assets at any one time outstanding.

 

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

 

(1)               
the incurrence of Indebtedness under Credit Facilities by the Issuer or any of its Restricted Subsidiaries and the issuance
and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances
being deemed to have a principal amount equal to the face amount thereof); provided that immediately after giving effect
to any such incurrence, the then outstanding aggregate principal amount of all Indebtedness under this clause (1) does not exceed
at any one time an amount equal to (a) $2,800.0 million and (b) an additional amount of Secured Indebtedness provided that the
Consolidated Secured Debt Ratio does not exceed 3.00 to 1.00 (after giving pro forma effect to the incurrence of such Indebtedness
and the application of the net proceeds therefrom);

 

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(2)              
the incurrence by the Issuer and any Guarantor of Indebtedness represented by (a) the Notes (not including any Additional
Notes) and the Guarantees thereof in respect of the Notes issued and outstanding on the Issue Date and (b) the 2025 Notes and the
guarantees thereof outstanding on the Issue Date;

 

(3)             
Indebtedness of the Issuer and its Restricted Subsidiaries in existence on the Issue Date (other than Indebtedness described
in clause (1) or (2) of this Section 4.09(b));

 

(4)             
Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and Preferred Stock incurred or issued by the
Issuer or any of its Restricted Subsidiaries, to finance the purchase, lease, construction or improvement of property (real or
personal) or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or the Capital
Stock of any Person owning such assets, in an aggregate principal amount or liquidation preference which, when aggregated with
the principal amount of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and together with any other
Indebtedness incurred under this clause (4), does not exceed the greater of (a) $200 million and (b) 4.9% of the Total Assets at
the time of incurrence;

 

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

 

(6)             
Indebtedness arising from agreements of the Issuer or its Restricted Subsidiaries providing for indemnification, adjustment
of purchase price, or similar obligations (including earn-outs or deferred compensation arrangements), in each case, incurred or
assumed in connection with the disposition or acquisition of any business, assets or a Subsidiary, other than guarantees of Indebtedness
incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such
acquisition; provided that (a) such Indebtedness is not reflected on the balance sheet of the Issuer or any of its Restricted
Subsidiaries (it being understood that Contingent Obligations referred to in a footnote to financial statements and not otherwise
reflected on the balance sheet will be deemed not to be reflected on such balance sheet for purposes of this clause (6)) and (b)
the maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross proceeds including non-cash
proceeds (the fair market value (as determined in good faith by the Issuer) of such non-cash proceeds being measured at the time
received and without giving effect to any subsequent changes in value) actually received by the Issuer and its Restricted Subsidiaries
in connection with such disposition;

 

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

 

(8)               
Indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary; provided that if a Guarantor
incurs such Indebtedness to a Restricted Subsidiary that is not a Guarantor, such Indebtedness is expressly subordinated in right
of payment to the Guarantee of the Notes of such Guarantor; provided further that any subsequent issuance or transfer of
any Capital Stock or any other event which results in any such Indebtedness being held by a Person other than the Issuer or a Restricted
Subsidiary or any subsequent transfer of any such Indebtedness (except to the Issuer or another Restricted Subsidiary) shall be
deemed, in each case, to be an incurrence of such Indebtedness not permitted by this clause (8);

 

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

 

(10)           
Hedging Obligations for the purpose of limiting interest rate risk with respect to any Indebtedness permitted to be incurred
pursuant to this Section 4.09, exchange rate risk or commodity pricing risk (excluding Hedging Obligations entered into for speculative
purposes);

 

(11)           
obligations in respect of performance, bid, appeal, supersedeas and surety bonds and completion guarantees and similar obligations
provided by the Issuer or any of its Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar
instruments related thereto, in each case in the ordinary course of business or consistent with past practice;

 

(12)           
Indebtedness or Disqualified Stock of the Issuer and Indebtedness, Disqualified Stock or Preferred Stock of the Issuer or
any Restricted Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference, which,
when aggregated with the principal amount and liquidation preference of all other Indebtedness, Disqualified Stock and Preferred
Stock then outstanding and incurred pursuant to this clause (12), does not at any one time outstanding exceed the greater of (a)
$250.0 million and (b) 6.0% of Total Assets (it being understood that any Indebtedness, Disqualified Stock or Preferred Stock incurred
pursuant to this clause (12) shall cease to be deemed incurred or outstanding for purposes of this clause (12) but shall be deemed
incurred for the purposes of Section 4.09(a) from and after the first date on which the Issuer or such Restricted Subsidiary could
have incurred such Indebtedness, Disqualified Stock or Preferred Stock under subsection (a) of this Section 4.09 without reliance
on this clause (12));

 

(13)           
the incurrence or issuance by the Issuer or any Restricted Subsidiary of Indebtedness, Disqualified Stock or Preferred Stock
which serves to refund or refinance:

 

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(a)       any
Indebtedness, Disqualified Stock or Preferred Stock incurred as permitted under subsection (a) of this Section 4.09 and clauses
(2) and (3) of this Section 4.09(b), this clause (13) and clause (14) of this Section 4.09(b), or

 

(b)       any
Indebtedness, Disqualified Stock or Preferred Stock incurred or issued to so refund or refinance the Indebtedness, Disqualified
Stock or Preferred Stock described in clause (a) of this Section 4.09(b)(13), including, in each case, additional Indebtedness,
Disqualified Stock or Preferred Stock incurred to pay premiums (including tender premiums), defeasance costs, accrued interest
and fees and expenses in connection therewith (collectively, the “Refinancing Indebtedness”) prior to its respective
maturity; provided that such Refinancing Indebtedness:

 

(A)       has
a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is not less than the remaining
Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded or refinanced,

 

(B)       the
principal amount (or accreted value, if applicable) of such Refinancing Indebtedness does not exceed the principal amount (or accreted
value, if applicable) of the Indebtedness refinanced or refunded (plus all amounts to pay premiums (including tender premiums),
defeasance costs, underwriting discounts, commissions, accrued interest and fees and expenses in connection therewith),

 

(C)       to
the extent such Refinancing Indebtedness refinances (i) Indebtedness subordinated or pari passu in right of payment to the
Notes or any Guarantee thereof, such Refinancing Indebtedness is subordinated or pari passu in right of payment, as the
case may be, to the Notes or the Guarantee at least to the same extent as the Indebtedness being refinanced or refunded or (ii)
Disqualified Stock or Preferred Stock, such Refinancing Indebtedness must be Disqualified Stock or Preferred Stock, respectively,
and

 

(D)       shall
not include:

 

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

 

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

 

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

 

(14)           
Indebtedness, Disqualified Stock or Preferred Stock of (x) the Issuer or a Restricted Subsidiary incurred to finance an
acquisition or (y) Persons that are acquired by the Issuer or any Restricted Subsidiary or merged into or consolidated with the
Issuer or a Restricted Subsidiary in accordance with the terms of this Indenture; provided that (i) such Indebtedness, Disqualified
Stock or Preferred Stock is an aggregate principal amount or liquidation preference not to exceed $100.0 million at any time outstanding
plus (ii) an unlimited amount of additional Indebtedness, Disqualified Stock or Preferred Stock if after giving effect to
such acquisition, merger or consolidation, either:

  

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    (a)       the
Issuer would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set
forth in subsection (a) of this Section 4.09, or

 

    (b)       the
Fixed Charge Coverage Ratio of the Issuer and its Restricted Subsidiaries is equal to or greater than immediately prior to such
acquisition, merger or consolidation;

 

(15)           
Indebtedness arising (a) from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within
five Business Days of notice of its incurrence; and (b) as a result of the endorsement in the ordinary course of business of negotiable
instruments in the course of collection;

 

(16)           
Indebtedness of the Issuer or any of its Restricted Subsidiaries supported by a letter of credit issued pursuant to Credit
Facilities, in a principal amount not in excess of the stated amount of such letter of credit;

 

(17)           
(a) any guarantee by the Issuer or a Restricted Subsidiary of Indebtedness or other obligations of any Restricted Subsidiary
so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of this Indenture,
or

 

(b)              any
guarantee by a Restricted Subsidiary of Indebtedness of the Issuer; provided that such guarantee is incurred in accordance
with Section 4.15;

 

(18)           
Indebtedness of the Issuer or any of its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or
(ii) take-or-pay obligations contained in supply arrangements in each case, incurred in the ordinary course of business;

 

(19)           
Indebtedness of the Issuer or any of its Restricted Subsidiaries undertaken in connection with cash management and related
activities with respect to any Subsidiary or joint venture in the ordinary course of business;

 

(20)           
Indebtedness incurred in the ordinary course of business in respect of obligations of the Issuer or any Restricted Subsidiary
to pay the deferred purchase price of goods or services or progress payments in connection with such goods and services; provided
that such obligations are incurred in connection with open accounts extended by suppliers on customary trade terms in the ordinary
course of business and not in connection with the borrowing of money or any Hedging Obligations;

 

(21)           
Indebtedness of, incurred on behalf of, or representing Guarantees of Indebtedness of, joint ventures subject to compliance
with Section 4.07;

 

(22)           
Indebtedness of Foreign Subsidiaries of the Issuer in an amount outstanding and together with any other Indebtedness incurred
under this clause (22) not to exceed the greater of (a) $150.0 million and (b) 3.5% of Total Assets of the Foreign Subsidiaries
at the time of incurrence (it being understood that any Indebtedness incurred pursuant to this clause (22) shall cease to be deemed
incurred or outstanding for purposes of this clause (22) but shall be deemed incurred for the purposes of the Section 4.07(a) from
and after the first date on which such Foreign Subsidiaries could have incurred such Indebtedness under the first paragraph of
this covenant without reliance on this clause (22);

 

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(23)           
Indebtedness deemed to exist in connection with a Sale and Leaseback Transaction in an aggregate amount not to exceed $50.0
million;

 

(24)           
Indebtedness consisting of Indebtedness issued by the Issuer or any of its Restricted Subsidiaries to current or former
officers, directors and employees thereof, their respective estates, spouses or former spouses, in each case to finance the purchase
or redemption of Equity Interests of the Issuer to the extent described in clause (4) of Section 4.07(b);

 

(25)           
Indebtedness in an aggregate outstanding principal amount which, when taken together with the principal amount of all other
Indebtedness incurred pursuant to this clause and then outstanding, will not exceed 100% of the net cash proceeds received by the
Issuer from the issuance or sale (other than to a Restricted Subsidiary) of its Capital Stock (other than Disqualified Stock) or
otherwise contributed to the equity (other than through the issuance of Disqualified Stock) of the Issuer, in each case, subsequent
to the Issue Date; provided, however, that (i) any such net cash proceeds that are so received or contributed shall
not increase the amount available for making Restricted Payments to the extent the Issuer and its Restricted Subsidiaries incur
Indebtedness in reliance thereon and (ii) any net cash proceeds that are so received or contributed shall be excluded for purposes
of incurring Indebtedness pursuant to this clause to the extent the Issuer or any of its Restricted Subsidiaries makes a Restricted
Payment in reliance thereof; and

 

(26)           
Indebtedness constituting Escrow Debt, for so long as such Indebtedness constitutes Escrow Debt.

 

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

 

(1)             
in the event that an item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria
of more than one of the categories of permitted Indebtedness, Disqualified Stock or Preferred Stock described in clauses (1) through
(26) of Section 4.09(b) or is entitled to be incurred pursuant to Section 4.09(a), the Issuer, in its sole discretion, shall classify
or reclassify such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) and shall only be required
to include the amount and type of such Indebtedness, Disqualified Stock or Preferred Stock in one of the above clauses; provided
that all Indebtedness outstanding under the Senior Secured Credit Facilities on the Issue Date shall at all times be treated as
incurred and outstanding under clause (1) of Section 4.09(b) and will not be later reclassified; and

 

(2)             
at the time of incurrence, the Issuer will be entitled to divide and classify an item of Indebtedness in more than one of
the types of Indebtedness described in Section 4.09(a) and Section 4.09(b).

 

(d)        
Accrual of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount
and the payment of interest or dividends in the form of additional Indebtedness, Disqualified Stock or Preferred Stock, as applicable,
will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.09.
Any Refinancing Indebtedness and any Indebtedness incurred to refinance Indebtedness incurred pursuant to clauses (1) and (12)
of Section 4.09(b) shall be permitted to include additional Indebtedness, Disqualified Stock or Preferred Stock incurred to pay
premiums (including tender premiums), underwriting discounts, defeasance costs, accrued and unpaid interest, fees and expenses
and other costs in connection with such refinancing.

 

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(e)         
For purposes of determining compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the
U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant
currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the
case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated
in a foreign currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated
at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall
be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being refinanced.

 

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

 

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

 

(h)         
For the purposes of this Indenture, Indebtedness that is unsecured is not deemed to be subordinated or junior to Secured
Indebtedness merely because it is unsecured, and Senior Indebtedness is not deemed to be subordinated or junior to any other Senior
Indebtedness merely because it has a junior priority with respect to the same collateral.

 

Section 4.10.           
Asset Sales.

 

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

 

(1)             
the Issuer or such Restricted Subsidiary, as the case may be, receives consideration at least equal to the fair market value
(such fair market value to be determined on the date of contractually agreeing to such Asset Sale), as determined in good faith
by the Issuer, of the assets subject to such Asset Sale (including, for the avoidance of doubt, if such Asset Sale is a Permitted
Asset Swap); and

 

(2)             
except in the case of (i) a Permitted Asset Swap or (ii) any disposition of assets or issuance or sale of Equity Interests
of any Restricted Subsidiary in any transaction or series of related transactions with an aggregate fair market value (as determined
in good faith by the Issuer) of less than $50.0 million, at least 75.0% of the consideration therefor received by the Issuer or
such Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; provided that the amount of:

 

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    (a)       any
liabilities (as shown on the Issuer’s or such Restricted Subsidiary’s most recent consolidated balance sheet or in
the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have
been reflected on the Issuer’s consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken
place on or prior to the date of such balance sheet, as determined in good faith by the Issuer) of the Issuer or such Restricted
Subsidiary (other than Subordinated Indebtedness of the Issuer or a Guarantor) that are assumed by the transferee of any such assets
(or are otherwise extinguished by the transferee in connection with the transactions relating to such Asset Sale) and for which
the Issuer and all such Restricted Subsidiaries have been validly released,

 

    (b)       any
securities received by the Issuer or such Restricted Subsidiary from such transferee that are converted by the Issuer or such Restricted
Subsidiary into cash or Cash Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent
of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Sale,

 

    (c)       Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Issuer
and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with such Asset
Sale; and

 

    (d)       any
Designated Non-cash Consideration received by the Issuer or such Restricted Subsidiary in such Asset Sale having an aggregate fair
market value (as determined in good faith by the Issuer), taken together with all other Designated Non-cash Consideration received
pursuant to this clause (d) that is at that time outstanding, not to exceed the greater of (x) $150 million and (y) 3.5% of Total
Assets at the time of the receipt of such Designated Non-cash Consideration, with the fair market value (as determined in good
faith by the Issuer) of each item of Designated Non-cash Consideration being measured at the time received and without giving effect
to subsequent changes in value,

 

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

 

(b)         
Within 365 days after the later of (A) the date of such Asset Sale and (B) the receipt of any Net Proceeds of any Asset
Sale, the Issuer or such Restricted Subsidiary, at its option, may apply an amount equal to the Net Proceeds from such Asset Sale,

 

(1)             
to permanently repay and reduce:

 

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

 

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

 

    (c)       Obligations
under (i) the Notes (to the extent such purchases are at or above 100% of the principal amount thereof) or (ii) any other Senior
Indebtedness of the Issuer or a Restricted Subsidiary (and to correspondingly reduce commitments with respect thereto, if applicable);
provided that the Issuer shall equally and ratably repay and reduce Obligations under the Notes (x) as provided under Section
3.07 or (y) through open-market purchases or by making an offer (in accordance with subsection (c) of this Section 4.10) to all
Holders of Notes to repurchase their Notes, in each case, at 100% of the principal amount thereof, plus, in the case of each of
clauses (i) and (ii), the amount of accrued but unpaid interest, if any, on the principal amount of Notes to be repurchased to,
but excluding, the date of repurchase; or

 

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    (d)       Indebtedness
of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Issuer or another Restricted Subsidiary;
or

 

(2)             
to make (a) an Investment in any one or more businesses, provided that such Investment in any business is in the
form of the acquisition of Capital Stock and results in the Issuer or another of its Restricted Subsidiaries, as the case may be,
owning an amount of the Capital Stock of such business such that it constitutes a Restricted Subsidiary, (b) an Investment in properties,
(c) capital expenditures or (d) an Investment in acquisitions of other assets that, in the case of each of clause (a), (b), (c)
and (d) are either (x) used or useful in a Similar Business or (y) replace the businesses, properties and/or assets that are the
subject of such Asset Sale; provided that, in the case of this clause (2), a binding commitment shall be treated as a permitted
application of the Net Proceeds from the date of such commitment so long as the Issuer, or such other Restricted Subsidiary enters
into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment within 180
days of such commitment (an “Acceptable Commitment”); provided further that if any Acceptable Commitment
is later cancelled or terminated for any reason before such Net Proceeds are applied in connection therewith, the Issuer or such
Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such
cancellation or termination; provided further that if any Second Commitment is later cancelled or terminated for any reason
before such Net Proceeds are applied, then such Net Proceeds shall constitute Excess Proceeds; or

 

(3)             
any combination of the foregoing;

 

provided that, pending final application of an amount
equal to such Net Proceeds in accordance with clauses (1), (2) or (3) above, the Issuer and its Restricted Subsidiaries may temporarily
reduce Indebtedness or otherwise use such Net Proceeds in any manner not prohibited by this Indenture.

 

(c)         
An amount equal to any Net Proceeds from the Asset Sale that are not invested or applied as provided and within the time
period set forth in subsection (b) of this Section 4.10 will be deemed to constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $50.0 million, the Issuer shall make an offer to all Holders of the Notes,
and, if required by the terms of any other Indebtedness that is pari passu in right of payment with the Notes (“Pari
Passu Indebtedness”), to the holders of such Pari Passu Indebtedness (an “Asset Sale Offer”) to repurchase
the maximum aggregate principal amount of the Notes and such Pari Passu Indebtedness in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof, that may be repurchased out of the Excess Proceeds at an offer price in cash in an amount
equal to 100.0% of the principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date fixed for
the closing of such offer, in accordance with the procedures set forth in this Indenture; provided that no Note of less
than $2,000 remains outstanding after such purchase. The Issuer shall commence an Asset Sale Offer with respect to Excess Proceeds
within ten Business Days after the date that Excess Proceeds exceed $50.0 million by delivering the notice required pursuant to
the terms of this Indenture, with a copy to the Trustee.

 

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(d)         
To the extent that the aggregate principal amount of Notes and such Pari Passu Indebtedness tendered pursuant to an Asset
Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds for general corporate purposes, subject
to the other covenants contained in this Indenture. If the aggregate principal amount of Notes and the Pari Passu Indebtedness
surrendered in an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the Issuer shall
select such Pari Passu Indebtedness to be repurchased on a pro rata basis based on the principal amount of the Notes and
such Pari Passu Indebtedness tendered or, in the case of the Notes or any such Pari Passu Indebtedness that is represented by global
notes in fully registered form in the name of DTC or its nominee, in accordance with the Applicable Procedures; provided
that no Notes of $2,000 or less shall be repurchased in part. Upon completion of any such Asset Sale Offer, the amount of Excess
Proceeds that resulted in the Asset Sale Offer shall be reset to zero.

 

(e)         
Notwithstanding any other provisions of this Section 4.10, (i) to the extent that any of or all the Net Proceeds of any
Asset Sale by a Foreign Subsidiary (a “Foreign Disposition”) is (x) prohibited or delayed by applicable local
law, (y) restricted by applicable organizational or constitutive documents or any agreement or (z) subject to other onerous organizational
or administrative impediments, from being repatriated to the United States, an amount equal to the portion of such Net Proceeds
so affected will not be required to be applied in compliance with this Section 4.10, and such amounts may be retained by the applicable
Foreign Subsidiary and once such repatriation of any such affected Net Proceeds would be permitted under clauses (x), (y) or (z)
above, as applicable, the Issuer will promptly apply an amount equal to such Net Proceeds in compliance with this Section 4.10
or (ii) to the extent that the Issuer has determined in good faith that the repatriation of any of or all the Net Proceeds of any
Foreign Disposition could reasonably be expected to result in a material adverse tax cost consequence to the Issuer or its Restricted
Subsidiaries with respect to such Net Proceeds (which, for the avoidance of doubt, includes, but is not limited to, any prepayment
whereby doing so the Issuer, any Restricted Subsidiary or any of their respective Affiliates and/or equity partners would incur
a tax liability, including a tax dividend, deemed dividend pursuant to Code Section 956 or a withholding tax), neither the
applicable Foreign Subsidiary nor the Issuer shall have an obligation to apply such Net Proceeds pursuant to this covenant until
such time that such amounts could be repatriated without incurring such liability or consequence. Nothing in this paragraph shall
be construed as a covenant by any Foreign Subsidiary to apply any Net Proceeds or a covenant by the Issuer to cause any Foreign
Subsidiary to distribute any amounts (it being understood that this provision requires only that the Issuer apply certain amounts
calculated by reference to certain Net Proceeds in the event of a Foreign Disposition). The non-application of any prepayment amounts
as a consequence of the foregoing provisions will not, for the avoidance of doubt, constitute a Default or an Event of Default.

 

(f)          
The Issuer shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder, in each case to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant
to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Indenture, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have breached
its obligations described in this Indenture by virtue thereof.

 

Section 4.11.           
Transactions with Affiliates.

 

(a)         
The Issuer shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend
any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the
Issuer (each of the foregoing, an “Affiliate Transaction”) involving aggregate payments or consideration in
excess of $25.0 million, unless:

 

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(1)             
such Affiliate Transaction is on terms that are not materially less favorable to the Issuer or its relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated
Person on an arm’s-length basis; and

 

(2)             
the Issuer delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate payments or consideration in excess of $35.0 million, a resolution adopted by the majority of the board of
directors of the Issuer (or a resolution adopted by the majority of the disinterested directors of the board of directors of the
Issuer) approving such Affiliate Transaction and set forth in an Officer’s Certificate certifying that such Affiliate Transaction
complies with clause (1) of this Section 4.11(a);

 

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

 

(1)             
transactions between or among the Issuer or any of its Restricted Subsidiaries or any entity that becomes a Restricted Subsidiary
as a result of such transaction;

 

(2)             
Restricted Payments permitted by Section 4.07 and the definition of “Permitted Investments”;

 

(3)             
the payment of reasonable and customary fees and compensation paid to, and indemnities and reimbursements and employment
and severance arrangements provided on behalf of, officers, directors, employees or consultants of the Issuer or any of its Restricted
Subsidiaries;

 

(4)             
transactions in which the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter
from an Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a
financial point of view or stating that the terms are not materially less favorable to the Issuer or its relevant Restricted Subsidiary
than those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated
Person on an arm’s-length basis;

 

(5)             
any agreement as in effect as of the Issue Date, or any amendment thereto (so long as any such amendment is not disadvantageous
in any material respect to the Holders when taken as a whole as compared to the applicable agreement as in effect on the Issue
Date, as determined in good faith by the Issuer);

 

(6)             
[reserved];

 

(7)             
transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the ordinary
course of business and otherwise in compliance with the terms of this Indenture which are fair to the Issuer and its Restricted
Subsidiaries, in the reasonable determination of the board of directors of the Issuer or the senior management thereof, or are
on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party;

 

(8)             
the issuance or transfer of Equity Interests (other than Disqualified Stock) of the Issuer and the granting of registration
and other customary rights in connection therewith or any contribution to capital of the Issuer or any Restricted Subsidiary;

 

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(9)             
sales of accounts receivable, or participations therein, in connection with any Receivables Facility;

 

(10)           
payments or loans (or cancellation of loans) to employees, directors or consultants of the Issuer or any of its Restricted
Subsidiaries and employment agreements, stock option plans and other similar arrangements with such employees, directors or consultants
which, in each case, are approved by the Issuer in good faith;

 

(11)           
transactions with joint ventures for the purchase or sale of goods, equipment and services entered into in the ordinary
course of business;

 

(12)           
any transaction between or among the Issuer or any Restricted Subsidiary and any Affiliate of the Issuer or other entity
that would constitute an Affiliate Transaction solely because the Issuer or a Restricted Subsidiary owns an equity interest in
or otherwise controls such Affiliate or other entity; and

 

(13)           
any purchases by the Issuer’s Affiliates of Indebtedness or Disqualified Stock of the Issuer or any of its Restricted
Subsidiaries the majority of which Indebtedness or Disqualified Stock is purchased by Persons who are not the Issuer’s Affiliates;
provided that such purchases by the Issuer’s Affiliates are on the same terms as such purchases by such Persons who
are not the Issuer’s Affiliates.

 

Section 4.12.           
Liens. The Issuer will not, and will not permit any Guarantor to, directly or indirectly, create, incur, assume or
suffer to exist any Lien (except Permitted Liens) that secures obligations under any Indebtedness or any related guarantee, on
any asset or property of the Issuer or any Guarantor, or any income or profits therefrom, or assign or convey any right to receive
income therefrom, unless:

 

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

 

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

 

Any Lien created for the benefit of the
Holders of Notes pursuant to this Section 4.12 shall be deemed automatically and unconditionally released and discharged upon the
release and discharge of the applicable Lien described in clauses (1) and (2) above.

 

With respect to any Lien securing Indebtedness
that was permitted to secure such Indebtedness at the time of the incurrence of such Indebtedness, such Lien shall also be permitted
to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any
increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization
of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original
issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations
in the exchange rate of currencies or increases in the value of property securing Indebtedness.

 

Section 4.13.           
Corporate Existence. Subject to Article 5, the Issuer shall do or cause to be done all things necessary to preserve
and keep in full force and effect (i) its corporate existence, and the corporate, partnership or other existence of each of its
Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time)
of the Issuer or any such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Issuer
and its Restricted Subsidiaries; provided that the Issuer shall not be required to preserve any such right, license or franchise,
or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the Issuer in good faith shall determine
that the preservation thereof is no longer desirable in the conduct of the business of the Issuer and its Restricted Subsidiaries,
taken as a whole.

 

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Section 4.14.           
Offer to Repurchase Upon Change of Control.

 

(a)         
If a Change of Control occurs after the Issue Date, unless the Issuer has previously or concurrently delivered a redemption
notice with respect to all the outstanding Notes pursuant to Sections 3.03 and 3.07, the Issuer shall make an offer to repurchase
all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in cash (the
“Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, to, but excluding, the date of repurchase, subject to the right of Holders of the Notes of record on the relevant
Record Date to receive interest due on the corresponding Interest Payment Date. Within 30 days following any Change of Control,
the Issuer shall deliver notice of such Change of Control Offer electronically or by first-class mail, with a copy to the Trustee,
to each Holder of Notes to the address of such Holder appearing in the security register with a copy to the Trustee or otherwise
in accordance with the Applicable Procedures, with the following information:

 

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

 

(2)             
the repurchase price and the repurchase date, which will be no earlier than 30 days nor later than 60 days from the date
such notice is delivered (the “Change of Control Payment Date”);

 

(3)             
that any Note not properly tendered will remain outstanding and continue to accrue interest;

 

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

 

(5)             
that Holders electing to have any Notes repurchased pursuant to a Change of Control Offer will be required to surrender
such Notes, with the form entitled “Option of Holder to Elect Repurchase” on the reverse of such Notes completed, or
otherwise in accordance with the Applicable Procedures, to the paying agent specified in the notice at the address specified in
the notice prior to the close of business on the third Business Day immediately preceding the Change of Control Payment Date;

 

(6)             
that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to repurchase such
Notes, provided that the paying agent receives, not later than the second Business Day prior to the expiration date of the
Change of Control Offer, a facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount
of Notes tendered for repurchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such
Notes repurchased;

 

(7)             
that if the Issuer is redeeming fewer than all of the Notes, the Holders of the remaining Notes will be issued new Notes
and such new Notes will be equal in principal amount to the unrepurchased portion of the Notes surrendered. The unrepurchased portion
of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof;

 

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(8)             
if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditioned on the occurrence of such Change of Control; and

 

(9)             
the other instructions, as determined by the Issuer, consistent with this Section 4.14, that a Holder must follow.

 

The notice, if mailed in a manner herein
provided, shall be conclusively presumed to have been given, whether or not the Holder receives such notice. If (A) the notice
is mailed in a manner herein provided and (B) any Holder fails to receive such notice or a Holder receives such notice but it is
defective, such Holder’s failure to receive such notice or such defect shall not affect the validity of the proceedings for
the purchase of the Notes as to all other Holders that properly received such notice without defect. The Issuer shall comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such
laws or regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent
that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.14, the Issuer shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section
4.14 by virtue thereof.

 

(b)        
On the Change of Control Payment Date, the Issuer will, to the extent permitted by law,

 

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

 

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

 

(3)             
deliver, or cause to be delivered, to the Trustee for cancellation the Notes so accepted together with an Officer’s
Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and repurchased by the Issuer.

 

(c)         
The Issuer shall not be required to make a Change of Control Offer following a Change of Control if (1) a third party makes
the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section
4.14 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 (2) a notice of redemption of all outstanding Notes has been given pursuant to Sections 3.03 and
3.07, unless and until there is a default in the payment of the redemption price on the applicable Redemption Date or the redemption
is not consummated due to the failure of a condition precedent contained in the applicable redemption notice to be satisfied. Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the
occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of
the Change of Control Offer.

 

(d)          
If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw
such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of the Issuer
as described above in this Section 4.14, repurchases all of the Notes validly tendered and not withdrawn by such Holders,
the Issuer or such third party will have the right, upon not less than 15 days nor more than 60 days’ prior notice (provided
that such notice is given not more than 30 days following such repurchase pursuant to the Change of Control Offer described above),
to redeem all Notes that remain outstanding following such purchase on a date at a price in cash equal to 101% of the aggregate
principal amount thereof plus accrued and unpaid interest, if any, to, but excluding, the date of redemption, subject to the right
of Holders of the Notes of record on the relevant Record Date to receive interest due on the corresponding Interest Payment Date.

 

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(e)         
Other than as specifically provided in this Section 4.14, any repurchase pursuant to this Section 4.14 shall be made pursuant
to the provisions of Sections 3.02, 3.05 and 3.06.

 

Section 4.15.           
Limitation on Guarantees of Indebtedness by Restricted Subsidiaries. The Issuer will not permit any Restricted Subsidiary
that is a Wholly-Owned Subsidiary (and non-Wholly-Owned Subsidiaries if such non-Wholly-Owned Subsidiaries guarantee other capital
markets debt securities of the Issuer or any Restricted Subsidiary), other than a Guarantor or an Excluded Subsidiary, to guarantee
the payment of any capital markets debt securities or Indebtedness under the Senior Secured Credit Facilities or the 2025 Notes,
in each case of the Issuer or any Guarantor unless:

 

(1)             
such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this Indenture, the form of
which is attached as Exhibit D hereto, providing for a Guarantee by such Restricted Subsidiary, except that with respect
to a guarantee of Indebtedness of the Issuer or any Guarantor, if such Indebtedness is by its express terms subordinated in right
of payment to the Notes or such Guarantor’s Guarantee, any such guarantee by such Restricted Subsidiary with respect to such
Indebtedness shall be subordinated in right of payment to such Guarantee substantially to the same extent as such Indebtedness
is subordinated to the Notes or such Guarantor’s Guarantee; and

 

(2)             
such Restricted Subsidiary shall within 30 days deliver to the Trustee an Opinion of Counsel reasonably satisfactory to
the Trustee;

 

provided that this Section 4.15 shall not be applicable
to any guarantee of any Restricted Subsidiary that existed at the time such Person became a Restricted Subsidiary and was not incurred
in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary.

 

The Issuer may elect, in its sole discretion,
to cause any Subsidiary that is not otherwise required to be a Guarantor to become a Guarantor, in which case such Subsidiary shall
only be required to execute and deliver a supplemental indenture to this Indenture providing for a Guarantee by such Subsidiary.

 

If any Guarantor becomes an Immaterial Subsidiary
or an Excluded Subsidiary, the Issuer shall have the right, by execution and delivery of a supplemental indenture to the Trustee,
to cause such Immaterial Subsidiary or Excluded Subsidiary to cease to be a Guarantor, subject to the requirement in the first
paragraph of this Section 4.15 that such Subsidiary shall be required to become a Guarantor if it ceases to be an Immaterial
Subsidiary or Excluded Subsidiary (except that if such Subsidiary has been properly designated as an Unrestricted Subsidiary, it
shall not be so required to become a Guarantor or execute a supplemental indenture); provided further that such Immaterial
Subsidiary or Excluded Subsidiary shall not be permitted to guarantee the Senior Secured Credit Facilities, the 2025 Notes or capital
markets debt securities of the Issuer or the other Guarantors, unless it again becomes a Guarantor.

 

Section 4.16.            
Suspension of Certain Covenants.

 

(a)          
During any period of time that: (i) the Notes have Investment Grade Ratings from either Rating Agency and (ii) no Default
or Event of Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing
clauses (i) and (ii) being collectively referred to as a “Covenant Suspension Event”), the Issuer and its Restricted
Subsidiaries shall not be subject to Section 4.07, Section 4.08, Section 4.09, Section 4.10, Section 4.11, Section 4.15 and clause
(4) of Section 5.01(a) (the “Suspended Covenants”).

 

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(b)         
If on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment
Grade Rating or downgrades the rating assigned to the Notes below an Investment Grade Rating, the Issuer and the Restricted Subsidiaries
shall thereafter again be subject to the Suspended Covenants with respect to future events. The period of time between the Covenant
Suspension Event and the Reversion Date is referred to herein as the “Suspension Period.”

 

(c)         
On each Reversion Date, all Indebtedness incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension
Period will be classified as having been incurred or issued pursuant to Section 4.09(a) or one of the clauses of Section 4.09(b)
(to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be incurred or issued thereunder
as of the Reversion Date and after giving effect to Indebtedness incurred or issued prior to the Suspension Period and outstanding
on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or Preferred Stock would not be so permitted to be
incurred or issued pursuant to Section 4.09(a) or (b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed
to have been outstanding on the Issue Date, so that it is classified as permitted under clause (3) of Section 4.09(b). Calculations
made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.07 will be made as though
Section 4.07 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made
during the Suspension Period shall reduce the amount available to be made as Restricted Payments pursuant to Section 4.07(a), subject
to the exceptions set forth in Section 4.07(b). No Default, Event of Default or breach of any kind shall be deemed to exist under
this Indenture, the Notes or the Guarantees with respect to the Suspended Covenants based on, and none of the Issuer or any of
its Subsidiaries shall bear any liability for, any actions taken or events occurring during the Suspension Period, or any actions
taken at any time pursuant to any contractual obligation arising prior to the Reversion Date (if permitted at such time, regardless
of whether such actions or events would have been permitted if the applicable Suspended Covenants remained in effect during such
period). Notwithstanding the foregoing, during the Suspension Period, the Issuer shall not designate any of its Restricted Subsidiaries
to be Unrestricted Subsidiaries unless the Issuer would have been permitted to designate such Subsidiary as an Unrestricted Subsidiary
if a Suspension Period had not been in effect for any period, and such designation shall be deemed to have created a Restricted
Payment as set forth in Section 4.07(a). For purposes of Section 4.10, on the Reversion Date, the amount of Excess Proceeds, if
any, shall be reset to zero.

 

(d)         
The Issuer shall deliver promptly to the Trustee an Officer’s Certificate notifying it of any such occurrence under
this Section 4.16. The Issuer shall give the Trustee prompt written notice of any Covenant Suspension Event and in any event not
later than five (5) Business Days after such Covenant Suspension Event has occurred. In the absence of such notice, the Trustee
shall assume the Suspended Covenants apply and are in full force and effect. The Issuer shall give the Trustee written notice of
any occurrence of a Reversion Date not later than five (5) Business Days after such Reversion Date. After any such notice of the
occurrence of a Reversion Date, the Trustee shall assume the Suspended Covenants apply and are in full force and effect.

 

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Section 4.17.             
Financial Calculations for Limited Condition Transactions. When calculating the availability under any basket or
ratio hereunder, in each case in connection with a Limited Condition Transaction, the date of determination of such basket or ratio
and any Default or Event of Default shall, at the option of the Issuer, be the date the definitive agreements for such Limited
Condition Transaction are entered into and such baskets or ratios shall be calculated on a pro forma basis after giving
effect to such Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any
incurrence of Indebtedness and the use of proceeds thereof (including, for the avoidance of doubt, with respect to any such Indebtedness
the proceeds of which have been irrevocably deposited or are otherwise held in trust or under an escrow or other funding arrangement
with a trustee or other agent under or with respect to such Indebtedness to secure such Indebtedness pending the application of
such proceeds to finance such Limited Condition Transaction, after giving pro forma effect to the release of any such proceeds
from such escrow or other funding arrangement upon consummation of such Limited Condition Transaction)) as if they occurred at
the beginning of the applicable reference period for purposes of determining the ability to consummate any such Limited Condition
Transaction (and not for purposes of any subsequent availability of any basket or ratio), and, for the avoidance of doubt, (x)
if any of such baskets or ratios are exceeded as a result of fluctuations in such basket or ratio (including due to fluctuations
in EBITDA of the Issuer or the target company) subsequent to such date of determination and at or prior to the consummation of
the relevant Limited Condition Transaction, such baskets or ratios will not be deemed to have been exceeded as a result of such
fluctuations solely for purposes of determining whether the Limited Condition Transaction is permitted under this Indenture and
(y) such baskets or ratios shall not be tested at the time of consummation of such Limited Condition Transaction or related transactions;
provided further that if the Issuer elects to have such determinations occur at the time of entry into such definitive agreement,
any such transactions (including any incurrence of Indebtedness and the use of proceeds thereof) shall be deemed to have occurred
on the date the definitive agreements are entered and shall continue to be deemed outstanding thereafter (unless and until such
definitive agreement has been terminated without the consummation of such transaction) for purposes of calculating any baskets
or ratios under this Indenture after the date of such agreement and before the consummation of such Limited Condition Transaction;
provided further that in connection with making Restricted Payments, the calculation of Consolidated Net Income (and any
defined term a component of which is Consolidated Net Income) shall not, in any case, assume such Limited Condition Transaction
has been consummated.

 

ARTICLE
5

SUCCESSORS

 

Section 5.01.             
Merger, Consolidation or Sale of All or Substantially All Assets.

 

(a)         
The Issuer may not consolidate or merge with or into or wind up into (whether or not the Issuer is the surviving corporation),
or sell, assign, transfer, lease, convey or otherwise dispose (including, in each case, by way of division) of all or substantially
all of its and its Subsidiaries’ properties or assets, taken as a whole, in one or more related transactions, to any Person
unless:

 

(1)             
the Issuer is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other than
the Issuer) or the Person to whom such sale, assignment, transfer, lease, conveyance or other disposition will have been made is
a corporation organized or existing under the laws of the United States, any state thereof or the District of Columbia (such Person,
as the case may be, being herein called the “Successor Company”);

 

(2)             
the Successor Company, if other than the Issuer, expressly assumes all the obligations of the Issuer under this Indenture
and the Notes pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee;

 

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

 

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(4)             
immediately after giving pro forma effect to such transaction and any related financing transactions, as if such
transactions had occurred at the beginning of the applicable four-quarter period,

 

   (a)       the
Successor Company would be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio
test set forth in Section 4.09(a), or

 

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

 

(5)             
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (on which the Trustee
may conclusively rely), each stating that such consolidation, merger, wind up, sale, assignment, transfer, lease, conveyance or
other disposition and such supplemental indentures, if any, comply with this Indenture.

 

(b)        
The Successor Company will succeed to, and be substituted for, the Issuer under this Indenture, the Guarantees and the Notes,
as applicable, and except in the case of a lease, the Issuer will automatically be released and discharged from its obligations
under this Indenture and the Notes. Notwithstanding clauses (3) and (4) of subsection (a) of this Section 5.01:

 

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

 

(2)             
the Issuer may merge with an Affiliate of the Issuer solely for the purpose of reorganizing the Issuer in a State of the
United States or the District of Columbia so long as the amount of Indebtedness of the Issuer and its Restricted Subsidiaries is
not increased thereby.

 

(c)         
Subject to Section 10.06, no Guarantor will, and the Issuer will not permit any such Guarantor to, consolidate or merge
with or into or wind up into (whether or not the Issuer or such Guarantor is the surviving Person), or sell, assign, transfer,
lease, convey or otherwise dispose (including by way of division) of all or substantially all of its properties or assets, in one
or more related transactions, to any Person unless:

 

(1)             
(a) such Guarantor is the surviving Person or the Person formed by or surviving any such consolidation or merger (if other
than such Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is
a Person organized or existing under the laws of the jurisdiction of organization of such Guarantor, as the case may be, or the
laws of the United States, any State thereof or the District of Columbia (such Guarantor or such Person, as the case may be, being
herein called the “Successor Person”);

 

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

 

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

 

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(d)              the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (on which the Trustee may conclusively
rely), each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and such
supplemental indentures, if any, comply with this Indenture; or

 

(2)             
the transaction does not violate, and is otherwise made in compliance with, Section 4.10; and

 

(d)         
In the case of clause (1) of subsection (c) of this Section 5.01, the Successor Person shall succeed to, and be substituted
for, such Guarantor under this Indenture and such Guarantor’s Guarantee and, except in the case of a lease, such Guarantor
will automatically be released and discharged from its obligations under this Indenture and such Guarantor’s Guarantee. Notwithstanding
the foregoing, any Guarantor may merge into or transfer all or part of its properties and assets to another Guarantor or the Issuer.

 

Section 5.02.            
Successor Corporation Substituted. Upon any consolidation, merger or wind up, or any sale, assignment, transfer,
lease, conveyance or other disposition of all or substantially all of the assets of the Issuer in accordance with Section 5.01,
the Successor Company shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger,
wind up, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the
Issuer shall refer instead to the Successor Company and not to the Issuer), and may exercise every right and power of the Issuer
under this Indenture with the same effect as if the Successor Company had been named as the Issuer herein; provided that
the predecessor Issuer shall not be relieved from the obligation to pay the principal of and interest, if any, on the Notes except
in the case of a sale, assignment, transfer, conveyance or other disposition of all of the Issuer’s assets that meets the
requirements of Section 5.01.

 

ARTICLE
6

DEFAULTS AND REMEDIES

 

Section 6.01.            
Events of Default.

 

(a)         
An “Event of Default” wherever used herein, means any one of the following events with respect to the
Notes:

 

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

 

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

 

(3)             
failure by the Issuer or any Restricted Subsidiary for 60 days after receipt of written notice given by the Trustee or the
Holders of not less than 25% in principal amount of the Notes then outstanding to comply with any of its obligations, covenants
or agreements (other than a default referred to in clause (1) or (2) above) contained in this Indenture or the Notes; provided
that in the case of a failure to comply with Section 4.03, such period of continuance of such default or breach shall be 150
days after written notice described in this clause (3) has been given;

 

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

 

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

 

(b)       the
principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure
to pay principal at stated final maturity (after giving effect to any applicable grace periods), or the maturity of which has been
so accelerated, aggregate $150.0 million or more at any one time outstanding;

 

(5)             
failure by the Issuer or any Significant Subsidiary to pay final judgments aggregating in excess of $150.0 million, other
than any judgments covered by indemnities provided by, or insurance policies issued by, reputable and creditworthy companies, which
final judgments remain unpaid, undischarged and unstayed for a period of more than 60 consecutive days after such judgment becomes
final;

 

(6)             
the Issuer or any Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law:

 

                  (i)        commences proceedings to be adjudicated bankrupt
or insolvent;

 

                  (ii)       consents to the institution of bankruptcy
or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under
applicable Bankruptcy Law;

 

                  (iii)      consents to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator or other similar official of it or for all or substantially all of its property;

 

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

 

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

 

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

 

                  (i)        is for relief against the Issuer or any Significant
Subsidiary in a proceeding in which the Issuer or any such Significant Subsidiary is to be adjudicated bankrupt or insolvent;

 

                  (ii)       appoints a receiver, liquidator, assignee,
trustee, sequestrator or other similar official of the Issuer or any Significant Subsidiary, or for all or substantially all of
the property of the Issuer or any Significant Subsidiary; or

 

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

 

and the order or decree remains unstayed and in effect
for 60 consecutive days; or

 

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(8)             
the Guarantee of any Significant Subsidiary shall for any reason cease to be in full force and effect or be declared null
and void other than as permitted by this Indenture or any responsible officer of any Guarantor that is a Significant Subsidiary,
as the case may be, denies that it has any further liability under its Guarantee or gives notice to such effect, other than by
reason of the termination of this Indenture or the release of any such Guarantee in accordance with this Indenture.

 

(b)        
A Default under clauses (3), (4) or (5) of Section 6.01(a) will not constitute an Event of Default until the Trustee or
the Holders of 25% in principal amount of the outstanding Notes notify the Issuer of the Default and, with respect to clauses (3)
and (5) the Issuer does not cure such Default within the time specified in clauses (3) and (5), as applicable, of Section 6.01(a)
after receipt of such notice.

 

(c)         
If a Default for a failure to report or failure to deliver a required certificate in connection with another default (the
“Initial Default”) occurs, then, at the time such Initial Default is cured, such Default for a failure to report
or failure to deliver a required certificate in connection with another Default that resulted solely because of that Initial Default
will also be cured without any further action. In addition, any Default or Event of Default for the failure to comply with the
time periods prescribed in Section 4.03 or otherwise to deliver any notice or certificate pursuant to any other provision
of this Indenture shall be deemed to be cured upon the delivery of any such report required by Section 4.03 or such notice
or certificate, as applicable, even though such delivery is not within the prescribed period specified in this Indenture.

 

Section 6.02.           
Acceleration.

 

If any Event of Default (other than an Event
of Default specified in clause (6) or (7) of Section 6.01(a) with respect to the Issuer) occurs and is continuing under this Indenture,
the Trustee or the Holders of at least 25% in principal amount of the then total outstanding Notes may declare the principal, premium,
if any, interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately. Upon the
effectiveness of such declaration, such principal, premium, if any, and interest with respect to the Notes shall be due and payable
immediately. Notwithstanding the foregoing, in the case of an Event of Default arising under clause (6) or (7) of Section 6.01(a)
with respect to the Issuer, all outstanding Notes shall be due and payable immediately without further action or notice.

 

Section 6.03.           
Other Remedies. Subject to the duties of the Trustee as provided for in Article 7, if an Event of Default occurs
and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and interest
on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

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

 

Section 6.04.           
Waiver of Defaults. Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to
the Trustee may on behalf of the Holders of all of the Notes waive any existing Default and its consequences hereunder, except
a continuing Default in the payment of the principal of, premium, if any, or interest on, any Note held by a non-consenting Holder;
and upon the payment by the Issuer of all sums paid by the Trustee and reasonable compensation, expenses and disbursements of the
Trustee, its agents and counsel, have been paid, may rescind an acceleration and its consequences, including any related payment
default that resulted from such acceleration. In the event of any Event of Default specified in clause (4) of Section 6.01(a),
such Event of Default and all consequences thereof (excluding any resulting payment default, other than as a result of acceleration
of the Notes) shall be annulled, waived and rescinded automatically and without any action by the Trustee or the Holders, if within
20 days after such Event of Default arose (i) upon the payment by the Issuer of all sums paid by the Trustee and reasonable compensation,
expenses and disbursements of the Trustee, its agents and counsel, have been paid, and (ii):

 

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

 

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

 

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

 

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. Holders of a majority in principal amount of the total outstanding Notes may direct in writing
the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or this Indenture or
that the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders) or that
would involve the Trustee in personal liability; provided, however, that the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction. Prior to taking any such action hereunder, the Trustee shall
be entitled to indemnification and/or security satisfactory to it in its sole discretion against all fees, losses, liabilities
and expenses (including attorney’s fees and expenses) caused by or that might be caused by taking or not taking such action.

 

Section 6.06.           
Limitation on Suits. Subject to Section 6.07, no Holder of a Note may pursue any remedy with respect to this Indenture
or the Notes unless:

 

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

 

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

 

(3)             
Holders of the Notes have offered the Trustee security and/or indemnity satisfactory to the Trustee in its sole discretion
against any loss, liability or expense;

 

(4)             
the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security and/or
indemnity; and

 

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

 

A Holder of a Note may not use this Indenture
to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders).

 

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Section 6.07.           
Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the right of
any Holder of a Note to receive payment of principal, premium, if any, and interest on the Note, on or after the respective due
dates expressed in the Note (including in connection with an Asset Sale Offer or a Change of Control Offer), or to bring suit for
the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of
such Holder.

 

Section 6.08.           
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a)(1) or (2) occurs and is continuing,
without the possession of any of the Notes or the production thereof in any proceeding related thereto, 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, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel (including without limitation any amounts due to the
Trustee pursuant to Section 7.07).

 

Section 6.09.           
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely
to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the 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 has been instituted.

 

Section 6.10.           
Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the
Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by
law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other appropriate right or remedy.

 

Section 6.11.           
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of
Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may
be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

Section 6.12.           
Trustee May File Proofs of Claim. The Trustee is authorized to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial
proceedings relative to the Issuer (or any other obligor upon the Notes including the Guarantors), its creditors or its property
and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter
and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that
the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts
due the Trustee under Section 7.07. 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 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.

 

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Section 6.13.           
Priorities. If the Trustee or any Agent collects any money pursuant to this Article 6, it shall pay out the money
in the following order:

 

(i)        
to the Trustee, the Agents, their agents and attorneys for amounts due under Section 7.07, including payment of all compensation,
expenses and liabilities incurred, and all advances made, by the Trustee or any Agent and the costs and expenses of collection;

 

(ii)       
to Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest,
respectively; and

 

(iii)       to the Issuer or to such party as a court of competent jurisdiction shall direct including a Guarantor, if applicable.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Notes pursuant to this Section 6.13.

 

Section 6.14.           
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any
party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the
merits and good faith of the claims or defenses made by the party litigant. This Section 6.14 does not apply to a suit by the Trustee,
a suit by a Holder of a Note pursuant to Section 6.07, or a suit by Holders of more than 10% in principal amount of the then outstanding
Notes.

 

ARTICLE
7

TRUSTEE

 

Section 7.01.           
Duties of Trustee.

 

(a)               
If an Event of Default has occurred and is continuing and is known to a Responsible Officer of the Trustee (in accordance
with Section 7.02(g)), the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs.

 

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

 

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

 

(ii)             
in the absence of willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the
requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are specifically
required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they
conform on their face to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculation
or other facts stated therein).

 

(c)               
The Trustee may not be relieved from liabilities for its own grossly negligent action, its own grossly negligent failure
to act, or its own willful misconduct (as proved in a court of competent jurisdiction in a final non-appealable decision), except
that:

 

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

 

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

 

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

 

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

 

(e)               
The Trustee shall be under no obligation to exercise any of its rights or powers under this Indenture at the request or
direction of any of the Holders of the Notes unless the Holders have offered to the Trustee indemnity and/or security satisfactory
to the Trustee, in its sole discretion, against any loss, liability or expense.

 

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

 

Section 7.02.           
Rights of Trustee.

 

(a)               
The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee may (but shall not
be obligated to) 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 at the sole cost of the Issuer and shall incur no liability or additional liability
of any kind by reason of such inquiry or investigation.

 

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(b)               
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both, except as otherwise set forth herein. The Trustee shall not be liable for any action it takes or omits to take in good
faith in reliance on such Officer’s Certificates or Opinion of Counsel. The Trustee may consult with counsel of its selection
and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

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

 

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

 

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

 

(f)                
None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur
any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights
or powers.

 

(g)               
Except with respect to Section 4.01, the Trustee shall have no duty to inquire as to the performance by the Issuer
with respect to the covenants contained in Article 4. The Trustee shall not be deemed to have notice of any Default or Event of
Default unless written notice of any event which is in fact such a Default is received by a Responsible Officer of the Trustee
at the Corporate Trust Office of the Trustee, and such written notice references the Notes, the Issuer and this Indenture.

 

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

 

(i)                
The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder.

 

(j)                
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(k)               
The Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture.

 

(l)                
The permissive rights of the Trustee enumerated herein shall not be construed as duties.

 

Section 7.03.           
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the 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,
apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties.

 

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Section 7.04.           
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Notes, it shall not be accountable for the 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 shall not be responsible
for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for
any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than its certificate of authentication.

 

Section 7.05.           
Notice of Defaults. If a Default occurs and is continuing and if it is actually known to a Responsible Officer of
the Trustee in accordance with the terms hereof, the Trustee shall mail to Holders of Notes a notice of the Default within 90 days
after the Trustee’s receipt of notice of the occurrence of the Event of Default. Except in the case of a Default relating
to the payment of principal, premium, if any, or interest on any Note, the Trustee may withhold from the Holders notice of any
continuing Default if and so long as in good faith determines that withholding the notice is in the interests of the Holders of
the Notes. The Trustee shall not be deemed to know of any Default unless written notice of any event which is such a Default is
received by the Trustee at the Corporate Trust Office of the Trustee, and such written notice references the Notes, the Issuer
and this Indenture.

 

Section 7.06.           
Reports by Trustee to Holders of the Notes. Within 60 days after each May 15, beginning with the May 15
following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the
Notes a brief report dated as of such reporting date.

 

A copy of each report at the time of its
mailing to the Holders of Notes shall be mailed to the Issuer and filed with the SEC and each stock exchange on which the Notes
are listed. The Issuer shall promptly notify the Trustee in writing when any Notes are listed on any stock exchange or any delisting
thereof.

 

Section 7.07.           
Compensation and Indemnity. The Issuer and the Guarantors, jointly and severally, shall pay to the Trustee from time
to time such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from
time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Issuer and the Guarantors, jointly and severally, shall reimburse the Trustee promptly upon request for all reasonable disbursements,
advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel.

 

The Issuer and the Guarantors, jointly and
severally, shall indemnify the Trustee (which for purposes of this Section 7.07 shall include its officers, directors, employees,
agents, successors and assigns) for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense
(including, without limitation, attorneys’ fees and expenses) incurred by it (as evidenced in an invoice from the Trustee)
in connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs
and expenses of enforcing this Indenture against the Issuer or any of the Guarantors (including this Section 7.07) or defending
itself against any claim whether asserted by any Holder, the Issuer or any Guarantor, or any other Person or liability in connection
with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Issuer promptly
of any claim for which it may seek indemnity from the Issuer and Gaurantors. Failure by the Trustee to so notify the Issuer shall
not relieve the Issuer and the Guarantors of their obligations hereunder. The Issuer shall defend a claim for which the Trustee
may seek indemnity from the Issuer with counsel satisfactory to the Trustee and the Trustee may have separate counsel and the Issuer
shall pay the fees and expenses of such counsel. Any settlement of a such a claim which affects the Trustee may not be entered
into without the written consent of the Trustee, unless the Trustee is given a full and unconditional release from liability with
respect to the claims covered thereby and such settlement does not include a statement or admission of fault, culpability or failure
to act by or on behalf of the Trustee. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense
incurred by the Trustee through the Trustee’s own willful misconduct or gross negligence (as proved in a court of competent
jurisdiction in a final non-appealable decision).

 

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The obligations of the Issuer and the Guarantors
under this Section 7.07 shall survive the satisfaction and discharge of this Indenture, including any termination or rejection
hereof under any Bankruptcy Law, or the earlier resignation, removal or replacement of the Trustee.

 

To secure the payment obligations of the
Issuer and the Guarantors in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held
or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive
the satisfaction and discharge of this Indenture.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(a)(6) or (7) occurs, the expenses and the compensation for the
services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under
any Bankruptcy Law.

 

Section 7.08.           
Replacement of Trustee. A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign
in writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in
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:

 

(a)              the Trustee fails to comply
with Section 7.10;

 

(b)             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;

 

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

 

(d)             the Trustee becomes incapable
of acting.

 

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

 

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

 

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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, such Holder may petition any court
of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

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

 

Section 7.09.           
Successor Trustee by Merger, etc. If the Trustee consolidates, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor
Trustee.

 

Section 7.10.           
Eligibility; Disqualification. There shall at all times be a Trustee hereunder that is a national association organized
and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to
exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a
combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition.

 

ARTICLE
8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01.           
Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may, at its option and at any time, elect to
have either Section 8.02 or 8.03 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 of the option applicable to this
Section 8.02, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be
deemed to have been discharged from their obligations with respect to all outstanding Notes and Guarantees on the date the conditions
set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer
shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter
be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred
to in (a) and (b) below, and to have satisfied all its other obligations under the Notes and this Indenture including that of the
Guarantors (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 shall survive until otherwise terminated or discharged hereunder:

 

(a)              the rights of Holders of
Notes to receive payments in respect of the principal of, premium, if any, and interest on such Notes when such payments are due
solely out of the trust created pursuant to this Indenture referred to in Section 8.04;

 

(b)             the Issuer’s obligations
with respect to the Notes concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen
Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 

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

 

(d)              the provisions of this
Section 8.02.

 

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 of the option applicable to this Section
8.03, the Issuer and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released
from their obligations under the covenants contained in Sections 3.09, 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13,
4.14 and 4.15 hereof and clauses (4) and (5) of Section 5.01(a), Sections 5.01(c) and 5.01(d) hereof with respect to the outstanding
Notes on and after the date the conditions set forth in Section 8.04 are satisfied (“Covenant Defeasance”),
and such Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration
or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuer or any Guarantor, as applicable,
may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 6.01, but, except as specified above, the remainder of this Indenture and the Notes
shall be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 of the option applicable to this
Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(3), (4), (5), (6) (solely
with respect to Significant Subsidiaries) and (7) (solely with respect to Significant Subsidiaries) shall not constitute Events
of Default.

 

Section 8.04.           
Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section
8.02 or 8.03 to the outstanding Notes:

 

In order to exercise either Legal Defeasance
or Covenant Defeasance with respect to the Notes:

 

(1)             
the Issuer must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S.
dollars, Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally
recognized firm of independent public accountants, to pay the principal amount of, premium, if any, and interest due on the Notes
on the stated maturity date or on the Redemption Date, as the case may be, of such principal amount, premium, if any, or interest
on the Notes and the Issuer must specify whether the Notes are being defeased to maturity or to a particular Redemption Date; provided,
that in connection with any defeasance to a Redemption Date prior to September 15, 2022 that would require the payment of the Applicable
Premium, the amount deposited in respect of the Applicable Premium shall be sufficient for purpose of this Indenture to the extent
that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the deposit, with any
deficit on such Redemption Date (any such amount, the “Applicable Premium Deficit”) only required to be deposited
with the Trustee on or prior to the corresponding Redemption Date. Any Applicable Premium Deficit shall be set forth in an Officer’s
Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such
Applicable Premium Deficit shall be applied toward such redemption;

 

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(2)             
in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that, subject to customary assumptions and exclusions,

 

(a)       the
Issuer has received from, or there has been published by, the United States Internal Revenue Service a ruling, or

 

(b)       since
the issuance of the Notes, there has been a change in the applicable U.S. federal income tax law,

 

in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the beneficial owners of the Notes
will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Legal Defeasance had not occurred;

 

(3)             
in the case of Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that, subject to customary assumptions and exclusions, the beneficial owners of the Notes will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to such tax
on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)             
no Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous
deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) shall have occurred and
be continuing on the date of such deposit;

 

(5)             
such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under
the Senior Secured Credit Facilities, the 2025 Notes Indenture or any other material agreement or instrument (other than this Indenture)
to which, the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than that resulting from
borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and,
in each case, the granting of Liens in connection therewith);

 

(6)             
the Issuer shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the
Issuer with the intent of defeating, hindering, delaying or defrauding any creditors of the Issuer or any Guarantor or others;
and

 

(7)             
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating
to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with.

 

Section 8.05.           
Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. Subject to Section
8.06, all money and Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04
in respect of the outstanding Notes shall be held in trust and applied by the Trustee in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through the Paying Agent (including the Issuer or a Guarantor acting
as Paying Agent), the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect
of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by law.

 

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The Issuer and the Guarantors, jointly and
severally, shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or
Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

Anything in this Article 8 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon the written request of the Issuer any money
or Government Securities held by it as provided in Section 8.04 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)), 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 or interest on any Note and remaining unclaimed for two years after such principal,
and premium or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) shall
be discharged from such trust; and the Holder of such Note shall thereafter look only to the Issuer for payment thereof, and all
liability of the Trustee or any Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof,
shall thereupon cease.

 

Section 8.07.           
Reinstatement. If the Trustee or the Paying Agent is unable to apply any United States dollars or Government Securities
in accordance with Section 8.02 or 8.03, 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 shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 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, as the case may be; provided
that, if the Issuer makes any payment of principal of, premium or interest on any Note following the reinstatement of its obligations,
the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee
or the Paying Agent.

 

ARTICLE
9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01.           
Without Consent of Holders of Notes. Notwithstanding Section 9.02, the Issuer, any Guarantor (with respect to a Guarantee
or this Indenture) and the Trustee may amend or supplement this Indenture and any Guarantee, or Notes without the consent of any
Holder:

 

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

 

(2)             
to provide for uncertificated Notes in addition to or in place of certificated Notes; provided that uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code;

 

(3)             
to comply with Section 5.01;

 

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(4)             
to provide for the assumption of the Issuer’s or any Guarantor’s obligations to the Holders as required by this
Indenture;

 

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

 

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

 

(7)             
to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the Trust
Indenture Act, in the event this Indenture is to be or has been qualified under the Trust Indenture Act;

 

(8)             
to evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee thereunder pursuant
to the requirements thereof;

 

(9)             
to add a Guarantor under this Indenture;

 

(10)           
to conform the text of this Indenture, Guarantees or the Notes to any provision of the “Description of Notes”
section of the Offering Memorandum to the extent that such provision in such “Description of Notes” section was intended
to be a substantially verbatim recitation of a provision of this Indenture, Guarantee or Notes as set forth in an Officer’s
Certificate; or

 

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

 

Upon the request of the Issuer accompanied
by resolutions 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, the Trustee shall join with the Issuer and the Guarantors, as applicable,
in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any
further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter
into such amended or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.
Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition of a Guarantor under this
Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form
of which is attached as Exhibit D hereto, and delivery of an Officer’s Certificate.

 

Section 9.02.           
With Consent of Holders of Notes. Except as provided below in this Section 9.02, the Issuer and the Trustee may amend
or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of at least a majority in principal
amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a tender offer or exchange
offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default (other
than a Default or Event of Default in the payment of the principal of, premium or interest on the Notes, except a payment default
resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Guarantees or the
Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including
consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes). Section 2.08 and Section
2.09 shall determine the Notes that are considered to be “outstanding” for the purposes of this Section 9.02.

 

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Upon the written request of the Issuer accompanied
by resolutions 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, the Trustee shall 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, but shall not be obligated to, enter into such
amended or supplemental indenture.

 

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

 

After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Issuer shall mail to the Holders of the Notes affected thereby a notice briefly
describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.

 

Without the consent of each affected Holder
of Notes, an amendment or waiver under this Section 9.02 may not, with respect to any Notes held by a non-consenting Holder:

 

(1)       reduce
the principal amount of such Notes whose Holders must consent to an amendment, supplement or waiver;

 

(2)       reduce
the principal amount of or change the fixed final maturity of any such Note or alter or waive the provisions with respect to the
redemption of such Notes (other than provisions relating to Section 3.09, Section 4.10 and Section 4.14 to the extent that
any such amendment or waiver does not have the effect of reducing the principal of or changing the fixed final maturity of any
such Note or altering or waiving the provisions with respect to the redemption of such Notes);

 

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

 

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

 

(5)       make
any such Note payable in money other than that stated therein;

 

(6)       make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to receive payments
of principal of or premium, if any, or interest on the Notes;

 

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

 

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

 

(9)       make
any change to or modify the ranking of the Notes that would adversely affect the Holders; or

 

(10)     except
as expressly permitted by this Indenture, modify the Guarantees of any Significant Subsidiary in any manner adverse to the Holders
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 of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that
evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However,
any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written
notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver
becomes effective in accordance with its terms and thereafter binds every Holder.

 

The Issuer may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver. If
a record date is fixed, then, notwithstanding the preceding paragraph, those Persons who were Holders at such record date (or their
duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke
any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall
be valid or effective for more than 120 days after such record date unless the consent of the requisite number of Holders has been
obtained.

 

Section 9.04.           
Notation on or Exchange of Notes. The Trustee may 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 new Notes that reflect the amendment, supplement or waiver.

 

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

 

Section 9.05.           
Trustee to Sign Amendments, etc. The Trustee shall sign any amendment, supplement or waiver authorized pursuant to
this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee.
The Issuer may not sign an amendment, supplement or waiver until its board of directors approves it. In executing any amendment,
supplement or waiver, the Trustee shall receive and (subject to Section 7.01) shall be fully protected in conclusively relying
upon, in addition to the documents required by Section 12.03, an Officer’s Certificate and an Opinion of Counsel each stating
that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amendment,
supplement or waiver is the legal, valid and binding obligation of the Issuer and any Guarantors party thereto, enforceable against
them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section
9.03). Notwithstanding the foregoing, no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement
adding a new Guarantor under this Indenture.

 

    -101-

     

    

 

ARTICLE
10

GUARANTEES

 

Section 10.01.         
Guarantee. On the Issue Date, the Notes will be obligations solely of the Issuer and its Subsidiaries that guarantee
the Senior Secured Credit Facilities and the 2025 Notes. Subject to this Article 10, each of the Guarantors hereby, jointly and
severally, irrevocably and unconditionally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or
the obligations of the Issuer hereunder or thereunder, that: (a) the principal of, interest and premium, if any, on the Notes shall
be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal
of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder
or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case
of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors
shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment
and not a guarantee of collection.

 

The Guarantors hereby agree that their obligations
hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof
or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might
otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a
proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Guarantee shall not be
discharged except by complete performance of the obligations contained in the Notes and this Indenture.

 

Each Guarantor also jointly and severally
agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the Trustee or any Holder
in enforcing any rights under this Section 10.01.

 

If any Holder or the Trustee is required
by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to either the Issuer or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee,
to the extent theretofore discharged, shall be reinstated in full force and effect.

 

Each Guarantor agrees that it shall not
be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment
in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided
in Article 6 for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as
provided in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors
for the purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long
as the exercise of such right does not impair the rights of the Holders under the Guarantees.

 

    -102-

     

    

 

Each Guarantee shall remain in full force
and effect and continue to be effective should any petition be filed by or against the Issuer for liquidation, reorganization,
should the Issuer become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Issuer’s assets, and shall, to the fullest extent permitted by law, continue to be
effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on the Notes or Guarantees, whether
as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance
had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall,
to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced,
restored or returned.

 

In case any provision of any Guarantee shall
be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way
be affected or impaired thereby.

 

The Guarantee issued by any Guarantor shall
be a general unsecured senior obligation of such Guarantor and shall be pari passu in right of payment with all existing
and future Senior Indebtedness of such Guarantor, if any.

 

Each payment to be made by a Guarantor in
respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature.

 

Section 10.02.         
Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that
it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance
for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal
or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the
Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum amount as will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such
laws and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any
other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such
Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under applicable law. Each Guarantor
that makes a payment under its Guarantee shall be entitled upon payment in full of all guaranteed obligations under this Indenture
to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment
based on the respective net assets of all the Guarantors at the time of such payment determined in accordance with GAAP.

 

Section 10.03.         
Execution and Delivery.

 

(a)               
To evidence its Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that this Indenture shall be executed
on behalf of such Guarantor by its President, one of its Vice Presidents, one of its Assistant Vice Presidents or one of its Officers.

 

(b)               
Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 hereof shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes.

 

    -103-

     

    

 

(c)               
If an Officer whose signature is on this Indenture no longer holds office at the time the Trustee authenticates the Note,
the Guarantee shall be valid nevertheless.

 

The delivery of the Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this Indenture on behalf
of the Guarantors.

 

Section 10.04.         
Subrogation. Each Guarantor shall be subrogated to all rights of Holders of Notes against the Issuer in respect of
any amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, if an Event of Default has
occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such
right of subrogation until all amounts then due and payable by the Issuer under this Indenture or the Notes shall have been paid
in full.

 

Section 10.05.         
Benefits Acknowledged. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly
made in contemplation of such benefits.

 

Section 10.06.         
Release of Guarantees. A Guarantee by a Guarantor shall be automatically and unconditionally released and discharged,
and no further action by such Guarantor, the Issuer or the Trustee is required for the release of such Guarantor’s Guarantee,
upon:

 

(1)         
(a) any sale, exchange or transfer (by merger, consolidation or otherwise) of (i) the Capital Stock of such Guarantor (including
any sale, exchange or transfer), after which such Guarantor is no longer a Restricted Subsidiary or (ii) all or substantially all
the assets of such Guarantor to any Person other than the Issuer or a Restricted Subsidiary, and otherwise in compliance with the
applicable provisions of this Indenture;

 

(b)       such
Subsidiary becoming an Excluded Subsidiary;

 

(c)        the
release or discharge from all of (i) its obligations under all of its guarantees of payment by the Issuer of any Indebtedness of
the Issuer under the Senior Secured Credit Facilities or (ii) in the case of a Guarantee made by a Guarantor (each, an “Other
Guarantee”) as a result of its guarantee of certain other Indebtedness of the Issuer or a Guarantor pursuant to Section 4.15,
the relevant Indebtedness, except in the case of (i) or (ii), a release as a result of the repayment in full of the Indebtedness
specified in clause (i) or (ii) (it being understood that a release subject to a contingent reinstatement is still considered a
release, and if any such Indebtedness of such Guarantor under the Senior Secured Credit Facilities or any Other Guarantee is so
reinstated, such Guarantee shall also be reinstated);

 

(d)       to
the extent that such Guarantor is not an Immaterial Subsidiary solely due to the operation of clause (i) of the definition of “Immaterial
Subsidiary,” the release of the guarantee referred to in such clause;

 

(e)       the
designation of any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions
of this Indenture; or

 

(f)        the
Issuer exercising its Legal Defeasance option or Covenant Defeasance option in accordance with Article 8 or the Issuer’s
obligations under this Indenture being discharged in accordance with Article 11; and

 

    -104-

     

    

 

(2)             
such Guarantor delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for in this Indenture relating to such transaction have been complied with.

 

Section 10.07.        
Execution of Supplemental Indenture for Future Guarantees. Each Subsidiary and other Person which is required to
become a Guarantor pursuant to Section 4.15 or the first sentence of Section 10.01 shall promptly execute and deliver to the Trustee
a supplemental indenture in the form of Exhibit D pursuant to which such Subsidiary or other Person shall become a Guarantor
under this Article 10 and shall guarantee the guaranteed obligations. No Opinion of Counsel shall be required in connection with
the addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental
indenture to this Indenture, the form of which is attached as Exhibit D hereto.

 

ARTICLE
11

SATISFACTION AND DISCHARGE

 

Section 11.01.        
Satisfaction and Discharge. This Indenture shall be discharged and shall cease to be of further effect as to the
Notes, when either:

 

(1)             
all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid
and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation;
or

 

(2)             
(a) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable by reason of the making
of a notice of redemption or otherwise, will become due and payable within one year or are to be called for redemption and redeemed
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the
Trustee as trust funds in trust solely for the benefit of the Holders of the Notes cash in U.S. dollars, Government Securities,
or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and
discharge the entire indebtedness on the Notes not theretofore delivered to the Trustee for cancellation for principal, premium,
if any, and accrued interest to the date of maturity or redemption; provided that, upon any redemption that requires the
payment of the Applicable Premium, the amount deposited shall be sufficient for purpose of this Indenture to the extent that an
amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with
any Applicable Premium Deficit only required to be deposited with the Trustee on or prior to the Redemption Date. Any Applicable
Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of
such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

 

(b)              no
Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit
relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect to this Indenture
or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a result of such deposit and such
deposit will not result in a breach or violation of, or constitute a default under the Senior Secured Credit Facilities, the 2025
Notes Indenture or any other material agreement or instrument governing Indebtedness (other than this Indenture) to which the Issuer
or any Guarantor is a party or by which the Issuer or any Guarantor is bound (other than that resulting from borrowing funds to
be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the
granting of Liens in connection therewith);

 

    -105-

     

    

 

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

 

(d)             the
Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity
or the Redemption Date, as the case may be.

 

In addition, the 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.

 

Notwithstanding the satisfaction and discharge
of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause (a) of clause (2) of this Section
11.01, the provisions of Section 11.02 and Section 8.06 shall survive.

 

Section 11.02.         
Application of Trust Money. Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant
to Section 11.01 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 (and premium, if any) and interest for whose payment such money has
been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law.

 

If the Trustee or Paying Agent is unable
to apply any money or Government Securities in accordance with Section 11.01 by reason of any legal proceeding or by reason of
any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to Section 11.01; provided that if the Issuer has made any payment of principal
of, premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to
the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or
Paying Agent.

 

ARTICLE
12

MISCELLANEOUS

 

Section 12.01.         
Notices. Any notice or communication by the Issuer, any Guarantor, the Trustee or any Paying Agent 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),
fax or overnight air courier guaranteeing next day delivery, to the others’ address:

 

    -106-

     

    

 

	If
    to the Issuer and/or any Guarantor:
	 
	Hill-Rom
    Holdings, Inc.
	130
    East Randolph Street
	Suite
    1000
	Chicago,
    Illinois 60601
	Fax
    No.: 1-312-819-7219
	Attention:
    General Counsel
	 
	If
    to the Trustee:
	 
	Citibank,
    N.A.
	388
    Greenwich Street
	New
    York, New York 10013
	Attention:
    Citibank Agency & Trust – Hill-Rom Holdings, Inc.

 

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

 

All notices and communications (other than
those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five calendar
days after being deposited in the mail, postage prepaid, if mailed by first-class mail; when receipt acknowledged, if transmitted
electronically or by fax; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing
next day delivery; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual
receipt thereof.

 

Any notice or communication to a Holder
shall be mailed by first-class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder
or any defect in it shall not affect its sufficiency with respect to other Holders.

 

If a notice or communication is mailed 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, it shall mail a copy to the Trustee and each Agent at the same time.

 

The Trustee agrees to accept and act upon
notice, instructions or directions sent by unsecured email, PDF, facsimile transmission or other similar unsecured electronic methods;
provided that the Trustee shall not have any duty or obligation to verify or confirm that the Person sending instructions,
directions, reports, notices or other communications or information by unsecured email, PDF, facsimile or other similar unsecured
electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications
or information on behalf of the party purporting to send such unsecured email, PDF, facsimile or other similar unsecured electronic
transmission; and the Trustee shall not have any liability for any losses, liabilities, damages, costs or expenses incurred or
sustained by any party as a result of such reasonable reliance upon or compliance with such instructions, directions, reports,
notices or other communications or information. Each other party hereto agrees to assume all risks arising out of the use of such
electronic methods to submit instructions and directions, reports, notices or other communications or information to the Trustee,
including, without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications
or information, and the risk of interception and misuse by third parties.

 

Section 12.02.         
Communication by Holders of Notes with Other Holders of Notes. Holders may communicate with other Holders with respect
to their rights under this Indenture or the Notes.

 

    -107-

     

    

 

Section 12.03.         
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or any of the Guarantors
to the Trustee to take any action under this Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the
Trustee:

 

(a)              an Officer’s Certificate
in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04) stating
that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to
the proposed action have been satisfied; and

 

(b)              an Opinion of Counsel in
form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 12.04) stating
that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section 12.04.          Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition
or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.04) shall include:

 

(a)              a statement that the Person
making such certificate or opinion has read such covenant or condition;

 

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

 

(c)              a statement that, in the
opinion of such Person, he or she has made such examination or investigation as is necessary to enable him to express an informed
opinion as to whether or not such covenant or condition has been complied with (and, in the case of an Opinion of Counsel, may
be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(d)              a statement as to whether
or not, in the opinion of such Person, such condition or covenant has been complied with.

 

Section 12.05.         
Rules by Trustee and Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The
Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.

 

Section 12.06.         
No Personal Liability of Directors, Officers, Employees and Stockholders. No past, present or future director, officer,
employee, incorporator or stockholder of the Issuer or any Guarantor or any of their parent companies shall have any liability
for any obligations of the Issuer or the Guarantors under the Notes, the Guarantees or this Indenture or for any claim based on,
in respect of, or by reason of such obligations or their creation. Each Holder by accepting Notes waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes.

 

Section 12.07.         
Governing Law. THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK.

 

Section 12.08.         
Waiver of Jury Trial. THE ISSUER, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE,
THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    -108-

     

    

 

Section 12.09.         
Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control,
including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear
or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software
or hardware) services.

 

Section 12.10.         
No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Issuer or any of the Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

 

Section 12.11.         
Successors. All agreements of the Issuer in this Indenture and the Notes shall bind their successors. All agreements
of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors,
except as otherwise provided in Section 10.05.

 

Section 12.12.         
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 12.13.         
Counterpart Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages
by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and
may be used in lieu of the original Indenture and signature pages for all purposes.

 

Section 12.14.         
Table of Contents, Headings, etc. The Table of Contents, Cross-Reference Table and headings of the Articles and Sections
of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall
in no way modify or restrict any of the terms or provisions hereof.

 

Section 12.15.         
Waiver of Immunity. To the extent that any Guarantor may be entitled, in any jurisdiction in which judicial proceedings
may at any time be commenced with respect to or arising out of this Indenture, to claim for itself or its revenues, assets or properties
immunity (whether by reason of sovereignty or otherwise) from suit, from the jurisdiction of any court (including but not limited
to any court of the United States of America or the State of New York), from attachment prior to judgment, from set-off, from execution
of a judgment or from any other legal process, and to the extent that in any such jurisdiction there may be attributed such an
immunity (whether or not claimed), such Guarantor hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity
to the extent permitted by law.

 

Section 12.16.         
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot
Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship
or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information
as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.

 

[Remainder of Page Intentionally Blank]

 

    -109-

     

    

 

	 	HILL-ROM HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Barbara W. Bodem
	 	 	Name:	Barbara W. Bodem
	 	 	Title:	 Senior Vice President and Chief Financial Officer

 

[Signature Page
to Indenture]

 

    

     

    

 

 

	 	CITIBANK, N.A.,
	 	as Trustee
	 	 	 
	 	By:   	/s/
    Ryan Biasi
	 	 	Name:	Ryan Biasi
	 	 	Title:	Senior Trust Officer

 

[Signature Page to Indenture]

 

     

     

    

 

	 	Hill-Rom, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Hill-Rom Services, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name:	 Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Hill-Rom Manufacturing, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Hill-Rom Manufacturing Real Estate Holdings, LLC, as Guarantor
	 	 	 
	 	By:   	Hill-Rom Manufacturing, Inc.,
    its sole member
	 	 	
	 	 	 
	 	By:   	/s/ Barbara
    W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Hill-Rom Company, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

[Signature Page to Indenture]

 

     

     

    

 

	 	Advanced Respiratory, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Allen Medical Systems, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Hill-Rom Company Real Estate Holdings LLC, as Guarantor
	 	 	 
	 	By:   	Hill-Rom Company, Inc., its
    sole member
	 	 	

	 	By:   	/s/ Barbara
    W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Welch Allyn, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer

 

	 	Welch Allyn Real Estate Holdings LLC, as Guarantor
	 	 	 
	 	By:   	Welch Allyn, Inc., its sole
    member
	 	 	

	 	By:   	/s/ Barbara
    W. Bodem
	 	 	Name:	 Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer
	 	 	 

 

[Signature Page to Indenture]

 

     

     

    

 

	 	Comfort Holdings, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer
	 	 	 

 

	 	Anodyne Medical Device, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer
	 	 	 

 

	 	AMF Support Surfaces, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name:	 Barbara W. Bodem
	 	 	Title: 	Senior Vice President and Chief Financial Officer
	 	 	 

 

	 	Voalte, Inc., as Guarantor
	 	 	 
	 	By:   	/s/
    Barbara W. Bodem
	 	 	Name: 	Barbara W. Bodem
	 	 	Title:	 Senior Vice President and Chief Financial Officer
	 	 	 

 

[Signature Page to Indenture]

 

     

     

    

 

 

EXHIBIT A

 

[FORM OF 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]

 

[Insert the Regulation S Global Note Legend, if applicable pursuant
to the provisions of the Indenture]

 

    A-1

     

    

   

HILL-ROM HOLDINGS, INC.

 

4.375% Senior Notes due 2027

 

CUSIP [            ]

ISIN [            ]

 

	No. [            ]	 	$[            ]

 

Hill-Rom Holdings, Inc., an Indiana corporation (the “Issuer”)
promises to pay to [CEDE & CO.]1
[            ]2,
or its registered assigns, the principal sum of [            ]
DOLLARS ($[            ]) [(or such other amount as set forth
on the Schedule of Exchanges of Interests in the Global Note attached hereto)]3
on September 15, 2027.

 

Interest Rate: 4.375% per annum

 

Interest Payment Dates: March 15 and September 15, commencing
March 15, 2020

 

Record Dates: March 1 and September 1

 

Reference is hereby made to the further provisions of this Note
set forth on the reverse hereof, which will for all purposes have the same effect as if set forth at this place.

 

[Remainder of Page Intentionally Blank]

 

 

	1	For Global Notes.
	2	For Definitive Notes.
	3	For Global Notes.

  

    A-2

     

    

 

IN WITNESS HEREOF, the Issuer has caused
this instrument to be duly executed.

 

	 	HILL-ROM HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    A-3

     

    

  

	  	This is one of the Notes referred to in the within-mentioned
    Indenture:
	 	 	 
	 	CITIBANK, N.A.,
	 	as Trustee
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

    A-4

     

    

  

[FORM OF REVERSE SIDE OF NOTE]

 

HILL-ROM HOLDINGS, INC.

 

4.375% Senior Notes due 2027

 

Capitalized terms used herein shall have
the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.       Interest.
The Issuer promises to pay interest on the principal amount of this Note at 4.375% per annum from September 19, 2019 until maturity.
The Issuer will pay interest semi-annually in arrears on March 15 and September 15 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 the first Interest Payment Date shall be March 15, 2020. The Issuer will pay interest on overdue principal, premium, if any,
and, to the extent lawful, interest, at a rate per annum that is otherwise applicable to this Note. Interest not paid when due
and any interest on principal, premium or interest not paid when due will be paid to the Persons that are Holders on a special
record date, as further described in the Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve
30-day months.

 

2.       Method
of Payment. The Issuer will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business
on the Record Date next preceding the relevant 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 the Indenture with respect to defaulted interest. Payment of interest
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 and premium, if any,
on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the
Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.

 

3.       Paying
Agent and Registrar. Initially, the Trustee will act as Paying Agent and Registrar. The Issuer may change any Paying Agent
or Registrar without notice to the Holders. The Issuer or any of its Subsidiaries may act in any such capacity.

 

4.       Indenture.
The Issuer issued the Notes under an Indenture, dated as of September 19, 2019 (the “Indenture”), between the
Issuer, the Guarantors named therein and the Trustee. This Note is one of a duly authorized issue of notes of the Issuer designated
as its 4.375% Senior Notes due 2027. The Issuer shall be entitled to issue Additional Notes pursuant to, and subject to the conditions
set forth in, the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling.

 

5.       Optional
Redemption; Offers to Repurchase. This Note is subject to optional redemption, and may be the subject of an Asset Sale Offer
or a Change of Control Offer, as further described in the Indenture.

 

6.       Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuer
may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register
the transfer of any Notes or portion of a Note selected for redemption, except for the unredeemed portion of any Notes being redeemed
in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of
Notes to be redeemed.

 

    A-5

     

    

 

7.       Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes.

 

8.       Amendment,
Supplement and Waiver. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in the Indenture.

 

9.       Defaults
and Remedies. In the case of an Event of Default, as defined in the Indenture, arising from certain events of bankruptcy or
insolvency with respect to the Issuer, all outstanding Notes will become due and payable immediately without further action or
notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal
amount of the then outstanding Notes may declare all the then outstanding Notes to be due and payable immediately.

 

10.       Authentication.
This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated
by the manual signature of the Trustee.

 

11.       GOVERNING
LAW. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES.

 

12.       CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer
has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

The Issuer will furnish to any Holder upon
written request and without charge a copy of the Indenture. Requests may be made to the Issuer at the following address:

 

Hill-Rom Holdings, Inc.

130 East Randolph Street

Suite 1000

Chicago, Illinois 60601

Fax No.: 1-312-819-7219

Attention: General Counsel

 

    A-6

     

    

  

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*:	 	 

  

 

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

 

    A-7

     

    

  

 

OPTION OF HOLDER TO ELECT REPURCHASE

 

If you want to elect to have this Note repurchased
by the Issuer pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box below:

 

  ̈
Section 4.10            ̈ Section 4.14

 

If you want to elect to have only part of
this Note repurchased by the Issuer pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect
to have repurchased:

 

$_____

 

Date: __________

 

	 	Your Signature:	 
	 	 	(Sign exactly as your name appears on the face of this Note)
	 	 	 
	 	Tax Identification No:  	 

 

	Signature Guarantee*:	 	 

 

 

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

 

    A-8

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE*

 

The initial outstanding principal amount
of this Global Note is $            . The following exchanges
of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global or Definitive Note for an interest in this Global Note, have been made:

 

	Date of Exchange	 	Amount of 

decrease in 

Principal 

Amount of this 

Global Note	 	Amount of 

increase in 

Principal 

Amount of this 

Global Note	 	Principal 

Amount of this 

Global Note 

following such 

decrease or 

increase	 	Signature of 

authorized 

signatory of 

Trustee or 

Custodian
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

*       For Global Notes.

 

    A-9

     

    

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Hill-Rom Holdings, Inc.

130 East Randolph Street

Suite 1000

Chicago, Illinois 60601

Fax No.: 1-312-819-7219

Attention: General Counsel

 

Citibank, N.A.

480 Washington Boulevard,

30th Floor, Jersey City

New Jersey

Attention: Citibank Agency & Trust –
Hill-Rom Holdings, Inc.

 

 

Re: 4.375% Senior Notes due 2027

 

Reference is hereby made to the Indenture,
dated as of September 19, 2019 (the “Indenture”), between Hill-Rom Holdings, Inc., the Guarantors named therein
and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

[            ]
(the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $[            ] in such
Note[s] or interests (the “Transfer”), to [            ]
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.        ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RELEVANT 144A GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT
TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act
of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the
beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable blue
sky securities laws of any state of the United States.

 

2.        ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO
REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and
(x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting
on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed
in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on
its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have
been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed
transfer is being made prior to the expiration of the 40-day distribution compliance period (as defined in Regulation S), the transfer
is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an initial purchaser of the Notes).
Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Definitive Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act.

 

    B-1

     

    

 

3.        ̈
CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN IAI GLOBAL NOTE OR A DEFINITIVE NOTE AS A RESULT
OF BEING AN INSTITUTIONAL ACCREDITED INVESTOR. The Transfer is being effect in compliance with the transfer restrictions applicable
to transfers to institutional accredited investors. The Transferor understands that it must deliver or cause to be delivered to
the Trustee a duly completed Institutional Accredited Investor Certificate in the form of Annex B hereto.

 

4.        ̈
CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN A DEFINITIVE NOTE PURSUANT TO ANY PROVISION OF
THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions
applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor
hereby further certifies that (check one):

 

(a)        ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)        ̈
such Transfer is being effected to the Issuer or a subsidiary thereof;

 

or

 

(c)        ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act or otherwise, and in compliance
with the prospectus delivery requirements of the Securities Act.

 

5.        ̈
CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE
NOTE.

 

(a)        ̈
CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under
the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to
the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive
Notes and in the Indenture.

 

    B-2

     

    

 

(b)        ̈
CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or
Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable
blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no
longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes,
on Restricted Definitive Notes and in the Indenture.

 

(c)        ̈
CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in compliance with an exemption
from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii)
the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private
Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

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-3

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

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

 

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

 

(a)        ̈
a beneficial interest in the:

 

(i)           ̈ 144A Global Note (CUSIP/ISIN: 431475AD4
/ US431475AD40), or

 

(ii)          ̈ Regulation S Global Note (CUSIP/ISIN:
U43295AC5 / USU43295AC52), or

 

(iii)         ̈ IAI Global Note (CUSIP/ISIN: 431475AE2
/ US431475AE23), or

 

(b)        ̈
a Restricted Definitive Note.

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)        ̈
a beneficial interest in the:

 

(i)           ̈ 144A Global Note (CUSIP/ISIN: 431475AD4
/ US431475AD40), or

 

(ii)          ̈ Regulation S Global Note (CUSIP/ISIN:
U43295AC5 / USU43295AC52), or

 

(iii)         ̈ IAI Global Note (CUSIP/ISIN: 431475AE2
/ US431475AE23), or

 

(iv)         ̈ Unrestricted Global Note (CUSIP/ISIN:
[ ] / [ ]); or

 

(b)        ̈
a Restricted Definitive Note; or

 

(c)        ̈
an Unrestricted Definitive Note,

 

in accordance with the terms of the Indenture.

 

     

     

    

 

ANNEX B TO THE CERTIFICATE OF TRANSFER

 

Institutional Accredited Investor Certificate

 

Citibank, N.A.

30th Floor, Jersey City

New Jersey

Attention: Citibank Agency & Trust –
Hill-Rom Holdings, Inc.

 

		Re:	Hill-Rom Holdings, Inc.
 4.375% Senior Notes due 2027 (the “Notes”)
 Issued under the Indenture
                                                             (the “Indenture”) dated as of September 19, 2019 relating to the Notes

 

Ladies and Gentlemen:

 

This Certificate relates to:

 

[CHECK A OR B AS APPLICABLE.]

 

A.       Our
proposed purchase of $             principal amount of Notes
issued under the Indenture.

 

B.       Our
proposed exchange of $             principal amount of Notes
issued under the Indenture for an equal principal amount of Notes to be held by us.

 

We hereby confirm that:

 

1.       We
are an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”) (an “Institutional Accredited Investor”).

 

2.       Any
acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors
as to which we exercise sole investment discretion.

 

3.       We
have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of
an investment in the Notes and we and any accounts for which we are acting are able to bear the economic risks of and an entire
loss of our or their investment in the Notes.

 

4.       We
are not acquiring the Notes with a view to any distribution thereof in a transaction that would violate the Securities Act or the
securities laws of any State of the United States or any other applicable jurisdiction; provided that the disposition of
our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our and their
control.

 

5.       We
acknowledge that the Notes have not been registered under the Securities Act and that the Notes may not be offered or sold within
the United States or to or for the benefit of U.S. persons except as set forth below.

 

     

     

    

 

6.       The
principal amount of Notes to which this Certificate relates is at least equal to $100,000.

 

We agree for the benefit of the Issuer,
on our own behalf and on behalf of each account for which we are acting, that such Notes may be offered, sold, pledged or otherwise
transferred only in accordance with the Securities Act and any applicable securities laws of any State of the United States and
only (a) to the Issuer, (b) pursuant to a registration statement which has become effective under the Securities Act, (c) to a
qualified institutional buyer in compliance with Rule 144A under the Securities Act, (d) in an offshore transaction in compliance
with Rule 904 of Regulation S under the Securities Act, (e) in a principal amount of not less than $100,000, to an Institutional
Accredited Investor that, prior to such transfer, delivers to the Trustee a duly completed and signed certificate (the form of
which may be obtained from the Trustee) relating to the restrictions on transfer of the Notes or (f) pursuant to an exemption from
registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements
of the Securities Act.

 

Prior to the registration of any transfer
in accordance with (c) or (d) above, we acknowledge that a duly completed and signed certificate (the form of which may be obtained
from the Trustee) must be delivered to the Trustee. Prior to the registration of any transfer in accordance with (e) or (f) above,
we acknowledge that the Issuer reserves the right to require the delivery of such legal opinions, certifications or other evidence
as may reasonably be required in order to determine that the proposed transfer is being made in compliance with the Securities
Act and applicable state securities laws. We acknowledge that no representation is made as to the availability of any Rule 144
exemption from the registration requirements of the Securities Act.

 

We understand that the Trustee will not
be required to accept for registration of transfer any Notes acquired by us, except upon presentation of evidence satisfactory
to the Issuer and the Trustee that the foregoing restrictions on transfer have been complied with. We further understand that the
Notes acquired by us will be in the form of definitive physical certificates and that such certificates will bear a legend reflecting
the substance of the preceding paragraph. We further agree to provide to any person acquiring any of the Notes from us a notice
advising such person that resales of the Notes are restricted as stated herein and that certificates representing the Notes will
bear a legend to that effect.

 

We agree to notify you promptly in writing
if any of our acknowledgments, representations or agreements herein ceases to be accurate and complete.

 

We represent to you that we have full power
to make the foregoing acknowledgments, representations and agreements on our own behalf and on behalf of any account for which
we are acting.

 

    -2-

     

    

 

 

 

You and the Issuer are entitled to rely
upon this Certificate and are irrevocably authorized to produce this Certificate or a copy hereof to any interested party in any
administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

 

	 	Very truly yours,
	 	 	 
	 	[NAME OF PURCHASER (FOR TRANSFERS)
    OR OWNER (FOR EXCHANGES)]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	Address:

 

Date: __________

 

    -3-

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

 

Hill-Rom Holdings, Inc.

130 East Randolph Street

Suite 1000

Chicago, Illinois 60601

Fax No.: 1-312-819-7219

Attention: General Counsel

 

Citibank, N.A.480 Washington Boulevard,

30th Floor, Jersey City

New Jersey

Attention: Citibank Agency & Trust –
Hill-Rom Holdings, Inc.

 

Re: 4.375% Senior Notes due 2027

 

Reference is hereby made to the Indenture,
dated as of September 19, 2019 (the “Indenture”), between Hill-Rom Holdings, Inc., the Guarantors named therein
and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

[            ]
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified in Annex A hereto,
in the principal amount of $[            ] in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

 

1.       EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

 

(a)        ̈
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global
Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States.

 

(b)        ̈
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

 

    C-1

     

    

 

(c)        ̈
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend
are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in
compliance with any applicable blue sky securities laws of any state of the United States.

 

(d)        ̈
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange
of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable
blue sky securities laws of any state of the United States.

 

2.       EXCHANGE
OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES

 

(a)        ̈
CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note
issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

(b)        ̈
CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection
with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note or  ̈ IAI Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any
applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance
with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in
the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act.

 

    C-2

     

    

 

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

 

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

 

Dated: __________

 

    C-3

     

    

 

ANNEX A TO CERTIFICATE OF EXCHANGE

 

1.       The
Owner owns and proposes to exchange the following:

 

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

 

(a)        ̈
a beneficial interest in the:

 

           (i)      ̈ 144A Global Note (CUSIP/ISIN: 431475AD4
/ US431475AD40), or

 

           (ii)      ̈ Regulation S Global Note (CUSIP/ISIN:
U43295AC5 / USU43295AC52), or

 

           (iii)      ̈ IAI Global Note (CUSIP/ISIN: 431475AE2
/ US431475AE23), or

 

(b)        ̈
a Restricted Definitive Note.

 

2.       After
the Exchange the Owner will hold:

 

[CHECK ONE]

 

(a)        ̈
a beneficial interest in the:

 

          (i)       ̈ 144A Global Note (CUSIP/ISIN: 431475AD4
/ US431475AD40), or

 

          (ii)      ̈ Regulation S Global Note (CUSIP/ISIN:
U43295AC5 / USU43295AC52), or

 

          (iii)     ̈ IAI Global Note (CUSIP/ISIN: 431475AE2
/ US431475AE23), or

 

          (iv)     ̈ Unrestricted Global Note (CUSIP/ISIN:
[ ] / [ ]); or

 

(b)        ̈
a Restricted Definitive Note; or

 

(c)        ̈
an Unrestricted Definitive Note,

 

in accordance with the terms of the Indenture.

 

     

     

    

 

EXHIBIT D

 

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

 

Supplemental Indenture (this “Supplemental
Indenture”), dated as of             , 20[    ],
among Hill-Rom Holdings, Inc., an Indiana corporation (or its permitted successor) (the “Issuer”), the other
Guarantors (as defined in the Indenture referred to herein),             
([each, a] / [the] “Guaranteeing Subsidiary”) and Citibank, N.A., as trustee under the Indenture referred to
below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Issuer has heretofore executed
and delivered to the Trustee an indenture (the “Indenture”), dated as of September 19, 2019, providing for the
issuance of the Issuer’s 4.375% Senior Notes due 2027 (the “Notes”);

 

WHEREAS, the Indenture provides that under
certain circumstances the Guaranteeing Subsidiar[y] / [ies] shall execute and deliver to the Trustee a supplemental indenture pursuant
to which the Guaranteeing Subsidiar[y] / [ies] shall unconditionally guarantee all of the Issuer’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”);
and

 

WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

 

NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree
for the equal and ratable benefit of the Holders of the Notes as follows:

 

(1)       Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

(2)       Agreement
to Guarantee. [Each of the] / [The] Guaranteeing Subsidiar[y] / [ies] hereby (a) jointly and severally agrees, along [with
all the other Guaranteeing Subsidiaries and] with all existing Guarantors, to provide an unconditional Guarantee of the Notes on
the terms set forth in the Indenture including but not limited to Article 10 thereof and (b) becomes a party to the Indenture as
a Guarantor and, as such, will have the rights and be subject to all of the obligations and agreements of a Guarantor under the
Indenture.

 

(3)       No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of [each of the] / [the]
Guaranteeing Subsidiar[y] / [ies] shall have any liability for any obligations of the Issuer or the Guarantors (including the
Guaranteeing Subsidiar[y] / [ies]) under the Notes, any Guarantees, the Indenture or this Supplemental Indenture or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting Notes waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

    D-1

     

    

 

(4)       GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

(5)       Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile
or PDF transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and
may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

 

(6)       Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

(7)       The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the
Issuer and the Guaranteeing Subsidiary.

 

[Remainder of Page Intentionally Blank]

 

    D-2

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed, all as of the date first above written.

 

	 	HILL-ROM HOLDINGS, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[______],
as Guarantor
	 	
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CITIBANK, N.A.,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 

    D-3Exhibit 4.2

    

     

    

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

      

      

      OCCIDENTAL PETROLEUM CORPORATION

      

      

      4.850% SENIOR NOTES DUE 2021

      

      

      	
              NO.

            	
              PRINCIPAL AMOUNT:

            
	 	
              U.S.$[  ]

            

      

      

      CUSIP: 674599 CZ6

      ISIN: US674599CZ63

      

      

      	
              ORIGINAL ISSUE DATE:

            	
              September [18], 2019

            
	
              MATURITY DATE:

            	
              March 15, 2021

            
	
              INTEREST RATE:

            	
              4.850% per annum

            
	
              INTEREST PAYMENT DATES:

            	
              March 15 and September 15, commencing March 15, 2020

            
	
              REGULAR RECORD DATES:

            	
              March 1 and September 1

            
	
              REDEMPTION DATE/PRICE:

            	
              See Further Provisions Set Forth Herein

            

      

      

      
        
          

      

      
      OCCIDENTAL PETROLEUM CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (herein referred to as the “Company,” which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or
        registered assigns, the lesser of (i) the Principal Amount specified above and (ii) the Principal Amount set forth on the Schedule of Exchanges of Interests in the Global Note attached hereto on the Maturity Date specified above (unless and to the
        extent earlier redeemed prior to such Maturity Date) and to pay interest thereon from September 15, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on March 15 and
        September 15 in each year, commencing on March 15, 2020, at the rate per annum specified above, until the principal hereof is paid or made available for payment. Interest on this Note will be computed on the basis of a 360-day year comprised of
        twelve 30-day months. Interest payments for this Note will include interest accrued to but excluding each Interest Payment Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in
        the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date, which shall be the March 1 or September 1 (whether or not a Business Day), as
        the case may be, immediately preceding such Interest Payment Date. If any Interest Payment Date or Maturity with respect to this Note falls on a day that is not a Business Day, the payment due on such Interest Payment Date or Maturity will be made
        on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date or Maturity, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity, as
        the case may be, until such following Business Day. Except as otherwise provided in the Indenture, any Defaulted Interest will forthwith cease to be payable to the Holder on the Regular Record Date with respect to such Interest Payment Date by
        virtue of having been such Holder and may either (1) be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
        be fixed by the Trustee (as defined below), notice of which will be given to Holders of Notes not less than 10 days prior to such Special Record Date, or (2) be paid at any time in any other lawful manner not inconsistent with the requirements of
        any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. Payment of the principal of and interest on this Note will be made at the Corporate
        Trust Office of the Trustee in the Borough of Manhattan, The City of New York, or at the office or agency of the Trustee maintained for that purpose in the Borough of Manhattan, The City of New York, or at any other office or agency designated by
        the Company for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided that, at the option of the Company, payment of interest due on any Interest Payment Date may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or
        by wire transfer of immediately available funds if appropriate wire transfer instructions have been received in writing by the Trustee not less than 15 days prior to the applicable Interest Payment Date.

      

      

      Reference is hereby made to the further provisions of this Note set forth below, which further provisions shall for all purposes have the same effect as if set forth at
        this place.

      

      

      Unless the certificate of authentication hereon has been executed by the Trustee or its duly appointed co-authenticating agent by manual signature, this Note shall not be
        entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

      

      

      [signature page follows]

      

      

      
        2

        
          

      

      IN WITNESS WHEREOF, OCCIDENTAL PETROLEUM CORPORATION has caused this Note to be signed by the signature of its Chairman of the Board, its President, a
        Vice President, its Treasurer or an Assistant Treasurer.

      

      

      Dated:

      

      

      
        	
                 

              	
                
                  OCCIDENTAL PETROLEUM CORPORATION

                

              
	
                 

              	
                 

              	
                 

              
	
                 

              	
                
                  By:

                

              	
                 

              
	
                 

              	
                
                  Name:

                

              	
                 

              
	
                 

              	
                
                  Title:

                

              	
                 

              

      

      

      

      
        3

        
          

      

      TRUSTEE’S CERTIFICATE OF AUTHENTICATION

      

      

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

      

      

      Dated:

      

      

      The Bank of New York Mellon Trust Company, N.A., as Trustee

      

      

      	
              By:

            	 	 
	 	
              Authorized Signatory

            	 

      

      

      
        4

        
          

      

      This Note is one of a duly authorized issue of securities (herein called the “Securities”) of the Company, issued and to be issued pursuant to the Indenture (as defined below). This Note  is one of a series designated by the Company as its 4.850% Senior Notes due 2021 (the “Notes”), limited in initial aggregate principal amount to $[  ]. The Indenture does not limit the aggregate principal amount of the Securities.

      

      

      The Company issued this Note pursuant to an Indenture, dated as of August 8, 2019 (herein called the “Indenture” which term, for the purpose of this Note, shall include the Officer’s Certificate dated September [18], 2019, delivered pursuant to Sections 201 and 301 of the Indenture), between the Company and
        The Bank of New York Mellon Trust Company, N.A., as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to
        which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and Holders of the Notes and of the terms
        upon which the Notes are, and are to be, authenticated and delivered.

      

      

      The Notes are issuable in denominations of $2,000 and any amount in excess thereof which is an integral multiple of $1,000. As provided in the
        Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of like tenor of any authorized denomination, as requested by the Holder surrendering the same, upon surrender
        of the Note or Notes to be exchanged at any office or agency described below where Notes may be presented for registration of transfer.

      

      

      The Company may, from time to time, without notice to or the consent of the Holders of the Notes, reopen the Notes and issue additional Notes.

      

      

      The Notes are redeemable, in whole at any time or in part from time to time prior to February 15, 2021 (the “Par Call Date”), at the option of the Company at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) as determined by the Quotation Agent,
        the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed through the Par Call Date (not including any portion of such payments of interest accrued to, but not including, the Redemption
        Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year comprised of twelve 30-day months) at the Treasury Rate (as defined herein) plus 50 basis points plus, in each case, accrued and unpaid interest on the
        principal amount of the Notes being redeemed to, but not including, the Redemption Date. On and after the Par Call Date, the Notes are redeemable, in whole at any time or in part from time to time, at the option of the Company at a Redemption Price
        equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes being redeemed to, but not including, the Redemption Date. Notwithstanding the foregoing, installments of
        interest whose Stated Maturity is on or prior to the relevant Redemption Date shall be payable to the Holders of the Notes, or one or more Predecessor Securities, of record at the close of business on the relevant Regular Record Dates according to
        their terms and the provisions of the Indenture.

      

      

      “Treasury Rate” means, with respect to any Redemption Date,
        the rate per annum, as determined by the Quotation Agent equal to:

      

      

      
        5

        
          

      

      
        
          	

                	•	
                  the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or
                    any successor publication that is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption
                    “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue; provided that if no maturity is within three months before or after the remaining term of the Notes to be redeemed (assuming, for this
                    purpose, that the Notes mature on the Par Call Date), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from
                    those yields on a straight-line basis rounding to the nearest month; or

                

        

      

      

      

      
        
          	

                	•	
                  if that release, or any successor release, is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the
                    semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that
                    Redemption Date.

                

        

      

      

      

      The Treasury Rate will be calculated at 5:00 p.m. (New York City time) on the third Business Day preceding the Redemption Date by the Quotation Agent.

      

      

      “Comparable Treasury Issue” means, with respect to any
        Redemption Date, the United States Treasury security selected by the Quotation Agent that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
        comparable maturity to the remaining term of the Notes (assuming, for this purpose, that the Notes mature on the Par Call Date).

      

      

      “Comparable Treasury Price” means, with respect to any
        Redemption Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than three Reference
        Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations, such average in any case to be determined by the Quotation Agent, or (3) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury
        Dealer Quotation.

      

      

      “Quotation Agent” means, with respect to any Redemption Date,
        the Reference Treasury Dealer appointed by the Company.

      

      

      “Reference Treasury Dealer” means, with respect to any
        Redemption Date, each of (1) BofA Securities, Inc. and Citigroup Global Markets Inc. (or their respective affiliates that are primary U.S. Government securities dealers) and their respective successors; provided, however, that if any of them shall
        cease to be a primary U.S. Government securities dealer in the United States of America (a “Primary Treasury Dealer”), the Company shall substitute for it
        another Primary Treasury Dealer; and (2) any other Primary Treasury Dealer or Dealers selected by the Company.

      

      

      
        6

        
          

      

      “Reference Treasury Dealer Quotations” means, with respect to
        each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in
        writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day in The City of New York preceding such Redemption Date.

      

      

      Notice of any redemption will be sent at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be redeemed,
        all as more fully provided in the Indenture. Unless the Company defaults in payment of the Redemption Price (or any accrued and unpaid interest on the Notes or portions thereof to be redeemed), on and after the Redemption Date interest will cease
        to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes (or portions thereof) to be redeemed shall be selected, in the case of Global Notes, in accordance with the policies and
        procedures of the depository or, in the case of Definitive Notes, by the Trustee by such method as the Trustee shall deem fair and appropriate, all as more fully provided in the Indenture.

      

      

      All notices of redemption shall state the Redemption Date, the Redemption Price (or, if not then ascertainable, the manner of calculation thereof), if
        fewer than all the Outstanding Notes are to be redeemed, the identification (and, in the case of partial redemption, the principal amounts) of the particular Notes to be redeemed, that on the Redemption Date the Redemption Price will become due and
        payable upon each Note, or portion thereof, to be redeemed, together with accrued and unpaid interest thereon, that interest on each Note, or portion thereof, called for redemption will cease to accrue on the Redemption Date and the place or places
        where Notes may be surrendered for redemption.

      

      

      In the event of redemption of this Note in part only, a new Note or Notes of like tenor in an aggregate principal amount equal to and in exchange for
        the unredeemed portion of the principal amount hereof will be issued in authorized denominations in the name of the Holder hereof upon surrender hereof.

      

      

      For all purposes of this Note and the Indenture, unless the context otherwise requires, all provisions relating to the redemption by the Company of
        this Note shall relate, in the case that this Note is redeemed, or to be redeemed, by the Company only in part, to that portion of the principal amount of this Note that has been, or is to be, redeemed.

      

      

      If an Event of Default with respect to the Notes shall occur and be continuing, the principal of and accrued interest on the Notes may be declared due
        and payable in the manner and with the effect provided in the Indenture.

      

      

      
        7

        
          

      

      The Indenture permits, in certain circumstances therein specified, the amendment thereof without the consent of the Holders of the Securities. The
        Indenture also permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations under the Indenture of the Company and the rights of Holders of the Securities of each series to be
        affected under the Indenture at any time by the Company and the Trustee with the consent  of (i) the Holders of not less than a majority in principal amount of the Outstanding Securities of all series voting as a single class or (ii) if fewer than
        all of the series of the Outstanding Securities are affected by such addition, change, elimination, or modification, the Holders of not less than a majority in principal amount of the Outstanding Securities of all series so affected voting as a
        single class (including, for the avoidance of doubt, consents obtained in connection with a purchase of, or tender offer or exchange for, such debt securities). The Indenture also contains provisions permitting the Holders of not less than a
        majority in aggregate principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past
        defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of
        transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

      

      

      No reference herein to the Indenture and no provision of this Note, subject to the provisions for satisfaction and discharge in Article Four of the
        Indenture, shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

      

      

      The Company shall be permitted, by irrevocably depositing cash or U.S. Government Obligations, in amounts and maturities sufficient to pay and
        discharge at the Stated Maturity or Redemption Date, as the case may be, the entire indebtedness on all Outstanding Notes that have become due and payable or will become due and payable within one year (or are scheduled for redemption within one
        year), with the Trustee in trust, solely for the benefit of the Holders of all Outstanding Notes, to defease the Indenture with respect to such Notes (subject to specified exceptions), and upon such deposit and satisfaction of the other conditions
        set forth in the Indenture, the Company shall be deemed to have paid and discharged its entire indebtedness on the Notes.

      

      

      The Company shall also be permitted to discharge, at any time, its obligations in respect of the Notes (other than certain limited obligations, such as
        the obligation to transfer and exchange the Notes) by (1)(a) delivering all of the outstanding Notes to the Trustee to be cancelled or (b) depositing with the Trustee in trust funds or non-callable United States government or government-guaranteed
        obligations sufficient, without investment, to pay all remaining principal and interest on the Notes and (2) complying with certain other provisions of the Indenture, including delivering to the Trustee an opinion of counsel from a nationally
        recognized counsel or an IRS ruling stating that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date of the Indenture, there has been a change in the applicable federal
        income tax law, in the case of either (A) or (B) to the effect that the Holders of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such discharge and will be subject to federal income tax on the same
        amount, in the same manner and at the same times as would be the case if such deposit and discharge were not to occur.

      

      

      
        8

        
          

      

      The Company shall also be permitted to omit to comply with the restrictive covenants described in Sections 1007 and 801 of the Indenture, with respect
        to the Notes, and the omission shall not be an Event of Default, pursuant to the Company’s right to covenant defeasance. In order to exercise the Company’s right to covenant defeasance, the Company will be required to deposit with the Trustee, in
        trust funds or non-callable United States government or government-guaranteed obligations, funds sufficient, without investment, to pay all remaining principal and interest on the Notes. To effect a covenant defeasance with respect to the Notes,
        the Company shall be required to deliver to the Trustee an opinion of counsel to the effect that the holders of the Notes will not recognize gain or loss for federal income tax purposes as a result of the deposit and the covenant defeasance and
        will be subject to federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and covenant defeasance were not to occur.

      

      

      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of Notes is registrable in the Security Register, upon
        surrender of a Note for registration of transfer at the Corporate Trust Office of the Trustee or at the office or agency of the Trustee maintained for such purpose in the Borough of Manhattan, The City of New York, or at such other offices or
        agencies as the Company may designate, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder thereof or his attorney duly authorized in
        writing, and thereupon one or more new Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

      

      

      No service charge shall be made by the Company, the Trustee or the Security Registrar for any such registration of transfer or exchange, but the
        Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith (other than exchanges pursuant to Sections 304, 305, 906 or 1107 of the Indenture not involving any transfer).

      

      

      Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
        Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

      

      

      This Note shall be governed by and construed in accordance with the law of the State of New York (without regard to conflicts of laws principles
        thereof).

      

      

      Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TENENT (=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 Gift to Minors Act).

      

      

      All undefined terms (whether or not capitalized) used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

      

      

      
        9

        
          

      

      ASSIGNMENT FORM

      

      

      To assign this Note, fill in the form below:

       

      

      	
              (I) or (we) assign and transfer this Note to

            
	 
	
              (Insert assignee’s soc. sec. or tax I.D. no.)

            
	 
	 
	 
	 
	
              (Print or type assignee’s name, address and zip code)

            
	 
	
              and irrevocably appoint

            	 
	
              to transfer this Note on the books of the Company. The agent may substitute another to act for him.

            
	 
	 

      

      

      	
              Date:

            	 	 	 
	 	 	 	
              Your Signature:

            	 
	 	 	 	 	
              (Sign exactly as your name(s)

              appear(s) on the face of this Note)

            

      

      

      	
              Signature Guarantee*

            
	 
	 
	
              *NOTICE: The signature must be guaranteed by an institution that is a member of one of the following recognized signature guarantee programs: (i) The Securities
                Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) such other guarantee program acceptable to the Trustee.

            

      

      

      
        10

        
          

      

      SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

      

      

      The initial outstanding principal amount of this Global Note is $                      . The following exchanges of an interest in this Global Note for
        an interest in another Global Note or for a Definitive Note, or exchanges of an interest in another Global Note or Definitive Notes for an interest in this Global Note, have been made:

      

      

      
        	
                Date of Exchange

              	
                Amount of

                Decrease in

                Principal

                Amount of this

                Global Note

              	
                Amount of

                Increase in

                Principal

                Amount of this

                Global Note

              	
                Principal Amount

                of this Global

                Note Following

                Such Decrease

                (or Increase)

              	
                Signature of

                Authorized

                Officer of

                Trustee or

                Security

                Custodian

              
	
                 

              	
                 

              	
                 

              	
                 

              	
                 

              

      

      

      

      11

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